|
9 9 i O 9 9 7� DEED OF TRUST Page 4
<br /> (Continued)
<br /> opinion,to accomplish the matters referred to in the preceding paragraph.
<br /> FULL PERFORMANCE. If Trustor pays all the Indebtedness, inciuding without limitation all future advances,when due, and othervvise performs
<br /> all the obiigations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and
<br /> shall execute and deliver to Trustor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the
<br /> Rents and the Personal Property. Any reconveyance fee required by law shall be paid by Trustor,if permitted by applicable law.
<br /> EVENTS OF DEFAULT. Each of the following,at Lender's option,shall constitute an Event of Default under this Deed of Trust:
<br /> Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br /> Other Defaults. Trustor fails to comply with or to perform any other term,obligation,covenant or condition contained in this Deed of Trust or
<br /> in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other
<br /> agreement between Lender and Trustor.
<br /> Compliance Default. Failure to comply with any other term,obligation,covenant or condition contained in this Deed of Trust,the Note or in
<br /> any of the Related Documents. If such a failure is curable and if Trustor has not been given a notice of a breach of the same provision of this
<br /> Deed of Trust within the preceding twelve(12) months, it may be cured (and no Event of Default will have occurred) 'rf Trustor,after Lender
<br /> sends written notice demanding cure of such failure: (a)cures the failure within fifteen(15)days;or (b)if the cure requires more than fifteen
<br /> (15)days,immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps
<br /> sufficient to produce compliance as soon as reasonably practical.
<br /> Default on Other Payments. Failure of Trustor wRhin the time required by this Deed of Trust to make any payment for taxes or insurance,or
<br /> any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> False Statements. Any warranty, representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed
<br /> of Trust,the Note, or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or
<br /> becomes false or misleading at any time thereafter.
<br /> Termination of Future Advances. Trustor's exercise of Trustor's rights under Mo. Rev.Stat.Section 443.055(or any successor provision to
<br /> such statute)to terminate the operation of this Deed of Trust as security for future advances on future obligations.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral document to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Trustor,the insolvency of Trustor,the appointment of a receiver for any part of Trustor's properiy, any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency laws by or against Trustor.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
<br /> repossession or any other method, by any creditor of Trustor or by any governmental agency against any property securing the
<br /> Indebtedness. This includes a garnishment of any of Trustor's accounts, including deposit accounts, with Lender. However, this Event of
<br /> Default shall not apply if there is a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the
<br /> creditor or forfefture proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender
<br /> monies or a surety bond for the credftor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an
<br /> adequate reserve or bond for the dispute.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not
<br /> remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other
<br /> obligation of Trustor to Lender,whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
<br /> of any of the Indebtedness or any guarantor,endorser,surety,or accommodation party dies or becomes incompetent,or revokes or disputes
<br /> the validity of, or liability under, any Guaranty of the Indebtedness . In the event of a death, Lender, at its option, may, but shall not be
<br /> required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to
<br /> Lender,and,in doing so,cure any Event of Default.
<br /> Adverse Change. A material adverse change occurs in Trustor's financial condition, or Lender believes the prospect of payment or
<br /> performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> Right to Cure. If such a failure is curable and if Trustor has not been given a notice of a breach of the same provision of this Deed of Trust
<br /> within the preceding twelve(12) months, it may be cured (and no Event of Default will have occurred) 'rf Trustor,after Lender sends written
<br /> notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires more than fifteen (15) days,
<br /> immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient
<br /> to produce compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender may
<br /> exercise any one or more of the following rights and remedies:
<br /> Acceleration Upon Default;Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby,Lender
<br /> may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and
<br /> payable without any presentment,demand,protest or notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br /> without regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in its own name
<br /> or in the name of Trustee,and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability
<br /> of the Property,or part of the Property or interest in the Property; increase the income from the Property or protect the security of
<br /> the Property;and,with or without taking possession of the Property,sue for or otherwise collect the rents, issues and profits of the
<br /> Property, including those past due and unpaid,and apply the same,less costs and expenses of operation and collection attorneys'
<br /> fees,to any indebtedness secured by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking
<br /> possession of the Property,the collection of such rents, issues and profits,and the application thereof shall not cure or waive any
<br /> default or notice of default under this Deed of Trust or invalidate any act done in response to such default or pursuant to such
<br /> notice of defautt; and, notwithstanding the continuance in possession of the Property or the collection, receipt and application of
<br /> rents, issues or profits, Trustee or Lender shall be entitled to exercise every right provided for in the Note or the Related
<br /> Documents or by law upon the occurrence of any event of default,including the right to exercise the power of sale;
<br /> (b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the
<br /> covenants hereof;and
<br /> (c) Deliver to Trustee a wr'itten declaration of default and demand for sale and a written notice of default and election to cause
<br /> Trustor's interest in the Property to be sold,which notice Trustee shall cause to be duly filed for record in the appropriate offices of
<br /> the County in which the Property is located;and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
<br /> the Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify
<br /> Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br /> secured by this Deed of Trust as Trustee may require.
<br /> (a) Upon receipt of such notice from Lender,Trustee shall cause to be recorded, published and delivered to 7rustor such Notice
<br /> of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on Trustor, after
<br /> such time as may then be required by law and after recordation of such Notice of Default and after Notice of Sale having been
<br /> given as required by law,sell the Properiy at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in
<br /> separate lots or parcels or items as Trustee shall deem expedient,and in such order as it may determine,at public auction to the
<br />
|