|
890m� 100959
<br />advancements as may be necessary, shall exist regard-
<br />less of whether the Secured Indebtedness be then due or
<br />not.
<br />ARTICLE IV
<br />EVENI<`S, 'OF DEFAULT
<br />It is understood and agreed that if one or
<br />more of tH ., following evemt� (herein referred to. as an "Event
<br />of Default;:" and collect! 4y as "Events of Default ") should
<br />happen, to -wit:
<br />A) Uninsured 'kiss, theft, damage' or destr ,j.et~ian
<br />of or :tQ the Mo.:~jtsaged Property, or any past thef.,,
<br />or
<br />The occurrence of ,a:.y Event of Default speci-
<br />fied ::n the Note, tMe Lean. Rgreement, the Series A Bond
<br />or the Series B Bond,-
<br />then, Mortgagee may declare the principal of, and all interest--*
<br />then accrued on, the Note-.and any other liabilities hereunder,
<br />to be forthwith due and Fajable, whereupon the same shill
<br />forthwith become due and payable without presentment, demand,
<br />protest or other notice of a.: =iy kind, all of which Mortgagor
<br />herein and hereby expressly ,wai.ve, anything contained in the
<br />Note to the contrary notwithstanding. Nothing contained in
<br />this Article IV shall be construed to limit or amend in any
<br />way the Events of Default enumerated in the Note, the Loan
<br />Agreement, the Series A Bond or the Series B Bond. Mortgagee
<br />may thereupon avail itself of any of its legal and equitable
<br />rights and- remedies, either by the institution of a suit or
<br />suits, in equity, at law or in bankruptcy, in any co:irt or
<br />courts of competent jurisdiction, whether for the specific
<br />performance'of any covenant or agreement herein. contained or
<br />in the aid, of any execution of any power s herein granted, or
<br />for any foreclosure hereof or hereunder, or for any sale of
<br />the Mortgaged Property, or any part thereof, sc far as may
<br />be authorized by law, or for the enforcement ce.such other
<br />or additional appropriate legal or equitable remedies as
<br />Mortgagee may deem most effectual to protect and enforce the
<br />rights aforesaid.
<br />(2) It is further understood and agreed that if
<br />one or more of the Events of Default set forth. above shall
<br />occur, then, and in every such event, Nortgagee, its succes-
<br />sors, representatives, heirs and assigns; shall have the rightt,
<br />(but shall not be. requira4d) to take possessicaa of all the
<br />Mortgaged Property,. and tnereafter maintain, operate and cca-
<br />trol the Mortgaged Property.
<br />(3) In addition to all rights, privileges an'd op-
<br />tions specified above, it is mutually agreed that if one or
<br />more Events of Default shall occur, and if permitted by the
<br />laws of the State of Nebraska, Mortgagee, acting by and
<br />through any one or more designated agents or representatives,
<br />shall have the right (but not the obligation) and is hereby
<br />authorized and empowered to sell the Mortgaged Property, or
<br />any part or parts thereof, either as a whole or in parts, at
<br />public or private sale, in whatever manner and upon whatever
<br />terms Mortgagee may specify, and to convey same to the pur-
<br />chaser qr purchasers, provided, however, that Mortgagee may
<br />exercise the authority thus granted only after first having
<br />L complied fully with all applicable laws of the State of -
<br />Nebraska, including, but not by way of limitation, such laws
<br />as pertain to the foreclosure of mortgages or deeds of trust,
<br />the giving of notice of the time, place and terms of sale or
<br />—7—
<br />T�
<br />S
<br />1
<br />*Ash
<br />1'=
<br />}
<br />of I
<br />gr
<br />ti
<br />I --
<br />
|