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200403337
<br />24. Governing Law; Severability. This Deed of Trust shall be governed by the laws of the State of Nebraska. In the
<br />event any provision or clause of this Deed of Trust conflicts with applicable Law, such conflict shall not affect
<br />other provisions of this Deed of Trust which can be given effect without the conflicting provisions and to this end
<br />the provisions of this Deed of Trust are declared to be severable.
<br />25. Events of Default. Each of the following occurrences shall constitute an event of default hereunder (hereinafter
<br />called an "Event of Default "):
<br />(a) Trustor shall fail to pay when due any principal, interest, or principal and interest on the Indebtedness;
<br />(b) Any warranty of title made by Trustor herein shall be untrue;
<br />(c) Trustor shall fail to observe or perform any of the covenants, agreements, or conditions in this Deed of
<br />Trust;
<br />(d) Any representation or warranty made by Trustor on any financial statements or reports submitted to
<br />Beneficiary by or on behalf of Trustor shall prove false or materially misleading;
<br />(e) Trustor shall fail to perform or observe any of the covenants, conditions, or agreements contained in, or
<br />binding upon Trustor under any building loan agreement, security agreement, loan agreement, financing
<br />statement, or any other agreement, instrument or document executed by Trustor in connection with the loan
<br />evidenced by the Note;
<br />(f) A trustee, receiver, or liquidator of the Trust Property or of Trustor shall be appointed, or any of the
<br />creditors of Trustor shall file a petition in bankruptcy against Trustor, or for the reorganization of Trustor
<br />pursuant to the Federal Bankruptcy Code, or any similar law, whether federal or state, and if such order or
<br />petition shall not be discharged or dismissed within 30 days after the date on which such order or petition
<br />was filed;
<br />(g) Trustor shall file a petition pursuant to the Federal Bankruptcy Code or any similar law, federal or state, or
<br />if Trustor shall be adjudged a bankrupt, or be declared insolvent, or shall make an assignment for the benefit
<br />of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall consent to the
<br />appointment of a receiver of all or any part of the Trust Property;
<br />(h) Final judgment for the payment of money shall be rendered against Trustor and Trustor shall not discharge
<br />it, or cause it to be discharged, within 30 days after the entry thereof, or shall not appeal there from or from
<br />the order, decree, or process upon which or pursuant to which the judgment was granted, based, or
<br />entered, and secure a stay of execution pending the appeal;
<br />(i) Trustor shall sell or convey the Trust Property, or any part thereof, or any interest therein, or shall be
<br />divested of its title, or any interest therein, in any manner or way, whether voluntarily or involuntarily,
<br />without the written consent of Beneficiary being first had and obtained; or
<br />(j) If Trustor is a corporation or partnership and more than fifty percent (50 %) of the shares or beneficial in-
<br />terests in the corporation or partnership, as the case may be, shall be transferred or conveyed, whether
<br />voluntarily or involuntarily, without the written consent of Beneficiary being first had and obtained.
<br />26. Acceleration of Debt; Foreclosure. Upon the occurrence of any Event of Default, or any time thereafter, Benefi-
<br />ciary may, at its option, declare all the Indebtedness secured hereby immediately due and payable, with interest at
<br />the default rate, if any, set forth in the Note, or otherwise at the highest rate permitted by law, and, irrespective of
<br />whether Beneficiary exercises this option, it may, at its option and in its sole discretion, without any further notice
<br />or demand to or upon Trustor, do one or more of the following:
<br />(a) Beneficiary may enter upon, take possession of, manage and operate the Trust Property or any part thereof;
<br />make repairs and alterations and do any acts which Beneficiary deems proper to protect the security thereof,
<br />and either with or without taking possession, in its own name, sue for or otherwise collect and receive rents,
<br />issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including reasonable attorney fees and Beneficiary's costs, upon the Indebtedness
<br />secured hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall
<br />assemble and shall make available to Beneficiary any of the Trust Property which has been removed. The
<br />entering upon and taking possession of the Trust Property, the collection of any rents, issues and profits, and
<br />the application thereof as aforesaid, shall not cure or waive any default theretofore or thereafter occurring,
<br />or affect any notice of default or notice of sale hereunder or invalidate any act done pursuant to any notice.
