|
201300026
<br /> DEED OF TRUST
<br /> Loan No:81002105 (Continued) Page 5
<br /> Other Defaults. Borrower or Trustor fails to comply with or to perform any other term, obligation, covenant or
<br /> condition contained in this Deed of Trust or in any of the Related Documents or to comply with or to perform any
<br /> term,obligation,covenant or condition contained in any other agreement between Lender and Borrower or Trustor.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this
<br /> Deed of Trust,the Note or in any of the Related Documents.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment
<br /> for taxes or insurance,or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> Default in Favor of Third Parties. Should Borrower or any Grantor default under any loan, extension of credit,
<br /> security agreement,purchase or sales agreement,or any other agreement,in favor of any other creditor or person
<br /> that may materially affect any of Borrower's or any Grantor's property or Borrower's ability to repay the
<br /> Indebtedness or Borrower's or Grantor's ability to perform their respective obligations under this Deed of Trust or
<br /> any of the Related Documents.
<br /> False Statements. Any warranty,representation or statement made or furnished to Lender by Borrower or Trustor
<br /> or on Borrower's or Trustor's behalf under this Deed of Trust or the Related Documents is false or misleading in
<br /> any material respect, either now or at the time made or furnished or becomes false or misleading at any time
<br /> thereafter.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and
<br /> effect(including failure of any collateral document to create a valid and perfected security interest or lien) at any
<br /> time and for any reason.
<br /> Death or Insolvency. The dissolution or termination of Borrower's or Trustor's existence as a going business,the
<br /> insolvency of Borrower or Trustor,the appointment of a receiver for any part of Borrower's or Trustor's property,
<br /> any assignment for the benefit of creditors,any type of creditor workout,or the commencement of any proceeding
<br /> under any bankruptcy or insolvency laws by or against Borrower or Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br /> proceeding, self-help, repossession or any other method, by any creditor of Borrower or Trustor or by any
<br /> governmental agency against any property securing the Indebtedness. This includes a garnishment of any of
<br /> Borrower's or Trustor's accounts,including deposit accounts, with Lender. However,this Event of Default shall
<br /> not apply if there is a good faith dispute by Borrower or Trustor as to the validity or reasonableness of the claim
<br /> which is the basis of the creditor or forfeiture proceeding and if Borrower or Trustor gives Lender written notice of
<br /> the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture
<br /> proceeding,in an amount determined by Lender,in its sole discretion,as being an adequate reserve or bond for the
<br /> dispute.
<br /> Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other agreement between
<br /> Borrower or Trustor and Lender that is not remedied within any grace period provided therein, including without
<br /> limitation any agreement concerning any indebtedness or other obligation of Borrower or Trustor to Lender,
<br /> whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the
<br /> Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability
<br /> under,any Guaranty of the Indebtedness.
<br /> Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condition, or Lender
<br /> believes the prospect of payment or performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> Existing Indebtedness. The payment of any installment of principal or any interest on the Existing Indebtedness is
<br /> not made within the time required by the promissory note evidencing such indebtedness,or a default occurs under
<br /> the instrument securing such indebtedness and is not cured during any applicable grace period in such instrument,
<br /> or any suit or other action is commenced to foreclose any existing lien on the Property.
<br /> RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust,at any time thereafter,
<br /> Trustee or Lender may exercise any one or more of the following rights and remedies:
<br /> Acceleration Upon Default;Additional Remedies. If any Event of Default occurs as per the terms of the Note
<br /> secured hereby,Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and
<br /> the same shall thereupon become due and payable without any presentment,demand,protest or notice of any
<br /> kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br /> appointed by a court and without regard to the adequacy of its security,enter upon and take possession
<br /> of the Property,or any part thereof,in its own name or in the name of Trustee,and do any acts which it
<br /> deems necessary or desirable to preserve the value,marketability or rentability of the Property,or part of
<br /> the Property or interest in the Property;increase the income from the Property or protect the security of
<br /> the Property; and, with or without taking possession of the Property, sue for or otherwise collect the
<br /> rents,issues and profits of the Property,including those past due and unpaid,and apply the same,less
<br /> costs and expenses of operation and collection attorneys'fees,to any indebtedness secured by this Deed
<br /> of Trust, all in such order as Lender may determine. The entering upon and taking possession of the
<br /> Property,the collection of such rents, issues and profits, and the application thereof shall not cure or
<br /> waive any default or notice of default under this Deed of Trust or invalidate any act done in response to
<br /> such default or pursuant to such notice of default;and,notwithstanding the continuance in possession of
<br /> the Property or the collection, receipt and application of rents, issues or profits,Trustee or Lender shall
<br /> be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br /> occurrence of any event of default,including the right to exercise the power of sale;
<br /> (b) Commence an action to foreclose this Deed of Trust as a mortgage,appoint a receiver or specifically
<br /> enforce any of the covenants hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default
<br /> and election to cause Trustor's interest in the Property to be sold,which notice Trustee shall cause to be
<br /> duly filed for record in the appropriate offices of the County in which the Property is located;and
<br /> (d) With respect to all or any part of the Personal Property,Lender shall have all the rights and remedies
<br /> of a secured party under the Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained,
<br /> Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts
<br /> and evidence of expenditures made and secured by this Deed of Trust as Trustee may require.
<br /> (a) Upon receipt of such notice from Lender,Trustee shall cause to be recorded,published and delivered
<br /> •
<br /> to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust.
<br /> Trustee shall, without demand on Trustor, after such time as may then be required by law and after
<br /> recordation of such Notice of Default and after Notice of Sale having been given as required by law,sell
<br />
|