|
r
<br />L
<br />,, t
<br />r-
<br />90-105321
<br />efts Property Is so taken or damaged. Leader shall haw the option. in its mote and absolute discretion, to apply all such Prooaeds.
<br />slim deducing therefrom all costs and expenses Incurred by it in connection with such Proceeds, upon any indebtedness secured
<br />hereby and In much order as Lender may deN►mine, or to apply all such Proceeds. after such deductions, to the restoration of Me
<br />Property upon such conditions as Lander may determine. Any application of Proceeds to indebtedness shall not ex;lend or postpone
<br />the due dale of any payments under the Noe. or cure any default thereunder or hereunder. Any unapptied funds shW be paid b
<br />Trustor.
<br />8. P- flot fill - c by Lender. Upon the occurrence of an Event of DeUuti hereunder, or if any act is taken or legal place"
<br />commenced Which matstialy aflects Lender's interest In the Property. Lender may in its own discretion, but withoutobllgatlon to do
<br />go. and without notice to or demand upon Truster and without releasing Trustor from any obligation, do any act which Trustor has
<br />agreed but falls to do and may also do any other act it deems necessary to protect the security hereof. Trustor shall, imme"Isty
<br />upon demand therefor by Lender, pay to Lender all costs and expenses Incurred and sums expended by Lender in connection with
<br />itn oxerclaeby Lender of the foregoing rights, together with interest thereon at the default rate provided In the Note, which shall be
<br />added to the indebledne" secured hereby. Lender shall not incur any liability because of anything it may do or omit to do
<br />0. Masardpns Maferble. Truster shall keep the Property in compliance with all applicable laws, ordinances and regulations
<br />raieting to Industrtd hyplene or environmental protection (collectively referred to herein as "Environmental Laws'). Trustor shall
<br />keep the Property free from ale subatances downed to be hazardous or toxic under any Environmental Laws (collectively relented to
<br />herein as "Hae>;a dous Malwrials "). Trustor hereby warrants and represents to Lender that there are no Hazardous Materials on or
<br />under the Property. Trustor hereby agrees to indemnity and hold harmless Lender, its directors, officers, employees and agents, and
<br />any successors to Lender's interest, from and against any and all claims, damages, losses and Imblities arising in connection with
<br />the presence, use, disposal or transport of any Hazardous Materials on. under. from or about the Property. THE FOREGOING
<br />WARRANTIES AND REPRESENTATIONS, AND TRUSTOR'S OBUGATIONS PURSUANT TO THE FOREGOING INDEMNITY, SHALL
<br />SURVIVE RECONVEYANCE OF THIS DEED OF TRUST.
<br />10. Aselprwwwnl of Raft. Trustor hereby assigns to Lender the rents, issues and profits of the Property. provided that Trustor
<br />shW, until the occurrence of an Event of Default hereunder, have the right to collect and retain such rents, issues and profits as they
<br />become due and payable. Upon the occurrence of an Event of Default, Lender may, either in person or by agent, with or without
<br />bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter
<br />upon and take possession of the Property, or any part thereof, in its own name or in the name of the Trustee. and do any acts which it
<br />doom necessary or desirable to preserve the value, marketability or rentability of the Property, or any part thereof or Interest therein.
<br />Increase the income therefrom or protect the security hereof and, with or without taking possession of the Property, sus for or
<br />ofinnvise coifed tie rents, issues and profits thereof, including those past due and unpaid, and apply " sa rrU, I&U cusiii irfKi
<br />expenses of operation and collection including attorneys' fees, upon any indebtedness secured hereby, all in such order as lender
<br />may determine. The entering upon and taking possession of the Property, the collection of such rents. issues and profits and the
<br />application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in
<br />response to such default or pursuant to Such notice of default and, notwithjlanding the continuance in possession of the Property or
<br />the collection. receipt and application of rents. Issues or profits, and Trustee and Lender shall be entitled to exercise every right
<br />provided for In any of the Loan Instruments or by law upon occurrence of any Event of Default, including without limitation the right
<br />to exercise the power of safe. Further. Lender's rights and remedies under this paragraph shall be cumulative with, and in no way a
<br />limitation on. Lender's rights and remedies under any assignment of leases and rents recorded against the Property Lender, Trustee
<br />and the receiver shall be taable to account only for those rents actually received.
