|
200010596
<br />10. Assignment of Rents. Trustor hereby assigns to Lender the rents, issues and profits of the Property,
<br />provided that Trustor shall, until the occurrence of an Event of Default hereunder, have the right to collect and
<br />retain such rents, issues and profits as they become due and payable. Upon the occurrence of an Event of Default,
<br />Lender may, either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the
<br />Property, or any part thereof, in its own name or in the name of the Trustee, and do any acts which it deems
<br />necessary or desirable to preserve the value, marketability or rentability of the Property, or any part thereof, or
<br />interest therein, increase the income therefrom, or protect the security thereof, and, with or without taking
<br />possession of the Property, sue for, or otherwise collect, the rents, issues and profits thereof, including those past
<br />due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney's fees,
<br />upon any indebtedness secured hereby, 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 as aforesaid,
<br />shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such
<br />default or pursuant to such notice of default and, notwithstanding the continuance in possession of the Property or
<br />the collection, receipt and application of rents, issues or profits, and Trustee and Lender shall be entitled to exercise
<br />every right provided for herein or by law upon occurrence of any Event of Default, including without limitation the
<br />right to exercise the power of sale. Further, Lender's rights and remedies under this paragraph shall be cumulative
<br />with, and in no way a limitation on, Lender's rights and remedies under any assignment of leases and rents recorded
<br />against the Property. Lender, Trustee and the receiver shall be liable to account only for those rents actually
<br />received.
<br />11. Events of Default. The following shall constitute an Event of Default under this Deed of Trust:
<br />(a) Failure to pay any installment of principal or interest or any other sum secured
<br />hereby when due;
<br />(b) A breach of, or default under, any provision contained in the Note, this Deed of
<br />Trust, any of the Loan Instruments, or any other lien or encumbrance upon the Property;
<br />(c) A writ of execution or attachment, or any similar process, shall be entered against
<br />Trustor which shall become a lien on the Property or any portion or interest therein;
<br />(d) There shall be filed by or against Trustor or Borrower an action under any present or
<br />future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other
<br />relief for debtors, or there shall be appointed any trustee, receiver or liquidator of Trustor or
<br />Borrower or of all or any part of the Property, rents, issues or profits thereof, or Trustor or
<br />Borrower shall make any general assignment for the benefit of creditors;
<br />(e) The sale, transfer, assignment, conveyance or further encumbrance of all or any part
<br />of or any interest in the Property, either voluntarily or involuntarily, without the express written
<br />consent of Lender or as otherwise herein permitted; or
<br />(f) Abandonment of the Property.
<br />12. Remedies; Acceleration Upon Default. In the event of and Event of Default, Lender may, without
<br />notice except as required by law, declare all indebtedness secured hereby to be due and payable, and the same shall
<br />thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter,
<br />Lender may:
<br />(a) Demand that Trustee exercise the POWER OF SALE granted herein, and Trustee
<br />shall thereafter cause Trustor's interest in the Property to be sold and the proceeds to be
<br />distributed, all in the manner provided in the Nebraska Trust Deeds Act;
<br />(b) Exercise any and all rights provided for in the Note, this Deed of Trust or by law
<br />upon occurrence of any Event of Default; and
<br />(c) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver or specifically enforce any of the covenants hereof.
<br />No remedy herein conferred upon, or reserved to, Trustee or Lender is intended to be exclusive of any other remedy
<br />herein, in the Note or by law provided or permitted, but each shall be cumulative, shall be in addition to every other
<br />remedy given hereunder, in the Note or now or hereafter existing at law or in equity or by statute, and may be
<br />exercised concurrently, independently or successively.
<br />13. Trustee. The Trustee may resign at any time without cause, and Lender may at any time and without
<br />cause appoint a successor or substitute Trustee. Trustee shall not be liable to any party, including, without
<br />limitation, Lender, Borrower, Trustor 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 enforcement of
<br />this Deed of Trust unless indemnified, in writing, for all costs, compensation or expenses which may be associated
<br />therewith. In addition, Trustee may become a purchaser at any sale of the Property (judicial or under the power of
<br />sale granted herein); postpone the sale of all or any portion of the Property, as provided by law; or sell the Property
<br />as a whole, or in separate parcels or lots at Trustee's discretion.
<br />
|