|
201402379
<br /> DEED OF TRUST
<br /> Loan No: 872059589 (Continued) Page 5
<br /> (b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specificaily
<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 shail deposit with Trustee this Deed of Trust and the Credit Agreernent and
<br /> Such receipts 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 shali cause to be recorded, published and delivered
<br /> to Trustor such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust.
<br /> Trustee shail, without dernand on Trustor, after such time as may then be required by law and after
<br /> recordation of such Notice of Default and afiter Notice of Sale having been given as required by law, sell
<br /> the Property at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in
<br /> separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine,
<br /> at public auction to the highest bidder for cash in lawful money of the United States payable at the time
<br /> of sale. Trustee shali deliver to such purchaser or purchasers thereof its good and sufficient deed or
<br /> deeds conveying the property so soid, but without any covenant or warranty, express or implied. The
<br /> recitals in such deed of any matters or facts shail be condusive proof of the truthfiulness thereof. Any
<br /> person, anciuding without limitation Trustor,Trustee, or Lender, may purchase at such sale.
<br /> tb) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this
<br /> Trust, including costs of evidence ofi title in connection with sale,Trustee shall apply the proceeds of sale
<br /> to payment of (i) all sums expended under the terms of this Deed of Trust or unde� the terms of the
<br /> Credit Agreement not then repaid, including but not limited to accrued interest and late charges, (ii) ail
<br /> other sums then secured hereby, and (iii) the temainder, if any, to the person or persons legally entitled
<br /> thereto.
<br /> (c) Trustee may in the manner provided by Iaw postpone sale of all or any portion of the Property.
<br /> Remedies Not Exclusive. Trustee and Lender, and each of them, shalf be entitled to enforce payment and
<br /> perfiormance of any indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers
<br /> under this Deed of Trust, under the Credit Agreement, under any of the Relaied Documents, or under any other
<br /> agreement or any laws now or hereafter in force; notwithstanding, some or ali of such indebtedness and
<br /> obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether 6y mortgage, deed
<br /> of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement,
<br /> whetfier by court action or pursuant to the power ofi sale or other powers contained in thls Deed of Trust, shall
<br /> prejudice or in any manner affect Trustee's or Lender's right to realize upon or enforce any other security now or
<br /> hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be entitled to
<br /> enforce this Deed of Trust and any other security now or hereafter held by Lender or Trustee in such order and
<br /> manner as they or either of them may in their absolute discretion determine. No remedy conferred upon or
<br /> reserved to Trustee or Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by law
<br /> provided or permitted, but each shall be cumulative and shall be in addition to every other �emedy given in this
<br /> Deed of Trust or now or hereafter existing at law or in equity or by statute. Every power or remedy given by the
<br /> Credit Agreement or any of the Related Documents to Trustee or Lender or to which either of them may be
<br /> otherwise entitled, may be exercised, concurrently or independently, from time to time and as often as may be
<br /> deemed expedient by Trustee or Lender, and either of them may pursue inconsistent remedies. Nothing in this
<br /> Deed of Trust shaBl be construed as prohlbiting Lender irom seeking a deficiency judgment against the Trustor to
<br /> the extent such action is permitted by law.
<br /> Election of Remedies. Ali of Lender's rights and remedies will be cumulative and may be exercised alone or
<br /> together. If Lender decides to spend money or to perform any of Trustor's obiigations under this Deed of Trust,
<br /> after Trustor's failure to do so, that decision by Lender wiJl not affect Lender's right to declare Trustor in defauit
<br /> and to exercise Lender's remedies.
<br /> Request for Notice. Trustor, on behalf of Trustor and Lender, hereby requests that a copy of any Notice of Default
<br /> and a copy of any Notice of Sale under this Deed of Trust be mailed to them at the addresses set forth in the first
<br /> paragraph of this Deed of Trust.
<br /> Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Deed of
<br /> Trust, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial
<br /> and upon any appeal. Whether or not any court ac#ion os involved, and to the exient not prohibited by iaw, all
<br /> reasonabiE expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its
<br /> interest or the enforcement of its righis shall become a part of fhe lndebtedness payable on demand and shall bear
<br /> interest at the Credit Agreement rate irom the date ofi the expenditure unti! repaid. Expenses covered by t@�is
<br /> paragraph include, without limitation, however subject to any limits under applicable 1aw, Lender's attorneys' fees
<br /> and Lender's Iegal expenses, whether or not there is a iawsuit, including attomeys` fees and expenses for
<br /> bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
<br /> anticipated post judgment coJlection services, the cost of searching records, obtaining title reports (including
<br /> foreclosure reports), surveyors` reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent
<br /> permitted by applicable law. Trustor also wiil pay any court costs, in addition to all other sums provided by law.
<br /> Rights of Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section.
<br /> POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee
<br /> are part of this Deed of Trust:
<br /> Powers of Trustee. In addition to all powers of Trustee arising as a matter of law,Trustee shalB have�he power to
<br /> take the foilowing actions with respect to the Proper'ty upon the written request of Lender and �rustor: (a)join irs
<br /> preparing and fiiling a map or plat of the Rea! Propesty, including the dedication of streets or ather rights to the
<br /> public; (b} join in granting any easernent ar creating any sestriction on the iiea4 Properiy; and (c) join in any
<br /> subordination or other agreement affecting this Deed of Trust or the interest of Lender under this Deed of Trust.
<br /> Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights
<br /> and remedies set forth above, with respect to all or any part of the Property, the Trustee shall have the right to
<br /> foreclose by notice and sale, and Lender will have the right to foreclose by judicial foreclosure, in either case in
<br /> accordance with and to the full extent provided by applicable law.
<br /> Successor Trustee. Lender, at Lender`s option, may from time to time appoint a successor Trustee to any Trustee
<br /> appointed under this Deed of Trust by an instrument executed and acknowledged by Lender and recorded in the
<br /> office of the recorder of HALL County, State of Nebraska. The instrument shall contain, in acidition to all other
<br /> matters required by state law, the names o# the origina! Lender, Trustee, and Trustor; ihe book and page for
<br /> computer system reference) where this Deed of Trust ss recorded, and' the name and address of the successor
<br />
|