|
2� 1 ��48� 1
<br /> DEED t]F TRUST
<br /> ��ont�nued� �age 5
<br /> time and for any reas�n.
<br /> Death vr Inso��ency. The death of Trustor, the insol�ency ❑�Trustor, the appaintment o#a recei�er fvr any part❑f
<br /> Trustor's property, any assignment for the benefi� of credi�vrs, any type vf �redi�or workvu�, o� th�
<br /> commencemenfi af any prviceeding under any bankruptcy or insol�ency laws by or against Trus'tor,
<br /> Creditvr or Farfeiture Proceedings. Commenc�ment of fareclosure ar �or�eiture proceedings, whether by jud�ciai
<br /> prac�eding, sel�-help, repassession o�any other methad, hy any credi�or o�Trustor or by any governm�ntal agency
<br /> against any p�aperty securing �he lndeb�edness. This inc�udes a garnishmen� af any of Trustor's accounts,
<br /> including depvsit accaunts, with Lender. Howe�er, this E�ent vf Defau�t shall not apply ifi �here is a good �aith
<br /> dispute by Trustar as to the �alidity or reasonab�eness of th� claim which �s the basis o#the cr�ditar or farfeitur�
<br /> procseding and i# Trustar gi�es L�nder written notice ❑f the �reditor or forfei�ure praceeding and deposits w�th
<br /> Lender monies or a surety band for�he creditor or forfeiture proceeding, in an amount det�rmined by Lender, in its
<br /> sole d�scretion, as being an adequate reser�e o�bond for the dispute.
<br /> Breach o�t�ther Agreement. Any breach by Trustvr under the terms �f any other agreement between Trust�r and
<br /> � Lender that is no� remedied within any grace periad pro�id�d �herein, inc�uding without limi�atian any agreement
<br /> concerning any indebt�dness or othe�obligation o�Trus�or ta Lender, whether exis�ing naw or later.
<br /> Errents Affect�ng �uarantor. Any of the prec�d�ng e�ents vccurs wi�h r�spect t❑ any guaran�or, endorser, surety,
<br /> or accommodation party af any o� the i ndebtedness or any guarantor, endorser, surety, or ac�ommodation pa�ty
<br /> dies or bec�mes incompeten�, or re�okes or disputes the �a�idity of, vr liability under, any Guaranty of �he
<br /> Indebtedness.
<br /> Ad�erse Change. A material ad��rse change ❑ccurs in Trustar`5 financ�al condition, or Lender belie�es the
<br /> prospect of paymen�or performance of the �nd�t�tedness is impa�red.
<br /> Inse�urity. Lender in good �Fai�h belie�es itself insecure.
<br /> R�ght to Cu�re. I�any default, o�her than a defau�t in payment, is curable and if Trustor has not been gi�en a notic�
<br /> af a hreach of the same pra�isian❑�this Deed o�Trus�within the pre�eding twel�e ���7 man�hs, it may be cured ��
<br /> Trusto�, after Lender s�nds wri�ten notice t❑Trustar demanding cure of such default: �13 cures th� de#aul�within
<br /> tw�nty �2�� days; or �2} if the cure requires more than twenty �2�y days, immediately ini�iates steps which
<br /> Lender deems in Lende�`s sol� d�scretian ta be sufficient to cure the defaul� and therea�f�ter continues and
<br /> c�mp�etes a[� reasanab�e and necessary steps su�ficient�� praduce compliance as soon as reasonably prac�icak,
<br /> RIGHTS AND REMED�ES �N DEFAULT. lf an E�ent af Defau�fi occurs under�his Deed o�Trust, at any time ther�a�ter,
<br /> Trustee or Lender may exercise any one or more❑f the fallowing rights and remedies:
<br /> Accelera�ion Upvn ❑efault; Additianal Remedies. lfi any E�ent �f Default accurs as per�he terms o�the Not�
<br /> secured he�eby, Lender may dec�a�e all �ndebtedness secu�ed hy this Deed of Trus�to be due and payatale and
<br /> �he same shall�hereupon be�ome due and payable without any presentment, demand, pro�est or nvtice of any
<br /> kind. Thereaf�er, Lender may:
<br /> ta} Either in person or by agent, wi�h or without hringing any aGtion or p�oceeding, or by a receiver
<br /> appoin�ed by a �vurt and wi�hout regard �o th� adequacy of its se�urity, enter upan and take pvssession
<br /> o#the Pr�perty, ar any par�thereof, in its own name or in th� name of Trustee, and do any acts which i�
<br /> deems necessary o�desirabl�to preser�e�he �a1ue, marketability or rentabili�y vf the Property, or par�of
<br /> the Proper�y or interest in fihe Proper�y; inc�ease the income fram the Proper�y or protec�the s�curi�y ofi
<br /> the Property; and, with or withou� taking possession o� the Property, sue for or otherwise callec� the
<br /> rents, issues and profi�s of the Prop�rty, �ncluding those past due and unpaid, and apply the same, less
