|
2� 15�7793
<br /> DEEa �F TRUST
<br /> �Continued� Page 5
<br /> De�ault on�ther Payments. Failure af Trustar withtn the time required by this Deed�f Trust to make any paym�nt
<br /> fvr taxes❑r insurance, ❑r any other payment necessary to pre�ent filing of or to sffect discharge of any lien.
<br /> Default in Fa�vr vf Third Parties. Should Borrower vr any Grantor default under any loan, extensian of credit.
<br /> s�curity agreement, purchase or sales agreement. ar any other agreement. in fa�or of any ather�reditor or person
<br /> that may materia�ly affect any vf Borrawer's �r any Grant�r's prop�rty or Barrower's ahility tv r�pay the
<br /> Indebtedness or Barrower's ar Grantor's abili�y �v perform their respecti�e vbliga�ivns under this Deed of Trust vr
<br /> any a�the Related Documents.
<br /> False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower vr Trustor
<br /> or on Borrawer's or Trustar's beha�f under this Deed vf Trust or the Related Dv�uments is fa�se ar misleading in
<br /> any material respect. �i#her now or at the tim� mad� or furnished vr hecomes �aise or misleading at any time
<br /> thereafter.
<br /> Defecti�e Colla#erelization. This Deed of Trust or any vf the Re�ated ❑ocuments ceases to he in fu�l force and
<br /> effect �including failure of any callateral document to crea�� a �alid and p�r�ectsd security interest or lienf at any
<br /> time and#or any reason.
<br /> Death or Insol�ency. The dissolut+vn of Trustor's �regardless of whether election ta continue is madey, any
<br /> member withdraws from the limited liability cvmpany, or any other terminati�n of Borrvwer's or Trustor's existence
<br /> as a going business ar the dsa#h of any m�mber, the �nsol►►ency of Borrower or Trustvr, the appointment o# a
<br /> re�ei�er f�r any part of 8orrawer's vr Trustvr's property, any assignment #or the benefit o# creditors, any type of
<br /> creditor workout� vr the �ammencemen#of any proceeding unde�any bankruptcy ar insal�ency laws by or against
<br /> Borrower or Trustor.
<br /> Creditar or Forfeiture Proceedings. Cvmmencemen# af fareclosure or forfei#ur� prviceedings, whether by judicial
<br /> pr�ceeding� self-help� repvssessivn ❑r any ❑ther methvd. by any credi�ar of 8nrrower ar Trustor or by any
<br /> go�ernm�ntal agency against any prflperty securing the Indebtedness. This includes a garnishment of any of
<br /> Barrower's vr Trustor's accaun#s, inc�uding deposit acc�unts, with Lender. Howe�er, this E�ent of Default shal!
<br /> not apply sf there is a good faith dispute by Barrawer or Trustor as to th� �alidity or reasonabl�ness o# the ciaim
<br /> whi�h is the basis of the c�editor or f�rfeiture prviceeding and if Sorrower or Trustor gi�es Lender written notice of
<br /> the�red�tor or forfeiture pra��eding and deposi#s with Lender mvnies or a surety bnnd f�r the creditor or for�eitur�
<br /> prviceeding, in an amount determ�ned by Lender, in its sole discretion, as being an adequa�e reser�e or bond for�h�
<br /> dispute.
<br /> Breach af�ther Agreement. Any brea�h t�y Borrower or Trustor under the terms of any other agreement between
<br /> Borrower or Trustor and Lender that is no# remedied within any g�a�e period prv�ided therein. including with�ut
<br /> lim�tation any agreement cvncerning any indebtedness or other ok�liga#ion of Borrower or Trustor .to Lender,
<br /> whether existing naw vr later.
<br /> E►►ents A�fecting Guarantor. Any o#the preceding e�ents �c�urs with resp�ct to any guaranto�, endarser, surety,
<br /> ar accommadatian party of any of the Indebtedness or any guarantor, endorser, surety, ❑r a�commodation party
<br /> di�s or k�ecomes incompetent, ar re�okes ar disputes the �aiidi�y vf, vr liahi�ity under, any Guaranty ❑f the
<br /> lndebtedness.
<br /> Ad�erse Ghange. A material ad�erse change accurs in Sorrvwer's ❑r Trustvr's financial candition� or Lender
<br /> belie�es the prospect of payment vr perf�rmance vf the Indebtedness is impaired.
<br /> Insecurity. Lender in goad faith belEe�es itself insecure.
