|
200007270
<br />of the rights granted by this paragraph THIRD to any tenant occupying the Property or any portion thereof shall be sufficient to require
<br />said tenant to pay said rent to Beneficiary until further notice.
<br />FOURTH: If there shall be filed by or against the Trustor any petition or proceeding seeking any arrangement or composition or extension
<br />of any other relief under or pursuant to the Federal Bankruptcy Code or any other similar statute as is now or hereafter in effect, or if the
<br />trustor shall be adjudicated bankrupt or insolvent or any of Trustor's property shall have been sequestered and such decree shall have
<br />continued undischarged and unstayed for ninety (90) days after the entry thereof, then the whole of the Note and indebtedness hereby
<br />secured shall, without notice, at the option of the Beneficiary become due and payable.
<br />FIFTH: Upon default by Trustor in the payment of or performance of the terms and conditions of the Note, or any renewals, modifications
<br />or executions thereof, the payment of any other indebtedness secured hereby or in the performance of any agreement, covenant or warranty
<br />herein contained or set forth in any agreement or instrument executed by Trustor in connection with the indebtedness hereby secured,
<br />Beneficiary may declare all sums secured hereby immediately due and payable and the same shall thereupon become due and payable
<br />without presentment demand, protest or notice of any kind. Thereafter, Beneficiary may deliver to Trustee a written declaration of default
<br />and demand for sale. Trustee shall have the power of sale of the Property and if Beneficiary decides the Property is to be sold, it shall
<br />deposit with Trustee this Deed of trust and the Note or notes and any other documents evidencing expenditures secured hereby, and shall
<br />deliver to Trustee a written notice of default and election to cause the Property to be sold, and Trustee, in turn, shall prepare a similar notice
<br />in the form required by law, which shall be duly filed for record by Trustee.
<br />(a) After the lapse of such time as may be required by law following the recordation of Notice of Default, and Notice of Default and
<br />Notice of Sale having been given as required by law, Trustee, without demand on Trustor, shall sell the Property hereinbefore described,
<br />and any and every part thereof, in separate parcels or en masse as the Trustee may elect and in such order as trustee may determine on the
<br />date and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price payable in cash
<br />in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause he or she deems expedient,
<br />postpone the sale from time to time until it shall be completed and, in every such case, notice of postponement shall be given by public
<br />declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale is postponed for longer than one
<br />(1) day beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as the original Notice of Sale.
<br />Trustee shall execute and deliver to the purchaser its Deed conveying the property so sold, but without any covenant or warranty, express
<br />or implied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including
<br />without limitation, Beneficiary or Trustee may purchase at the sale. Said sale shall be conducted at the real estate forming a part of the
<br />Property or at the court house in the county in which the Property to be sold, or some part thereof, is situated.
<br />(b) When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of the sale to payment of the costs and expenses
<br />of exercising the power of sale and of the sale, including, without limitation, the payment of Trustee's fees incurred, which Trustee's fees
<br />shall not in the aggregate exceed the sum of Five Hundred Dollars ($500.00) plus 1/2 of 1% of the amount secured hereby and remaining
<br />unpaid and then to the items set forth in subparagraph (c) of this paragraph FIFTH in the order therein stated.
<br />(c) After paying the items specified in subparagraph (b) of this paragraph FIFTH, if the sale is by Trustee, or the proper court and other
<br />costs of foreclosure and sale if sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the order stated below to
<br />the payment of:
<br />(1) Cost of any evidence of title procured in connection with such sale and of any revenue required to be paid;
<br />(2) All sums then secured hereby;
<br />(3) The remainder, if any, to the person or persons legally entitled thereto.
<br />Each of the parties to this Deed of Trust hereby requests that a copy of any Notice of Default and a copy of any Notice of Sale provided
<br />for hereinabove be mailed to each such party at the parties post office address set forth herein. Upon the occurrence of any default
<br />hereunder, Beneficiary shall have the option to foreclose this Deed of Trust in the manner provided by law for the foreclosure of mortgages
<br />on real property.
<br />SIXTH: Trustor specifically agrees that (a) Trustor, at its expense, will execute and deliver to Beneficiary, promptly upon request, such
<br />security instruments as may be required by Beneficiary, in a form and substance satisfactory to Beneficiary, covering any of the Property
<br />conveyed by this Deed of Trust which security instruments shall be additional security for Trustor's faithful performance of all of the terms,
<br />covenants and conditions of this Deed of Trust, the Note and indebtedness secured hereby, and any other security instruments executed
<br />in connection with the indebtedness secured by this Deed of Trust; and all such instruments shall be filed and recorded at trustor's expense;
<br />(b) Beneficiary may, from time to time, by written instrument executed and acknowledged by Beneficiary, mailed to Trustor and recorded
<br />in the county or counties in which the Property is located and by otherwise complying with the provisions of the applicable laws of the
<br />State of Nebraska, substitute a successor or successors to the Trustee named herein or acting hereunder; (c) although the Trustee, or
<br />Trustee's successor or successors, may be an agent of, or attorney for, or otherwise connected with the Beneficiary, such fact shall not be
<br />construed to disqualify Trustee to act as such Trustee, nor shall such fact prevent the Trustee or Beneficiary from bidding at a sale and
<br />buying any part or all of the Property at any sale hereunder; (d) that if it should be necessary or appropriate for the protection of the
<br />security hereby conveyed or enforcement of the debt hereby secured, for the trustee or the Beneficiary to institute or become a party to
<br />any proceeding or suit in a court of bankruptcy or probate or other court of general or limited jurisdiction, all expenses and costs properly
<br />incurred by said Trustee or said Beneficiary (including reasonable attorney's fees) paid or incurred by such Trustee or Beneficiary in
<br />maintaining, prosecuting or defending such proceeding or protecting their respective rights hereunder shall be an additional debt secured
<br />by this Deed of Trust in like manner with the principal debt herein described; (e) Beneficiary, or its agents, representatives or workmen,
<br />are authorized to enter at any reasonable time upon or in any part of the Property for the purpose of inspecting the same and for the purpose
<br />of performing any of the acts it is authorized to perform under the terms of this Deed of Trust; (f) any forbearance by Beneficiary or
<br />Trustee in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the
<br />exercise of any such right or remedy hereunder; similarly, the waiver by Beneficiary or Trustee of any default of Trustor under this Deed
<br />of Trust shall not be deemed a waiver of any other or similar defaults subsequently occurring; (g) extension of the time for payment or
<br />modification or amortization of the sums secured by this Deed of Trust granted by Beneficiary to any successor in interest of Trustor shall
<br />not operate to release, in any manner the liability of the original Trustor and Trustor's successor in interest. Beneficiary shall not be
<br />required to commence proceedings against such successor or refuse to extend the time for payment or otherwise modify amortization of
<br />the sums and indebtedness secured by this Deed of Trust by reason of any demand made by the original trustor and trustor's successors
<br />
|