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<br /> 25. Events of Defau/t. Each of the fol%wing occur�ences shall constitute an event of default hereunde�, (hereinafte�an "Event of Default"/:
<br /> (al Any amount payable under the Obligations secu�ed by this Deed of Trust is not paid when due, after giving effect to any applicable
<br /> grace period therein,
<br /> lbl T�usio�is otherwise in default under the terms of the Obligations,
<br /> (c) Trustor fails to obse�ve or perform any of the covenants, agreements, or conditions in this Deed of Tiust,
<br /> ld1 Any rep�eseniation o�warranty including, but not limited to, any wa��anty of title made by Trustoi in this Deed of Trust is false or
<br /> materially misleading, or
<br /> (eJ T�ustor sells or conveys ihe Trust P�operty, or any pa�t thereof, or any interest therein, or is divested of its title, or any interest
<br /> therein, in any manner or way, whether volunta�ily or involuniarily, without the p�ior written consent of Beneficiary.
<br /> 26. Acce%ration of Debt;Foiec%suie. Upon the occur�ence of any Event of Defau/t, or any time thereafter unti/such Event of Defau/t is
<br /> cured to the satisfaction of Beneficiary, Beneficiary may, at its option, declare all Obligations secured hereby immediately due and payable
<br /> and the same shall bear interest at the defau/t rate, if any, set forth in the Note or the default rate, if any, set forth in the most�ecent
<br /> obligation covered by the Guaranty, or otherwise at the highest rate permitted by law, and, irrespective of whether Beneficiary exe�cises
<br /> said option, it may, at its option and in its so%discretion, without any fu�ther notice or demand to or upon Trusto�, do one or more of
<br /> the following:
<br /> (aJ Beneficiary may enter upon, take possession of, manage and operate the Tiust Property or any part ihereof,•make repairs and
<br /> alte�ations and do any acts which Beneficiary deems proper to protect the secu�ity thereof, and either with o�without taking
<br /> possession, in its own name, sue for or otherwise col%ct and receive rents, issues and profits, including those past due and unpaid, and
<br /> apply the same, less costs and expenses of ope�ation and col%ction, including reasonable attorneys'fees and Beneficiary's costs, upon
<br /> the Obligations secured he�eby and in such orde�as Beneficiary may dete�mine. Upon request of Beneficiary, Tiustor shall assemble and
<br /> sha//make avai/ab/e ro Beneficiary any of the Trust Property w/aich has been removed. The entering upon and taking possession of the
<br /> Trust Property, the collection of any rents, issues and profits, and the application thereof as aforesaid, sha!!not cure or waive any
<br /> default theretofore or thereaJte�occurring, or affect any notice of default or notice of sale hereunde�o�invalidate any act done pu�suant
<br /> to any such notice. Notwithstanding Beneficia�y's continuance in possession o��eceipt and application of�ents, issues o�profits,
<br /> Beneficiary shall be entitled to exe�cise every�ight provided for in this Deed of T�ust or by law upon or after the occunence of an Event
<br /> of Default, including the right to exercise the power of sale. Any of the actions refer�ed to in this Section may be taken by Beneficiary at
<br /> such time as Beneficiary may determine without regard to the adequacy of any security for the Obligations secured hereby.
<br /> (b/ Beneficiary shall, without regard to the adequacy of any security for the Obligations secured hereby, be entitled to the appointment
<br /> of a receivei by any court having jurisdiction, without notice, to take possession of,p�otect, and manage the Trust Prope�ty and operate
<br /> the same and collect the rents, issues and profits the�ef�om.
<br /> lcl Beneficiary may bring any action in any court of competent jurisdiction to forec%se this Deed of T�ust o�enfo�ce any of the
<br /> covenants hereof.
<br /> ldJ Beneficiary may elect to cause the T�ust P�operty or any part thereof to be sold under the power of sale, and in such event,
<br /> Beneficiary or Trustee sha//give such notice of defau/t and notice of sa/e to each party to this Deed of Tiust by mai/at the address set
<br /> forth herein and any other notice which may be then required by/aw. Thereafter, upon the expiration of such time and the giving of
<br /> such notice of sale as may then be required by law, T�ustee, at the time and p/ace specified by the notice of sale, shall sell such Trust
<br /> P�operty, or any part thereof specified by Beneficia�y at pub/ic auction to the highest bidder for cash in/awfu/money of the United
<br /> States of America. Upon�eceipt of payment of the bid p�ice, Trustee shall apply the proceeds in the fol%wing orde�: /i/ to the cost and
<br /> expenses of exercising the power of sale and of the sale, including but not limited to, trustee's fees of not more than 5500.00 plus
<br /> one-half of one percent of the gross sale price, and reasonable attorneys'fees, (ii) to the Obligations, and(iiiJ the excess, if any, to the
<br /> person or pe�sons/egally entitled thereto.
