|
20O00187t
<br />10. Assignment of Rents. Trustor hereby assigns to Lender the rents, issues and
<br />profits of the Property, provided that Trustor shall, until the occurrence of an Event of
<br />Default hereunder, have the right to collect and retain such rents, issues and profits as
<br />they become due and payable. Upon the occurrence of an Event of Default, Lender may,
<br />either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Property, or any part thereof, in its own name or in the
<br />name of the Trustee, and do any acts which it deems necessary or desirable to preserve
<br />the value, marketability or rentability of the Property, or any part thereof, or interest
<br />therein, increase the income therefrom, or protect the security thereof, and, with or with-
<br />out taking possession of the Property, sue for, or otherwise collect, the rents, issues and
<br />profits thereof, including those past due and unpaid, and apply the same, less costs and
<br />expenses of operation and collection including attorney's fees, upon any indebtedness
<br />secured hereby, all in such order as Lender may determine. The entering upon and taking
<br />possession of the Property, the collection of such rents, issues and profits and the
<br />application thereof as aforesaid, shall not cure or waive any default or notice of default
<br />hereunder or invalidate any act done in response to such default or pursuant to such
<br />notice of default and, notwithstanding the continuance in possession of the Property or
<br />the collection, receipt and application of rents, issues or profits, and Trustee and Lender
<br />shall be entitled to exercise every right provided for herein or by law upon occurrence of
<br />any Event of Default, including without limitation the right to exercise the power of sale.
<br />Further, Lender's rights and remedies under this paragraph shall be cumulative with, and
<br />in no way a limitation on, Lender's rights and remedies under any assignment of leases
<br />and rents recorded against the Property. Lender, Trustee and the receiver shall be liable
<br />to account only for those rents actually received.
<br />11. Events of Default. The following shall constitute an Event of Default under
<br />this Deed of Trust:
<br />(a) Failure to pay any installment of principal or interest or any
<br />other sum secured hereby when due;
<br />(b) A breach of, or default under, any provision contained in the
<br />Note, this Deed of Trust, any of the Loan Instruments, or any other lien or
<br />encumbrance upon the Property;
<br />(c) A writ of execution or attachment, or any similar process, shall
<br />be entered against Trustor which shall become a lien on the Property or
<br />any portion or interest therein;
<br />(d) There shall be filed by or against Trustor or Borrower an
<br />action under any present or future federal, state or other statute, law or
<br />regulation relating to bankruptcy, insolvency or other relief for debtors, or
<br />there shall be appointed any trustee, receiver or liquidator of Trustor or
<br />Borrower or of all or any part of the Property, rents, issues or profits
<br />thereof, or Trustor or Borrower shall make any general assignment for the
<br />benefit of creditors;
<br />(e) The sale, transfer, assignment, conveyance or further encum-
<br />brance of all or any part of or any interest in the Property, either
<br />voluntarily or involuntarily, without the express written consent of Lender
<br />or as otherwise herein permitted; or
<br />(f) Abandonment of the Property.
<br />12. Remedies: Acceleration Upon Default. In the event of any Event of Default,
<br />Lender may, without notice except as required by law, declare all indebtedness secured
<br />hereby to be due and payable, and to same shall thereupon become due and payable
<br />without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />(a) Demand that Trustee exercise the POWER OF SALE granted
<br />herein, and Trustee shall thereafter cause Trustor's interest in the Property
<br />to be sold and the proceeds to be distributed, all in the manner provided in
<br />the Nebraska Trust Deeds Act;
<br />(b) Exercise any and all rights provided for in the Note, this Deed
<br />of Trust or by law upon occurrence of any Event of Default; and
<br />(c) Commence an action to foreclose this Deed of Trust as a mort-
<br />gage, appoint a receiver or specifically enforce any of the covenants
<br />hereof.
<br />
|