|
4826 -5279- 3871.2
<br />201800168
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and
<br />delivered to Trustor such Notice of Default and Notice of Sale as then required by law and by this Second Deed of
<br />Trust. Trustee shall, without demand on Trustor, after such time as may then be required by law and after recordation
<br />of such Notice of Default and after Notice of Sale having been given as required by law, sell the Trust Estate at the time
<br />and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as Trustee
<br />shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful
<br />money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its
<br />good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or
<br />implied. The 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 Beneficiary, 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 to payment of
<br />(i) the Indebtedness (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons
<br />legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Trust Estate.
<br />(d) Any person (including his successor and assigns) receiving title to the Property through foreclosure
<br />or deed in lieu of foreclosure shall receive title to such property free and clear of any collateral agreements restricting
<br />the use of such property.
<br />(e) If any holder of the First Deed of Trust (the "Senior Lien Holder ") shall acquire title to the Property
<br />pursuant to a deed in lieu of foreclosure, the lien of this Second Deed of Trust shall automatically terminate upon the
<br />Senior Lien Holder's acquisition of title, provided that (1) Beneficiary has been given written notice of a default under
<br />the First Deed of Trust and (ii) Beneficiary shall not have cured the default under the First Deed of Trust within 30 days
<br />of the notice sent to Beneficiary.
<br />12. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to enforce payment
<br />and performance of any indebtedness or obligations secured hereby and to exercise all rights and powers under this Second Deed
<br />of Trust or under any Loan Instrument or other agreement or any laws now or hereafter in force; notwithstanding, some or all of
<br />the such indebtedness and obligations secured hereby may now or hereafter be otherwise secured, whether by mortgage, deed of
<br />trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Second Deed of Trust nor its enforcement, whether by
<br />court action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any manner affect Trustee's
<br />or Beneficiary's right to realize upon or enforce any other security now or hereafter held by Trustee or Beneficiary, it being
<br />agreed that Trustee and Beneficiary, and each of them, shall be entitled to enforce this Second Deed of Trust and any other
<br />security now or hereafter held by Beneficiary or Trustee in such order and manner as they or either of them may in their absolute
<br />discretion determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive of any
<br />other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy
<br />given hereunder or now or hereafter existing at law or in equity or by statute. Every power or remedy given by any of the Loan
<br />Instruments to Trustee or Beneficiary or to which either of them may be otherwise entitled, may be exercised, concurrently or
<br />independently, from time to time and as often as may be deemed expedient by Trustee or Beneficiary and either of them may
<br />pursue inconsistent remedies. Nothing herein shall be construed as prohibiting Beneficiary from seeking a deficiency judgment
<br />against the Trustor to the extent such action is permitted by law.
<br />13. Request For Notice Trustor and all other parties set forth herein hereby requests a copy of any Notice of
<br />Default and a copy of any Notice of Sale hereunder be mailed to them at the address set forth in the first paragraph of this Second
<br />Deed of Trust.
<br />14. Governing Law. This Second Deed of Trust shall be governed by and construed in accordance with the laws
<br />of the State of Nebraska. In the event that any provision or clause of any of the Loan Instruments conflicts with applicable laws,
<br />such conflict shall not affect other provisions of such Loan Instruments which can be given effect without the conflicting
<br />provision, and to this end the provisions of the Loan Instruments are declared to be severable. This instrument cannot be waived,
<br />changed, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of
<br />any waiver, change, discharge or termination is sought.
<br />15. Reconveyance by Trustee. Upon written request of Beneficiary stating that all sums secured hereby have
<br />been paid and upon surrender of this Second Deed of Trust and any note to Trustee for cancellation and retention and upon
<br />payment by Trustor of Trustee's fees, Trustee shall reconvey to Trustor, or the person or persons legally entitled thereto, without
<br />warranty, any portion of the Trust Estate then held hereunder. The recitals in such reconveyance of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof. The grantee in any reconveyance may be described as "the person or persons legally
<br />entitled thereto."
<br />4
<br />NIFA HBA Loan/Form H
<br />(10/2015)
<br />
|