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40200093E 9. Any extensions or modifications of the loan granted by Beneficiary to any successor interest of Trustor shall not operate to release the liability of the original Trustor or Trustor's successors in interest. Any forbearance by Beneficiary in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 10. This security instrument and the note which it secures shall be governed by Nebraska law. 11. Beneficiary shall give notice to Trustor following Trustor's breach of any covenant or agreement in this security agreement and the note which it secures. The notice shall_ specify a) the default, b) the action required to cure the default, c) date not less than two (2) months from the date of recording the notice by which the default must be cured, d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sum secured by this security agreement and sale of the property, and e) any other matter required by law. If default is not cured, on or before the date specified in the notice, Beneficiary, at its option, may require immediate payment in full of all sums secured by this security agreement without further demand and may invoke the power of sale and any other remedies permitted by Nebraska law. Beneficiary shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph, including but not limited to, reasonable attorney fees and costs of title evidence. 12. Trustee shall record a notice of default in each county in which any part of the property is located and shall mail copies of such notice in the manner prescribed by Nebraska law. Trustee shall give public notice of sale to the persons and in the manner prescribed by Nebraska law. Trustee, without demand on Trustor, shall sell the property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels in any order Trustee determines. Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled sale. Beneficiary or its designee may purchase the property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser a Trustee's Deed conveying the property. The recitals in the Trustee's Deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: a) to all expenses of the sale, including but not limited to, Trustee's fees as permitted by Nebraska law and reasonable attorney fees; b) to all sums secured by this trust deed; c) to the payment of junior trust deeds, mortgages, or other lienholders, and d) the balance, if any, to the person or persons legally entitled thereto. 13. Upon acceleration under Paragraph 11 or abandonment of the property, Beneficiary (in person, by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the property to collect the rents of the property, including those past due. Any rents collected by Beneficiary or the receiver shall be applied first to payment of the costs of management of the property and collection of rents including, but not limited to, receiver's fees, premiums on receivers bonds and reasonable attorney fees, and then to the sums secured by this security instrument. 14. Upon payment of all sums as herein provided, Beneficiary shall direct Trustee to reconvey the property and shall surrender this security instrument and the note secured. Trustee shall reconvey the property without warranty to persons legally entitled to it. 15. Beneficiary, at its option, may from time to time remove Trustee and appoint a successor Trustee by an instrument recorded in the county in which this security instrument is recorded. Without conveyance of the property, the successor Trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by Nebraska law. 16. Any notice to Trustor provided for in this security instrument shall be given by delivering it or mailing it by first class mail, unless Nebraska law requires use of another method. at the Trustor's last known address. Trustor requests that copies of all notices provided herein be sent to Trustor's address set forth above. 17. Trustor is prohibited from selling, assigning, or otherwise conveying its interest in water rights that may now, or at any time in the future, be used in connection with the real property without receiving prior written consent from the Beneficiary. 18. Trustor covenants to fully utilize all water rights that may now, or, at any time in the future, be used in connection with the real property while the deed of trust/mortgage is in effect in order to minimize the risk of abandonment of such water rights. THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK Page 3 of 4