|
201807427
<br />proceeding in which Beneficiary or Trustee may appear. If Trustor fails to make any payment or to do
<br />any act as and in the manner provided in any of the Loan Instruments, Beneficiary and/or Trustee,
<br />each in their own discretion, without obligation so to do and without notice to or demand upon Trustor
<br />and without releasing Trustor from any obligation, may make or do the same in such manner and to
<br />such extent as either may deem necessary to protect the security hereof. Trustor shall, immediately
<br />upon demand therefor by Beneficiary, pay all costs and expenses incurred by Beneficiary in connection
<br />with the exercise by Beneficiary of the foregoing rights, including without limitation costs of evidence
<br />of title, court costs, appraisals, surveys and attorneys' fees.
<br />5. Eminent Domain. If the Trust Estate, or any part thereof or interest therein, be taken or
<br />damaged by reason of any public improvement or condemnation proceeding, or in any other manner
<br />including deed in lieu thereof ("Condemnation"), or if Trustor receives any notice or other information
<br />regarding such proceeding, Trustor shall give prompt written notice thereof to Beneficiary. Trustor
<br />shall be entitled to all compensation, awards and other payments or relief thereof and shall be entitled
<br />at its option to commence, appear in and prosecute in its own name any action or proceedings. Trustor
<br />shall also be entitled to make any compromise or settlement in connection with such taking or damage.
<br />6. Appointment of Successor Trustee. Beneficiary may, from time to time, by a written
<br />instrument executed and acknowledged by Beneficiary, mailed to Trustor and recorded in the County
<br />in which the Trust Estate is located and by otherwise complying with the provisions of the applicable
<br />law of the State of Nebraska substitute a successor or successors to the Trustee named herein or acting
<br />hereunder.
<br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of and
<br />binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors and
<br />assigns. The term "Beneficiary" shall mean the owner and holder of any promissory note given to
<br />beneficiary.
<br />8. Merger, Consolidation, Sales or Transfers. Trustor covenants that Trustor will not sell,
<br />transfer or otherwise dispose of any of the Trust Estate. In the event that Trustor sells, transfers or
<br />otherwise disposes of any part of the Trust Estate, Beneficiary may at its option declare the
<br />Indebtedness secured hereby immediately due and payable without any presentment, demand, protest or
<br />notice of any kind, whether or not any default exists. Beneficiary shall consent to a transfer of the
<br />Trust Estate to a third party to the extent such third party meets the requirements contained in, and
<br />assumes the obligations set forth in the First Deed of Trust. The covenants contained herein shall run
<br />with the Property and shall remain in full force and effect until the Indebtedness is paid in full.
<br />9. Events of Default. Any of the following events shall be deemed an event of default
<br />hereunder:
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured
<br />hereby when due; or
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgment or decree approving a
<br />petition filed against Trustor seeking any reorganization, dissolution or similar relief under any
<br />present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency
<br />or other relief for debtors, and such order, judgment or decree shall remain unvacated and unstayed
<br />for an aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof;
<br />or any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, or of any
<br />or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
<br />consent or acquiescence of Trustor and such appointment shall remain unvacated and unstayed for
<br />an aggregate of sixty (60) days (whether or not consecutive); or
<br />(d) a writ of execution or attachment of any similar process shall be entered against
<br />Trustor which shall become a lien on the Trust Estate or any portion thereof or interest therein and
<br />such execution, attachment or similar process of judgment is not released, bonded, satisfied,
<br />vacated or stayed within sixty (60) days after its entry or levy; or
<br />NIFA/HBA LOAN - SECOND DEED OF TRUST
<br />Form H
<br />Laser Forms Inc. #NIFA109 10/15 Page 3 of 6 Initial
<br />
|