|
99 10989U
<br /> (2) To the payment of the obligation secured by this Deed of Trust and
<br /> Trust Deed Note;
<br /> (3) To the payment of junior Trust Deeds, mortgages, or other
<br /> lienholders;
<br /> (4) The balance, if any, to the person or persons legally entitled
<br /> thereto.
<br /> E. Upon the occurrence of any default hereunder, BENEFICIARY shall have, in
<br /> addition to such other options as may be granted herein, the further
<br /> option to foreclose this Deed of Trust in the manner provided by law for
<br /> foreclosures of mortgages on real property.
<br /> F. BENEFICIARY may from time to time substitute a successor or successors to
<br /> any TRUSTEE named herein or acting hereunder. Upon such appointment, and
<br /> without conveyance to the successor TRUSTEE, the latter shall be vested
<br /> with all title, powers, and duties conferred upon any TRUSTEE herein named
<br /> or acting hereunder. Each such appointment and substitution shall be made
<br /> by written instrument and executed by BENEFICIARY, containing reference to
<br /> this Deed of Trust and its place of record, which, when recorded in the
<br /> office of the Register of Deeds of the county or counties in which said
<br /> property is situated, shall be conclusive proof of proper appointment of
<br /> the successor TRUSTEE. The foregoing power of substitution and the
<br /> procedure therefor shall not be exclusive of the power and procedure
<br /> provided for by law for the substitution of a TRUSTEE in the place of the
<br /> TRUSTEE named herein.
<br /> G. TRUSTOR covenants and agrees that upon any attempted conveyance,
<br /> assignment, pledge or transfer of any of his interest in the premises
<br /> during the term of the loan secured hereby, the BENEFICIARY shall have the
<br /> option of declaring the unpaid balance immediately due and payable, and if
<br /> said sum remains unpaid for ten (10) days thereafter, BENEFICIARY can
<br /> cause Notice of Default to be given and the premises be sold as provided
<br /> herein.
<br /> H. As additional and collateral security for the loan, and effective
<br /> forthwith upon filing of a Notice of Default, this instrument shall serve i
<br /> as an assignment by the TRUSTOR to the TRUSTEE, of all rents and revenues
<br /> resulting from the property, and TRUSTEE is authorized to take possession
<br /> of the property, rent or lease the same on terms he deems best and to
<br /> collect the rents and revenues and apply the same upon unpaid interest,
<br /> principal, taxes or insurance premiums or for maintenance and preservation
<br /> of the premises.
<br /> I. The waiver by TRUSTEE or BENEFICIARY of any default of TRUSTOR under this
<br /> Deed of Trust, on one occasion, shall not be or be deemed to be a waiver
<br /> of any other or similar defaults subsequently occurring.
<br /> J. If title to any part of the property herein shall be taken in condemnation
<br /> proceedings, by right of eminent domain, or similar action, or shall be
<br /> sold under threat of condemnation, all awards, damages and proceeds are
<br /> hereby assigned and shall be paid to the BENEFICIARY, who shall apply such
<br /> payment, or any part thereof, in her sole discretion, to the sum due at
<br /> that time on this Deed of Trust and Trust Deed Note, with any balance
<br /> above the amount due hereunder payable to the TRUSTOR.
<br /> K. The BENEFICIARY, her agents or representatives, are hereby authorized to
<br /> enter, at any reasonable time, upon any part of the trust property for the
<br /> purposes of inspecting the same and for the purpose of performing any of
<br /> the acts she is authorized to perform under the terms of this Deed of
<br /> Trust and other accompanying documents.
<br /> L. This Deed of Trust and all accompanying documents are subject to,
<br /> constructed and governed by the laws of the State of Nebraska for all
<br /> purposes.
<br /> M. In the event any one or more of the provisions contained in this Deed of
<br /> Trust, Trust Deed Note, or any other instrument given in connection with
<br /> t:his transaction, shall for any reason be held to be invalid, illegal or
<br /> unenforceable in any respect, such invalidity, illegality, or unenforce-
<br /> ability shall, at the option of the BENEFICIARY, not affect any other
<br /> provisions of this Deed of Trust or Trust Deed Note, but this Deed of
<br /> Trust and Trust Deed Note shall be construed as if such invalid, illegal
<br /> or unenforceable provision had never been contained therein, it being the
<br /> intention of the parties that the provisions of this Deed of Trust are
<br /> declared to be severable.
<br /> N. TRUSTOR hereby waives his right to designate the property subject to this
<br /> Deed of Trust, or any part thereof, as a homestead under Neb. Rev. Stat.
<br /> § 40-101 (Reissue 1993) .
<br /> -3-
<br />
|