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<br /> 25. Events of Default. Each of the fol%wing occurrences shall constitute an event of default hereunder, (hereinafter an "Evenr of Default"1:
<br /> lal Any amount payable under ihe Obligations secured by this Deed of Trust is not paid when due, afte�giving effect to any applicable
<br /> grace period therein,
<br /> (bl Trustor is otherwise in default unde�the terms of the Obligations,
<br /> /c/ Trustor fails to obse�ve or perform any of the covenants, agreements, or conditions in this Deed of Trust,
<br /> /d) Any representation or warranty including, but not limited to, any warranty of title made by Trustor in this Deed of Trust is false or
<br /> materially misleading, or
<br /> (el Trustor sells or conveys the Trust Property, or any part thereof, or any interest therein, or is divested of its title, or any interest
<br /> therein, in any manner or way, whether volunta�ily o�involuntarily, without the prior written consent of Beneficiary.
<br /> 26. Acce%ration of Debt;Forec%sure. Upon the occurrence of any Event of Default, or any time thereafte�until such Event of�efault is
<br /> cured to the satisfaction of Beneficiary, Beneficiary may, at iis option, declare all Obligations secured hereby immediately due and payable
<br /> and the same shall bea�interest at the default rate, if any, set forth in the Note or the default rate, if any, set forth in the most recent
<br /> obligation covered by ihe Guaranty, or otherwise at the highest rate permiited by law, and, inespective of whether Beneficiary exercises
<br /> said option, it may, at its option and in its so%discretion, without any furthe�notice or demand to o�upon Trustor, do one or mo�e of
<br /> the following:
<br /> (al Beneficiary may enter upon, take possession of, manage and operate ihe T�ust Property o�any part thereof,•make repai�s and
<br /> alte�ations and do any acts which Beneficiary deems p�oper to protect the security thereof, and either with or without taking
<br /> possession, in its own name, sue for or otherwise colleci and�eceive�ents, issues and p�ofits, including those past due and unpaid, and
<br /> apply the same, less costs and expenses of operation and collection, including reasonable attorneys'fees and Beneficiary's costs, upon
<br /> the Obligations secured hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble and
<br /> shall make available to Beneficiary any of the Trust Property which has been removed. The entering upon and taking possession of the
<br /> Trust Property, the collection of any rents, issues and p�ofits, and the application the�eof as aforesaid, shall not cure or waive any
<br /> default theretofore or thereafter occuning, or affect any notice of default or notice of sale hereunder or invalidate any act done pursuant
<br /> to any such notice. Notwithstanding Beneficiary's continuance in possession or receipt and application of rents, issues or profits,
<br /> Beneficiary sha//be entit/ed to exercise every right provided for in this Deed of Trust o�by/aw upon or after rhe occunence of an Evenr
<br /> of Default, including the right to exercise the power of sale. Any of the actions referred to in this Seciion may be taken by Beneficiary at
<br /> such time as Beneficiary may determine without regard to the adequacy of any security for the Obligations secured he�eby.
<br /> /b) Beneficiary sha//, without regard to the adequacy of any secu�ity for the Ob/igations secured hereby, be entit/ed to the appointment
<br /> of a receiver by any court having jurisdiction, without notice, to take possession of,protect, and manage the Trust P�operty and operate
<br /> the same and collect the rents, issues and profiis therefrom.
<br /> (c/ Beneficiary may bring any action in any couit of competent jurisdiction to foreclose this Deed of T�ust or enforce any of the
<br /> covenants hereof.
<br /> (dJ Beneficiary may elect to cause the Trust P�operiy or any part the�eof to be sold under the power of sale, and in such event,
<br /> Beneficia�y or Trustee sha//give such notice of defau/t and notice of sa/e to each party to this Deed of Trust by mai/at the address set
<br /> forth herein and any other notice which may be then required by law. Thereafter, upon the expiration of such time and the giving of
<br /> such notice of sale as may ihen be required by law, Trustee, ai the time and place specified by the notice of sale, shall sell such Trust
<br /> Prope�ty, or any part thereof specified by Beneficiary at public auction to the highest bidder for cash in lawful money of the United
<br /> States of America. Upon receipt of payment of the bid price, T�ustee shall apply the proceeds in the following order: /i) to the cost and
<br /> expenses of exercising the power of sale and of the sale, including but not limited to, trustee's fees ofi noi more than S500.00 plus
<br /> one-half of one percent of ihe g�oss sale price, and reasonable attorneys'fees, (iil to the Obligations, and/iii/ the excess, if any, to the
<br /> person or persons legally entitled thereto.
