|
. � ' 99 110183 �
<br /> ... . ,
<br /> � 11. Event�o[Default.� Tl�e following shall constitute an Event of Default u��der tl�is Deed of Trust:
<br /> � (a) Failure to pay any installment of principal or interest of any other sum secured hereby when due;
<br /> � (b) A breach of or default under any provision contained in the Note, diis Deed of Trust, any of the Loan Instruments, or
<br /> any other lien or encumbrance upon the Property;
<br /> (c) A writ of execution or attachment or any similar process sl�all be entered against Trustor which shall become a lien on
<br /> the Property or any portion thereof or interest therein;
<br /> (d) There shall be filed by or against Trustor or Borrower an action under any present or future federal, state or other
<br /> ' statute, law or regulation re(ating to bankruptcy, insoivency 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 d�ereof, or
<br /> Trustor or Borrower shall make any general assignment for the benefit of creditots;
<br /> (e) The sale, transfer, lease, assignment, conveyance or furtl�er encumbrance of all or any part of or any intetest in the
<br /> Property, either voluntarily or involuntarily, witl�out the express written consent of 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; � � ' �
<br /> (� Abandonment of the Property; or
<br /> ' (g) If Trustor is not an individual, 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 g/A percent
<br /> of partnership interests, or(if a limited liability company)a total of NiA percent of the limited liability company interests
<br /> or voting rights during the period this 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 Farmers Home Administratton, borrower further
<br /> agrees that the loan(s) secured by this instrument wiil be in default should any loan proceeds be used for a purpose that will
<br /> convibute to ezcessive erosion of highly erodible land or to the conversion of wetland to produce or to make possible d►e
<br /> production of an agricultural commodity, as further explained in 7 CFR Part 1940, Subpart G, Exhibit M.
<br /> 12.Remedies; Acceleration Upon Default. In the event of any Event of Default Lender tnay, without notice except as required
<br /> by law, declare all indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable
<br /> without any presentment, demand,protest or notice of any kind. 'I'IiereaRer L.ender may:
<br /> (a) Demand that Trustee ezercise the POWER OF SALE granted lierein, and Trustee ahall thereafter cause Trustor's interest
<br /> in the Property to be sold and the proceeds to be distrlbuted, all in tl�e tnanner provided ln tl�e Nebraska Trust Deeds Act;
<br /> (b) Exercise any and all rights provided for in any of the Loan Instruments or by law upon occurrence of any Event of
<br /> D�fault; anJ
<br /> (c) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the
<br /> covenants hereof.
<br /> No remedy herein conferred upon or reserved to Trustee or Lender is intended to be exclusive of any ot(ier remedy herein, in the
<br /> Loan Instruments or by law provided or permitted, but each siiall be cumulative, shall be in addition to every odier remedy given
<br /> hereunder, in the Loan Instruments or now or hereafter existing at law or in equity or by statute, and may be exercised concurrently
<br /> independently or successively.
<br /> 13.Trustee. The Trustee may resign at any time witl�out cause, and Lender 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 /> ezpenses which may be associated therewith. In addition, Trustee may become a purchaser at any sale of the Property (judicial or
<br /> under the power of sale granted herein); postpone the sale of all or any portion of the Property, 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 selis the Property by exercise of power of sa(e, 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 even[ Borrower or Trustor exercises
<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 the extent
<br /> 'permitted by applicable law.
<br /> 15.Future Advances. Upon request of Borrower, Lender may, at its option, make additional and future advances and
<br /> readvances to Borrower. Such advances and readvances, with interest d�ereon, 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 tl�e security of
<br /> this Deed of Trust, eaceed the aggregate of tlie original principal amounts stated herein, or $500,000.00 ,
<br /> whichever is greater. .
<br /> • 16.Miscellaneous Provisions.
<br /> (a) Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this
<br /> Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the
<br /> liability of d�e original Borrower and Borrower's successors in interest. L.ender shall not be required to commence proceedings
<br /> against such successor or refuse to extend time for payment or otl►erwise modify amortization of the sums secured by this Deed
<br /> of Trust by reason of any demands made by tl�e original Borrower and Borrower's successors in interest.
<br /> (b) Lender's Powers. Without affecting the liability of any other person liable for the payment of any obligation herein
<br /> mentioned, and without affecting the lien or charge of tl�is Deed of Trust upon any portion of the Property not d�en or
<br /> theretofore released as security for the full amount of all unpaid obligations, Lender may, from time to time and without notice
<br /> (i) release any person so liable, (ii) eztend the maturity or alter any of the 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 Lender's option any parcel, portion or
<br /> all of the Property, (v) take or release any other or additional security for any obligation herein mentioned, or (vi) make
<br /> compositions or other arrangements with debtors in relation thereto.
<br /> (c) Forbearance by I,ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br /> otherwise afforded by applicable law, shail not be a waiver of or preclude the exercise of any such right or remedy. The
<br /> procurement of insurance or the payment of tazes or other liens or charges by Lender shall not be a waiver of L.ender's right to
<br /> accelerate the maturity of the indebtedness secured by this Deed of Trust.
<br /> (d) Successors and Assigns Bound;Joint and Several Liability; Captions. The covenants and agreements herein contained
<br /> shall bind, and the rights hereunder shall inure to, tl�e respective successors and assigns of L.ender and Trustor. All covenants
<br /> and agreements of Trustor shall be joint and several. The captions and headings of the paragraphs of this Deed of Tcust are for. �
<br /> convenience only and are not to be used to interpret or define the provisions hereof. '
<br /> (e) Request for Notices. 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 each party to this Deed of Trust at the address set forth above in the manner prescribed by,�
<br /> applicable law. Ezcept for any other notice required under applicable law to be given in another manner, any notice provided
<br /> for in this Deed of Trust shall be given by mailing such notice by certified mail addressed to die od�er parties, at the address seC'�
<br /> forth above. Any notice provided for in this Deed of Trust shall be effective upon mai(ing in the manner designated herein. If�
<br /> Trustor is more than one person, notice sent to the address set forth above shall be notice to all such persons.
<br /> (� Inspection. Lender may make or cause to be made reasonable entries upon and inspecti,ons of the Property, provlded'
<br /> that L.cnder shail give Trustor notice prior to any such inspection specifying reasonable cause'therefor related to I.ender's'. I
<br /> interest in the Property. ,
<br /> (g� Reconveyance. Upon payment of all sums secured by this Deed of Trust, Lender shall request Trustee to reconvey the
<br /> Property and ahall surrender this Deed of Trust and all notea evidencing indebtedneea aecured by thie Deed oP Truat to Truetec.
<br /> Trustee shall reconvey the Property without warranty and witl�out cl�arsa to the person or persons legally entitled thereto.
<br /> Trustor ahall pay all costs of recordatlon, if any, ,
<br />
|