|
200109054
<br />Grantee shall be entitled to select and appoint a successor trustee hereunder by an instrument duly
<br />executed, acknowledged and recorded in the manner provided by applicable law, and any such successor
<br />trustee shall thereupon succeed as trustee hereunder and to all of the rights, powers, duties, obligations,
<br />authority, title and estate of Trustee as if specifically named herein, provided no defect or irregularity in
<br />the resignation or removal of Trustee or in the appointment of a successor trustee or in the execution and
<br />recording of such instrument shall affect the validity of said resignation, removal, or appointment or any
<br />act or thing done by such successor trustee pursuant thereto. Trustee covenants faithfully to perform and
<br />fulfill the trust herein created; provided, however, Trustee shall not be liable to any party, including
<br />without limitation Grantee, Grantor or any purchaser of the Property, for any loss or damage unless due to
<br />reckless or willful misconduct, and shall not be required to take any action in connection with the
<br />enforcement of this Deed of Trust unless indemnified, in writing, for all costs, compensation or expenses
<br />which may be associated therewith. In addition, Trustee may become a purchaser at any sale of the
<br />Property (judicial or under the power of sale granted herein); postpone the sale of all or any portion of the
<br />Property, as provided by law; or sell the Property as a whole, or in separate parcels or lots.
<br />6.03 Liens. No lien provided for by the statutes of the State of Nebraska, in force at any
<br />time while the lien hereof exists, in favor of any person who furnished labor or materials in the erection or
<br />repair of any Improvements now or hereafter on the Property, shall attach to the Property, except as
<br />subject and subordinate to the lien of this instrument, and any person dealing with said Property after the
<br />recording of this instrument is hereby charged with notice of and consent to this stipulation, and with a
<br />waiver of any lien except as subject and subordinate hereto.
<br />6.04 Taxation. [Intentionally omitted.]
<br />6.05 Covenants to Run with the Land. Every covenant, agreement, condition, promise
<br />and undertaking herein, of said Grantor, shall run with the Premises, is a condition upon which the loan
<br />secured hereby was made, and is of the essence of this instrument, and any breach of any covenant,
<br />agreement, condition, promise or undertaking shall be deemed a material breach going to the substance
<br />hereof.
<br />6.06 Gender and Number. Whenever used, the singular number shall include the plural,
<br />the plural the singular and the use of any gender shall include all genders. If there is more than one
<br />Grantor, all obligations of this Deed of Trust shall be joint and several.
<br />6.07 Security Agreement. This instrument is intended to be a security agreement
<br />pursuant to the Uniform Commercial Code for any of the items specified above as part of the Property
<br />which, under applicable law, may be subject to a security interest pursuant to the Uniform Commercial
<br />Code, and Grantor hereby grants Grantee a security interest in said items. Grantor agrees that Grantee
<br />may file this Deed of Trust, or a reproduction or summary hereof, in the real estate records, personal
<br />property index, or other appropriate index, as a financing statement for any of the items specified above
<br />as part of the Property. Any reproduction of this Deed of Trust or of any other security agreement or
<br />financing statement shall be sufficient as a financing statement. In addition, Grantor agrees to execute
<br />and deliver to Grantee, upon Grantee's request, any financing statements, as well as extensions, renewals
<br />and amendments thereof, and reproductions of this Deed of Trust in such form as Grantee may require to
<br />perfect a security interest with respect to said items. Grantor shall pay all costs of filing such financing
<br />statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable
<br />costs and expenses of any record searches for financing statements Grantee may reasonably require.
<br />Without the prior written consent of Grantee, Grantor shall not create or suffer to be created pursuant to
<br />the Uniform Commercial Code any other security interest in said items, including replacements and
<br />additions thereto. Upon the occurrence of an Event of Default, Grantee shall have the remedies of a
<br />secured party under the Uniform Commercial Code and, at Grantee's option, may also invoke the
<br />12
<br />
|