|
DEED OF TRUST
<br />(Continued)
<br />Page 4
<br />certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect,
<br />continue, or preserve (1) Borrower's and Trustor's obligations under the Note, this Deed of Trust, and the Related Documents, and (2)
<br />the liens and security interests created by this Deed of Trust as first and prior liens on the Property, whether now owned or hereafter
<br />acquired by Trustor. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor shall reimburse Lender for all costs and
<br />expenses incurred in connection with the matters referred to in this paragraph.
<br />Attorney -in -Fact. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br />Trustor and at Trustor's expense. For such purposes, Trustor hereby irrevocably appoints Lender as Trustor's attorney -in -fact for the
<br />purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole
<br />opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Borrower pays all the Indebtedness, including without limitation all future advances, when due, and otherwise performs
<br />all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and
<br />shall execute and deliver to Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the
<br />Rents and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen:
<br />Payment Default. Borrower fails to make any payment when due under the Indebtedness.
<br />Break Other Promises. Borrower or Trustor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the
<br />manner provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note or in
<br />any of the Related Documents. If such a failure is curable and if Borrower or Trustor has not been given a notice of a breach of the same
<br />provision of this Deed of Trust within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if
<br />Borrower or Trustor, after Lender sends written notice demanding cure of such failure: (a) cures the failure within thirty (30) days; or (b) if
<br />the cure requires more than thirty (30) days, immediately initiates steps sufficient to cure the failure and thereafter continues and completes
<br />all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance, or
<br />any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Default in Favor of Third Parties. Should Borrower or any Trustor default under any loan, extension of credit, security agreement, purchase
<br />or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Trustor's property or
<br />Borrower's or any Trustor's ability to repay the Indebtedness or perform their respective obligations under this Deed of Trust or any of the
<br />Related Documents.
<br />False Statements. Any representation or statement made or furnished to Lender by Borrower or Trustor or on Borrower's or Trustor's behalf
<br />under this Deed of Trust, the Note, or the Related Documents is false or misleading in any material respect, either now or at the time made or
<br />furnished.
<br />Termination of Future Advances. Trustor's exercise of Trustor's rights under Mo. Rev. Stat. Section 443.055 (or any successor provision to
<br />such statute) to terminate the operation of this Deed of Trust as security for future advances on future obligations.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure of any
<br />collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The death of Borrower or Trustor, the insolvency of Borrower or Trustor, the appointment of a receiver for any part of
<br />Borrower's or Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any
<br />proceeding under any bankruptcy or insolvency laws by or against Borrower or Trustor.
<br />Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Borrower's or Trustor's
<br />property in which Lender has a lien. This includes taking of, garnishing of or levying on Borrower's or Trustor's accounts with Lender.
<br />However, if Borrower or Trustor disputes in good faith whether the claim on which the taking of the Property is based is valid or reasonable,
<br />and if Borrower or Trustor gives Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender
<br />to satisfy the claim, then this default provision will not apply.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other agreement between Borrower or Trustor and
<br />Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any
<br />indebtedness or other obligation of Borrower or Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
<br />Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness . In the
<br />event of a death, Lender, at its option, may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the
<br />obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right to Cure. If such a failure is curable and if Borrower or Trustor has not been given a notice of a breach of the same provision of this
<br />Deed of Trust within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Borrower or Trustor,
<br />after Lender sends written notice demanding cure of such failure: (a) cures the failure within thirty (30) days; or (b) if the cure requires more
<br />than thirty (30) days, immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and
<br />necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender may
<br />exercise any one or more of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby, Lender
<br />may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and
<br />payable without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br />without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its own name
<br />or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability
<br />of the Property, or part of the Property or interest in the Property; increase the income from the Property or protect the security of
<br />the Property; and, with or without taking possession of the Property, sue for or otherwise collect the rents, issues and profits of the
<br />Property, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection attorneys'
<br />fees, to any indebtedness secured by this Deed of Trust, all in such order as Lender may determine. The entering upon and taking
<br />possession of the Property, the collection of such rents, issues and profits, and the application thereof shall not cure or waive any
<br />default or notice of default under this Deed of Trust or invalidate any act done in response to such default or pursuant to such
<br />notice of default; and, notwithstanding the continuance in possession of the Property or the collection, receipt and application of
<br />rents, issues or profits, Trustee or Lender shall be entitled to exercise every right provided for in the Note or the Related
<br />Documents or by law upon the occurrence of any event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the
<br />covenants hereof; and
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to cause
<br />Trustor's interest in the Property to be sold, which notice Trustee shall cause to be duly filed for record in the appropriate offices of
<br />the County in which the Property is located; and
<br />(d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
<br />the Nebraska Uniform Commercial Code.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify
<br />Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br />
|