|
200004084
<br />(b) If the Mortgaged Property is sold pursuant to the power of sale conferred upon the
<br />Trustee hereunder, the Trustee shall cause to be filed of record a written notice of default and
<br />election to sell the Mortgaged Property. After lapse of such time as may be required by law
<br />following recordation of such notice of default, and after notice of sale having been given as required
<br />by law, Trustee, without demand on Borrower, shall sell the Mortgaged Property, either as a whole
<br />or in separate parcels, and in such order as it or Lender may determine at public auction to the
<br />highest bidder. Trustee may postpone the sale of all or any portion of the Mortgaged Property by
<br />public announcement at the time and place of sale, and from time to time thereafter may postpone
<br />the sale by public announcement at the time and place fixed by the preceding postponement. Trustee
<br />shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or
<br />warranty, express or implied. The recital in such deed of any matters of fact or otherwise shall be
<br />conclusive proof of the truthfulness thereof. Any person, including Borrower, Trustee or Lender,
<br />may purchase at such sale. The Trustee shall apply the proceeds of the Trustee's sale, first, to the
<br />costs and expenses of exercising the power of sale and of the sale, including the payment of
<br />Trustee's fees actually incurred, not to exceed one percent (1%) of the principal balance unpaid at
<br />the time of recording of the notice of default, second to the payment of the Indebtedness secured by
<br />this Deed of Trust, third, to the payment of junior trust deeds, mortgages or other liens, and the
<br />balance, if any, to the person or persons legally entitled thereto.
<br />(c) Further, the holder of the Note, in exercising its rights hereunder, shall also have,
<br />without limitation, all of the rights and remedies provided by the Nebraska Uniform Commercial
<br />Code, including the right to proceed under the Nebraska Uniform Commercial Code provisions
<br />governing default as to any fixtures, equipment, instruments, general intangibles, accounts, contract
<br />rights, claims or personal property which may be included in or related to the Mortgaged Property
<br />and as to any deposits, policies, unearned premiums, proceeds, awards, payments or consideration
<br />assigned to Lender as further security hereunder, separately from the real estate included in the
<br />Mortgaged Property, or to proceed as to any or all of such property in accordance with its rights and
<br />remedies in respect of said real estate. If Lender should elect to proceed separately as to any such
<br />property, Borrower agrees to make such property available to Lender at a place or places reasonably
<br />acceptable to Lender, and, if any notification of intended disposition of any of such property is
<br />required by law, such notification shall be deemed commercially reasonable and reasonably and
<br />properly given if mailed at least ten (10) days before such disposition in the manner below provided.
<br />(d) In case of any sale of any of the Mortgage Property pursuant to any judgment or
<br />decree of any court or otherwise in connection with the enforcement of any of the terms of this Deed
<br />of Trust, Lender, its successors or assigns, may become the purchaser, and, for the purpose of
<br />making settlement for or payment of the purchase price, shall be entitled to turn in and use the Note
<br />and any claims for interest accrued and unpaid thereon, late payment charges and prepayment
<br />premium, together with additions to the mortgage debt accrued, and interest thereon, if any, in order
<br />than there may be credited as paid on the purchase price, at Lender's option, any sum then due
<br />hereunder and/or under the Note, including principal and interest thereon, late payment charge,
<br />-2-
<br />
|