<br /> Right ta Cure. I�any default, other than a defau�t in payment, is curabfe and if Trus#or has not been gi�en a natice
<br /> af a breach of the same pro�ision of this Deed of Trust within the preceding twel�e �1�y months, it may b�cured if
<br /> Trustor, after Lender sends written notice tv Borrower demanding cure of such default: {1� cures #he d�fault
<br /> within twsnty �2�� days;or ��j if the cure requires mare than twenty ��Qy days. immediately initiates steps which
<br /> Lender deems in Lender's sole discretian to be sufficient tv cur� the default and the�eafter continues and
<br /> completes all reasvnable and necessary steps sufficien#ta pcaduce campiiance as soan as reasanably practica�.
<br /> RIGHTS AND REl1AEDiES flN DEFAULT. ff an E�ent of ❑efault occurs under this D��d of Trust, a# any time thereafter. .
<br /> Trustee or Lender may exercise any vne or more❑f the follawing rights and remedies:
<br /> Accelerativn Upon Default; Additivnal Remedies. If any E�ent❑f De#ault o�curs as per the terms af the Note
<br /> secured hereby, Lend�r may declare all Indehtedness secured�y this Dsed v�Trust to be due and payab�e and
<br /> the same sha11 thereupon become due and payable withaut any presentment, demand, pro#est ar nvtice of any
<br /> kind. Therea�te�, Lender may:
<br /> �a] Ei�her in persvn ar by agent. with or without hringing any a�tion or proceeding, or by a recei�er
<br /> appointed by a court and without regard to the adequacy af its security, enter upon and take possession
<br /> ❑f the Property, ❑r any part ther�af, in its own nam�or in the name of Trustee, and da any acts r►vhich it
<br /> deems necessary or desirable tv preser�e the �alue. marketability or�entability�f the Property, or part of
<br /> the Praperty ar interest in #he Property; increase the �ncome from the Prope�ty or protect the security vf
<br /> the Prvperty; and, with or without taking possessian o# the Prvperty, sue for �r otherwise �vllect the
<br /> rents, issues and profits of the Praperty, including th�se past due and unpaid, and apply the sams, less
<br /> costs and expenses af operativn and c�llection attorneys' fees, #v any indebtedness secured by this Deed
<br /> of Trust, aii �n su�h vrder as Lender may determine. The entering upon and taking possessian vf the
<br /> Property. the co�le�tion of such rents, issues and profits, and �he applicativn #herevf shafi not cure ❑r
<br /> wai�e any default or notic� ❑f default under this Deed of Trus#or in�alida#e any act done in response to
<br /> such de#ault or pursuant to such notice of default; and. notwithstanding the continuance in pvssessian❑f
<br /> the Property or the coilectian, receipt and application of rents, issues ar profits� Trustee or Lender shall
<br /> be entitled t❑ exercise every r�ght pro�ided for in the Note or the Related aocuments ❑r by law upan #he
<br /> occurrence of any e�ent of d��ault, inc�uding the right to exercise the pawer of sale;
<br /> �bS Commence an action ta fnreclose this Deed of Trust as a mortgag�, appaint a recei�er or speci�ically
<br /> enforce any of the co�enants hereof; and
<br /> tcy �eli�er to Trustee a written declaration o�d�fauit and demand far sale and a written notice vf defauit
<br /> and eiection tv �ause Trustor's interest in the Property tv be s�ld, which notice Trustee shall �ause to b�
<br /> duly�il�d for recvrd in the apprapfiate offices ofi#he County in which#h�Property is located; and
<br /> �d] With respect to all or any part of the Personal Prvperty, Lender shall ha�e all the rights and remedies
<br /> of a se�ured party under the Nebraska lJniform Commercial Code.
<br /> Fvreclosure by Power of Sele. If Lender elecis#v fareclvse by exercise❑f�he Power of 5ale herein contained,
<br /> Lender shall notify Trustee and shall deposit with Trustee this ❑eed o#Trust and the Note and such receipts �
<br /> and e�idence vf expenditures made and secured by this Deed o#Trust as Trustee may require. �
<br /> �
<br /> tay Upan receipt of such notice from Lend�r. Trustee shaEf�ause to be r��orded, published and t�eli�ered
<br /> to Trustor such Notice of De#au�t and No�i�e v# 5ale as then required by law and by this Deed of Trust. �
<br /> Trustee shall. without demand vn Trustor. after such #ime as may then be required by law and after
<br /> re�ordation of such Notice of Defaul#and after Nvtice �f Sale ha�ing been gi�en as requirsd by law, s�ll
<br /> the Prvperty at the t+me and p�ace of sale fixed by it in such Notice o# Sale, either as a whole. ar in
<br /> ,
<br /> f
<br /> 1
<br />
|