|
200403153
<br />manner provided in any of the Loan Instruments, Beneficiary and /or Trustee, each in its
<br />own discretion, without obligation, may make or do the same in such manner and to such
<br />extent as either may deem necessary to protect the security hereof. Trustor shall,
<br />immediately upon demand therefore by Beneficiary, pay all costs and expenses incurred
<br />by Beneficiary in connection with the exercise by Beneficiary of the foregoing rights,
<br />including, without limitation, costs of evidence of title, court costs, appraisals, surveys and
<br />attorney's fees. Any such costs and expenses not paid within ten (10) days of written
<br />demand shall draw interest at the default rate provided in the Note.
<br />10. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest
<br />therein, be taken or damaged by reason of any public improvement or condemnation
<br />proceeding, or in any other manner including deed in lieu of Condemnation
<br />( "Condemnation "), or should Trustor receive any notice or other information regarding
<br />such proceeding, Trustor shall give prompt written notice thereof to Beneficiary.
<br />Beneficiary shall be entitled to all compensation and condemnation awards and other
<br />payments or relief therefore, and shall be entitled to make any compromise or settlement
<br />in connection with such taking or damage. All such compensation and condemnation,
<br />awards, damages, rights of action and proceeds awarded to Trustor (the "Proceeds ") are
<br />hereby assigned to Beneficiary; and Trustor agrees to execute such further assignments
<br />of the Proceeds as Beneficiary or Trustee may require.
<br />11. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to
<br />time, by a written instrument executed and acknowledged by Beneficiary, mailed to
<br />Trustor and recorded in the County in which the Trust Estate is located and by otherwise
<br />complying with the provisions of the applicable law of the State of Nebraska substitute a
<br />successor or successors to the Trustee named herein or acting hereunder.
<br />12. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal
<br />representatives, successors and assigns.
<br />13. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the
<br />purpose of inspecting the same and for the purpose of performing any of the acts it is
<br />authorized to perform under the terms of any of the Loan Instruments.
<br />14. EVENTS OF DEFAULT. Any of the following events shall be deemed an
<br />event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the Loan Instruments.
<br />(c) A writ of execution or attachment or any similar process shall be entered
<br />against Borrower, which shall become a lien on the Property or any portion thereof or
<br />interest therein;
<br />(d) There shall be filed by or against Borrower an action under any present or
<br />future federal, state or other statute, law or regulation relating to bankruptcy, insolvency,
<br />or other relief for debtors; or there shall be appointed any trustee, receiver, or liquidator of
<br />Borrower or of all or any part of the Property, or the rents, issue or profits thereof, or
<br />Borrower shall make any general assignment for the benefit of creditors; and
<br />(e) The sale, transfer, assignment, conveyance, or further encumbrance of all or
<br />any part of or any interest in the Property, either voluntarily or involuntarily, without the
<br />express written consent of Lender.
<br />4
<br />
|