|
. � ,,. . ,, , 99 109404
<br /> � 11. Gventa of Default.� Tl�e following ahell co��stitute an L�vent of Default wider tl�ls Deed of Trust:
<br /> • (a) Failure to pay any Instaliment of principal or interest of any otlier sum secured hereby when due;
<br /> � (b) A breach of or default under any provision contained ln tl�c Note, tl�ia Deed of Trust, any of die Loan Instruments, or
<br /> �any other lien or encumbrance upon the Property;
<br /> (c) A writ of eaecution or attachment or any similar process sl�all be entered agalnst Trustor which sliall become a lien on
<br /> the Property or any portion thereof or interest therein; .
<br /> (d) There ehall be filed 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 Borrower shall make any general assignment for the benefit of creditors;
<br /> (e) The sale, transfer, lease, assignment, conveyance or furtl�er encumbrance of all or any part of or any interest in the
<br /> Property, either voluntarily or involuntarily, without the express written consent oE Lender; provided that Trustor shall be
<br /> permitted to eaecute a lease of the Property that does not contain an option to purchase and the term of which does not exceed
<br /> one year; ,. i � ., , . _
<br /> (� Abandonment�of the Property; or � ' �
<br /> ' (g) If Trustor fs not an lndividual, the issuance, sale, transfer, assignment, conveyance or encumbrance of more than (if a
<br /> corporation) a total of N/A percent of its issued and outstanding stock, or (if a partnership) a total of NiA percent
<br /> of partnership lnterests, or(if a limited liability company) a total of NiA percent of the limited liability company interests
<br /> or voting rights during the perlod tl�is Deed of Trust remains a lien on the Property.
<br /> (h)If the obligation secured hereby is guaranteed in whole or in part by the Farmera Home Administcation, borrower furUier
<br /> agrees that the loan(s) secured by this instrument will be in default sliould any loan proceeds be used for a purpose that will
<br /> contribute to exceasive eroaion of highly erodible land or to tl�e conversion of wetland to produce or to make possible die
<br /> production of an agrlcultural commodity, as furQ�er explalned in 7 CFR Part 1940, Subpart a, Exl�ibit M.
<br /> 12.Remedtes; Acceleratlon Upon De[ault. In tl�e event of any Event of Default Lender may, widiout notico except as required
<br /> by law� declare all Indebtedness secured I�ereby to be due anJ payable and tl�e same sl�all�thereupon become due and payable
<br /> ' without any presentment, demanJ, proteet or notice of any kinJ. 1'I�ereafter Lender may;
<br /> (a) Uemand that Trustee ezercise the POWER OF SALB granted herein, and Trustee shall thereafter cause Trustor's intereat
<br /> ln the Property to be eold and the proceeda to be distrlbuted, all in tl�e manner provided in tlie Nebraska Trust Deeds Act;
<br /> (b) Exercise any and all rlghts provided for In any of tl�e Loan Instruments or by Isw upon occurrence of any Event of
<br /> Default; and
<br /> (c) Commence an action to foreclose tlils Deed of Truat ss s mortgage, appolnt a recelver, or apeclCcally enforce any of tl�o
<br /> covenanta hereof. •
<br /> No remedy hereln conferred upon or reserved to Trustee or Lender ls intended to be exclusive of any otl�er remedy herein, ln the
<br /> Loan Instruments or by law provlded or permitted, but each sl�all be cumulative, shall be ln additlon to every otl�er remedy'given
<br /> hereunder, ln tl�e Loan Instruments or now or I�ereafter existing at law or in equity or by statute, and may be exercised concurrently
<br /> independently or successivety.
<br /> 13.'I�ustee. The Trustee may resign at any time witl�out cause, and L,ender 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 Lender� 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 /> eapenses which may be associated therewitli. In addition, Trustee may become a purchaser at any sale of the Property (judicial or
<br /> under the power of sale granted hereln); postpone tlie sale of all or any portion of tlie Properry, 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 ezercise 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 applicable law. In the event Borrower or Trustor ezercises
<br /> any right provided by law to cure an Event of Default, Lender shall be entitled to recover from Trustor all costs and expenses
<br /> actually incurred as a result of Trustor's default, including witl�out limitation all Trustee's and attorney's fees, to U�e extent
<br /> permitted by applicable law.
