|
��-22-1999 9 9 i 112 7 7 DEED OF TRUST Page 5
<br /> Loan No 1045160 (Continued)
<br /> Indebtedness,or commencement of any suit or other action to foreclose any e�dsting lien on the Property.
<br /> Right to Cure. If such a failure is curable and ff Trustor has not been given a notice of a breach of the same provision of this Deed of Trust
<br /> within the preceding iwelve (12) months, it may be cured (and no Event of Default will have occuRed) if Trustor, after Lender sends written
<br /> notic:e demandiny cure of such faUure: (a)cures the failure within flfteen (15) days; or (b) if the cure requires more than fifteen (15) days,
<br /> immedialely iniUates steps su(Rc�eM to cure the faflure and thereaft�continues and completes all reasonable and necessary steps sufficient to
<br /> produce compliance 8s soon as reasonably practicaL
<br /> RIGHTS AND REMEDIES ON DEFAI�T. Upon the occurrence of any Event of Default and at any time thereafter,Trustee or Lender,at iis option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other righls or remedies provided by law:
<br /> AccekrMion upon Default; Additiond Remedies. If any event of defautt occurs as per the terms of the Note secured hereby,Lender may
<br /> declare all Indebtedness secured by this Deed ot Trust to be due and payable and the same shall thereupon become due and payable wHhout
<br /> 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 without
<br /> regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to preserve the value,ma�lcetability or rentability of the Properiy,or part
<br /> of the Property or interest in the Property;increase the income from the Property or protect the security of the Property;and,with or without
<br /> taking possession of the Property,sue for or otherwise cdlect the rents,issues and profiis of the Property, inciudirp those past due and
<br />�
<br /> unpaid,and apply the same,less costs and e�er�es of operation and collection,induding attomeys'fees,to any indebtedness secured
<br />' by Wt.D�ad d 7rtat,�M in w�cl�order�s tan�d�r m�y dat�mfne. Th�Ni�upon and taklrp possession of the Property,the collecdon
<br />� d si��i�s�, . ; .arnt������+oMc�►
<br /> or invalidat� any ect dohe In rospOnse fo such defaui� or pursuar� M such�nolk:e dt defauit;�and, . ' uance �n
<br /> possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lsnder shall be entitled to
<br /> exercise every right provided for in the Note or the Related Documents or by law upon the occunence of any event of default,including the
<br /> right to euercise 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 covenants
<br /> hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand fw sale and a written notice of default and election to cause Trustor's
<br /> interest in the Property to be sold,which notice Trustee shall cause to be duly flled for record in the appropriate offic�s of the County in
<br /> which the Property is located;and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have aA the righis and remedies of a secured party under the
<br /> Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein co�tained,Lender shall notlfy Trustee and
<br /> shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured by this Deed of
<br /> Trust as Trustee may require.
<br /> (a) Upon receiDt of such notice from Lender,Trustee shall cause to be recorded,publ�hed and delivered to Trustor such NoHce of Default �
<br /> and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall,without demand on Trustor,after such tlme as may
<br /> then be required by law and after recordation of s�h Notice of Defautt and a(ter Notice of Sale having been given as required by law,seli
<br /> the Property at the tlme and place of sale fbced by it in such Notice of Sale,either as a whole, or in separate lois or parcels or items as
<br /> Trustee shall deem expedient,and in such order as it may determine,at public auction to the highest bidder for cash In lawful money of
<br /> the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and suificient deed or
<br /> deeds conveying the property so sold,but without any covenant or warranty,express or implied. The recitals in such deed of any matters
<br /> or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor,Trustee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by Iaw,after deducti�g all costs,fees and expenses of Trustee and of this Trust,including costs of evidence of
<br /> title in connection with sale,Trustee shall apply the proceeds of sale to payment of (i)all sums expended under the terms of this Deed of
<br /> - Trua�or under ih�iprmi V���ke Aie�t ea�: � ' ,ict4ia�ir�bat rset;ii�:#�F•�o�crued.interect�r�d late ct�sr,qas, (ii)a�ather sums then �
<br /> securea ns►.by�ana (INj tne r«rWnd.r.if am��;�`p�rion a a.�I�y.r�l.d diiirrto.
<br /> (c) Trustee may in the menner provided by law posipone sale of aq or any portion of the Property.
