|
201706639
<br /> DEED OF TRUST
<br /> Loan No: 8018495 (Continued) Page 5
<br /> Death or Insolvency. The dissolution of Trustor's (regardless of whether election to continue is made), any
<br /> member withdraws from the limited liability company, or any other termination of Trustor's existence as a going
<br /> business or the death of any member, the insolvency of Trustor, the appointment of a receiver for any part of
<br /> Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br /> commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br /> proceeding, self-help,repossession or any other method, by any creditor of Trustor or by any governmental agency
<br /> against any property securing the Indebtedness. This includes a garnishment of any of Trustor's accounts,
<br /> including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith
<br /> dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture
<br /> proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and deposits with
<br /> Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its
<br /> sole discretion,as being an adequate reserve or bond for the dispute.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and
<br /> Lender that is not remedied within any grace period provided therein, including without limitation any agreement
<br /> concerning any indebtedness or other obligation of Trustor to Lender,whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any 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 material adverse change occurs in Trustor's financial condition, or Lender believes the
<br /> 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. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br /> Trustee or Lender may exercise 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 become 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 adequacy of its security, enter upon and take possession
<br /> of the Property, or any part thereof, in its own name or in the name 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 from the Property or protect the security of
<br /> the Property; and, with or without taking possession of the Property, sue for or otherwise collect the
<br /> rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less
<br /> costs and expenses of operation and collection attorneys'fees,to any indebtedness secured by this Deed
<br /> of Trust, 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 application thereof shall not cure or
<br /> waive any default or notice of default under this Deed of Trust or invalidate any act done in response to
<br /> such default or pursuant to such notice 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 to 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 /> (b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br /> enforce any of the covenants hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default
<br /> and election to cause Trustor's interest in the Property to be sold,which notice Trustee shall cause to be
<br /> duly filed for record in the appropriate offices of the County in which the Property is located;and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies
<br /> of a secured party under the Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise 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 receipt of such notice from Lender,Trustee shall cause to be recorded,published and delivered
<br /> to Trustor such Notice of Default 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 in such Notice of Sale, either as a whole, or in
<br /> separate lots or parcels or items as Trustee shall deem expedient, and in such order 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 or 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 without limitation Trustor,Trustee, or Lender,may 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 (i)all sums expended under the terms of this Deed of Trust or under the terms of the Note
<br /> not then repaid, including but not limited to accrued interest and late charges, (ii) all other sums then
<br /> secured hereby,and (iii)the remainder,if any,to the person or persons legally entitled thereto.
<br /> (c) Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br /> Remedies Not Exclusive. Trustee and Lender, and each of them, 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 other agreement or
<br /> any laws now or hereafter in force; notwithstanding,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 enforcement,whether by court
<br /> action or pursuant to the power of sale or other powers contained in this Deed of Trust, shall prejudice or in any
<br /> manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by
<br /> Trustee or Lender,it being agreed that Trustee and Lender,and each of them, shall be entitled to enforce this Deed
<br /> of Trust and any other security now or hereafter held by Lender or Trustee in such order and manner as they or
<br /> either of them may in their absolute discretion determine. No remedy conferred upon or reserved to Trustee or
<br /> Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by law provided or permitted, but
<br /> each shall be cumulative and shall be in addition to every other remedy given in this Deed of Trust or now or
<br />
|