|
200400052 DEED OF TRUST
<br />(Continued) Page 4
<br />Default on Other Payments. Failure of Truster within the time required by this Deed of Trust to make any payment for taxes or
<br />insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any warranty, representation er statement made or furnished to Lender by reactor or on Trustor's behalf under this
<br />Deed of Trust or the Related Documents s false or misleading in any material respect, either now or at the time made or furnished ar
<br />becomes false or misleading at any time thereafer.
<br />Defective Court ... Identical. This Deed of Trust or any of the Related Documents ceases to be In full force and affect including failure
<br />of any 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 Truster, the insolvency of Trustor, the appointment of a receiver for any part of Truster s property,
<br />any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br />bankruptcy or insolvency laws by or against Trader.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, salt -help,
<br />repossession or any ether method by any creditor of Trustor or by any governmental agency against any property securing the
<br />Indebtedness. This Includes a garnishment of any of Toaster's accounts, including deposit accounts, with Lentler. However, this
<br />Event of Default shall not apply if there is a erred faith dispute by Trustor as to the validity or reasonableness of the claim which is the
<br />basis of the creditor or forfeiture proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
<br />discretionr as being an adaquate reserve or bond for the tlispute.
<br />Reach of Other Agreement Any breach by Truster under the terms of any other agreement between Trustor and Lender that is not
<br />remedied within any Tare period provided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the precoding events occurs with respect to any guarantor, endorser, surety, or accommodation
<br />party of any of the Indebtedness or any guarantor, endorser, surety, or accammodation party uses or becomes incompetent, or
<br />revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness, In the event of a death, Lender, at its option,
<br />may, but shall not he required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in
<br />a manner satisfactory to Lender, end in doing so, cure any Event of Default.
<br />Adverse Change. A material adverse change occurs in Truator's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is Impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right In Cure. If such a failure is curable and if Trustor has nut been given a notice of a breach of the same provision of this Deed of
<br />Trust within the preceding twelve (12) months, it may be cured land no Event of Default will have occurred) if Trustor, after Lender
<br />ends written notice demanding cure of such failure: sal cures the failure within twenty (20) days; or (b) if the cure requires more
<br />than twenty (20) days, immediately initiates steps sufficient to cure the failure and thereafter continues and complains all reasonable
<br />and 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
<br />may 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,
<br />Lender may declare all Indebtedness assured by this Dead of Trust to be due and payable and the same shall thereupon become
<br />due and payable without any presentment demand, protest or notice of any kind. Thereafter, Lender may:
<br />sal 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
<br />own name or in the name of Trustee, and do any acts which It deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Property, or part of the Property or interest in the Property; increase the income from the
<br />Property or protect the security of the Properly; and, with or without taking possnssion of the Property, sue for or otherwise
<br />collect the rants, issues and profits of the Property, Including thaso past due and unpaid and apply the same, less costs and
<br />expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed of Trust, all in auch order as
<br />Lender may determine. The entering upon and taking possession of The Property, the collection of such rents, issues and
<br />profits, and the application thereof shall not cure or waive any default or notice of default under this Dead at Trust or
<br />validate any act done in response to such default or pursuant to curb notice of default and, notwithstanding the
<br />ontinuance In possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or
<br />Lender shall be entitled to exercise every right provided for as the Note or the Related Documents or by law upon the
<br />occurrence of any event of default, including the right to exercise the power of sale;
<br />(bl 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
<br />use Trmter'a interest In the Property to be sold, which notice Trustee shall cause In be duly filed for record in the
<br />appropriate offices of the County In which the Property Is located and
<br />hS with respect to all Or any pert of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br />under the Nebraska Uniform Commercial Cade.
<br />Foreclosure by Power of Sale. If Lender starts to foreclose by exercise of the Power of Sale herein contorted, 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 />secured by this Deed of Trust as Trustee may require.
<br />Is) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Trustor such
<br />Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on
<br />Trustor, after such time as may then be required by law and after recordation of curb Notice of Default antl after Notice of
<br />Sale having been given as required by law, sell the Property at the time and place of sale fixed by it in such Notice of Sale,
<br />either as a whole, or in separate lots or parcels or Items as Trustee shall deem expedient, and In such order as it may
<br />determine, at public auction to the highest bidder for cash in lawful money of the United States payable at lire time of pale.
<br />Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds Conveying the property se
<br />sold but without any covenant or warranty, express or implied, The recitals In such deed of any matters or facts shall be
<br />Gau ¢ paN¢ prool of the truthfulness thereof. Any person, Including without limitation Turner, Treated, or Lender, may
<br />purchase al such Salc.
<br />1b) As may be permitted by sew, after deducting all costs, fees and expenses of Trustee and of this Trust Including casts of
<br />evidence of title in connection with case. Trustee shall apply the proceeds of sale to payment of th all sums expended under
<br />the terms of this Dead of Trust or under The terms of the Note nut then repaid, including but not limited to accrued interest
<br />and late cher"., till all other sums than secured hereby, and Lif the remainder, if any, to the person or persons legally
<br />entitled thereto.
<br />if Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br />Remedies Not Exclusive. Trustee and Lentlerr and each of them, shell be entitled to enforce payment antl performance of any
<br />indebtedness or obligations secured by this Used of Trust and to exercise all rights and powers under this Deed of Trust, under the
<br />Note, under any of the Related Documents, or under any other agreement or any laws now or hereafter in force: nutwllhslanding,
<br />some or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherwise aecpled, Meddler
<br />by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the a ceptaece of this Dead of Trust nor its enforcement,
<br />whether by court action or pursuant to the power of sale or after powers contained in this Dead of Trust, shall prejudice or in any
<br />manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by Trustee or Lender, It
<br />being agreed that Trustee and Lenderr and each of them, shall be entitled to mime this Deed of Trust antl any other security n w or
<br />
|