<br /> All costs and expenses incurred by Beneficiary in enforcing any�ight unde�this Deed of Trust, including without limitation, abstract or title
<br /> fees, app�aisal fees,premiums for title insurance, attorneys'fees and court costs, shall be and constitute Obligations secured hereby.
<br /> 27. Duties of Tiustee. Tiustor agrees that:
<br /> /aJ The duties and ob/igations of T�ustee sha//be determined so%/y by the express provisions of this Deed of Trust and Trustee sha//not
<br /> be/iab/e except for the performance of such duties and ob/igations as are specifica//y set forth herein, and no imp/ied covenants or
<br /> obligations shall be imposed upon Trustee,
<br /> (b) No piovision of this Deed of Trust shall require Trustee to expend or risk its own funds, or otherwise incur any financial obligation in
<br /> the performance of any of its duties he�eunder, or in the exeroise of any of its rights or powers,
<br /> lcl Trustee may consult with counsel of its own choosing and the advice of such counsel shall be full and complete authorization and
<br /> protection in the respect of any action taken or suffered by it hereunder in good faith and�eliance thereon, and
<br /> ldl T�ustee shall not be liable for any action taken by it in good faith and�easonably believed by it to be autho�ized or within its
<br /> discretion or rights o�powers confened upon it by this Deed of Trust.
<br /> 28. Security Agreement and Fixture Fi/ing. Fiom the date of its�ecording, this Deed of T�ust shall constitute a secu�ity agreement and
<br /> fixture filing under the provisions of the Nebraska Uniform Comme�cia/Code with respect to ihose fixtures described in ihe preambles hereof
<br /> as constituting a part of the T�ust Properiy, together with all othe�property of Tiustor, either similar or dissimilar to the same, now or
<br /> hereafter located at o�on the Tiust Prope�ty. For this purpose, the following information is set forth:
<br /> la) Name and Address of Debtor/Trustor: (b) Name and Address of Secured Party/Beneficia�y:
<br /> Michael Hieb and Gail Hieb Norwest Bank Nebraska, National
<br /> Association
<br /> 313 E 3rd Street 202 West Third Street
<br /> ALDA, NE 688100118 Grand Island, NE 68801
<br /> lc)Debtor's Social Security Number/Federal Taxpa ye�l.D. Number 5 0 6 8 4 0 4 O 1
<br /> (dl This document covers goods which are or are to become fixtures.
<br /> lel The nam.e of the record awns�of the Trust P,�operty is the Debtor,!Trus.*o�described above.
<br /> 29. Future Advances. Beneficiary, at Beneficiary's option,prio�to full reconveyance of the Trust Property by Trustee to Trustor, may make
<br /> future advances to Trustor. Such future advances, with interest thereon, shall be secu�ed by this Deed of Trust. At no time sha//the principa/
<br /> amouni of the Obligations secured by this Deed of Trust, not incJuding sums advanced to protect the secu�ity, exceed the total sum of
<br /> S_$8 200.00
<br /> Nothing herein contained shall imply any obligation on the part of the Beneficiary to make any such additional advances.
<br /> Advances of disbursements made by Beneficiary to protect the security, under the terms he�eof, whi/e discretionary, sha//not be deemed to
<br /> be optional advances.
<br /> 30. Reconveyance. Upon payment of all Obligations secured by this Deed of Trust, Beneficiary shall�equest Trustee to reconvey the Trust
<br /> Property and shall sunender this Deed of Tiust and all notes evidencing Obligations secured by this Deed of Trust to Trustee. Trustee shall
<br /> reconvey the T�ust Property without warranty and without cha�ge to the pe�son or persons legally entitled thereto. Such person or persons
<br /> shall pay all costs of recordation, if any.
<br /> 31. Substitute Trusfee. Beneficiary, at its option, may f�om time to time remove T�ustee and appoint a Successo� Trustee to any Trustee
<br /> appointed hereunde�by an instrument recorded in the county in which this Deed of Tiust is reco�ded. Without conveyance of the Tiust
<br /> Property, the Successor Trustee shall succeed to all title,power and duties conferred upon Trustee he�ein and by applicable law.
<br /> 32. Misce//aneous Rights of Beneficiary. Beneficiary may at any time and from time to time, without notice, consent to the making of any
<br /> plat of the T�ust P�operty or the creation of any easement the�eon o�any covenants restricting use or occupancy thereof o�agree to alter or
<br /> amend ihe terms of this Deed of Tiust. Any pe�sonal property remaining upon the Tiust Property afte�the Trust Property has been possessed
<br /> or occupied by Beneficiary, its agent or any purchaser fol%wing Trustee's sale or foreclosure, or under any deed in lieu of Trustee's sale or
<br /> foreclosure, shall be conclusively p�esumed to have been abandoned by Trustor.
<br /> 33. Trusior hereby�equests that a copy of any notice of defau/t and notice of sa/e made o�executed by Trustee pursuant to the provisions
<br /> hereof be sent to Trustor at its mailing address set forth above.
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