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90- 107108
<br />the Property is a taken or damaged, Lender shall have the option, In Its ale and absolute discretion, to apply all such Proceeds,
<br />after deducting therefrom all costs and expenses incurred by it in connection with such Proceeds, upon any Indebtedness secured
<br />hereby and in such order as Lender may determine, or to apply all such Proceeds, after such deductions, to the restoration of the
<br />Property upon such conditions as Lender may determine. Any application of Proceeds to indebtedness shall not extend or postpone
<br />the due date of any payments under the Note, or cure any default thereunder or hereunder. Any unapplled funds shall be paid to
<br />Trustor.
<br />8. Perlormance by Lender. Upon the occurrence of an Event of Defaultbereunder, or if any act Is taken or legal proceeding
<br />commenced which materially affects Lender's interest In the Property, Lender may In Its own discretion. but without obligation to do
<br />so, and without notice to or demand upon Trustor and without releasing Trustor from any obligation, do any act which Trustor has
<br />agreed but fails to do and may also do any other act it deems necessary to protect the security hereof. Trustor shall, immediately
<br />upon demand therefor by Lender, pay to Lender all costs and expenses incurred and sums expended by Lender in connection with
<br />the exercise by lender of the foregoing rights, together with interest thereon at the default rate provided in the kola, which shall be
<br />added to the indebtedness secured hereby. Lender shall not incur any liability because of anything it may do or omit to do
<br />hereunder.
<br />9. Hazardous 111rIMWe. Trustor shall keep the Property in compliance with all applicable laws, ordinances and regulations
<br />relating to industrial hygiene or environmental Protection (collectively referred to herein as "Environmental Laws"). Trustor shall
<br />keep thu Property free Urom alt substances deertied to be hazardous or toxic under any Environmental Laws (collectively referred to
<br />herein as "Hazardous Materials 1 Trustor hereby warrants and represents to lender that there are no Hazardous Materials on or
<br />under Me Property. Trustor hereby agrees to indemnify 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 liabilities arising in connection F FOREGOING
<br />the presence, use, disposal or transport of any Hazardous Materials on under, free or about the Property.
<br />WARRANTIES AND REPRESENTATIONS, AND TRUSTOR'S OBLIGATIONS PURSI:'ANT TO THE FOREGOING INDERIVIV :TY, SHALL
<br />SURVIVE RECONVEYANCE OF THIS DEED OF TRUST.
<br />10. McYgnnNnt of Reals. Trustor hereby assigns to Lender the rem y. issues and profits of the Property; provided that Trustor
<br />shall, until the occurrence of an Event of Default hereunder. have the r.gmt to collect and retain such rents. Issues anal iprol-ite as V?ey
<br />become due and payable. Upon the occurrence of an Event of Defau:t, _ender may, either in person or by agent, with or willriv it
<br />bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of i!s 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 Cb any acts which it
<br />deems necessary or deeirabte to preserve the value, marketability or rentability of the Property, or any part thereo7 or interest therein.
<br />Increase the Income therefrom or protect the security hereof and, with or without taking possession of the Property, sue for or
<br />otherwise collect the rents, Issues and profits thereof. Including those past due and unpaid, ariv apply the same, less costs and
<br />expenses of operation and collection Including attorneys' lees, 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, notwithstanding the continuance In possession of the Property or
<br />the collection, receipt and application. •ot -ants, issues or profits, and Trustee and Lender shall be entitled to exercise every right
<br />provided for In any of the Loan Instrumer :s or by law upon occurrence of any Event of Default, in-z hiding without limitation the right
<br />to e)(31ciae the power of sale. 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 liable to account only for those rents actually received.
