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200011126 25. Events of Default. Each of the following occurrences shut! cvrtstirute an evant .;f ertaw't hereunder, thereinafter an 'Event of Default'): (a, Any artiourt payable under the Obligations secured Cy this Deed of Trust is not raid %vhen 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 Dead of Trust, (d) Arty representation or warranty including, but nor limited to, any warranty of title made by Trustor in this Deed of Trust is false or materially misleading, or fel Trustor sells or : nvPvs the Trust Property, or any part theracf, or any interest therein, or is divested of its title, or any interest therein, in any manner or way, witort: 'r vcdt -ttnM ^r.~:.oiuntarily without the prior wnrtan consent of hiemehciarr. 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 some shall bear interest at Me default rate, if any, set forth in the Note or the default rate, if any, set forth in the most recont obligation covered by the Guaranty, or otherwise at the highest rate permitted by law, and, irrespective of whether Beneficiary exereses 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 folic wing: (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 Ranefi_iary 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 dire and unpaid, it;,) apply the same, less costs and expenses of operation and collection, including reasonable attorneys' fees and Benefic,., •;t'tr 7csts, upon the Obligations secured hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor s-.all a-:svnlo~o tend shall matte available to Beneficiary any of the Trust Property which has been removed. The entering upon and taking posserssion of the Trust Property, the collection of any rents, issues and profits, and the application thereof as aforesaid, shall net cure or waiva any default theretofore or thereafter occurring, or affect any notice of defauit or notice of sale hereunder or invab''dare xr,•,• act crone 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 tame 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 codtect 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, to) Beneficiary may elect to cause the Trust Property or any part thereof to be sold under the Gower o1 sale, and in such evt nt Beneficiary or Trustee shall give such notice of default and notice of sale to each parry to this Deed of Trust by mail at the eddress set forth hers' 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: ti) to the cost and expenses of exercising the power of sale and of the sale, including but not limited to, trustee's foes of not more than 3500.00 play one-half of one percent of the gross sale price, and reasonable attorneys' fees, (d) to the Obligations, and t(id the excess, if any, to the person or persons legally entitled thereto. All 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: lal The duties and obligations of Trustee shall be determined solely by rho express provisions of this Deed of Trust and Trustee shell not be Gable except for the performance of such duties and obft'gatiors as are specifically ;at forth herein, end no implied covenants or obligations shall be imposed upon Trustee, fbl No Drnvision of this Deed of Trust shall require Trustee to expend or risk its own funds, or otherwise incur any financial obligation in the p^wor, nance of any of its duties hereunder, or in the exercise of any of its rights or powers, Ic) Trusree 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 iri 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 KW, 'n its discretion or rights or powers conferred upon it by this Deed of Trust. 28. Security Agreement and Fixture Filing. From the dale of its recording, this Deed of trust shell constitute a security agreement and fixture fWwg under the uravsi-)ns of the Nebraska Uniform Commere'a/ Code with respect to those fixtures described in the preambles hereof as eon~tituting n part of the Trust Property. toliether with all other property of Trustor,, either similar or dissimilar to the sans, now or hdreatretr located at cr on rho Trust Property. For this purpose, the following inforrnati.yn is set forth: to) Name and Address of DobtorlTrustor: (b) Nume end Address of Secured Party/tlenvficiary: 'rrtacv Witts and Phillip L Watts Wells Eargo Bank Nebraska, _.~`_'_r?~ 409 W~l1nuC 304 W Third Street W4od_Tt.}.vftr, NE 68883 _ Grtutd Islaride_NE tc) Oubtor's SoeiX Security NurnbariFederal Taxpayer t D. Number 5 p 6 4 ti 4 a 5 fdl 'This document rovers goods which ale or are to become fixtures. 0,) The name of the record owner of the Trust Property is the Dobtar/Trustor described above, 2P Future Advsncws, f)nrlnht lacy, at Horaeliciory's uption, prior to full reconveyancv of the Truer P•opurty by Trustee to Trustor, array mane fur:rrro a tonne: to Trustor, Such future advances, with interest thereon, shall be secured by this Deed of frusr, A( nu time shill the phncipal amount or rho Obligations vocurgd by this Doed of Trust, not including sums advanced to protect the security, exceed the total sum of 35151",, . fey Norhm{i hi"rir-rr r.nntninird slwll lair/v any obliu )(ion c"n rli a part of the 1.hlonhoi:pry tit rn Oe dray such addirional ~fdvanr:ev. Advrlnu:el u! fhihufvemwtr.s ;nndev tiv ffenrvl~:tarv to protect 'ho Avctrrrty, undett fl,r 101471,1 Aerator. Wide tfkwe lfttilwy, Nha# not bo deemed to .'1r, op'llonal advnncet3A, Roconveyance. Upon pnynivn( of all ObhgaNon.w stic'urpd by ttM! Deed tit feast danaheoety.7h l f requayt frustea to rolvolivay the Trust Property nod acrel/ surreridoe rhit /iced of trust end 0/1 notp.r ovidencinbt Oblogariuri,s ssc'ured by (hilt Deed of bust ru liusrna, rtusree shell rerrunvey tern Trtrat f1foperty wahouf w.rrrarrry and without rhargl to the person or persons legally rntified tharrto, Stich person or pprxons shall yay all -oif.v ar rar.onlarion, if env, 3t, sul;,iMora Trustor. flannfici.vy, of !(s uption, may from ring to time remove Thane and appoint a successor rflieree to Any Trusroe 4P:jCrvnrod heveundoi by era instiunont.iocorded iri the county ill which this Deed or !rust is recorded, Without convoyanee ref the Trost Prapevfy, they Successor Trusroo shall suneeed to all title, power and duties conferred upon Trustee herein Grad by opplicab/r law. 32, Miscellaneous Rights of Benefkletry. Beneficiary may or eny dniq and from time to time, without notice, consent to the making of any plot of rho Trust Prooerty or fhu creation of any easement thereon or any covenants resrficting use or octru pan, y thereof or agree to alter or amend cite terms of this Dood of Trust. Any personal property rernaining upon the /rust Property after the rru.+t Pro perry has baan possessed or occupmd by Beneficiary, its gaunt or any purchaser following Trustee's sale or foreclosure, or under any deed in lieu of Trustee's sale or far^crosurn, snail hey conclusively pre,surned to have been abet, toned by Truster. 33. Truster hcvtrhy ruquevts that a copy of any notiwe of default and notice of sole made or n.recuted by Trurroe puts,tanr to rite provisions hefcol tc sent to Trustor at it!,, in,rihnq address set forth above, Page 4 or