|
200003584
<br />5. Borrower agrees that unless the Lender, in its sole discretion elects a differing allocation, or unless applicable law provides otherwise, that all payments
<br />received by Lender shall be applied in the following manner and order: a) reasonable costs and fees including Trustee's fees and attorney fees incurred in exercising the
<br />power of sale, b) Interest and principal on funds advanced to preserve, protect or maintain the property or to pay insurance premiums, taxes, assessments, prior liens
<br />or pursuant to any of the terms of this Trust Deed, c) interest on the Note, d) principal of the Note, and e) interest and principal on any other future advances or other
<br />indebtedness secured hereby.
<br />S. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower shall keep and
<br />maintain the Property and conduct any construction thereon, all in compliance with all governmental laws, ordinances and regulatory requirements including but not limited
<br />to, zoning regulations, building codes, environmental laws and the provisions of the American with Disabilities Act (ADA), all as now in existence or as hereafter
<br />amended or enacted. Borrower shall immediately advise Lender in writing of any actual or threatened action or proceeding to enforce any such law, ordinance, regulation
<br />or restriction against the Property or the Borrower. Borrower shall be solely responsible for and Indemnify and hold Lender, its directors, officers, agents, successors
<br />and assigns from and against any and all loss, damage, costs, expense or liability arising out of or attributable to Borrower's failure or refusal to comply fully with the
<br />requirements hereof.
<br />7. If Borrower fails to: a) maintain or pay the premiums for the required insurance of the Property, or b) pay taxes and assessments before delinquent, or c) pay
<br />any amount due under a prior mortgage, trust deed or lien before delinquent, or d) maintain the Property in good repair, or e) perform any of the covenants or
<br />agreements of this Trust Deed, then Lender may at its option pay such insurance premiums, taxes, mortgage or trust deed payments, or make repairs and disburse
<br />such sums and take such action as it deems necessary to protect its Interest without waiving or affecting its right to declare a default and accelerate the debt secured
<br />hereby because of any such failure of the Borrower. Any amounts so disbursed by the Lender shall constitute additional indebtedness of Borrower secured by this Trust
<br />Deed and shall bear interest from the date of disbursement at the rate payable under the Note. Nothing contained in this paragraph shall require Lender to make any
<br />such disbursements or take any action whatsoever.
<br />8. Lender may make or cause to be made reasonable entries upon and inspections of the Property.
<br />9. At the request of Lender, the Borrower shall furnish Lender_ with Borrower's financial statements within 120 days after the end of borrower's fiscal year. All
<br />financial statements for that year shall include a balance sheet and income and expense statements and shall be prepared in accordance with generally accepted
<br />accounting principles applied on a consistent basis. The Borrower shall certify the statements as being true and correct. Within 30 days after request by Lender,
<br />Borrower shall also furnish Borrower's tax returns, schedules of leases, and such other information with respect to Borrower's financial condition and business
<br />operations as Lender may reasonably request from time to time.
<br />10. The proceeds of any award or claim for damages, dirgct.-Qr consequential, in connection with any condemnation or other taking of the Property, or part
<br />thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the remaining unpaid
<br />indebtedness secured by this Trust Deed. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an
<br />award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply
<br />the proceeds to the sums secured by this Trust Deed. Condemnation proceeds or awards shall be credited to the last maturing installments of the indebtedness
<br />secured and shall not extend or postpone the due date of the installments referred to in paragraphs 1 and 4 hereof or change the amount of such installments.
<br />11. If the Lender issues a partial release of this Trust Deed, the proceeds received therefor shall be credited to the last maturing installments of the indebtedness
<br />secured hereby.
<br />12. If Lender or Trustee either voluntarily or involuntarily becomes a party to any suit or legal proceeding relating to the Property, Note or this Trust Deed, then
<br />Borrower will reimburse the Lender and Trustee for all costs and reasonable attorney fees incurred by the Lender and Trustee relating to such suit or legal proceedings
<br />and said sums shall constitute additional indebtedness secured by this Trust Deed and bear interest at the rate payable under the Note, until paid.
