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200010392 25. Events of Default. Each of the following occurrences shall constitute an event of default hereunder, (hereinafter an "Event of Default "): (a) Any amount payable under the Obligations secured by this Deed of Trust is not paid when due, after giving effect to any applicable grace period therein, (b) Trustor is otherwise in default under the terms of the Obligations, (c) Trustor fails to observe or perform any of the covenants, agreements, or conditions in this Deed of Trust, (d) Any representation or warranty including, but not limited to, any warranty of title made by Trustor in this Deed of Trust is false or materially misleading, or (e) Trustor sells or conveys the Trust Property, or any part thereof, or any interest therein, or is divested of its title, or any interest therein, in any manner or way, whether voluntarily or involuntarily, without the prior written consent of Beneficiary. 26. Acceleration of Debt, Foreclosure. Upon the occurrence of any Event of Default, or any time thereafter until such Event of Default is cured to the satisfaction of Beneficiary. Beneficiary may, at its option, declare all Obligations secured hereby immediately due and payable and the same shall bear interest at the default rate, if any, set forth in the Note or the default rate, if any, set forth in the most recent obligation covered by the Guaranty, or otherwise at the highest rate permitted by law, and, irrespective of whether Beneficiary exercises said option, it may, at its option and in its sole discretion, without any further notice or demand to or upon Trustor, do one or more of the following: (a) Beneficiary may enter upon, take possession of, manage and operate the Trust Property or any part thereof; make repairs and alterations and do any acts which Beneficiary deems proper to protect the security thereof, and either with or without taking possession, in its own name, sue for or otherwise collect and receive rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys' fees and Beneficiary's costs, upon the Obligations secured hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble and shall make available to Beneficiary any of the Trust Property which has been removed. The entering upon and taking possession of the Trust Property, the collection of any rents, issues and profits, and the application thereof as aforesaid, shall not cure or waive any default theretofore or thereafter occurring, or affect any notice of default or notice of sale hereunder or invalidate any act done pursuant to any such notice. Notwithstanding Beneficiary's continuance in possession or receipt and application of rents, issues or profits, Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust or by law upon or after the occurrence of an Event of Default, including the right to exercise the power of sale. Any of the actions referred to in this Section may be taken by Beneficiary at such time as Beneficiary may determine without regard to the adequacy of any security for the Obligations secured hereby. (b) Beneficiary shall, without regard to the adequacy of any security for the Obligations secured hereby, be entitled to the appointment of a receiver by any court having jurisdiction, without notice, to take possession of, protect, and manage the Trust Property and operate the same and collect the rents, issues and profits therefrom. (c) Beneficiary may bring any action in any court of competent jurisdiction to foreclose this Deed of Trust or enforce any of the covenants hereof. (d) Beneficiary may elect to cause the Trust Property or any part thereof to be sold under the power of sale, and in such event. Beneficiary or Trustee shall give such notice of default and notice of sale to each party to this Deed of Trust by mail at the address set forth herein and any other notice which may be then required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, Trustee, at the time and place specified by the notice of sale, shall sell such Trust Property, or any part thereof specified by Beneficiary at public auction to the highest bidder for cash in lawful money of the United States of America. Upon receipt of payment of the bid price, Trustee shall apply the proceeds in the following order: (i) to the cost and expenses of exercising the power of sale and of the sale, including but not limited to, trustee's fees of not more than $500.00 plus one -half of one percent of the gross sale price, and reasonable attorneys' fees, (ii) to the Obligations, and (iii) the excess, if any, to the person or persons legally entitled thereto. A# costs and expenses incurred by Beneficiary in enforcing any right under this Deed of Trust, including without limitation, abstract or title fees, appraisal fees, premiums for title insurance, attorneys' fees and court costs, shall be and constitute Obligations secured hereby. 27. Duties of Trustee. Trustor agrees that: (a) The duties and obligations of Trustee shall be determined solely by the express provisions of this Deed of Trust and Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants or obligations shall be imposed upon Trustee, (b) No provision of this Deed of Trust shall require Trustee to expend or risk its own funds, or otherwise incur any financial obligation in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, (c) Trustee may consult with counsel of its own choosing and the advice of such counsel shall be full and complete authorization and protection in the respect of any action taken or suffered by it hereunder in good faith and reliance thereon, and (d) Trustee shall not be liable for any action taken by it in good faith and reasonably believed by it to be authorized or within its discretion or rights or powers conferred upon it by this Deed of Trust. 28. Security Agreement and Fixture Filing. From the date of its recording, this Deed of Trust shall constitute a security agreement and fixture filing under the provisions of the Nebraska Uniform Commercial Code with respect to those fixtures described in the preambles hereof as constituting a part of the Trust Property, together with all other property of Trustor, either similar or dissimilar to the same, now or hereafter located at or on the Trust Property. For this purpose, the following information is set forth: (a) Name and Address of Debtor/Trustor: (b) Name and Address of Secured Party /Beneficiary: J. O. Enterprises, Inc. Wells Fargo Bank Nebraska, N.A. 1607 W South Front Street 304 West Third Street Grand Island, NE 68801 Grand Island, NE 68801 (c) Debtor's Social Security Number /Federal Taxpayer l.D. Number 47082781 (d) This document covers goods which are or are to become fixtures. (e) The name of the record owner of the Trust Property is the Debtor/Trustor described above. 29. Future Advances. Beneficiary, at Beneficiary's option, prior to full reconveyance of the Trust Property by Trustee to Trustor, may make future advances to Trustor. Such future advances, with interest thereon, shall be secured by this Deed of Trust. At no time shall the principal amount of the Obligations secured by this Deed of Trust, not including sums advanced to protect the security, exceed the total sum of $35,625.00 Nothing herein contained shall imply any obligation on the part of the Beneficiary to make any such additional advances. Advances of disbursements made by Beneficiary to protect the security, under the terms hereof, while discretionary, shall not be deemed to be optional advances. 30. Reconveyance. Upon payment of all Obligations secured by this Deed of Trust, Beneficiary shall request Trustee to reconvey the Trust Property and shall surrender this Deed of Trust and all notes evidencing Obligations secured by this Deed of Trust to Trustee. Trustee shall reconvey the Trust Property without warranty and without charge to the person or persons legally entitled thereto. Such person or persons shall pay all costs of recordation, if any. 31. Substitute Trustee. Beneficiary, at its option, may from time to time remove Trustee and appoint a Successor Trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Deed of Trust is recorded. Without conveyance of the Trust Property, the Successor Trustee shall succeed to all title, power and duties conferred upon Trustee herein and by applicable law. 32. Miscellaneous Rights of Beneficiary. Beneficiary may at any time and from time to time, without notice, consent to the making of any plat of the Trust Property or the creation of any easement thereon or any covenants restricting use or occupancy thereof or agree to alter or amend the terms of this Deed of Trust. Any personal property remaining upon the Trust Property after the Trust Property has been possessed or occupied by Beneficiary, its agent or any purchaser following Trustee's sale or foreclosure, or under any deed in lieu of Trustee's sale or foreclosure, shall be conclusively presumed to have been abandoned by Trustor. 33. Trustor hereby requests that a copy of any notice of default and notice of sale made or executed by Trustee pursuant to the provisions hereof be sent to Trustor at its mailing address set forth above.