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99 106541
<br /> 25. Events of Defau/t. Each of the fol%wing occunences sha//constitute an event of default hereunder, (hereinafter an "Event of Default")( `'
<br /> (al Any amount payab/e under the Ob/igations secured by this Deed of Tiust is not paid when due, after giving effect to any app/icab/e
<br /> grace period therein,
<br /> (bl Tiustor is otherwise in default under the terms of the Obligations,
<br /> lc) T�ustor fails to observe or perform any of the covenants, agreements, or conditions in this Deed of Trust,
<br /> (dl Any representation or warranty inc/uding, but not/imited to, any wananty of tit/e made by T�usto�in this Deed of Trust/s fa/se or
<br /> materially misleading, o�
<br /> (el Trustor sells or conveys the Tiust Property, or any part thereof, or any inte�est therein, or is divested of its title, or any interest
<br /> therein, in any manner or way, whether volunta�ily or involuntarily, 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 sha/l bear interest at the default rate,if any, set fo�th in the Note or the default rate, if any, set forth in the most recent
<br /> obligation covered by the Guaranty, or otherwise at the highest rate permitted by law, and, inespective of whethe�Beneficiary exercises
<br /> said option, it may, at its option and in its so%discretion, without any further notice or demand to or upon Tiustor, do one or more of
<br /> the following;
<br /> (aJ Beneficiary may enter upon, take possession of,manage and operate the T�ust Property or any part thereof,•make repairs and
<br /> alterations and do any acis which Beneficiary deems proper to protect the security thereof, and either with o�without taking
<br /> possession, in its own name, sue for o�otherwise co/lect and receive rents, issues and profits, including those past due and unpaid, and
<br /> apply the same, /ess costs and expenses of operation and col%ction, including reasonab/e 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 avai/able to Beneficiary any of the Trust Property which has been removed. The entering upon and taking possession of the
<br /> T�ust Property, the col%ction of any rents, issues and profits, and ihe app/ication thereof as aforesaid, shall not cu�e or waive any
<br /> default theretofore or the�eafte�occur�ing, or affect any notice of default or notice of sale hereunder or invalidate any act done pursuant
<br /> to any such notice. Notwithstanding Beneficiary's continuance in possession or receipt and app/ication 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 exercise the power of sale. Any of the actions referred 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 /> (b) Beneficiary shall, without regard to the adequacy of any secu�ity for the Obligations secured hereby, be entitled to the appointment
<br /> of a receiver by any cou�t having jurisdiction, without notice, to take possession of,p�otect, and manage the Trust Property and operate
<br /> the same and col%ct the rents, issues and profits therefrom.
<br /> (cl Beneficiary may bring any action in any court of competent jurisdiction to forec%se this Deed of Tiust or enforce any of the
<br /> covenants hereof.
<br /> (dl Beneficiary may e%ct to cause the Tiust Property or any part thereof to be sold under the power of sale, and in such event,
<br /> Beneficiary o� Trustee shall give such notice of defau/t 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. Thereafter, upon the expi�ation of such time and the giving of
<br /> such notice of sale as may then be required by law, T�ustee, at the time and place specified by the notice of sale, shall sell such Trust
<br /> Property, o�any part thereof specified by Beneficiary at public auction to the highest bidder for cash in lawful money of the United
<br /> States of America. Upon�eceipt of payment of the bid p�ice, Trustee shall apply the proceeds in the following order: (i/ to the cost and
<br /> one half of one pe ce�tof the geo sf sale price�and rea/sonable a/tro�eys�fe/es�t(i� to the Obligat'ons, andt(i il thet excess00.00 p�tos the
<br /> person or persons legally entitled thereto.
<br /> All costs and expenses incuned by Beneficiary in enforcing any�ight under this Deed of Tiust, including without limitation, abstract or title
<br /> fees, appraisa/fees,premiums for tit/e insurance, attorneys'fees and court costs, sha//be and constitute Ob/igations secured hereby.
<br /> 27. Duties of Trustee. Trustor agrees that:
<br /> (a) The duties and obligations of Tiustee shall be determined solely by the express provisions of this Deed of Tiust and Tiustee shall not
<br /> be liab/e except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants or
<br /> obligations shall be imposed upon T�ustee,
<br /> lbl No provision of this Deed of Tiust shal/require Tiustee 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 /> (cl Trustee may consult with counsel of its own choosing and the advice of such counsel sha/l be full and complete authorization and
<br /> protection in the respect of any action taken or suffered by it he�eunder in good faith and reliance thereon, and
<br /> ld) Tiustee 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 o�rights or powers conferred upon it by this Deed of Trust.
<br /> 28. Security Agreement and Fixture Fi/ing. Fiom the date of its recording, this Deed of T�ust 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 Tiust Property, together with all other property of Trustor, either similar or dissimilar to the same, now or
<br /> hereafter located at or on the Tiust Property. For this purpose, the fol%wing info�mation is set forth:
<br /> (al Name and Address of Debtor/Tiustor: (bl Name and Address of Secured Party/Beneficia�y:
<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 /> lc)Debtor's Social Security Number/Federal Taxpa ye�l.D. Number 4 7 0 7 4 8 6 4 5
<br /> ldJ This document covers goods which are or are to become fixtu�es.
<br /> lel The name of the record owner of the Trust Property is the Debtor/Trustor desc�ibed above.
<br /> 29. Future Advances. Beneficiary, at Beneficiary's option,prior to full reconveyance of the Trust Property by Tiustee to Trustor, may make
<br /> future advances to Trustor. Such futu�e advances, with inte�est thereon, shall be secured by this Deed of Trust. At no time shall the principal
<br /> amount of the Ob/igations secured by this Deed of Tiust, not inc/uding sums advanced to protect the security, exceed the tota/sum of
<br /> $�5, 000 00
<br /> Nothing he�ein 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 protect the security, under 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 Tiust, Beneficiary shall request Tiustee to reconvey the Trust
<br /> Property and shall surrender this Deed of T�ust and all notes evidencing Obligations secured by this Deed of T�ust to Trustee. Tiustee shall
<br /> �econvey the Trust Property without warranty and without charge to ihe person o�persons legally entitled thereto. Such person or persons
<br /> shall pay all costs of recordation, if any,
<br /> 31. Substitute Tiustee. Beneficiary, at its option, may fiom time to time remove Trustee and appoint a Successor Trustee to any Trustee
<br /> appointed hereunde�by an instrument recorded in the county in which this Deed of Trust is recorded. Without conveyance of the Trust
<br /> Prope�ty, the Successor Trustee shall succeed to all title,power and duties confer�ed upon Trustee herein and by applicable law.
<br /> 32. Misce//aneous 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 or occupancy thereof o�agree to alter or
<br /> amend ihe terms of this Deed of Trust. Any pe�sonal property remaining upon the Trust Property afte�the Trust Property has been possessed
<br /> or occupied by Beneficiary, its agent or any purchaser fo/%wing Trustee's sa/e or forec%sure, or under any deed in/ieu of Trustee's sa/e o�
<br /> forec%sure, shall be conclusively presumed to have been abandoned by Tiustor.
<br /> 33. Trustor hereby requests that a copy of any notice of defau/t and notice of sa/e made or executed by Tiustee pursuant to the provisions
<br /> hereof be seni to Trustor at its mailing address set forth above.
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