<br /> Remedles Not Exclusiye. Trustee and Lender,and each of them,shall be entitled to enforce payment and performance of any indebtedness
<br /> or obligaHons secured by this Deed of Trust and to exercise all righls and powers under this Deed of Trust, under the Note, under any of the
<br /> Related Documents, or under any other agreement or any laws now or hereafter in force; nolwithstanding, some or ali of such indebtedness
<br /> and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br /> assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement,whether by court action or pursuant to the power of
<br /> sale or other powers contained in this Deed of Trust, shall prejudice or in any manner affect Trust�'s or Lender's right to realize upon or
<br /> enforce any other security now or hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be
<br /> entitled to enforce this Deed of Trust and any other security now or hereafter held by Lender or Trustee in such order and manner as they or
<br /> either of them may in their absolute discretion determi�e. No remedy conferred upon or reserved to Trustee or Lender, is intended to be
<br /> exclusive of any other remedy in this Deed of Trust or by law provided or permitted,but each shall be cumulative and shall be in addition to
<br /> every other remedy given in this Deed of Trust or now or hereaffer existing at law or in equiy or by statute. Every power or remedy given by the
<br /> Note or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exerased,
<br /> concurrenHy or independendy, irom time to Hme and as oRen as may be deemed expedient by Trustee or Lender, and either of them may
<br /> pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as prohibiHng Lender irom seeking a deficiency judgment '
<br /> against the Trustor to the extent such action is permitted by law.
<br /> Request For Notke. Trustor,on behalf of Trustor and Lender,hereby requesis that a copy of any Notice of Default and a copy of any NoHce
<br /> of Sale under this Deed of Trust be mailed to them at the addresses set forth in the first paragraph of this Deed of Trust.
<br /> Wdver; Electlon of Remedles. A waiver by any party of a breach of a provision of this Deed of Trust shall not constitute a waiver of or
<br /> prejudice the parly's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any
<br /> remedy provided in thls Deed of Trust,the Note,in any Related Document,or provided by law shall not exclude pursuit of any other remedy,
<br /> and an election to make expenditures w to take action to perform an obligation of Trustor under this Deed of Trust aRer failure of Trustor to
<br /> perform shall not affect Lender's right to declare a default and to exercise any of i1s remedies.
<br /> Attorneys'Fees;F�cpenses. If Lender institutes any suit or actiqn to enforce an;�of the terms of this Deed of Trust,Lender shall be entitled to
<br /> recover such sum as the court may adjudpe reasonabls as altorneys' iws at tri� and on any appe�t. Wfjether or not any court actlon is
<br /> invdved,all reasonable e�enses incurred by Lender whbh in Lender's opinion are necessary at any tlme for the protection of ris interest or the
<br /> enforcement of iis rights shall become a part of the Indebtedness payable on demand and shall bear Interest at the Note rate from the date of
<br /> expenditure until repaid. Expenses covered by this paragraph include,without Gmitation, however subject to any limiis under applicable law,
<br /> Lender's attorneys'fees whether or not there is a lawsuit, including attwneys'fees for bankruptcy proceedings (Induding efforis to modi(y or
<br /> vacate any automatic stay or injunction), appeals and any anticipated post-judgment cdlecction services, the cost of searching records,
<br /> obtaining title reports (including foreclosure reports),sunreyors' reports,appraisal fees, title insurance, and fees for the Trustee, to the extent
<br /> permitted by applicable law. Trustor also will pay any court costs,in addition to all other sums provided by law.
<br /> Rights ot Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section.
<br /> POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee are part of this Deed of
<br /> Trust.
<br /> Powers of Trustee. In addition to all powers of Trustee arising as a matter of law,Trustee shall have the power to take the following acdons
<br /> with respect to the Property upon the written request of Lender and Trustor: (a)jan in preparing and flling a map or plat of the Real Property,
<br /> including the dedicaHon of streets or other rights to the public; (b)Jan in granting any easement or creating any restricHon on the Real Property;
<br /> and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this Deed of Trust.
<br /> Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights and remedies set forth above,
<br /> with respect to all or any part of the Property,the Trustee shall have the right to foreclose by notice and sale,and Lender shall have the right to
<br /> foreclose by judicial foreclosure,in either case in accordance with and to the full extent provided by applicable Iaw.
<br /> Succesaor Trustee. Lender,at Lend�'s option, may from time to time appant a successor Trustee to any Trustee appointed hereunder by an
<br /> instrument executed and acknowledged by Lender and recorded in the offlce of the recorder of HALL County,Nebraska. The instrument shal�
<br /> �'s :! � t t �``. � i� � � ��
<br />
|