<br />13. As additional security, Borrower does hereby assign and grant a security interest to Lender in all of the leases, rents, deposits, revenues, accounts
<br />receivables, accounts, royalties, profits, proceeds, land contract payments and incomes of any type whatsoever, present, future or after - arising, relating to the Property
<br />or the use thereof (herein "Rents "). This is a present assignment and upon recording this Trust Deed, the Lender's security interest in Rents shall be valid, enforceable
<br />and binding against, unavoidable by and fully perfected as to all parties, including any subsequent purchaser, mortgagee, beneficiary, trustee in bankruptcy, general
<br />creditor, lien creditor and any other lienholder of claimant, provided however, Lender shall not exercise any of its rights to collect Rents unless Borrower is in default
<br />under any of the terms of the Note or this Trust Deed. Upon default, all Rents shall be paid directly to Lender and Lender may notify the tenants, any other parties in
<br />possession of the Property, or any other person obligated to pay Rents to pay all the Rents directly to Lender. Borrower irrevocably consents and authorizes each
<br />person owing Rents to pay the Rents to Lender upon demand by Lender without liability to the paying party as to whether Borrower is in default. If the person owing
<br />Rents requests proof an assignment has been made producing a copy of this Trust Deed shall constitute reasonable proof of the assignment and Borrower authorizes
<br />Lender to disclose this Trust Deed. Upon default, Lender shall be entitled to take possession of, repair, rent and manage the Property and pay out of Rents received all
<br />expenses and costs incurred with any remaining balance to be applied to the last maturing installments of the debt secured by this Trust Deed. Receipt of Rents shall
<br />not cure any default. These presents or the collection of Rents or exercise of any of the foregoing rights shall not be deemed or construed to constitute Lender as a
<br />mortgagee or any other person in possession of the Property or to obligate Lender to take any action whatsoever and nothing contained herein or action taken
<br />hereunder shall bind Lender to the performance of the terms and provisions of any lease or other contracts entered into by Borrower and Borrower shall indemnify and
<br />hold Lender harmless against any such claims.
<br />Within ten (10) days after request, the Borrower shall furnish Lender a lease schedule, certified to by Borrower, setting forth all leases relating to the Property and
<br />the terms and conditions thereof and such other information and documents with respect to such leases as Lender may request. Without the prior consent of the
<br />Lender, the Borrower shall not with respect to any lease: (a) accept or permit any prepayment, discount, or advance rent payable thereunder in excess of one month,
<br />(b) voluntarily cancel or terminate the same or accept any cancellation, termination or surrender thereof, or permit any event to occur, which would entitle the Lessee to
<br />terminate or cancel the same, (c) amend, or modify the same so as to reduce the term thereof, the rent payable thereunder, or to change any renewal provisions
<br />therein contained, (d) waive any default thereunder or breach thereof, (e) give any consent, waiver or approval thereunder or take any other action in connection
<br />therewith or with the Lessee thereunder, which would have the effect of impairing the value of Lessor's interest thereunder, or the property subject thereto, or of
<br />impairing the position or interest of the Trustee or Lender or (f) sell, assign, pledge, mortgage or otherwise dispose of or encumber its interest in any such lease or any
<br />rents, issues or profits issuing or arising thereunder.
<br />14. Any of the following shall be deemed an event of default (herein "default ") under this Trust Deed: (a) failure to pay any installment of principal or interest or
<br />any other sum secured hereby when due, (b) a breach or default under any covenant of agreement of Borrower in this Trust Deed, the Note or any other agreements
<br />entered into by Borrower with Lender relating to the indebtedness secured hereby, (c) any representation, statement, or covenant made by the Borrower herein,
<br />hereafter pursuant to the terms hereof, or given in connection herewith for any indebtedness secured hereby should be false or misleading, or (d) if the Trustor is a
<br />corporation and there is a change in ownership of 50% or more of the corporation's stock or if the Trustor is a partnership or limited liability company and there is a
<br />change in the membership or a dissolution of the partnership or limited liability company or if all or any part of the Property or any interest therein is deeded, sold by
<br />land contractor, leased with option to purchase, or otherwise conveyed, alienated or further encumbered either voluntarily or involuntarily without Lender's prior written
<br />consent.
