|
12-28-1999 2 0 Q 0 0 0 01 � DEED OF TRUST , Page s .
<br /> Loan No 765972 (Continued) :
<br /> Default on Indebtedneas. Failure of Trustor to make any payment when due on the Indebtedness.
<br /> Default on Othe�Peyments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance, or
<br /> any other payment necessary to prevent flling of or to effect discharge of any lien.
<br /> Compliance Default. Failure of Trustor to comply with any other term, obligation,covenant or condition contained in this Deed of Trust,the
<br /> Note or in any of the Related Documents.
<br /> False Statements. Any warraniy,representation or statement made or furnished to Lender by or on behalf of Trustor under this Deed of Trust,
<br /> the Note or the Related Documents is false or misleading in any material respect,either now or at the time made or furnished.
<br /> Debctive Collateralizetion. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security lnterest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Trustor or the dissolution or termination of Trustor's existence as a going business, the insolvency of
<br /> Trustor,the appointment of a receiver for any part of Trustor's properly,any assignment for the beneflt of creditors,any type of creditor workout,
<br /> or the commencement of any proceeding under any bankruptcy or insolvency laws by or egafnst Trustor.
<br /> Foreclosure,Fortelture,etc. Commencement of foreclosure or forfeiture proceedings,whether by judicial proceeding,self—help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Trustor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement belween Trustor and Lender that is not remedied
<br /> within any grace period provided therein,including without IimitaHon any agreement concerning any indebtedness or other obligation of Trustor
<br /> to Lender,whether existing now or later.
<br /> Events Aftecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent,or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness.
<br /> Adverse Change. A material adverse change occurs in Trustor's flnancial condition, or Lender believes the prospect of payment or
<br /> performance of the Indebtedness is impaired. -
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> Exlating Indebtedness. A default shall occur under any E�asting Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter,Trustee or Lender,at its option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleration upon DeMult; Additlonal Remedies. If any event of default occurs as per the terms of the Note secured hereby,Lender may
<br /> declare all Indebtedness secured by this Deed of Trust to be due snd payable and the same shall thereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent,with or without bringing any action or proceeding, or by a receiver appointed by a court and without
<br /> regard to the adequacy of iis security,enter upon and take possession of the Property,or any part thereof,in iis own name or in the name
<br /> of Trustee,and do any acis which it deems necessary or desirable to preserve the value,maricetability or rentability of the Property,or part
<br /> of the Property or interest in the Property;incresse the income from the Property or protect the security of the Property;and,with or without
<br /> taking possession of the Property,sue for or otherwise collect the ren1s,issues and proflts of the Property, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation and collection,fncluding attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking possession of the Properly,the collection
<br /> of such rents,issues and pro8ts,and the spplicatlon thereof shall not cure or waive any default or notice of default under this Deed of Trust
<br /> or invalidate any act done in response to such defauft o� pursuant to such noNce of defsult; and, notwithstanding the continuance in
<br /> possession of the Property or the coliection, receipt and application of rents, issues or profits, Trustee or Lender shall be entitled to
<br /> exercise every right provided for in the Note or the Related Documents or by law upon the occurrence of any event of default,including the
<br /> 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 speciflcally enforce any of the covenanis
<br /> hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to cause Trustor's
<br /> interest in the Property to be sold,which notice Trustee shall cause to be duly filed for record in the appropriate offices of the County in
<br /> which the Property is locsted;and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the
<br /> Nebraska Uniform Commercisl Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exer�ise of the Power of Sale herein contained,Lender shall notiy Trustee and
<br /> shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured by this Deed of
<br /> Trust as Trustee may require.
<br /> (a) Upon receipt of such notice from Lender,Trustee shall cause to be recorded,published and delivered to Trustor such Notice of Default
<br /> and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall,without demand on Trustor,after such time as may
<br /> then be required by law and after recordation of such Notice of Default and after Notice of Sale having been given as required by law,sell
<br /> the Properiy at the time and place of sale fixed by it in such Notice of Sale,either as a whole, or in separate lots or parcels or items as
<br /> Trustee shall deem expedient,and in such order as it may determine,at public auction to the highest bidder for cash in lawful money of
<br /> the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or
<br /> deeds conveying the property so sold,bW without any covenant or warranty,express or implied. The recitals in such deed of any matters
<br /> or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by law,after deduciing all costs,fees and expenses of Trustee and of this Trust,including costs of evidence of
<br /> title in connectlon with sale,Trustee shall apply the proceeds of sale to payment of (i)ail sur�s expended under the terms of this Deed of
<br /> Trust or under the terms of the Note not then repaid,including but not limited to accrued interest and late charges, (ii)all other sums then
<br />
|