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99 109687
<br /> 5. Borrower agraes that unless the Lender, in its sole discretion elects a differing allocation, or unless applicable law provides otherwise, that all payments
<br /> received by Lender shall be applied in the following manner and order: a) reasonable costs and fees including Trustee's fees and attorney fees incurred in exercising the
<br /> power of sale, b) interest and principal on funds advanced to preserve, protect or maintain the property or to pay insurance premiums, taxes, assessments, prior liens
<br /> or pursuant to any of the terms of this Trust Daed, c) interest on the Note, d) principal of the Note, and e) interest and principal on any other tuture advances or other
<br /> indebtedness securad hereby.
<br /> 8. Borrower shall keep the Property fn good repair and shall not commit waste or parmit impairment or deterioration ot the Property. Borrower shall keep and
<br /> maintain the Property and conduct any construction thereon, all in compliance with all governmental laws, ordinances and regulatory requirements including but not limited
<br /> to, zoning regulations, building codes, environmental laws and the provisions of the American with Disabilities Act (ADA), all as now in existence or as hereafter
<br /> amended or enacted. Borrower shall immediately advise Lender in writing of any actual or threatened action or proceeding to enforce any such law, ordinance, regulation
<br /> or restrictlon againet the Property or the Borrower. Borrower shall be solely responsible for and indemnify and hold Lender, its directors, officers, agents, successors
<br /> and assigns from and against any and all loss, damage, costs, expensa or liability arising out of or attributable to Borrower's failure or refusal to comply ful�y with the
<br /> requirements hereof.
<br /> 7. If Borrower fails to: a) maintaln or pay the premiums for the required insurance ot the Property, or b) pay taxes and assessments before delinquent, or c) pay
<br /> any amount due under a prior mortgage, trust deed or lien before delinquent, or d) maintain the Property in good repair, or e) perfarm any of the covenants or
<br /> agreements of this Trust Deed, then Lender may at its option pay such insurance premiums, taxes, mortgage or trust deed payments, or make repairs and disburse
<br /> such sums and take such action as it deems nacessary to protect its intarast without waiving or affecting its right to declare a default and accelerate the dabt secured
<br /> hereby because of any such tailure ot the Borrower. Any amounts so disbursed by the Lender shall constitute additlonal indebtedness of Borrower secured by this Trust
<br /> Deed and shall bear interest fram the date of disbursement at the rate payable under the Note. Nothing contained In this paragraph shall require Lender to make any
<br /> such disbursements or take any action whateoever.
<br /> b. Lender may make or cause to ba made reasonable entries upon and inspections of the Property.
<br /> 9. At the request of Lender, the Borrower shall furnish Lender with Borrower's financial statements within 120 days after the end of borrower's fiscal year. All
<br /> financial statements for that year shali include a balance sheet and income and expense etatements and shall be prepared in accordance with generally accepted
<br /> accounting principles applied on a consistent basis. The Borrower shall certify the statements as being true and correct. Within 30 days atter request by Lender,
<br /> Borrower shall also furnish Borrower's tax returns, schedules of leases, and such other information with respect to Borrower's financial condition and business
<br /> operations as Lander may reasonably request from time to tlme.
<br /> 10. The proceeds of any award or claim tor damages, direct or consequential, in connection with an condemnation or
<br /> theroc#t Qr fw. conveyanCa hf Ileu-ot�coeMemmatlen;Zmhtr�by'[islglS6d e br to e exten o the full amount of the remaining unpaid
<br /> Indebtedness secured by this Trust Deed. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an
<br /> award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lendar is authorized to collect and apply
<br /> the proceeds to the sums secured by this Trust Deed. Condemnation procaade or awards shall be credited to the last maturing installments of the indebtedness
<br /> secured and shall not extend or postpone the due date of the installments referred to in paragraphs 1 and 4 hereof or change the amount of such installments.
<br /> 17, If the Lender issues a partial release of this Trust Deed, the proceeds received therefor shall be credited to the last maturing Installments of the indebtedness
<br /> secured hereby.
<br /> 12. H Lender or Trustee either voluntarily or involuntarily becomes a party to any suit or legal proceeding relating to the Property, Note or this Trust Deed, then
<br /> Borrower will reimburse the Lender and Trustee for all costs and reasonable attorney fees incurred by the Lender and Trustee relating to such suit or legal proceedings
<br /> and said sume shall constitute additional Indebtedness secured by this Trust Deed and bear interest at the rate payable under the Note, until paid.