<br />11. Evwft of Delsull. The following shall constitute an Event of Default under this Deed of Trust:
<br />(a) Failure to pay any installment of principal or Interest of any other sum secured hereby when due;
<br />(b) A breach of or deleuit under any provision contained in the Note, this Deed of Trust, any of We Loan Instruments. or any
<br />other lien or encumbrance upon the Property:
<br />(c) A writ of execution or attachment or any similar process shall be entered against Trustor which shall become a Iran on
<br />the Property or any portion thereof or interest therein;
<br />(d) There shall be filed by or against Trustor or Borrower an action under any present or future federal, state or otter
<br />statute, law or regulation totaling to bankruptcy. insolvency or other relief for debtors; or there Shall be appointed any trustee,
<br />receivist or liquidator of Trustor or Borrows► or of all or any part of the Property. or the rents, issues or profits thereof, or Trustor
<br />or ftnowar shall make any general assignment for the benefit of creditors;
<br />(e) The sate, transfer, lease, assignment, conveyance or further encumbrance of all or any part of or any interest in the
<br />Propwrty, sitter voluntarily or involuntarily, without the express written consent tit Lender; provided that Trustor shall be
<br />permitted to execute a lease of the Property that does not contain an option to purenase and the term of which does not exceed
<br />one year,
<br />(f) Abandonment of the Property; or
<br />(9) It Trustor is not an individual, the issuance, sale, transfer, assignment, conveyance or encumbrance of more than a total
<br />of _..._. percent of (d a corporation) its issued and outstanding stock of (if a partnership) a total of ._._ .. _ _ percent of
<br />partnership Interests during the period this Deed of Trust remains a Iron on the Property
<br />12. Rarnedl s: AoaNralbn Upon Default In the event of any Event of Default Lender may, without notice except as required by
<br />law, declare all Indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable
<br />wlltnsutt any p►eesrttmont densnd, protest at thylice of sAy kind Thereafter Lender may
<br />(a) Demand that Trustee ejurciser the POWEF; OF SALE granted herein. and Trustee shall thweatisr Trusbrs
<br />irtia"M in the Property to be wiled end the procoo&s go ba ,eyattibuted, all us men niwiner provided in the Nebr 00 Trust f]awds
<br />Act
<br />(b) Exercise any and aU rights prowdled for in any of irtta I.,z1r+ l:istruments or by law upon occurrence of any LtverNi of
<br />Default &red
<br />Ieh Commence an action to foreclose mi• Dams of Trust as a monoaae. appont a receiver. or specit,cally enforce any of the
<br />covenants heaol.
<br />Nolan y herein conferred upon or tessrved to Trustee cv, Lender is intended to be exclusive of any other remedy herein, in the
<br />Loan Instruments or by law provided or permrtlrsd. but each shall be cumulative Shan be in addition to every other remedy given
<br />hereunder. in the Loan Instruments or now or hereafter existing at law or in equity or by statute. ano may be exerCised concurrently.
<br />fndepsndently or successively.
<br />13. Tru*w. The Trust" may resign at any time without cause. and Lender may at any tine and witnout cause appoint a
<br />successor or substitute Trustee. Trustee shall not be liable to any party, including without limitation Lender. Borrower. Trustor or any
<br />purchaar of the Property, for any loss or damage unless due to reckless or willful misconduct. and shall not be required to take any
<br />action in conrNction with the enforcement of this Deed of Trust unless indemnified. in wrsling. for all costa. compensation or
<br />expenses which may be associated therewith In addition. Trustee may become a purchaser at any sale of the Property (judicial or
<br />under the power of ale granted herein). postpone the sale of all or any portion of the Property, as provided by law. or sell the
<br />Property as a whole. or in separate parcels or lots at Trustee's discretion.
<br />14. Fah and Expend. In the event Trustee sWls the Property by exorcise of power of sale. Trustee shall be entitled to apply
<br />any sale proceeds firel to payment of all costs and expenses of exercising power of salve. including all Trustee's Seca. and Lender's
<br />and TrumlM's atto►ney'e led actWlly incurred to extent permitted by applicable :&* In the event borrower or Trustor exwcrsss any
<br />fight provided bylaw to cure an Event of Deloutt, lender shall be entitled to tecover from Trurlor all calls and fxpenses actually
<br />Incurred as a result of Truslor's default, including without limitation all Truateea aria anorney s fees to low extent peirommed by
<br />applicable taw.
<br />16. Fullim Aiftwass. Upon request of Borrower. Lender may. at its option make add,tiunal and future advances and to
<br />advances toBoriower. Such advances and readvances. with interest thereon shall be tieeuted by th.s Deed of Ttutil At nu hrne shag
<br />that principal armaril of the indebtedness secured by this peed at Trutt 11 (11 it' LIud,nJ sutrie edvan(i -d VJ 11 Met 1 it.r yet ur,lr Of INS
<br />Dead of Trust, exceed the original principal amount stated herein of S 75.UU0.00 . wh.(.►rewer is yrealet
<br />7
<br />is
<br />rsi
<br />I
<br />
|