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<br /> 25. Evenis of Default. Each of the following occurrences shall constitute an event of default hereunder, (hereinafte�an "Event of Default"I:
<br /> la/Any amount payab/e under the Ob/igations secured by this Deed of Trust is not paid when due, after giving effect io any app/icab/e
<br /> � g�ace period therein,
<br /> �T'� (b) Trustor is otherwise in defauli under ihe terms of ihe Obligations,
<br /> � (cl Trustor fails to observe or perform any of ihe covenants, agreements, or conditions in this Deed of Trust,
<br /> � /d) Any representation or warranty inc/uding, but not/imited to, any warranty of tit/e made by Trustor in this Deed of Trust is fa/se or
<br /> � materially misleading, or
<br /> the�e n Sin any/manner oeyway, whetherr�olunt rily or��oluntan7y,f w'thout/the pr oihwritten conse/nt of Bene�fic'ary.� or any interest
<br /> � 26. Acce%ration of Debt;Fo�ec%sure. Upon the occunence of any Event of Default, or any time thereafter until such Event of Default is
<br /> cured to the satisfaction of Beneficiary, Beneficiary may, at its option, declare all Obligations secured hereby immediately due and payable
<br /> 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
<br /> obligation covered by the Guaranty, or otherwise ai the highest rate permitted by law, and, irrespeciive of whether Beneficia�y exe�cises
<br /> said option, it may, at its option and in its sole discretio�, without any further notice or demand to or upon Trustor, do one or more of
<br /> the following:
<br /> la) Beneficiary may enter upon, take possession of, manage and operate the Trust Property or any pa�t thereof,•make repairs and
<br /> alterations and do any acts which Beneficiary deems proper to protect the security thereof, and eiiher with or without taking
<br /> possession, in its own name, sue for or otherwise collect and receive renis, issues and profits, including ihose past due and unpaid, and
<br /> apply the same, less costs and expenses of operation and collection, including�easonable attorneys'fees and Beneficiary's costs, upon
<br /> ihe Ob/igations secured hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor sha//assemb/e and
<br /> shall make available to Beneficiary any of the Trust Property which has been�emoved. The entering upon and taking possession of the
<br /> Trust Property, the collection of any rents, issues and profits, and ihe application the�eof as aforesaid, shall not cure or waive any
<br /> default theretofore o�thereafter occuning, or affect any notice of default or notice of sale he�eunde�or invalidate any act done pursuant
<br /> to any such notice. Notwithstanding Beneficiary's continuance in possession or receipt and application of�ents, issues or profits,
<br /> Beneficiary sha//be entit/ed to exeicise every right provided for in this Deed of Trust or by/aw upon or after the occurrence of an Event
<br /> of Defau/t, inc/uding the right to exercise the power of sa/e. Any of the actions�efer�ed to in this Section may be taken by Beneficiary at
<br /> such time as Beneficiary may determine without regard to the adequacy of any security for the Obligations secured hereby.
<br /> /bJ Beneficiary sha//, without regard to the adequacy of any security for the Ob/igations secured hereby, be entit/ed to the appointment
<br /> of a receiver by any cou�t having jurisdiction, without notice, to take possession of,protect, and manage the Trust Property and operate
<br /> the same and collect the rents, issues and profits therefrom.
<br /> (c) Beneficiary may bring any action in any court of competent jurisdiction to foreclose this Deed of Trust or enfo�ce any of the
<br /> covenants hereof.
<br /> (dl Beneficiary may elect to cause the Trust Property or any pari thereof to be sold under the power of sale, and in such event,
<br /> Beneficiary or Trustee sha//give such notice of defau/t and notice of sa/e to each parry to this Deed of T�ust by mai/at the address set
<br /> fo�th herein and any other notice which may be then required by law. Thereafter, upon the expiration of such time and the giving of
<br /> such notice of sale as may ihen be required by law, Trustee, at the time and place specified by ihe notice of sale, shall sell such Trust
<br /> Property, o�any part thereof specified by Beneficiary ai public auciion to the highest bidder for cash in lawful money of the United
<br /> Siates of America. Upon receipt of payment of the bid price, Trustee shall apply the proceeds in the following order: (i) ro the cost and
<br /> expenses of exercising the power of sale and of the sale, including but not limited to, trustee's fees of not more than S500.00 plus
<br /> one-half of one percent of ihe gross sale price, and reasonable attorneys'fees, (iil to the Obligations, and(iiiJ the excess, if any, to the
<br /> person or persons legally entiiled thereto.