<br />Notwithstanding Beneficiary's continuance in possession or receipt and application of rents, issues or prof-
<br />its, Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust or by law upon or
<br />after the occurrence of an Event of Default, including the right to exercise the power of sale. Any of the
<br />actions referred to in this paragraph may be taken by Beneficiary at such time as Beneficiary may determine
<br />without regard to the adequacy of any security for the Indebtedness secured hereby.
<br />(b) Beneficiary shall, without regard to the adequacy of any security for the Indebtedness secured hereby, be
<br />entitled to the appointment of a receiver by any court having jurisdiction, without notice, to take possession of,
<br />protect, and manage the Trust Property and operate the same and collect the rents, issues and profits
<br />therefrom.
<br />(c) Beneficiary may bring any action in any court of competent jurisdiction to foreclose this Deed of Trust or seek
<br />deficiency on the indebtedness after foreclosure, or enforce any of the covenants hereof.
<br />(d) Beneficiary may elect to cause the Trust Property or any part thereof to be sold under the power of sale,
<br />and in such event, Beneficiary or Trustee shall give such notice of default and notice of sale as may be
<br />then required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as
<br />may then be required by law, Trustee, at the time and place specified by the notice of sale, shall sell the
<br />Trust Property, or any part thereof specified by Beneficiary, at public auction to the highest bidder for cash
<br />in lawful money of the United States of America. Upon receipt of payment of the price bid, Trustee shall
<br />apply the proceeds in the following order: (i) to the cost and expenses of exercising the power of sale and
<br />of the sale, including but not limited to, trustee's fees or not more than $500.00 plus 1/2% of the gross sale
<br />price, and reasonable attorney fees; (ii) to the Indebtedness; and (iii) the excess, if any, to the person or
<br />persons legally entitled thereto.
<br />All costs and expenses incurred by Beneficiary in enforcing any right under this Deed of Trust, including without
<br />limitation, abstract or title fees, appraisal fees, premiums for title insurance, attorney fees and court costs, shall be
<br />and constitute Indebtedness secured hereby. Trustee shall deliver to purchaser or purchasers thereof Trustee's
<br />good and sufficient deed conveying the Property so sold, but without any covenant or warranty, express or implied.
<br />The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person
<br />including, without limitation, Trustors, Trustee, or Beneficiary, may purchase at such sale and Trustors hereby
<br />covenant to warrant and defend the title of such purchaser or purchasers.
<br />27. Duties of Trustee. Trustor agrees that:
<br />(a) Duties and obligations of Trustee shall be determined solely by the express provisions of this Deed of
<br />Trust and Trustee shall not be liable except for the performance of such duties and obligations as are
<br />specifically set forth herein, and no implied covenants or obligations shall be imposed upon Trustee.
<br />(b) No provision of this Deed of Trust shall require Trustee to expend or risk its own funds, or otherwise incur
<br />any financial obligation in the performance of any of its duties hereunder, or in the exercise of any of its
<br />rights or powers.
<br />(c) Trustee may consult with counsel of its own choosing and the advise of such counsel shall be full and
<br />complete authorization and protection in the respect of any action taken or suffered by it hereunder in
<br />good faith and reliance thereon.
<br />(d) Trustee shall not be liable for any action taken by it in good faith and reasonably believed by it to be
<br />authorized or within its discretion or rights or powers conferred upon it by this Deed of Trust.
<br />28. Security Agreement and Fixture Filing. This Deed of Trust shall constitute a security agreement and fixture
<br />filing under the provisions of the Nebraska Uniform Commercial Code with respect to those fixtures described
<br />in the preambles hereof as constituting a part of the Trust Property, together with all other property of Trustor,
<br />either similar or dissimilar to the same, now or hereafter located at or on the Trust Property.
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