<br />15. In the event of default, Lender at its option may declare all of the sums secured by this Trust Deed to be immediately due and payable without further
<br />demand and may invoke the power of sale and /or any other remedies permitted by applicable law including the right to foreclose this Trust Deed in the manner provided
<br />by law for the foreclosure of mortgages on real estate. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing such remedies
<br />including, but not limited to, reasonable attorney's fees.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which the Property or some part thereof is located and provide notice
<br />thereof in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee shall give public notice of sale to the
<br />persons and in the manner prescribed by applicable law. Trustee, or the attorney or auctioneer for the Trustee, without demand on Borrower, shall sell the Property at
<br />public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee
<br />may determine. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender
<br />or Lender's designee may purchase the property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser a Trustee's Deed, without warranty, conveying the property sold. The recitals in the
<br />Trustee's Deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to the
<br />costs and expenses of exercising the power of sale and of the sale including the payment of Trustee's fees, attorney fees, costs of title evidence and the fees and
<br />expenses of any auctioneer engaged to assist in the sale, (b) to all sums secured by this Trust Deed, (c) to the payment of junior trust deeds, mortgages, or other lien
<br />holders, and (d) the excess, if any, to the person or persons legally entitled thereto.
<br />Borrower agrees to vacate the premises upon sale by the Trustee or judicial sale. The purchaser shall have all rights available in law or equity to obtain
<br />possession of the Property or evict occupants thereof. If the Property is occupied by Borrower as a dwelling unit and the Borrower continues to occupy the Property
<br />after the sale, the Borrower, at purchaser's election, shall be deemed occupying the Property under a rental agreement terminable at will and may be evicted by the
<br />purchaser under the provisions of the Uniform Residential Landlord and Tenant Act. Borrower waives any right to a jury trial in any eviction proceedings. Borrower shall
<br />be liable to purchaser for the fair rental value of the Property for any time Borrower continues to occupy or withhold possession of the Property and all costs and
<br />attorney fees in connection with any eviction proceedings.
<br />If there are multiple properties securing the indebtedness secured by this Trust Deed, for the purpose of any deficiency action arising after the exercise of the
<br />power of sale, the parties agree that Lender's cause of action shall not commence to accrue until the last of such properties that Lender elects to exercise the power
<br />of sale on has been sold at Trustee's sale. Lender may elect not to exercise the power of sale or foreclose on any property, in Its sole discretion, and any property
<br />not so sold shall not enter into any calculations for deficiency judgments. The parties further agree that the fair market value of the Property for any deficiency action
<br />shall be the higher of: (a) the amount bid by the highest bidder at the public sale or (b) the value as determined by an independent licensed or registered appraiser in
<br />Nebraska, selected by Lender, reduced by the then prevailing realtor's commission imposed for reselling property.
<br />18. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the
<br />exercise of any such right or remedy in thpye,ylnt of gontinuing or future breaches by the Borrower.
<br />17. All remedies pcovilled in this #rust peed are distinct and cumulative to any other right or remedy under this Trust Deed or afforded by law or equity, and may
<br />be exercised concurrently, independently or successively. If Borrower has given Lender a chattel mortgage, or security agreement on personal property as additional
<br />security for the debt secured hereby, in the event of default hereunder or thereunder, Lender shall have the right and option to first foreclose on said personal property
<br />without prejudice to its right to thereafter sell or foreclose the Property or to pursue all security at the same time or to pursue the personal property after the sale or
<br />foreclosure of the Property.
<br />18. When the obligation secured hereby has been tatisfied, the Lender shall, upon "•written request by the Borrower or Borrower's successor in interest or
<br />designated representative deliver a deed of reconveyance in recordable form duly executed by the Trustee. Trustee shall reconvey the Property without warranty to the
<br />person or persons legally entitled thereto. The Borrower, Borrower's successor in interest or party requesting the reconveyance shall pay all costs incident to the
<br />preparation of the reconveyance and recordation thereof, if any.
<br />19. Trustee may be Lender's legal counsel. Trustee shall not be liable for any action taken in good faith and the parties hereto shall indemnity and hold harmless
<br />Trustee for all acts or omissions except for acts of gross negligence or bad faith. Lender, at Lender's option, may from time to time appoint a successor trustee by
<br />filing for record in the office of the Register of Deeds in the County in which this Trust Deed is recorded a substitution of trustee. The new trustee shall succeed to all
<br />the power, duties, authority and title of the Trustee named herein or any successor trustee.
<br />F12655.LMG (2/96) Page 2 of 3
<br />i
<br />
|