<br /> All costs and expenses incurred by Beneficiary in enforcing any�ight under this Deed of Trust, including without limitation, abstract or title
<br /> fees, appraisal fees,premiums for tirle insurance, attorneys'fees and court costs, shall be and constitute Obligations secured hereby.
<br /> 27. Duties of Trustee. Trustor agrees that:
<br /> (al The duties and obligations of Trustee shall be dete�mined solely by ihe express provisions of this Deed of Trust and Trusiee shall not
<br /> be liable except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants or
<br /> o6/igations shall be imposed upon Trustee,
<br /> /bl No provision of this Deed of Trust shall require Trustee to expend or risk its own funds, or otherwise incur any financial obligation in
<br /> the performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
<br /> (c) Trustee may consult with counsel of its own choosing and the advice of such counsel shal!6e full and complete autho�ization and
<br /> proteciion in the respect of any action taken or suffered by it hereunder in good faith and reliance thereon, and
<br /> (dl 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
<br /> discretion or rights or poweis conferred upon it 6y this Deed of Trust.
<br /> 28. Secu�ity Agreement and Fixture Fi/ing. From the date of its recording, this Deed of T�ust shall constitute a secu�ity ag�eement and
<br /> fixture filing under the provisions of ihe Nebraska Uniform Commercial Code with respeci to those fixtures described in the preambles hereof
<br /> as consiituting a part of the Trust Prope�ty, together with all other properiy of Trustor, either similar o�dissimilar to the same, now or
<br /> hereafter located at or on ihe Trust P�operiy. For this purpose, the following information is set forth:
<br /> (a/ Name and Address of Debtor/Trusto�: (bl Name and Address of Secured Party/Beneficiary:
<br /> Reed and Reed, Inc. Norwest Bank Nebraska, National
<br /> Association
<br /> P.O. Box 1015 202 West Third Street
<br /> Grand Island, NE 68802 Grand Island, NE 68801
<br /> (cl Debtor's Social Security Number/Federal Taxpayer l.D. Number 4 7 0 7 4 8 6 4 5
<br /> (dl This document covers goods which are or are to become fixtures.
<br /> /e) The name of the record owner of the Trust P�operty is ihe Debtor/Trustor described above.
<br /> 29. Future Advances. Beneficiary, at Beneficiary's option,prior to full�econveyance of the Trust Property by Trustee to Trustor, may make
<br /> future advances to Trustor. Such future advances, with interest thereon, shall be secured by this Deed of Trust. At no time shall the principal
<br /> amount of the Obligations secuied by this Deed of Trust, not including sums advanced to protect the security, exceed the total sum of
<br /> s��-r nnn nn •
<br /> Nothing herein contained shall imply any obligation on the part of the Beneficiary to make any such additional advances.
<br /> Advances of disbursements made by Beneficiaiy to protect the security, unde�the terms hereof, while discretionary, shall not be deemed to
<br /> be optional advances.
<br /> 30. Reconveyance. Upon payment of all Obligations secured by this Deed of Trust, Beneficiary shall request Trustee to reconvey the Trust
<br /> Property and sha//surrender this Deed of Trust and a//notes evidencing Ob/igations secu�ed by this Deed of T�ust to Trustee. T�ustee sha//
<br /> reconvey the Trust Property without wa�ranty and without charge to ihe person or pe�sons/ega//y entit/ed thereto. Such person or persons
<br /> shall pay all cosis of recordation, if any.
<br /> 31. Substitute Trusiee. Beneficiary, at its option,may from time to time remove Trustee and appoint a Successor Trustee to any Trustee
<br /> appointed he�eunder by an instrument recorded in ihe county in which ihis Deed of T�ust is recorded. Withoui conveyance of the Trusr
<br /> Property, the Successor Trustee shall succeed to all title,power and duties conferred upon Trustee herein and by applicable law.
<br /> 32. Miscellaneous Rights of Beneficiary. Beneficiary may at any time and fiom time to time, without notice, consent to the making of any
<br /> plat of the Trust Property or the creation of any easement thereon or any covenants restricting use o�occupancy thereof or agree to alter or
<br /> amend the terms of this Deed of Trusi. Any personal prope�ty remaining upon the Trust Property after the Trust P�operty has been possessed
<br /> or occupied by Beneficiary, iis ageni or any purchaser following Trustee's sale or foreclosure, or under any deed in lieu of Trustee's sale or
<br /> foreclosure, shall be conclusively presumed to have been abandoned by Tiustor.
<br /> 33. Trusto�hereby requests that a copy of any notice of defau/t and notice of sale made or executed by Trustee pursuant to the provisions
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