<br />11. Events of Default. The following shell 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 default under any provision contained in the Note, this Deed of Trust, ary olf the 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 it lien on
<br />the Property or any portior. thereof or interest therein;
<br />(d) There shall be fired by or against Trustor or Borrower an action under any present or future federal, state or other
<br />statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors; or there shall be appointed any trustee,
<br />receiver or liquidator of Trustor or Borrower or of all or any part of the Property, or the rents, issues or profits thereof, or Trustor
<br />or Borrower shall make any general assignment for the benefit of creditors;
<br />(e) The sale, transfer, lease, assignment, conveyance or further encumbrance of all or any part of or any interest in the
<br />Property, either voluntarily or Involuntarily, without the express written consent of Lender; provided that Trustor shall be
<br />permitted to execute a loose of the Property that does not contain an option to purchase and the term of which does not exceed
<br />one year
<br />(f) Abandonment of the Property; or
<br />(g) II Trustor is not an individual, the issuance. sale, transfer, assignment. conveyance or encumbrance of more than a total
<br />of percent of fig a corporation) its issued and outstanding stock or (if a partnership) a total of percent of
<br />partnership Interests dunrg the period this Deed of Trust remains a lien on the Property.
<br />12. Remedies; Acceleration 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 shell thereupon become due and payable
<br />without any presentment, demand, protest or notice of any kind. Thereafter Lender may:
<br />(a) Demand that Trustee exercise the POWER OF SALE granted herein, and Trustee shall thereafter cause Truslor's
<br />Interest In the Property to be sold and the proceeds to be distributed, all in the manner provided in the Nebraska Trust Deeds
<br />Act
<br />(b) Exercise any and all rights provided for in any of the Loan Instruments or by law upon occurrence of any Event of
<br />Default, and
<br />(c) Commence an action to' Vec!ose this Deed of Trust as a mortgage. appoint a receive,, or specifically enforce any of the
<br />covenants hereof.
<br />No remedy herein conferred upon or reserved tbTrustee or Lender is Intended to be exclusive ofany other remedy herein, In the
<br />Loan Instruments or by law provided or permittea. tut each shall to cumulative. shall be in addition to every other remedy gr.en
<br />hereunder, In the Loar instruments or now or hereafter existing at law or in equity or by statute, and may be exercised concurrently.
<br />Independanl:y or successively.
<br />13. 'ruslea. The Trustee may resign at atir hr^e without cause. and LF'nder may at any time and without cause appoint a
<br />successor or substitute Trustee. Trustee snail net be liable to any pwt•i. including without limitation Lender. Borrower. Trustor o• any
<br />purchaser of the Property, for any loss o • damage unless due to reaaess or willful misconduct, and shall not be required to take any
<br />rnm�fonaaY•nn Ar
<br />action in connection voin the eniorcerreni vi i:,iy Drtti v; 7ius; ui.:o5s ;;--dam ...,, .... a•
<br />expenses which may to associated therewith. In add eon, Trustee may become a purchaser at any sale of the Property Qudiciai or
<br />under the power of sa!i• granted herein), postpone the sale of all or any portion of the Property. as provided ty law; or sell the
<br />Properly as a whole. or in separate parcels or tots at Trustee's discretion.
<br />14 Fen and Expenses. In the event Trustee sells the Property by exercise of power of sale. Trustee steal) be entitled to apply
<br />any sale proceeds first to payment o! al: costs and expenses of exercising power of sale. ,nctuaing all Trustee's fees. and Lender's
<br />and Trustee's attorney's fees. actually ,:,curved t.o extent permitted by applicable law in the event Borrower or Trustor exercises any
<br />right provided by law to cure an Event of Detau,t. Lender shall be entitled to recover from Trustor al; costs and expenses actually
<br />incurred as a result of Truster's default mciud- *g without limitation all Trustee's and attorney's fees, to va extent permitted by
<br />applicable law.
<br />15 Future Advances. Upon request of Borrower. Lender may, at its option, mane add, c -3i and future advances and re-
<br />advances to Borrower. Such advances and readvances, with interest thereon. shall be secured by this Deed of Trust. At no time shall
<br />the principal amount of the indebtedness secured by this Deed of Trust not including sums advances to protect the security of this
<br />Deed of Trust exceed the original principal amount stated herein. or JI S• ta0 whicnever rs greater.
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