<br /> c�sts and expenses of�peratian and col�ection a�torneys' fees, ta any indebtedn�ss secured by this D�ed
<br /> of Trust, all in such ord�r as Lender may de�ermine. The entering upon and taking poss�ssion of the
<br /> Property, th� collection o� su�h rents, issues and profits, and the appli�ation �hereof shall na� cure or
<br /> wai�� any de�ault or not�ce of default under this Deed ofi Trust or in�alidate any ac�done in response �a
<br /> such de�auft or pursuant to such notice of default; and, notwithstanding the continuan�� in pvssess�on of
<br /> the Property or the �o�lection, rece�pt and applfcation af rents, issues or prnfits, Trustee or Lend�r shall �
<br /> b� en�i�led �o exercise e�ery right pro�ided �or in the Note or�he Related Documents or by faw upan the
<br /> occurrence of any e�ent vf defau�t, including the righ��o exer�ise the power of sale;
<br /> �t�} Gommence an action ta f�reclose this Deed of Trust as a mortgage, appoint a recei�er❑r speci#ically
<br /> enforce any of the co�enants hereof; and
<br /> �c� Deliver fio Trustee a writ�en declaratian of defaul�and demand for sa�e and a written na�ice o�defaul�
<br /> and election to cause Trus�vr's interes�in the Proper�y to be sold, which notice Truste� shall cause ta be
<br /> duly fil�d fior record in the appropriate offices��f the County in which the Property is �acafied; and
<br /> {d� W�th respect�o all vr any part of the Persanal Pr�perty, Lender sha�� ha�e all the rights and �emedies
<br /> of a secured party under the Nebraska Un��orm Commercial Code.
<br /> Foreclosure by Power of Sale. �f Lender elects to fare�lose �y exer�is�v�the Pow�r❑�5ale her�in con�ained,
<br /> �ender shall no�ify Trus�ee and shall deposit with Trustee this Deed o�Trust and th� Note and such receipts
<br /> and e�idence❑f expenditures made and secured by�his Deed of Trust as Trustee may require.
<br /> �a� Upon reee�pt�f such notice frvm Lender, Trustee sha11 cause�o be recorded, pu#alished and deli�ered
<br /> to Trustor such No�ice of D�fault and Natice of Sale as then required by law and �y �his ❑eed of Trust.
<br /> Trust�e shal�, without demand on Trustor, after such time as may then be required hy law and after
<br /> recarda�ion a�su�h Natice o# Default and af�er Notice af Sale ha��ng been g��en as required by law, sef!
<br /> the Property at the time and place ❑f sale �ixed by it in such Notice af 5ale, �ither as a whole, ar in
<br /> separate lots or parcels or items as Trustee shal[ deem expedient, and in such order as it may determine,
<br /> at publi� auctian ta the highest bidder far cash in lawful money of the Un�ted 5ta�es payahle at the �ime
<br /> of sale. Trustee shal[ deli�er to such purchas�r or purchasers thereof its goad and sufficien� d�ed or
<br /> deeds �on�eying the proper�y so so�d, bu� with�ut any co�enant.or warranty, express or implied. The
<br /> recitals in such deed o� any matters or fac�s sha�� be conclusi�e proaf of the truthfulness thereof. Any
<br /> p�rson, including without limita�ion Trustar, Trustee, or Lender, may purchase at such sale.
<br /> �by As may be permitted by €aw, a�t�r dedu�ting all cas�s, fees and expenses af Trustee and o� �his
<br /> Trust, in�luding casts��e�idence af t�tle in connec�ion with sal�, Trustee sha[l apply�he p�oceeds of sa[e
<br /> tv payment�f {�} all sums expended under the terms of this Deed o�Trust or under th�terms v�F the Note
<br /> no� then repaid, in�luding but no� limited to accrued interes� and late charges, �ii} all ❑ther sums then
<br /> secured hereby, and �iii� fihe remainder, i�any, �o the persan ar persons legally entitled�hereta.
<br /> {c� Trustee may in the manner pro�ided by �aw postpone sale of all ar any portivn a�the Property.
<br /> Remedies Nvt Ex�lusi�e. Trustee and Lender, and each of them, shall �e entitled �o en�orce payment and
<br /> p�rformance of any indeb�edness or abligations se�ured hy this Deed of Trus�and ta exer�ise af� righ�s and pow�rs
<br /> under this Deed vf Trus�, under the N�te, under any of the Related Dacuments, or under any other agreement �r
<br /> any laws now or h�reaf�er in force; notwithstanding, some or all of such indebtedness and ob��gations secured by
<br /> �his Deed of Trust may now ar hereafter b� otherwise secured, wh�ther by mortgage, deed of t�ust, pledge, �ien,
<br /> assignment or o�herwise. Neither the acceptance of this ❑eed of Trust nor its en�orcement, whether by court
<br /> ,
<br /> s'
<br />
|