|
� �� �1�8 �r
<br /> 5. Maintenance Repairs and Compliance with Laws. Borrower shall keep the Property in good condition and repair; �
<br /> shall promptly repair, or replace any improvement which may be damaged or destroyed; shall not remove, demolish or substantially alter any
<br /> of the improvements on the Property; shall not commit, suffer or permit any act to be done in or upon the Property in violation of any law,
<br /> ordinance, or regulation; and shall pay and promptly discharge at Borrower's cost and expense all liens, encumbrances and charges levied,
<br /> imposed or assessed against the Property or any part thereof.
<br /> 6. Eminent Domain. Lender is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter
<br /> "Proceeds") in connection with condemnation or other taking or the Property or part thereof, or for conveyance in lieu of condemnation.
<br /> Lender shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings, and shall also be
<br /> entitled to make any compromise or settlement in connection with such taking or damage. In the event any portion of the Property is so
<br /> taken or damaged, Lender shall have the option, in its sole and absolute discretion, to apply all such Proceeds, after deducting therefrom all
<br /> costs and expenses incurred by it in connection with such Proceeds, upon any indebtedness secured hereby and in such order as Lender
<br /> may determine, or to apply all such Proceeds, after such deductions, to the restoration of the Property upon such conditions as Lender may
<br /> determine. Any application of Proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure
<br /> any default thereunder or hereunder. l_
<br /> 7. Performance by Lender. In the event of Borrower's failure to perform any of the covenants herein or make any payments
<br /> required hereby, or if any act is taken or legal proceeding commenced which materially affects Lender's interest in the Property, Lender may in
<br /> its own discretion, but without obligation to do so, and without notice to or demand upon Borrower and without releasing Borrower from any :
<br /> obligation, do any act which the Borrower has agreed but fails to do and may also do any other act it deems necessary to protect the
<br /> security hereof. Borrower shall, immediately upon demand therefore by Lender, pay to Lender all costs and expenses incurred and sums
<br /> expended by Lender in connection with the exercise by Lender of the foregoing rights, together with interest thereon at the rate provided in
<br /> the Note, which shall be added to the indebtedness secured hereby. Lender shall not incur any personal liability because of anything it may
<br /> do or omit to do hereunder.
<br /> 8. Events of Default. The following shall constitute an event of default under this Deed of Trust:
<br /> (a) Failure to pay any installment of principal or interest or any other sum secured hereby when due, or failure to pay when due any
<br /> other indebtedness of Borrower to Lender;
<br /> (b) A breach of or default under any provision contained in the Note, this Deed of Trust, any document which secures the Note,
<br /> and any other encumbrance upon the Property;
<br /> (c) A writ of execution or attachment or any similar process shall be entered against Borrower which shall become a lien on the
<br /> Property or any portion thereof or interest therein;
<br /> (d) There shall be filed by or against Borrower an action under any present or future federal, state or other statute, law or regulation
<br /> relating to bankruptcy, insolvency or other relief for debtors; or there shall be appointed any trustee, receiver or liquidator of
<br /> Borrower or of all or any part of the Property, or the rents, issues or profits thereof, or Borrower shall make any general assignment
<br /> for the benefit of creditors;
<br /> (e) The sale, transfer, assignment, conveyance or further encumbrance of all or any part of or any interest in the Property, either
<br /> voluntarily or involuntarily, without the express written consent of Lender.
<br /> 9. Remedies; Acceleration Upon Default. In the event of any Event of Default Lender may declare all indebtedness
<br /> secured hereby to be due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or
<br /> notice of any kind. Thereafter Lender may:
<br /> (a) Demand that Trustee exercise the POWER OF SALE granted herein, and Trustee shall thereafter cause Borrower's interest in the
<br /> Property to be sold and the proceeds to be distributed, all in the manner provided in the Nebraska Trust Deeds Act;
<br /> (b) 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 it 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 thereof of interest therein, increase the income therefrom or protect the security hereof and, with or without
<br /> taking possession of the Property, sue for or otherwise collect the rents, issues and profits thereof, including those past due and
<br /> unpaid, and apply the same, less costs and expenses of operation and collection including attorneys' fees, upon any indebtedness
<br /> secured hereby, all in such order as Lender may determine. The entering upon and taking possession of the Property, the
<br /> collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waiver any default or notice of
<br /> default hereunder or invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding
<br /> the continuance in possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender
<br /> shall be entitled to exercise every right provided for in any of the Loan Instruments or by law upon occurrence of any event of �
<br /> default, including the right to exercise the power of sale; and
<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 of Lender is intended to be exclusive of any other remedy herein or by law provided
<br /> or permitted, but each shall be cumulative, shall be in addition to every other remedy given hereunder or now or hereaRer existing at law or
<br /> in equity or by statute, and may be exercised concurrently, independently or successively.
<br /> 10. TI'USt@e. The Trustee may resign at any time without cause, and Lender may at any time and without cause appoint a
<br /> successor or substitute Trustee. Trustee shall not be liable for any loss or damage unless due to actionable negligence or willful
<br /> misconduct, and shall not be required to take any action in connection with the enforcement of this Deed of Trust unless
<br /> indemnified, in writing, for all costs, compensation or expenses which may be associated therewith. In addition, Trustee may
<br /> become a purchaser at any sale of the Property Qudicial or under the power of sale granted herein); postpone the sale of all or any
<br /> portion of the Property, as provided by law; or sell the Property as a whole, or in separate parcels or lots.
<br /> F71368.LMG (10/99) Page 2 ot 4 -
<br />.l I.........
<br />
|