<br /> All costs and expenses incurred by Beneficiary in enforcing any right under this Deed of Trust, including without limitation, abstract or title
<br /> fees, appraisal fees,premiums for tiile insurance, attorneys'fees and court costs, shall be and constitute Obligations secu�ed hereby.
<br /> 27. Duties of Tiustee. Trustor agrees that:
<br /> (a/ The duties and ob/igations of Trustee sha//be determined so/e/y by ihe express provisions of this Deed of Trust and Trustee sha//not
<br /> be liable except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants or
<br /> obligations shall be imposed upon Trustee,
<br /> (b) No provision of this Deed of T�ust shall require Trusiee to expend or risk its own funds, or otherwise incu�any financial obligation in
<br /> the performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
<br /> (c) Trustee may consult with counsel of its own choosing and the advice of such counseJ shall be full and complete authorization and
<br /> protection in ihe respect of any action taken or suffe�ed by it hereunde�in good faith and reliance the�eon, and
<br /> ld/ Trustee shall not be liable for any action taken by it in good faith and reasonably believed by it to be authorized or within its
<br /> disc�etion or�ights or powers confe�red upon it by this Deed of Trust.
<br /> 28. Security Agreement and Fixture Fi/ing. Fiom the date of its recording, fhis Deed of Trust shall constitute a security agreement and
<br /> fixture filing under tl�e provisions of the Nebraska Uniform Commercial Code with respect to those fixtures described in the preambles hereof
<br /> as constituting a part of the Trust Property, together with a!l other property of Trustor, either similar or dissimilar to the same, now or
<br /> herea/ter located at or on the Trust P�operty. For this purpose, the following information is set forth:
<br /> (al Name and Address of Debtor/Trustor. (b/ Name and Address of Secured Party/Beneficiary:
<br /> Grand Island Area Economic Development Norwest Bank Nebraska, National
<br /> Corporation Association
<br /> 309 W. 2nd Street 202 West Third Street
<br /> Grand Island, NE 68801 Grand Island, NE 68801
<br /> lcl Debior's Social Security Number/Federa!Taxpayer I.D. Number 4 76 02 8 912
<br /> Idl This document covers goods which are or are to become fixtures.
<br /> (e) The name of the record owner of the Trust Property is the Debtor/Trustor described above.
<br /> 29. Future Advances. Beneficiary, at Beneficiary's option,prior to full�econveyance of the Trust Property by Trustee to Trustor, may make
<br /> future advances to Trustor. Such future advances, with inte�est thereon, shall be secured by this Deed of Trust. At no time shall the principal
<br /> amount of the Obligations secured by ihis Deed of Trust, not including sums advanced to protect the security, exceed the total sum of
<br /> s 700, 000.00 ,
<br /> Nothing herein contained shall imply any obligation on the part of the Beneficiary to make any such additional advances.
<br /> Advances of disbursements made by Beneficiary to protect the security, under the terms hereof, while discretionary, shall not be deemed to
<br /> be optional advances.
<br /> 30. Reconveyance. Upon payment of all Obligations secured by this Deed of Tiust, Beneficiary shall request Trustee to reconvey the Trust
<br /> Property and shall surrender this Deed of Tiust and all notes evidencing Obligations secured by this Deed of Trust to Trustee. Trustee shall
<br /> reconvey the T�ust Property without wananty and withoui charge to the person or persons legally entitled thereto. Such person or persons
<br /> shall pay all cosis of recordation, if any.
<br /> 31. Substitute Trustee. Beneficiary, at its option, may from time to time remove Trusiee and appoint a Successor Trustee to any Trustee
<br /> appointed hereunder by an inst�ument recorded in the county in which this Deed of Trust is recorded. Without conveyance of the Trust
<br /> Property, the Successor Trustee shal!succeed to all tit/e,power and duties confened upon Trustee herein and by applicable law.
<br /> 32. Misce//aneous Rights of Beneficiery. Beneficiary may at any time and f�om time to time, without notice, consent to the making of any
<br /> plat of the Trust Property or the c�eation of any easement thereon or any covenants restricting use or occupancy thereof or agree to alter or
<br /> amend the terms of ihis Deed of Trust. Any pe�sonal property remaining upon the Trust Property afte�the Trust Property has been possessed
<br /> o�occupied by Beneficiary, its agent or any purchaser fo//owing Trusiee's sa/e or forec/osure, or under any deed in/ieu of Trustee's sa/e or
<br /> fioreclosure, shall be conclusively presumed to have been abandoned by T�ustor.
<br /> 33. Trustor hereby requests that a copy of any notice of defau/t and notice of sale made or executed by Trustee pursuant to the provisions
<br /> hereof be sent to T�ustor at its mailing address set forth above.
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