|
; ��14�4�9�
<br /> �EEa �F �fRUST
<br /> .
<br /> ��o�ltlnu� Page 5
<br /> False Staterr�ents. Any warranty, representation or stat�ment made or turnishedl to Lender by T�ustor or on
<br /> Trustor's beha[f under�his Deed af Trust or the Related Documents is false o� misleading in any ma�eria� respect,
<br /> either naw or at�he time made Dr furnished or becomes false or mis[eading at any t�me thereaf�er.
<br /> Defecti�e Gollateraliza�ion. This Deed of Trust or any of the Rela-�ed �ocuments ceases �o be [n full �Force and
<br /> effect (in�ludin� failure ❑fi any co[[aterai d�cum�nt�o create a �alid and perfected s�curity inter�st or lien� a�t any
<br /> time and�or any reason.
<br /> Death or InsolWency. The dissolution o€ Trustor's {regardless of whether elec�ion to cantinue is made�, any
<br /> member withdravirs from the limi�ed liabi[ity company, or any oth�r te�mination of�rustar's exist�nee as a going
<br /> �usiness ar the death of any member, the inso��ency o� Trustor, the appointment of a receiver €or any par� of
<br /> Trus�or's property, any assignmen� �or the bene�it of creditors, any type of credi�or workout, or th�
<br /> commencement of any p�-oceeding under any bankruptcy ar insv[�ency laws by vr against Trus�or.
<br /> Credi#or or Forfeiture Prn�eedings. Cammencement vf foreclosure or forfeiture proc�edings, whether by judicia�
<br /> pr�ceeding,self-he[p, repvssessian or any other me�hod, by any creditor of Trustvr or by any gavernmen�af a�en�y
<br /> against any prvperty se�uring �he �ndebtedness. This Encludes a garnishment af any o� Trustor`s a�caunts,
<br /> inciuding depasi� accounts, vvith Lender. However, -�his E�ent vf Default sha[[ nofi appfy i� there is a good faith
<br /> dispute by Trustvr as to the validity ❑� reasonableness of�he claim whi�h is the ba�is b�the credi�or ❑r far�eiture
<br /> prac�ed�ng and if Trustor gi�es Lender writ�en nvtice o�f the credi�or ar �orfeiture �arviceeding and depnsits wEth
<br /> Lender monies�r a surety bond for�he creditor ar for�Feiture proceeding, in an am�un�determin�d by Lender, in its
<br /> sole�liscretion, as being an adequate�reserve ar bvnd for the dispu�e.
<br /> Brea�h of C3ther Agreement. Any breach �y Trus�vr under the terms of any other agreemenfi between Trus�or and
<br /> Lender �hat is not remedied within any grace period prv�ided therein, including w"rthout limitation any agreem�nt
<br /> c�ncerning any ind�b�edness or ather obligatian❑�Trustor to L�nderf whe�h�r existin� now ar�ater.
<br /> E�rents Affectin� Guarantor. Any vf the pr��eding even�ts occurs with respec�to any guarantor, endvrser, sure�y,
<br /> or acc�mmadativn party of any of the lndebtedness �r any guarantor, end�rser, sure�y, or accommodation par�y
<br /> dies or be�omes incompetent, or revo�es or disputes th� �a[fdi`ty of, or liah�lity under, any Guaranty v�F the
<br /> �ndebtedness.
<br /> Adverse Ghange. A mate�ia! ad�erse change occurs in Trustor's �inan�ial candition, or Lender be[ie��s the
<br /> praspect of payment ar p�rformance of�he indebtedness is impaired.
<br /> lns�curity. Lender in good faith believes i�self insecure.
<br /> R�ght#a Cure. i�any d��au�t, other than a default in paymen�is curable and if Trustor has not been given a natice
<br /> of a breach of�he same pr��isian��this Deed of Trus�wi�hin the preGeding t�rve[ve ��l 2} manths, it may be cured �€
<br /> Trustar, a3��r Lender sends writren nQtice to Trus�or demanding cure of su�h defau[t: ��} cures the default within
<br /> twenty {2�} days; vr �2) if the cure r�quires more than �wen�y �2D� days, immediate�y ini�iat�s steps which
<br /> Lender deems in Lender`s sa[e d�scret��n t� h� su#�ic�ent �o cur� the defaul� �nd �hereafter continues and
<br /> comp[e�es a[[ reasanable and ne�essary steps su�ficient ta prvduce compliance as soon as reasonably practical.