<br /> 13. As additional security, Borrower does hereby assign and grant a security interest to Lender in all of the leases, rents, deposits, revenues, accounts
<br /> receivables, accounts, royalties, profits, proceeds, land contract payments and incomes oi any type whatsoever, present, tuture or after-arising, relating to the Property
<br /> or the use thereof (herein "Rents"). This is a present assignment and upon recording this Trust Deed, the Lander's security interest in Rents shall be valid, enforceable
<br /> and binding against, unavoidable by and fully perfected as to all parties, Including any subsequent purchaser, mortgagee, beneficiary, trustee in bankruptcy, general
<br /> creditor, lien creditor and any other lienholder ot claimant, provided however, Lender shall not exercise any of its rights to collect Rents unless Borrower is in default
<br /> undar any of the terms of the Note or this Trust Deed. Upon default, all Ranis sha�l be paid directly to Lender and Lender may notify the tenants, any other parties in
<br /> possession of the Property, or any other persan obligated to pay Rents to pay all the Rents directly to Lender. Borrower irrevocably consents and authorizes each
<br /> person owing Rante to pay the Rents to Lender upon demand by Lender without liability to the paying party as to whether Borrower is in detault. If the person owing
<br /> Rents requests proof an assignment has been made producing a copy ot this Trust Deed shall constitute reaeonable proof oi the aseignment and Borrower authorizes
<br /> Lender to disclose this Trust Deed. Upon default, Lender shall be entitled to take possession of, repair, rent and manage the Property and pay out of Rents receivad all
<br /> expenses and costs incurred with any remaining balance to be applied to the last maturing Installments of the debt secured by this Trust Deed. Receipt of Rents shall
<br /> not cure any default. These presents or the coilection of Rents or exercise of any of the foregoing righte shall not be deemed or construed to constitute Lender as a
<br /> mortgagee or any other person in possession of the Property or to obligate Lender to take any action whatsoever and nothing contained herein or action taken
<br /> hereunder shall bind Lender to the performance of the terms and provisions of any lease or other contracts entered into by Borrower and Borrower shall indemnity and
<br /> hold Lender harmlese against any such claims.
<br /> Within ten (10) days after request, the Borrower shall furnish Lender a lease schedule, certitied to by Borrower, setting forth all leases relating to the Property and
<br /> the tarms and conditions theraof and such other information and documents with respect to such leases as La�der may request. Without the prior consent of the
<br /> Lender, the Borrower shall not with respect to any lease: (a) accept or permit any prepayment, discount, ar advance rent payable thereunder in excess of one month,
<br /> (b) voluntarily cancel or terminate the same or accept any cancellation, termination or surrendar thereof, or permit any event to occur, which would entitle the Lessee to
<br /> terminata or cancel the same, (c) amend, or modify the same so as to reduce the term thereat, the rent payable thereunder, or to change any renewal provisions
<br /> therein contained, (d) waive any default thereunder or breach thereot, (e) give any consent, waiver or approval thereunder or take an othe
<br /> therewith o� with the Lessee thsreu��, w ou ave e e ec o mpa r ng e vTa ue o essor s nterest t ereun er, or the property subject therero, or of
<br /> impairing the position or interest of the Trustee or Lender or (f) sell, assign, pledge, mortgage or otherwise dispose of or encumber its interest in any such lease or any
<br /> rents, issues or profits issuing or arising thereunder.
<br /> 14. Any of the following shall be deemed an event of default (herein "default") under this Trust Deed: (a) tailure to pay any instaltment ot principal or interest or
<br /> any other sum secured hereby when due, (b) a breach or default under any covenant ot agreament of Borrower in this Trust Deed, the Note or any other agreements
<br /> entered into by Borrower with Lender relating to the indebtedness secured hereby, (c) any representation, statement, or covenant made by the Borrower herein,
<br /> hereatter pursuant to the terms hereof, ar given in connection herewith for any indebtedness secured hereby should be false or misleading, or (d) if the Trustor is a
<br /> corporation and there is a change in ownership of SOWo or more of the corporation's stock or if the Trustor is a partnership or Ilmited liability company and there is a
<br /> change In tha membership or a dissolution of the partnership or limited liability company or if all or any part ot tha Property or any interest therein is daaded, sold by
<br /> land contractor, leased with option to purchase, or otherwise conveyed, alienated or further encumbered either voluntarily or involuntarily without Lender's prior written
<br /> consent.
<br /> 15. In the event of default, Lender at its option may declare all of tha sums secured by this Trust Deed to be immediately due and payable without further
<br /> demand and may invoke the power of sale and/or any other remedies permittad by'applicable law including the right to foreclose this Trust Deed in the manner provided
<br /> by law for the toreclosure ot mortgages on real estate. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing such remedies
<br /> including, but not limited to, reasonable attorney's fees.
