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99 106539 .- �
<br /> 25. Events of Defau/t. Each of the following occunences shall constitute an event of default hereunder, (hereinafter an "Event of Default"1:
<br /> /aJ Any amount payable under the Obligations secured by ihis Deed of Tiust is not paid when due, after giving effect to any applicable
<br /> grace period therein,
<br /> (b) Trustor is otherwise in default under the te�ms of the Obligations,
<br /> (c) T�ustor fai/s to observe or perform any of the covenants, agreements, o�conditions in this Deed of Trust,
<br /> /d) Any rep�esentation or wairanty inc/uding, but not/imited to, any warranty of tit/e made by Trustor in this Deed of Trust is la/se or
<br /> materially misleading, or
<br /> (el Trustor sells or conveys the Trust Property, or any pa�i ihe�eof, or any inteiest therein, or is divested of its title, or any interest
<br /> iherein, in any manner or way, whether voluntarily or involunta�ily, without the prior written consent of Beneficiary.
<br /> 26. Acce%ration of Debt;Forec%sure. Upon the occurrence 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 fo�th in the most recent
<br /> obligation cove�ed by the Guaraniy, or othe�wise at the highest rate permitted by law, and, irrespective of whether Beneficiary exercises
<br /> said option, it may, at iis option and in its sole discretion, without any further notice or demand to or upon Trustor, do one or more of
<br /> the following:
<br /> (aJ Beneficiary may entei upon, take possession of, manage and operate the Trust Property o�any pa�t thereof,•make repairs and
<br /> a/terations and do any acts which Beneficiary deems proper to protect the security thereof, and either with or without taking
<br /> possession, in its own name, sue for or otherwise co//ect and receive rents, issues and profits, inc/uding those past due and unpaid, and
<br /> apply the same, less costs and expenses of operation and collection, including reasonable attorneys'fees and Beneficiary's costs, upon
<br /> the Obligations secured hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble and
<br /> shall make available to Beneficia�y any of the Trust Property which has been removed. The entering upon and taking possession of the
<br /> Trust Property, the col%ction of any rents, issues and profits, and the application thereof as aforesaid, shall not cure or waive any
<br /> default theretofore or ihe�eafter occurring, or affect any notice of default or notice of sale hereunder or invalidate any act done pursuant
<br /> to any such notice. Notwithstanding Beneficia�y's continuance in possession or receipt and application of rents, issues or profits,
<br /> Beneficiary shall be entitled to exercise every�ight provided for in this Deed of Trust or by law upon or after the occurrence of an Event
<br /> of Default, including the right to ezercise th,e power of sale. Any of the actions refer�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 /> lbl Beneficiary shall, without rega�d to the adequacy of any security for the Obligations secured hereby, be entitled to the appointment
<br /> of a receiver by any court having jurisdiction, without notice, to take possession of,protect, and manage the Trust Property and operate
<br /> the same and col%ct the rents, issues and profits therefrom.
<br /> /cJ Beneficiary may bring any action in any couit of competent jurisdiction to fo�ec/ose this Deed of T�ust or enforce any of the
<br /> covenants he�eof.
<br /> ldl Beneficia�y may elect to cause the Trust Property or any part thereof to be sold under the power of sale, and in such event,
<br /> Beneficiary or Trustee shall give such notice of default and notice of sale to each party to this Deed of Trust by mail at the address set
<br /> forth herein and any other notice which may be then required by law. The�eafter, upon the expiration of such time and the giving of
<br /> 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
<br /> P�operty, or any pa�t thereof specified by Beneficiary at pub/ic auction to the highest bidder for cash in/awfu/money of the United
<br /> States of America. Upon receipt of payment of the bid price, Trustee shall apply the proceeds in the following o�der: (il to the cost and
<br /> expenses of exe�cising the power of sale and of the sale, including bui not limited to, trustee's fees of not more than S500.00 plus
<br /> one-half of one percent of the gross sale price, and reasonable attorneys'fees, (iil to the Obligations, and(iii) the excess, if any, to the
<br /> person or persons legally entitled thereto.
