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-�. �' . . . 9:3 107s82
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<br /> 11. Events of Default.� T'he following shall constitute an Event of Default under�thi3 Deed of Trust:
<br /> (a) Failure to pay any installment of principal or interest of any other sum secured hereby when due;
<br /> (b) A breach of or default under any provision contained in the Note, this Deed of Trust, any of the Loan Instruments, or
<br /> any other lien or encumbrance upon the Property;
<br /> (c) A writ of execution or attachment or any similar process shall be entered against Trustor which shall become a lien on
<br /> the Property or any portion thereof or interest therein;
<br /> (d) There shall be fited by or against Trustor or Borrower an action under any present or future federal, state or other
<br /> • statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors; or there shall be appointed any trustee,
<br /> receiver or liquidator of Trustor or Borrower or of all or any part of the Property, or the rents, issues or profits thereof, or
<br /> Trustor or Bonower shall make any general assignment for the benefit of creditors;
<br /> (e) The sale, transfer, lease, assignment, conveyance or further encumbrance of all or any part of or any interest in the
<br /> Properry, either voluntarily or involuntarily, without the express written consent of Lender; provided that Trustor shall be
<br /> permitted to execute a lease of the Property that does not contain an option to purchase and the term of which does not exceed
<br /> one year; . � �
<br /> (� Abandonment�of the Property; or
<br /> (g) If Trustor is not an individual, the issuance, sale, transfer, assignment, conveyance or encumbrance of more than (if a
<br /> corporarion) a total of p/p percent of its issued and outstanding stock, or (if a partnership)�a total of p/p percent
<br /> of parmership interests, or(if a limited liability company) a total of NiA percent of the limited liability company interests
<br /> or voting rights during the period this Deed of Trust remains a lien on the Property.
<br /> (h)If the obligadon secured hereby is guaranteed in whole or in part by the Farmers Home Administration, borrower further
<br /> agrees that the loan(s) secured by this instrument will be in default should any loan proceeds be used for a purpose that will
<br /> contribute to excessive erosion of highly erodible land or to the conversion of wetland to produce or to make possible the
<br /> production of an agricultural commodity, as further explained in 7 CFR Part 1940, Subpart G, Exhibit M.
<br /> 12.Remedies; Acceleration Upon Default. In the event of any Event of Default Lender may, without notice except as required
<br /> by law, declare all indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable
<br /> without any presentment, demand,protest or notice of any kind. Thereafter Lender may:
<br /> (a) Demand that Trustee exercise the POWER OF SALE granted herein, and Trustee shall thereafter cause Trustor's interest
<br /> in the Properry to be sold and the proceeds to be distributed, all in the manner provided in the Nebraska Trust Deeds Act;
<br /> (b) Exercise any and all rights provided for in any of the Loan Instruments or by law upon occurrence of any Event of
<br /> Default; and
<br /> (c) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the
<br /> covenants hereof.
<br /> No remedy herein conferred upon or reserved to Trustee or Lender is intended to be exclusive of any other remedy herein, in the
<br /> Loan Instruments or by law provided or permitted, but each shall be cumulative, shall be in addition to every other remedy given
<br /> hereunder, in the Loan Instruments or now or hereafter existing at law or in equity or by statute, and may be exercised concurrently
<br /> independently or successively.
<br /> 13.1Yustee. T'he Trustee may resign at any time without cause, and Lender may at any time and without cause appoint a
<br /> successor or substitute Trustee. Trustee shall not be liable to any party, including without limitation L,ender, Borrower, Trustor or
<br /> any purchaser of the Property, for any loss or damage unless due to reckless or willful misconduct, and shall not be required to take
<br /> any action in connection with the enforcement of this Deed of Trust unless indemnified, in writing, for all costs, compensation or
<br /> expenses which may be associated therewith. In addition, Trustee may become a purchaser at any sale of the Property (judicial or
<br /> under the power of sale granted herein); postpone the sale of all or any portion of the Property, as provided by law; or sell the
<br /> Property as a whole, or in separate parcels or lots at Trustee's discretion.
