|
201704548
<br />DEED OF TRUST
<br />Loan No: 81010925 (Continued) Page 5
<br />Death or Insolvency. The dissolutiGn or termination of Borrower's or Tru-storp s existence as a going business, the
<br />insolvency of BorTower or Trustor, the appointment of a receiver for any part of Borrower"s or Trustar'rs property,
<br />any assignment for, the benefit of creditors, any type of creditor workout, or the cornmencement of any proceeding
<br />under any bankruptcy or insolvency laws by or against Borrower or Trustor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any other methc)d, by any creditor of Borrower or Trustor or by any
<br />governmental agency against any property securing the Indebtedness. This includes a garriishr-nent of any of
<br />Borrowerps or Trustor's accounts, including deposit accounts, with Lender. However, th7s Event Gf befault shall
<br />not apply if -there is a good faith dispute by Borrower or Trustor as to the validity or reasonableness of the clarm
<br />which is the basis of the creditor or fGrfelture proceeding and if Borrower or Trustor gives Lender vvritten notice of
<br />the creditor or fc)rfeiture proceeding and deposits with Lender moriles or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the
<br />dispute.
<br />Breai�h of Otheir Agreement. Any breach by Borrower or Trustar under the terms of any other agTeernent between
<br />Borrower or Trustor and Lender that is not remedied within any grace period provided therein, including without
<br />limitation any agreement cancernIng any indebtedness or other obligation of Borrower or Trustor to Lender,
<br />whether existing 110W Or lateT.
<br />Events Affecting Guarantor. Any of tha preceding events occurs with respect to any Guarantor of arly of the
<br />Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability
<br />under, any Guaranty of the Indebtedness.
<br />Adverse Change. A MateTial adverse change oGeurs in Borrower's or Trustor's financial ccmd1tion, or Lender
<br />believes the prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender, in good faith believes itself insecure.
<br />RIGHTS AND REMEDIES ON DEFAULT. It an Event of Defau[t occurs under this Deed of Trust, at any time thereafter,
<br />Trustee or Lender may exerGise any one or More of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note
<br />secured hereby., Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and
<br />the same shall thereupon becc)rne due and payable without any presentment, demand, protest or notice of any
<br />kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequaGy of its security, enter upon and take possession
<br />of the Property, or any part thereof, in its own name or in the namia of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the, value, marketability or rentability of the Property, or part of
<br />the Property or interest in the Property,- increase the income frorn the Property or protect the security of
<br />the Property; and, Mth oT without taking possession of the Property, sue for or c)therwise Collect the
<br />rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less
<br />r,osts and expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed
<br />of Tru!st, all in such order as Lender may determine. The entering upon and taking possession of the
<br />Property, the collection of such rents, issues and profits, and the applicafion theTeof shall not cure or
<br />walve any default or notice of default under this Deed of Trust or invalidate any act dGne in response to
<br />such default or pursuant to such nc)-tirce of default; and, notwithstanding the continuance in possession of
<br />the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall
<br />be entitled td exercise every right provided for in the Note or the Related Documents or by law upon the
<br />occurrence of any event of default, including the right to exercise the power of sale;
<br />M Cammenc�e an action to foreclose this Deed of TTUSt aS a mortgage, appoint a receiver or specifically
<br />enforce any of the GGvenants hereof; and
<br />(c) Deliver to Trustee ;a written declaration of default and dernand for sale and a written notice of default
<br />and election w cause Trustor's Interest in the Property to be sold, which notice Trustee shall cause to be
<br />duly filed for recard in the appropriate offices of the County in vvhfoh the Property is located; and
<br />(d) With respect to all or any part of the Personai Property, Lender shall have all the rights and remedies
<br />of a secured party under the Nebraska Uniform Commei-cfal Code.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exerGise of the Power of Sale herein contained,
<br />Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts
<br />and evidence of expenditures made and secured by this Deed of Trust as Trustee may require.
<br />(a) Upon Tece-Ept of suGh notice from Lender, Trustee shall cause to be recc)rded, published and delivered
<br />to Trustor such Notice of Defau[t and Notice of Sale as then requIred by law and by this Deed of Trust.
<br />Trustee shall, without demand on Trustor, after such time as may then be required by law and after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell
<br />the Property at the time and place of sale fixed by it iri suoh Notice of Sale, either as a VVh0[e, C)r In
<br />SeParate 10tS OT parcels or items as Trustee shall deem expedient, and in such OTder as it may determine,
<br />at public auction to the highest bidder for cash in lawful money of the United States payable at the time
<br />of sale. Trustee shall deliver to such purchaser c)r purchasers thereof its good and sufficient deed or
<br />deeds conveying the property so sold, but without any covenant or warranty, express or implied. The
<br />recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any
<br />person, including withc)ut limitation Trustor, Trustee, or Lender, rn;ay purchase at such sale.
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this
<br />Trust including costs of evidence of title In connection with sale, Trustee shall apply the proceeds of sale
<br />to payment of M all surns expended under the terms of this Deed of TrusT or under the terms of the Note
<br />nc)t then repaid, including but not [irnited to accrued interest and late charges, (ii) all other surns then
<br />secured hereby, and (iii) the Temainder, it any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sa[e Of all OT any portion of the Property.
<br />Remedies NiDt Exclusive. Trustee. and Lender, and each of thern, shall be entitled to enforce payment and
<br />performance of any indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers
<br />under this Deed of Trust, under the Note, under any of the Related Documents, or under any OtheT agreement or
<br />any laws now or hereafter, in force; notvvithstanding, some or all of such indebtedness and obligations secured by
<br />this Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enfGrcernent, whether by court
<br />action or pursuant to the power of sale or other power's contained in this Deed of Trust, shall prejudice or in any
<br />rn a nn e r aff e ct Trustee's o r Le ride r's rig ht to re a I iz a u po n c)r e nfo rce ;@ n y othe r se c urity now o r here afte r h el d by
<br />T r ustee o r Le nd e r, it be I n g a g re e d that Trustee a nd Len de r, a nd e -a c h c f the m, s hall be e ntiti ad to enf o rce thi!s Deed
<br />of Trust and any other security now or hereafter hold by Lender or Trustee in such order and manner as they or
<br />either c)f them may in their absolute discretion determine. No remedy Gonferred upon or reserved to Trustee or
<br />Lender, is intended to be exclusive of any other rernedy in this Deed of Trust or by law provided or permitted, but
<br />
|