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200006409
<br />record by Trustee.
<br />(1) After the lapse of such time as may be required by law
<br />following the recordation of said notice of default, and notice of default and
<br />notice of sale having been given as required by law, Trustee, without demand on
<br />Truster, shall sell said property on the date and at the time and place
<br />designated in said notice for sale, at public auction to the highest bidder,
<br />the purchase price payable in lawful money of the United States at the time of
<br />sale. The person conducting the sale may, for any cause he deems expedient,
<br />postpone the sale from time to time until it shall be completed and, in every
<br />such case, notice of postponement shall be given by public declaration thereof
<br />by such person at the time and place appointed for the sale; provided, if the
<br />sale is postponed for longer than one (1) day beyond the day designated in the
<br />notice of sale, notice thereof shall be given in the same manner as the
<br />original notice of sale. Trustee shall execute and deliver to the purchaser
<br />its deed conveying said property so sold, but without any covenant or warranty,
<br />express or implied. The recitals of the deed of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof. Any person, including
<br />Beneficiary, may purchase at the sale.
<br />(2) When Trustee sells pursuant to the powers herein, Trustee
<br />shall apply the proceeds of the sale to payment of the costs and expenses of
<br />exercising the power of sale and of the sale, including the payment of
<br />Trustee's fees actually incurred, which Trustee's fees shall not in the
<br />aggregate exceed the following amounts based upon the amount secured hereby and
<br />remaining unpaid: 5 per centum on the first $1,000.00 thereof, .5 per centum on
<br />the balance thereof; and then to the items in sub- paragraph ( 3 ) in the order
<br />there stated.
<br />(3) After paying the items specified in sub- paragraph (2) if the
<br />sale is by Trustee, or the proper court and other costs of foreclosure and sale
<br />if sale is pursuant to judicial foreclosure, the proceeds of sale shall be
<br />applied in the order stated to the payment of:
<br />(a) Cost of any evidence of title procured in
<br />connection with such sale and for any tax on the
<br />conveyance;
<br />(b) All sums then secured hereby;
<br />(c) The remainder, if any, to the person or
<br />persons legally entitled thereto.
<br />6. OPTIONAL REMEDY. Upon the occurrence of any default hereunder, Beneficiary
<br />shall have the option to foreclose this trust deed in the manner provided by
<br />law for the foreclosure of mortgages on real property.
<br />7. SUCCESSOR TRUSTEE. Beneficiary may from time to time substitute a
<br />successor or successors to any Trustee named herein or acting hereunder. Upon
<br />such appointment, and without conveyance to the successor Trustee, the latter
<br />shall be vested with all title, powers and duties conferred upon any Trustee
<br />herein named or acting hereunder. Each such appointment and substitution shall
<br />be made by written instrument and executed by Beneficiary, containing reference
<br />to this trust deed and its place of record, which, when recorded in the office
<br />of the Register of Deeds of the county or counties in which said property is
<br />located, shall be conclusive proof of proper appointment of the successor
<br />Trustee. The foregoing power of substitution and the procedure therefor shall
<br />not be exclusive of the power and procedure provided for by law for the
<br />substitution of a Trustee in the place of the Trustee named herein.
<br />8. ASSIGNMENT OF RENTS. As additional and collateral security for the loan
<br />and effective forthwith upon filing of a Notice of Default, this instrument
<br />shall serve as an assignment by the Truster to the Trustee, of all rents,
<br />issues, profits, and revenues resulting from the property and Trustee is
<br />authorized to take possession of the property, rent or lease the same on terms
<br />he deems best and to collect the rents and revenues and apply the same upon
<br />unpaid interest, principal, taxes or insurance premiums or for maintenance and
<br />preservation of the Property.
<br />9. WAIVER. The waiver by Trustee or Beneficiary of any default of Truster
<br />under this trust deed shall not be deemed to be a waiver of any other or
<br />similar defaults subsequently occurring.
<br />10. TRUSTOR. The designation "Truster" herein shall extend to and apply to
<br />the undersigned, singular and plural, and the covenants and agreements of the
<br />Truster herein shall be binding upon its heirs, devisees, personal
<br />representatives, successors and assigns.
<br />11. GOVERNING LAW. This Trust Deed shall be construed according to the laws
<br />of the State of Nebraska, and the Trustee and the Beneficiary shall have all of
<br />the benefits and rights made available by the Nebraska Trust Deeds Act as the
<br />same now exist as well as any additional rights which may be created in them
<br />under any amendments thereto.
<br />12. ACCELERATION. Truster covenants and agrees that upon any conveyance,
<br />assignment or transfer of his interest in the Property during the term of the
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