<br /> 14.Fees and Expenses. In the event Trustee sells the Property by exercise of power of sale, Trustee shall be entitled to apply
<br /> any sale proceeds first to payment of all costs and expenses of exercising power of sale, including all Trustee's fees, and Lender's
<br /> and Trustee's attorney's fees, actually incurred to extent permitted by appiicable law. In the event Borrower or Trustor exercises
<br /> any right provided by law to cure an Event of Default, Lender shall�ba entit�ed:to. recover from Trustor all costs and expenses
<br /> actually incurred as a result of Trustor's default, including without limitation�all Trustee's.an���atto"�ney's fees, to the extent
<br /> permitted by applicable law. f ' �
<br /> 15.�ture Advances. Upon request of Borrower, Lender ma�,,,"at,ifs option, make' aii`ditiotFai°and future advances and
<br /> readvances to Borrower. Such advances and readvances, with interest thereon, shall be secured'by this 15eed of Trust. At no time
<br /> shall the principal amount of the indebtedness secured by this Deed of Trust, not including sums advanced to protect the securiry of
<br /> this Deed of Trust, exceed the aggregate of the original principal amounts stated herein; or $ ?�]�DU0.�0 ,
<br /> whichever is greatet.
<br /> 16.Miscellaneous Provisions.
<br /> (a) Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this
<br /> Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the
<br /> liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings
<br /> against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed
<br /> of Trust by reason of any demands made by the original Borrower and Borrower's successors in interest.
<br /> (b) I.ender's Powers. Without affecting the liability of any other person liable for the payment of any obligation herein
<br /> mentioned, and without affecdng the lien or charge of this Deed of Trust upon any portion of the Property not then or
<br /> theretofore released as security for the full amount of all unpaid obligations, Lender may, from time to time and without notice
<br /> (i) release any person so liable, (ii) extend the maturity or alter any of the terms of any such obligations, (iii) grant other
<br /> indulgences, (iv) release or reconvey, or cause to be released or reconveyed at ay time at Lender's option any parcel, portion or
<br /> ali of the Property, (v) take or release any other or additional security for any obligation herein mentioned, or (vi) make
<br /> compositions or other arrangements with debtors in relation thereto.
<br /> (c) Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br /> otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. T'he
<br /> procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to
<br /> accelerate the maturity of the indebtedness secured by this Deed of Trust.
<br /> (d) Successors and Assigns Bound;Joint and Several Liability; Captions. The covenants and agreements herein contained
<br /> shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Trustor. All covenants
<br /> and agreements of Trustor shal!be joint and several. The captions and headings of the paragraphs of this Deed of Trust are for
<br /> convenience only and are not to be used to interpret or define the provisions hereof.
<br /> (e) Request for Notices. The parties hereby request that a copy of any notice of default hereunder and a copy of any notice
<br /> of sale hereunder be mailed to each parry to this Deed of Trust at the address set forth above in the manner prescribed by
<br /> applicable law. Except for any other notice required under applicable law to be given in another manner, any notice provided
<br /> for in this Deed of Trust shall be given by mailing such notice by certified mail addressed to the other parties, at the address set
<br /> forth above. Any notice provided for in this Deed of Trust shall be effective upon mailing in the manner designated herein. If
<br /> Trustor is more than one person, notice sent to the address set forth above shall be notice to all such persons.
<br /> (� Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br /> that Lender shall give Trustor notice prior to any such inspection specifying reasonable cause therefor related to I.ender's
<br /> interest in the Property.
<br /> (g) Reconveyance. Upon payment of all sums secured by this Deed of Trust, Lender shall request Trustee to reconvey the
<br /> Property and shall surrender this Deed of Trust and all notes evidencing indebtedness secured by this Deed of Trust ta Truatee.
<br /> Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled thereto.
<br /> Trustor shall pay all costs of recordation, if any.
<br /> NBC5111H(A{rkddrY Doed)Rw.01/96
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