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99 1� 8914
<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 DefaulY'):
<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
<br /> 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
<br /> theTrust Property, or any part thereof specified by Beneficiary, at public auction to the highest bidder for
<br /> cash in lawful money of the United States of America. Upon receipt of payment of the price bid, Trustee
<br /> shall apply the proceeds in the following order: (i) to the cost and expenses of exercising the power of
<br /> sale and of the sale, including but not limited to, trustee's fees or not more than $500.00 plus 1/2% of the
<br /> gross sale price, and reasonable attorney fees; (ii) to the Indebtedness; 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 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.
<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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