<br /> 15.�ture Advancea. Upon request of Borrower, Lender may, at its option, make additional and future advances and
<br /> readvances to Borrower. Such advances and readvances, witl� interest tliereon, shall be secured by this Deed of Trust. At no time
<br /> ' shall the principal amount of the indebtedness secured by tl�is Deed of Trust, not including sums advanced to protect tlie security of
<br /> this Deed of Trust, exceed the aggregate of tl�e orlginal principal amounts stated herein, or $ 1,350,000.00
<br /> whichever is greater. . '
<br /> • 16.Miscellaneous Provistons.
<br /> (a) Borrower Not Released. Eatension of tl�e time for payment or modification of amortization of tlie sums secured by this
<br /> DeeJ of Trust granted by Lendor to any successor in Interest c�f I�orrower shall not operatc to release, ln any manner, thc
<br /> Uabilfty of U�e original Borrower and Dorrower's auccessors in lnterest. Lender sl�all not be required to commence proceedings
<br /> against such auccessor or refuso to eztcnd time for payment or otl�erwise modlfy amortization of tlu aums secured by tl�is Ueed
<br /> of Trust by reason of any demands made by tl�e orfginal Borrower and Dorrower's successors in interest.
<br /> (b) Lender'e Powere. Witl�out effecting tl�e IiabiUty of any otlier person Ilal�le foc tl�e payment of any obli�ation ticrein
<br /> mentioned, and without affecting the Ilen or cl�arge of tl�is Deed of Trust upon any portion of tl�e Property not dien or
<br /> theretofore released as securlty for tl�e fult amount of al( unpaid obligations, L.ender may, from time to tlme and without notice
<br /> (i) release any person so liable, (li) extend the maturity or alter any of tl�e 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 L.ender's option any parcel, portion or
<br /> all of the Property, (v) take or release any otl�er or additional security for any obligation lierein mentioned, or (vi) make
<br /> compositions or odier arrangements wiUi debtors in relation tl�ereto.
<br /> (c) Forbearance by Lender Not a Watver. Any forbearance by Lender in exercising any rigl�t or remedy hereunder, or
<br /> otherwise afforded by applicable law, shall not be a waiver of or preclude tlie exercise of any auch right or remedy. The
<br /> procurement of insurance or the payment of taxes or otl�er liens or charges by Lender shall not be a waiver of Lender's right to
<br /> accelerate U�e maturity of the indebtedness secured by this Deed of Trust.
<br /> (d) Successors and Assigns Bound;Jotnf and Several Liability; Capttons. The covenants and agreements herein contained
<br /> shall bind, and the rights hereunder shall lnure to, tl�e respective successors and assigns oF Lender and Trustor. All covenants
<br /> and agreements of Trustor shall be joint and several. Tlie captions and headings of tl�e paragraphs of this Deed of Trust are for
<br /> convenience only and ace not to be used to lnterpret or define tl�e provisions hereof.
<br /> (e) Request for Nottces. 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 eacli party to this Deed of Trust at tl�e address set forth above in the manner prescribed by
<br /> � applicable law. Ezcept for any otl�er notice requtred under applicable law to be given in another manner, any notice provlded
<br /> for in this Deed of Truat shall be given by mailing such notice by certified mail addressed to d�e otl�er partfes, at the address set
<br /> forth above. Any notice provided for in this Deed of Trust sl�all be effective upon mailing In tl�e manner designated herein. If
<br /> Trustor is more than one person, notice sent to tl�e address aet forth aUove shall be notice to all such persons.
<br /> (� lnspection. Lender may make or causa to be made reasonable entries upon and inspections of tl�e Property, provided
<br /> tiiat L.ender ahall glve Trustor notice prlor to any sucl� inspection specifying reasonable cause'therefor related to l.ender's
<br /> interest in Q�e Proporty, ,
<br /> (g) Reconveyance. Upon payment of all sums secured by tl�is Deed of Trust, Lender shall request Trustee to reconvey the
<br /> Property end sl�all surronder tl�le Deed of Truat and all notee evicloncing Indebteclneae eecured by tl�la Deod oP Truet to Truetee.
<br /> Trustee sl�all reconvey the Property witl�out warranty and wltl�out cl�arga to tl�e person or persons legally entitled thereto,
<br /> Trustor eliall pay all coata of rocordation, If any, ,
<br /> N�CHf711(Ankd�vJ Deadl Il.v.OIIN 1� �% : ;� t'� �� 9 t �_�. - ..
<br />
|