<br /> RiGHTS AND RE1111EDIE5 �N DEFAULT. !f an Event v� Defau[t oc�urs under this Deed vf Trus�, a�any time thereafter,
<br /> Trustee or Lender may�xercise any one or mare ot the fo[[awing rights and remed��s:
<br /> Acceierat�on Upon Default;�Additivnai Remedies. lf any Even�t vf De�ault occurs as per�the terrns o€�h� Note
<br /> secured h�reby, Lend��may deGlare all �ndebt�dness secured by this Deed of T�rvsfi to be d ue and payable and
<br /> fihe same sha[[thereupon become due and payab[e withvut any pres�ntmenfi,demand, prv�est or notice o�any
<br /> kind. Therea�ter, Lender may:
<br /> {a� Ei�her in person flr by agen-�F w�-�h or without bringing any action or prnc�eding, or by a recei�er
<br /> appointed hy a court and with�u�regard �o�he adequacy af its s�curi�ty, e�ter upvn and �ake possession
<br /> af the Property, v�any part�hereof, in i�s awn name or in the name of Trustee, and do any acts which it
<br /> deems necessary vr desErabie�v p�eser�e th�v�alue, market�bility vr rentabi[i�y o��he Prvper�y, vr part of
<br /> �he Property or interest in�he Proper�y; in�rease the income�rom the Praperty or protect the security of
<br /> �he Propertyi and, with or w�thvut �aking pvssess�on o� �he Prvper�y, su� �or or otherwise callect the
<br /> rents. issues and profi-�s of the Property. including thase past due and unpaid, and appfy the same, less
<br /> casts and expenses of❑perati�n and coiiection atkorn�ys' �ees,fa any indeb�edness se�ured by this Deed
<br /> of Trust, all in such order as Lender may determine. The entering upon and taking possess�vn of the
<br /> Property, the collectivn of sueh rents, issues and profits, and the applica�ion thereof shall not cure vr
<br /> waive any d�fault or na�ice of defau[t under�h�s Deed o�Trus�k or in�alidat� any a�t done in respvnse to
<br /> such defau�t vr pursuant to such natice of de€a�alt; and, nofiw�thstanding the continuance in possession of
<br /> the Property or the colle��ion, re.ceipt and app�Eea�ion of rents. issues vr p�ofits, Truste� v� Lender shall
<br /> be entitled�v e�e�rcise every right pro�ided for in the Note or the Re�ated L3ocuments or by law upvn the
<br /> occurrence o�any e�ent vf defaul�, inc[uding the right to exe.r�ise the pawer of sale;
<br /> {a} Commen��an aGtion to€oreclose�his D��d vf Trust as a mortgager appvint a receirrer ar specif�ca��y
<br /> enfor�e any o�the co�enan�s hereof;and
<br /> �c� De[i�er tv Trustee a writ-�en declara�ion of defau[t and demand far sale and a wri�ten notice o�de�ault
<br /> and election�o cause Trustvr's in�eres�in the Proper�y to be so[d, which notice Trustee sha[[ caus��v be
<br /> duly filed far record �n the appropriate offi�es vf�he County in which the Property is loca�ed; and
<br /> {d} Wi�h resp�ct to a�l or any part of the Persvna[ Prop�rty, L�nder shali have a��the rights and remedies
<br /> o�a se�ured par�y unde�fihe Nebraska Uniform Commercia[ Code.
<br /> Fvre�losure by Power vf Sa�e, I�Lender elects to foreelase by exercise ot the Power of 5ale herein contained f
<br /> L�nder shall notify Trustee and shall depvsit with Trus�ee �his Deed of Trust and the Note and suGh receipts
<br /> and e��dence of expenditures made and secur�d 1ay this Deed of Trus�as Trustee may require.
<br /> �a} Upon receipt of such notE�e from Lender, Trustee shall cause to be reGorded, pub��shed and deli�ered
<br /> ta Trustor such Nvti�e of De�ault and Notic� o�Sa�e as fihen r�quired by law and by this Deed of Trus�.
<br /> Trustee shall, without demand on Trustor, after such �im� as may then h� required by law and after
<br /> re�ardation o�such Notice ❑f Default and after Nvtice a�Sale having been gi�en as required by law, sell
<br /> the Prope�ty at the time and place of sale -Fixed by it in such Notice o� Sale, either as a who��, or in
<br /> separate l�ts or par�els or items as Trus�ee shall deem expedient, and in such order as it may det�rmEne,
<br /> a� pub[ic auction �o the highes� bidder�or cash in iawful money vf the United States payable at the time
<br /> of sale. Truste� shall de�i�er ta such pur�haser or purchasers thereof i-ts good and sufficient deed or
<br /> deeds con�eying �he prvperty s❑ sold, but wi�hvut any co�enant vr warr�nty, e�press or impli�d. The
<br /> recitals �n such deed o� any ma�tte�-s or facts sha]l be cqnclusive proof of the truthfulness ther�of. Any
<br /> p��son, including without[imirtation Trustorr Trustee,v�Lender, may purchase a�such safe.
<br /> �b} As may be permi��ed by law, after d�du�ting a!I cvsts, fe�s and e�penses of Trustee and of this
<br /> Trust, Encfuding costs of e�idence of�i�[e in connection with sa�e,Trustee shall apply�he proceeds v�r sa�e
<br /> �o payment o€ �if ai�sums expended under the terms of�his Deed v�Trust or under the terms o�the Not�
<br /> no� then repa�d; including but not [imi�ed to ac�rued interest and late charges, �ii} all other sums �hen
<br /> s�cu�ed hereby, and �iii] the remainder, i#any,to the pe�son vr persvns legally en-titfed thereto.
<br /> '�
<br />
|