<br /> All costs and expenses incurred by Beneficiary in enforcing any right unde�this Deed of Trust, including wiihout limitation, abstract or title
<br /> fees, app�aisal fees,premiums for title insurance, attorneys'fees and cou�t costs, shall be and constitute Obligations secured hereby.
<br /> 27. Duties of Tiustee. Tiustor agrees that:
<br /> (al The duties and obligations of T�ustee shall be determined solely by the express provisions of this Deed of Trust and Trustee shall not
<br /> be liable except for the pe�fo�mance of such duties and obligations as are specifically set forth herein, and no implied covenanrs o�
<br /> obligations sha//be imposed upon Trustee,
<br /> (bl No provision of this Deed of Tiust shall require Trustee to expend or risk its own funds, or otherwise incur any financial obligation in
<br /> the perfo�mance of any of its duties he�eunder, or in the exercise of any of its rights or powers,
<br /> (cl Trustee may consult with counsel of its own choosing and the advice of such counsel shall be ful!and complete authorization and
<br /> protection in the respect of any action taken o�suffe�ed by it hereunder in good faith and reliance thereon, and
<br /> (dl Trustee shall not be liable fo�any action taken by it in good faith and reasonably believed by it to be authorized or within its
<br /> discretion or rights or powe�s conferred upon it by this Deed of T�ust.
<br /> 28. Security Agreement and Fixture Fi/ing. Fiom the date of its recording, this Deed of Trust shall constitute a security agreement and
<br /> fixture filing under the provisions of the Nebraska Uniform Commercial Code with respect to those fixtures described in the preambles hereof
<br /> as constituting a part of the Trust Property, togethe�with all other property of T�ustor, either similar or dissimilar to the same, now o�
<br /> hereafter located at or on the Tiusi Property. Fo�this purpose, the fol%wing information is set forth:
<br /> lal Name and Address of DebtoNTrustor: (b) 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 /> (c1 Debtor's Social Securify Number/Federal Taxpayer l.D. Number 4 7 0 7 4 8 6 4 5
<br /> (d) This document covers goods which are o�a�e to become fixtu�es.
<br /> (el The name of the record owner of the Tiust Property is the DebtoNTrustor described above.
<br /> 29. Futu�e Advances. Beneficiary, at Beneficiary's option,prior to full�econveyance of the Trust Property by Trustee to Trustor, may make
<br /> futu�e 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 secured by this Deed of Trust,not including sums advanced to protect the security, exceed the total sum of
<br /> $ 75, 000.00
<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 Beneficiary to p�otect the security, under the terms hereof, while discretiona�y, shall not be deemed to
<br /> be optional advances.
<br /> 30. Reconveyance. Upon payment of all Obligations secu�ed by this Deed of Trust, Beneficia�y shall�equest Trustee to reconvey the Trust
<br /> Property and shall sur�ender this Deed of Trust and all notes evidencing Obligations secured by this Deed of Trust to Tiustee. Trustee shall
<br /> reconvey the Trust Property wiihout warranty and without cha�ge to the person or persons legally entitled thereto. Such pe�son or pe�sons
<br /> shall pay all costs of recordation, if any.
<br /> 31. Substitute Trustee. Beneficiary, at its option, may fiom time to time remove Trustee and appoint a Successo� Trustee to any Trustee
<br /> appointed hereunder by an instrument recorded in the county in which this Deed of Trust is recorded. Without conveyance of the Trust
<br /> Property, the Successor T�ustee shall succeed to all title,power and duties conferred upon Trustee herein and by applicable law.
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<br /> ._ _�_.„ ,.,,.,,..,f anv notice of defau/t and notice of sa/e made oY executed by Trusie P Pa�P 4 of 5
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