|
02 -28 -2000 DEED OF TRUST .� .w �� �; f& Page 5
<br />Loan No 19461 200001752 (Continued)
<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 located; 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 Commercial Code.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify 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 Property 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, but 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 deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of
<br />title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums 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 />secured hereby, and (iii) the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br />Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and performance of any indebtedness
<br />or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the Note, under any of the
<br />Related Documents, or under any other agreement or any laws now or hereafter in force; notwithstanding, some or all of such indebtedness
<br />and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court action or pursuant to the power of
<br />sale or other powers contained in this Deed of Trust, shall prejudice or in any manner affect Trustee's or Lender's right to realize upon or
<br />enforce any other security now or hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be
<br />entitled to enforce this Deed of Trust and any other security now or hereafter held by Lender or Trustee in such order and manner as they or
<br />either of them may in their absolute discretion determine. No remedy conferred upon or reserved to Trustee or Lender, is intended to be
<br />exclusive of any other remedy in this Deed of Trust or by law provided or permitted, but each shall be cumulative and shall be in addition to
<br />every other remedy given in this Deed of Trust or now or hereafter existing at law or in equity or by statute. Every power or remedy given by the
<br />Note or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exercised,
<br />concurrently or independently, from time to time and as often as may be deemed expedient by Trustee or Lender, and either of them may
<br />pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as prohibiting Lender from seeking a deficiency judgment
<br />against the Trustor to the extent such action is permitted by law.
<br />Request For Notice. Trustor, on behalf of Trustor and Lender, hereby requests that a copy of any Notice of Default and a copy of any Notice
<br />of Sale under this Deed of Trust be mailed to them at the addresses set forth in the first paragraph of this Deed of Trust.
<br />Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Deed of Trust shall not constitute a waiver of or
<br />prejudice the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any
<br />remedy provided in this Deed of Trust, the Note, in any Related Document, or provided by law shall not exclude pursuit of any other remedy,
<br />and an election to make expenditures or to take action to perform an obligation of Trustor under this Deed of Trust after failure of Trustor to
<br />perform shall not affect Lender's right to declare a default and to exercise any of its remedies.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to
<br />recover such sum as the court may adjudge reasonable as attorneys' fees at trial and on any appeal. Whether or not any court action is
<br />involved, all reasonable expenses incurred by Lender which in Lender's opinion are necessary at any time for the protection of its interest or the
<br />enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of
<br />expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law,
<br />Lender's attorneys' fees whether or not there is a lawsuit, including attorneys' fees for bankruptcy proceedings (including efforts to modify or
<br />vacate any automatic stay or injunction), appeals and any anticipated post- judgment collection services, the cost of searching records,
<br />obtaining title reports (including foreclosure reports), surveyors' reports, appraisal fees, title insurance, and fees for the Trustee, to the extent
<br />permitted by applicable law. Trustor also will 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 />18. POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the dowers and obligations of Trustee are part of this Deed
<br />of Trust. raid:;: to 5a i Yrani i)w �'$ Powe rs of Trustee. In addition to all powers of Trustee arising as a matter of I Trur�lp�he ptako the following actions
<br />with respect to the Property upon the written request of Lender and Trustor: (a) i in JW%3q pgq*~ jet of the Real Property,
<br />including the dedication of streets or other rights to the public; (b) join in granting aetriction on the Real Property;
<br />and (c) join in any 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 and remedies set forth above,
<br />with respect to all or any part of the Property, the Trustee shall have the right to foreclose by notice and sale, and Lender shall have the right to
<br />foreclose by judicial foreclosure, in either case in 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 appointed hereunder by an
<br />instrument executed and acknowledged by Lender and recorded in the office of the recorder of Hall County, Nebraska. The instrument shall
<br />contain, ir. addition to all other matters required by state law, the names of the original Lender, Trustee, and Trustor, the book and page (or
<br />computer system reference) where this Deed of Trust is recorded, and the name and address of the successor trustee, and the instrument shall
<br />be executed and acknowledged by all the beneficiaries under the Deed of Trust or their successors in interest. The successor trustee, without
<br />conveyance of the Property, shall succeed to all the title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable
<br />law. This procedure for substitution of trustee shall govern to the exclusion of all other provisions for substitution.
<br />19. NOTICES TO TRUSTOR AND OTHER PARTIES. Any notice under this Deed of Trust shall be in writing, may be sent by telefacsimile (unless
<br />otherwise required by law), and shall be effective when actually delivered, or when deposited with a nationally recognized overnight courier, or, if
<br />mailed, shall be deemed effective when deposited in the United States mail first class, certified or registered mail, postage prepaid, directed to the
<br />addresses shown near the beginning of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal
<br />written notice to the other parties, specifying that the purpose of the notice is to change the parry's address. All copies of notices of foreclosure from
<br />the holder of any lien which has priority over this Deed of Trust shall be sent to Lender's address, as shown near the beginning of this Deed of Trust.
<br />For notice purposes, Trustor agrees to keep Lender and Trustee informed at all times of Trustor's current address.
<br />20. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br />Amendments. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
<br />to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be effective unless given in writing and
<br />signed by the party or parties sought to be charged or bound by the alteration or amendment.
<br />Applicable Law. This Deed of Trust has been delivered to Lender and accepted by Lender In the State of Nebraska. This Deed of Trust
<br />shall be governed by and construed in accordance with the laws of the State of Nebraska.
<br />Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define the
<br />provisions of this Deed of Trust.
<br />Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at any
<br />
|