|
201400195
<br /> DEED �F TRUST
<br /> Loan No: 81004480 (Contlnued} Page 5
<br /> thereafter.
<br /> Defeetive Collateralization. This Deed of Trust or any of #he Related Documents ceases to be in ful[ fores 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 Insol�ency. The dissolution of Trustor's {regardless of whether election to continue is made}, any
<br /> member withdraws from the limitec[ liability company, or any other terminatian of Borrawer's or Trustor's existence
<br /> as a going business or the death of any member, the insolvency of 6orrower or Trvstor, the appointment of a
<br /> receiver for any part of Borrower's or Trustor's properry, any assignment for the benefit of creditors, any type of
<br /> creditor warkout, or the commencement of any proceeding under any bankruptcy or insol�ency laws by or against
<br /> Borrower or Trustor.
<br /> Creditor or �orfeiture Proceedings. Commencement of foreclosure or �orfeiEure praceedings, whether by judicial
<br /> proceeding, self-help, repossession or any other method, by any creditar of Borrower or �'rustor or by any
<br /> governmental agency against any properry securing the Indebtedness. This inc�udes a garnishment of any of
<br /> Sorrower's or Trustor`s accounts, inc[uding deposit accaunts, with Lender. However, this E�ent of �efault shall
<br /> not apply if there is a good faith dispute by Borrower or 7rustor as to the validity or reasonableness of the claim
<br /> which is the basis of the creditar or forfeiture proceeding and if Borrawer or Trustor gives Lender written notice of
<br /> the creditor or forfeiture proceeding and deposits with Lender mo�ies or a surety bond for the creditor or forfeitura
<br /> proceeding, in an amount determined by l.ender, iro its sole discretion, as being an adequate reserve or bond for the
<br /> dispute.
<br /> Breach o�€Other Agreement. Any breach by Barrower or Trustor under the terms of any other agreement betv+reen
<br /> Borrower or Trustor �nd 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 Affeeting G�arantor. Any of the preceding events occurs with respect to any guarantor, endorser, sureTy,
<br /> or accommodation party of any of the Indebtedness or any guaranYor, endorser, surety, or accommodation party
<br /> dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty af the
<br /> ]ndebtedness.
<br /> Adverse Change. A materia! adverse change occurs in Borrower`s or Trustor`s financiaf co�dition, or Lender
<br /> bel'seves the prospect of payment or psrforrnance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> RIGHTS AND REM�DIES 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 ar more of#he following rights and remedies:
<br /> Acceleration Upon DefauCt;AdditionaE Remedies. lf any Event of Defau[t occurs as per the terms of the Note
<br /> secured E�ereby, Lender may declare afl Indebtednass secured hy this Deed of 7rus#to be due and payable and
<br /> the sama shall thereupon become due and payable withaut any presentment, demand, protesY or notice of any
<br /> kind. 7hereafter, Lender may:
<br /> {a} Either in person or by agent, with or without bringing any ac�Eion or proceeding, or by a receiver
<br /> appointed by a court and without regard to the adequacy of its security, enter upnn and take possessio�
<br /> of the Praperty, ar any part Ehereof, in its own name or in t[�e name of Trustee, and do any acts which it
<br /> deems necessary or desirable to preserve the�alue, marketability or rentabi[ity of the Property, or part of
<br /> the Property or interest in the Property; inctease 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 pro�its of the Property, including those past due and �npaid, and apply the same, less
<br /> costs and expenses of operation and collection attorneys' fees,to any indehtedness sec�red by this Deed
<br /> of Trust, all in such order as Lender may determine. The entering vpon and taking possession of the
<br /> Property, the co[lection of such rents, issuss and profits, and the application thereof shail not cure or
<br /> wai�e any default or notice of defau[t 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 cantinuance in possession of
<br /> the Property or the co]lection, receipt and application of rents, issues or profits, Trustee or Lender shall
<br /> be en#it[ed to exercise every right provided for in the Note or the Related Documents or by law upon the
<br /> occurrence of any event of defau[t, including the right to exercise the power of sale;
<br /> Ib) 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 demar�d for sa[e and a written notice of default
<br /> and election to oause Trustor's interest in the Property to be sold, whic[� notice Trustee shall cause to be
<br /> duly filed far record in the appropriate offices of the County in which the Property is located; anc{
<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 Unifarm Comrr�ercial Code.
<br /> Foreclasore by Power of Sa[e. If Lender elects to foreclase by exercise of the Power of Sale herein contained,
<br /> Lender shaA natify"�rustee and shal[ deposit with Trustee this Deed of 7rust and the Note and such receipts
<br /> and evidence of expenditures made and secured �y this beed o€Trust as Trustee may require.
<br /> {a} Upon receipt of such notice from Lender,Trustee shall cause to be recorded, published and delivered
<br /> to 7rustor such f�otice of Default and Notice of 5a[e as then reqe�ired 6y law and by tf�is Deed of Trust.
<br /> Trustee shall, witF�out demand on Trustor, aiter such time as may then be required 6y law and afEer
<br /> recordation of such Notice of DefaulE and after Notice ofi Saie ha�ing been gi�en as required by law, selE
<br /> the Praperty at the time and place of sa[e fixed by it in such Notice of Sa]e, either as a whole, or in
<br /> separate lots or parceEs or items as Trustee shall deern expedient, and in such order as it may determine,
<br /> at puiolic auc#ion to the highest 6idder for cash in lawful money of che United States payable at the time
<br /> o€ sale. Trustee shal] deliver to such purchaser or purchasers thereof its gooct and sufficient deed or
<br /> deeds conveying the property sa so[d, but wiYhout any covenant or warranty, express or implied. The
<br /> recita[s in such deed of any matters or facts shall be conclusive praof of the truthfulness thereof_ Any
<br /> person, including withaut limitation Trustor,Trustee, ar Lender, may purchase at such sale.
<br /> fb] As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this
<br /> Trust, including costs of evidence af ti#[e in connection with sa[e,Trustee shal[ apply the proceeds of sala
<br /> to payment of [i) all sums expended under the terms ofi this Deed of Trust or under Yhe terms of#he [�fote
<br /> not then repaid, including but nqt limited to accrued interest and late charges, [ii] a[I other sums then
<br /> secured hereby, and {iii) the remainder, if any,to the person or persons legally entitled thereto.
<br /> (C) Trustee may in Yhe manner provided by law postpone sale oF a11 or any portipn of the Property.
<br /> Remedies Not Exc[usi�e. Trustee and Lender, and eac[� o# them, shafl be entitled to enforce payment and
<br /> performance of any indebtedness or obligations secured by this Deed of Trust and to exercise ali righCs and powers
<br /> under this Deed of Trust, under the f�ote, under any of the Related Rocuments, or under any oiher egreemenY or
<br /> any laws now or hereafter in farce; notwit[�standing, some or a11 ofi such indebtedness and obligations secured by
<br />
|