<br /> If the power of sale is invoked, Trustee shall racord a notice of detault in each county in which the Property or some part thereot is located and provide notice
<br /> thereof in the manner prescribed by applicable law. Aftar the lapse of such time as may be required by applicable law, Trustee shall give public notice of sale to the
<br /> persons and in the manner prescribed by applicable law. Trustee, or the attorney or auctioneer for the Trustee, without demand on Borrower, shall sell the Property at
<br /> public auction to the highest bidder at the time and place and under the terms dasignated in the notice ot sale in one or more parcels and in such order as Trustee
<br /> may determine. Trustee may postpone sale of all or any parcel of the Property by pubiic announcement at the time and place ot any previously scheduled sale. Lender
<br /> or Lender's designee may purchase the proparty at any sale.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchasar a Trustee's Deed, without warranty, conveying the proparty sold. The recitals In the
<br /> Trustee's Deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to the
<br /> costs and expenses ot exercising the power of sale and ot the sale including the payment of Trustee's fees, attorney fees, costs of title evidance and the faes and
<br /> expenses of any auctioneer engaged to assist In the sale, (b)to all sums secured by this Trust Deed, (c) to the payment oi junior trust deeds, mortgages, or other lian
<br /> holders, and (d)the excess, if any, to the person or persons legally entitled thereto.
<br /> Borrower agrees to vacate the premises upon sale by the Trustee or judicial sale. The purchaser shall have all rights available in law or equity to obtain
<br /> possession of the Property or evict occupants thereof. If the Property is occupied by Borrower as a dwelling unit and the Borrower continues to occupy the Property
<br /> after the sale, the Borrower, at purchaser's election, shall be deemed occupying tha Proparty under a rental agreement terminable at will and may be evicted by the
<br /> purchaser under the provisions of the Uniform Residential Landlord and Tenant Act. Borrower waives any right to a jury trial in any eviction proceedings. Borrower shall
<br /> be liable to purchaser for the fair rantal valua of tha Property for any time Borrower continues to occupy or withhold PO66B6610f1 of the Property and all Costs and
<br /> anorney teea In connection with any evictio� proosedings. - — �'
<br /> If there are multiple properties securing the indebtedness secured by this Trust Deed, for the purpose of any deficiency action arising atter the exercise of the
<br /> power of sale, the parties agree that Lender's cause of action shal� not commanca to accrue until the last of such properties that Lender elects to exercise the power
<br /> ot sale on has been sold at Trustee's sale. Lender may elect not to exercise the power of sale or foreclose on any property, in its sole discretion, and any property
<br /> not so sold shall not enter into any calculations tor deficiency judgments. The parties turther agree that the fair market value ot the Property for any deficiency action
<br /> shall be the higher of: (a) the amount bid by the highest bidder at the public sale or (b)the value as determined by an independent licensed or registered appraiser in
<br /> Nebraska, selected by Lender, reduced by the ihen prevailing realtor's commission imposed for reselling property.
<br /> 18. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable•law; shdll not be a waiver of or preclude the
<br /> exercise of any such right or remedy in the event of continuing or future breaches by the �orrower. ' ,
<br /> 17. All remedies provided in this Trust Deed are distinct and cumulative to any other right or ramedy under this Trust Deed or afforded by law or equity, and may
<br /> be exercised concurrently, independently or successively. If Borrower has given Lender a chattel mortgage, or security agreement on personal property as additional
<br /> security for the debt secured hereby, In the evant of detault hereunder or thereunder, Lender shall have the right and option to tirst foreclose on said personal property
<br /> without pre�udice to its right to thereatter sell or toreclose the Property or to pursue all security at the same time or to pursue tha personal property after the sale or �
<br /> foreclosure of the Property.
<br /> 7B. When the obligation secured hereby has been satisfied, the Lender shall, upon written request by the Borrower or Borrower's successor in interest or
<br /> designated rapresentative deliver a dead of reconveyance in recordable form duly executed by tha Trustae. Trustee shall reconvey the Property without warranty to the
<br /> person or persons legally entitled thereto. The Borrower, Borrower's successor in interest or party raquesting the reconveyance shall pay all costs incident to tha
<br /> preparation of the reconveyance and recordation thereoi, if any.
<br /> 19. Trustee may be Lender's legal counsal. Trustae shall not be liable for any action taken in good faith and the partles hereto shall indemnity and hold harmless
<br /> Trustee for all acts or omissions except for acts of gross negligence or bad taith. Lender, at Lender's option, may from time to time appoint a successor trustee by
<br /> filing for record in the office of the Register of Deeds in the County in which lhis Trust Deed is recorded a substitution of trustee. The new trustee shall succeed to all
<br /> the power, duties, authority and title of the Trustee named herein or any successor trustee.
<br /> F12855.LM0(2/98) Page 2 of 3
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