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(1)
<br />To the cost and
<br />expense of exercising the power of sale and of the
<br />sale, including
<br />attorney fees, evidence of
<br />title and other sale
<br />expenses, and a
<br />trustee's fee not to exceed
<br />three percent (396) of
<br />the gross sale price;
<br />(2)
<br />To the payment of
<br />the obligation secured by
<br />this Deed of Trust and
<br />Trust Deed Note;
<br />(3)
<br />To the payment
<br />of junior Trust Deeds,
<br />mortgages, or other
<br />lienholders;
<br />(4)
<br />The balance, if
<br />any, to the person or persons legally entitled
<br />thereto.
<br />E. Upon the occurrence of any default hereunder, BENEFICIARIES shall have, in
<br />addition to such other options as may be granted herein, the further
<br />option to foreclose this Deed of Trust in the manner provided by law for
<br />foreclosures of mortgages on real property.
<br />F. BENEFICIARIES may from time to time substitute a successor or successors
<br />to any TRUSTEE named herein or acting hereunder. Upon such appointment,
<br />and without conveyance to the successor TRUSTEE, the latter shall be
<br />vested with all title, powers, and duties conferred upon any TRUSTEE
<br />herein named or acting hereunder. Each such appointment and substitution
<br />shall be made by written instrument and executed by BENEFICIARIES,
<br />containing reference to this Deed of Trust and its place of record, which,
<br />when recorded in the office of the Register of Deeds of the county or
<br />counties in which said property is situated, shall be conclusive proof of
<br />proper appointment of the successor TRUSTEE. The foregoing power of
<br />substitution and the procedure therefor shall not be exclusive of the
<br />power and procedure provided for by law for the substitution of a TRUSTEE
<br />in the place of the TRUSTEE named herein.
<br />G. TRUSTORS covenant and agree that upon any attempted conveyance,
<br />assignment, pledge or transfer of any of their interest in the premises
<br />during the term of the loan secured hereby, the BENEFICIARIES shall have
<br />the option of declaring the unpaid balance immediately due and payable,
<br />and if said sum remains unpaid for ten (10) days thereafter, BENEFICIARIES
<br />can cause Notice of Default to be given and the premises be sold as
<br />provided herein.
<br />H. As additional and collateral security for the loan, and effective
<br />forthwith upon filing of a Notice of Default, this instrument shall serve
<br />as an assignment by the TRUSTORS to the TRUSTEE, of all rents and revenues
<br />resulting from the property, and TRUSTEE is authorized to take possession
<br />of the property, rent or lease the same on terms he deems best and to
<br />collect the rents and revenues and apply the same upon unpaid interest,
<br />principal, taxes or insurance premiums or for maintenance and preservation
<br />of the premises.
<br />I. The waiver by TRUSTEE or BENEFICIARIES of any default of TRUSTORS under
<br />this Deed of Trust, on one occasion, shall not be or be deemed to be a
<br />waiver of any other or similar defaults subsequently occurring.
<br />J. If title to any part of the property herein shall be taken in condemnation
<br />proceedings, by right of eminent domain, or similar action, or shall be
<br />sold under threat of condemnation, all awards, damages and proceeds are
<br />hereby assigned and shall be paid to the BENEFICIARIES, who shall apply
<br />such payment, or any part thereof, in their sole discretion, to the sum
<br />due at that time on this Deed of Trust and Trust Deed Note, with any
<br />balance above the amount due hereunder payable to the TRUSTORS.
<br />K. The BENEFICIARIES, their agents or representatives, are hereby authorized
<br />to enter, at any reasonable time, upon any part of the trust property for
<br />the purposes of inspecting the same and for the purpose of performing any
<br />of the acts they are authorized to perform under the terms of this Deed of
<br />Trust and other accompanying documents.
<br />L. This Deed of Trust and all accompanying documents are subject to,
<br />constructed and governed by the laws of the State of Nebraska for all
<br />purposes.
<br />M. In the event any one or more of the provisions contained in this Deed of
<br />Trust, Trust Deed Note, or any other instrument given in connection with
<br />this transaction, shall for any reason be held to be invalid, illegal or
<br />unenforceable in any respect, such invalidity, illegality, or unenforce-
<br />ability shall, at the option of the BENEFICIARIES, not affect any other
<br />provisions of this Deed of Trust or Trust Deed Note, but this Deed of
<br />Trust and Trust Deed Note shall be construed as if such invalid, illegal
<br />or unenforceable provision had never been contained therein, it being the
<br />intention of the parties that the provisions of this Deed of Trust are
<br />declared to be severable.
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