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201508468
<br />under any environmental law and necessary for its ordinary course operations, all such environmental
<br />permits are in good standing, and Trustor is in compliance with all material terms and conditions of such
<br />environmental permits; neither Trustor nor any of its present Property or operations is subject to any
<br />outstanding written order from or agreement with any governmental authority or subject to any judicial
<br />or docketed administrative proceeding, respecting any environmental law, environmental claim or
<br />hazardous material; there are no hazardous materials or other conditions or circumstances existing, or
<br />arising from operations prior to the date of this trust deed, with respect to any Property of Trustor that
<br />would reasonably be expected to give rise to material environmental claims. In addition, Trustor shall
<br />hold Lender harmless from any liability for environmental waste or contamination on any Property
<br />owned or operated by Trustor or liability imposed as a consequence by reason of Trustor's activities
<br />and will defend and indemnify Lender against all claims, losses, liabilities, and expenses incurred by
<br />Lender as a result thereof. This covenant will survive cancellation, expiration or termination of this trust
<br />deed.
<br />6. Each of the following shall constitute an event of default:
<br />a. Failure to make any payment when due under any Loan Document or other Obligation secured by
<br />this trust deed.
<br />b. Failure to pay any liens, judgments, assessments, taxes, rents, fees, or charges or maintain any
<br />insurance on the Property, buildings, fixtures, attachments, or improvements as provided in this trust
<br />deed, or in any other Loan Document.
<br />c. Any breach or material misrepresentation of any term, agreement, covenant, condition,
<br />certification, representation or warranty as provided in this trust deed, or any other Loan Document.
<br />d. Sale, transfer, or conveyance of the Property described herein without prior written consent of
<br />Lender.
<br />e. Any use of loan proceeds for a purpose that will contribute to excessive erosion of highly erodible
<br />land or to the conversion of wetlands to produce or to make possible the production of an agricultural
<br />commodity, as further explained in 7 CFR Part 1940, Subpart G, Exhibit M.
<br />f. The death, dissolution or insolvency of any Trustor; the appointment of a receiver for any Trustor or
<br />their Property; any assignment for the benefit of creditors by the Trustor; or application of any debtor
<br />relief law to Trustor, including any type of workout or commencement of proceeding under any
<br />bankruptcy or insolvency laws by or against any Trustor or Borrower on any Loan Document or other
<br />Obligation secured by this trust deed.
<br />g. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or
<br />accommodation party of any of the Obligations or any guarantor, endorser, surety, or accommodation
<br />party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any
<br />guaranty of the Obligations.
<br />7. In the event of a default and at any time thereafter, Lender, at its option, subject to any requirements
<br />under the Farm Credit Act or other applicable federal or state law, may exercise one or more of the
<br />following rights and remedies, in addition to any other rights or remedies permitted by law:
<br />a. Declare all Obligations secured hereby to be immediately due and payable and the whole will bear
<br />interest at the default rate as provided in the Loan Documents.
<br />b. Lender may immediately authorize Trustee to exercise the power of sale granted herein in the
<br />manner provided in the Nebraska Trust Deeds Act, or, at the option of the Lender, may foreclose the
<br />trust deed in the manner provided by law for the foreclosure of mortgages on real property, including
<br />the appointment of a receiver upon ex parte application, notice being hereby expressly waived,
<br />without regard to the value of the property or the sufficiency thereof to discharge the indebtedness
<br />secured hereby or in the Loan Documents.
<br />Should Lender elect to exercise the power of sale granted herein, Lender will notify Trustee who will
<br />record, publish, and deliver to Trustor(s) such Notice of Default and Notice of Sale as then required
<br />by law and will in the manner provided by law, sell the property at the time and place of sale fixed in
<br />the notice of sale, either as a whole or in separate lots, parcels, or items and in such order as Trustee
<br />will deem expedient. Any person may bid at the sale including Trustor, Trustee, or Lender.
<br />c. Lender, either in person or by agent, with or without bringing any action or proceeding and with or
<br />without regard to the value of the Property or the sufficiency thereof to discharge the Obligations
<br />secured hereby, is authorized and entitled to enter upon and take possession of the Property in its
<br />own name or in the name of the Trustee and do any acts or expend any sums it deems necessary or
<br />desirable to protect or preserve the value of the Property or any interest therein, or increase the
<br />income therefrom; and with or without taking possession of the Property is authorized to sue for or
<br />App #: 5344252; CIF #: 177860; Note #: 3001011 220KS Legal Doc. Date: December 14, 2015
<br />FORM 5011, Trust Deed and Assignment of Rents Page 5 of 8
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