|
- + .,. . ,, , 99 111533
<br /> ' 11. �venls o[llefault.� 'I'lie !'ollowing ahall constituta an Lvcut of llefault w►dcr tlda UeeJ of Trust:
<br /> • (a) Pailure to pay any Inslallment of prit�cipal or (nterest of aoy otl�er eu►n secureQ l�ereby wl�eu due;
<br /> � (b) A breach of or default under any provision coutaiued in tlie Nota, thie Ueed of Trust, any of tl�e Loan lustruments, or
<br /> �any otl�er llen or encumbrance upon U�e Property;
<br /> (c) A writ of execution or altacl�ment or any almilar process sl�all be entered against Trustor wlilcli sl�all become a lien on
<br /> the Property or any portion tl�ereof or interest tLerel�►; •
<br /> (d) There etiall be filed by or agalnst Trustor or Borrower an action under any present or future federal, statc or oUier
<br /> ' statutc, law or regulation relating to bankruptcy, insolvency or otl�er relief for deblors; or tliera sliall be appointed any trustee�
<br /> •receiver or liquidator of Trustor or IIorrower oc of all or any part of llie Property, or the rents, issues or profits U�creof. or
<br /> Trustor or Borrower sl�all make any general assignme�it for tl�e benefit of creditora;
<br /> (e) The sale, transfer, lease, assignment, conveyance or furtl�er encumbrance oF all or any part of or any interest in Qie
<br /> Property, either voluntarily or lnvoluntarily, witl�out tl�e express written consent of Lender; provided tl�at Trustor sl�all be
<br /> permitted to ezecute a lease of tl�e Property that does not contain an option to purcl�ase and tlte term of wl�[ch does not ezceed
<br /> one year; �. i � .. . .
<br /> (� Abandonment+of Uie Property; or '
<br /> ' (g) If Trustor is not aii Individual, tl�e lssuance, sale, iransfer, assignment, conveyance or encutnbrance of more than (if a
<br /> corporation) a total of N/A percent of lts issued ai�d outstanding stock, or (if a partuership) a total of N(p percent
<br /> of partnership interes�s, or(if a limited Hability compnny) a totaf of N�A percent of tl�e Umited llability company iuterests
<br /> or voting righls during the period this Deed of Trust remains a lien o��the Property.
<br /> (li)If tlu obligatfon secured I�ereby is guaranteed in wl�ole or in part by tl�e Parmera 11ome Adminlatretion, borrower furtl�er
<br /> agrees tliat tl�e loan(s) secured by tl�is Insirument will I�e in default sl�ould any loan proceeds ba used for a purpose tliat will
<br /> contribute to excessive eroslon of l�ighly erodible land or to Uie converslon of wetland to produce or to make possible tl�e
<br /> production of an agricultural commodity, es furtlier explalned In 7 CPR I'art 1940, SuUpart a, Cahiblt M.
<br /> 12.Remedlesi Accelerntlon Upon Uefault. In the event of nny L�vent of Default Lender may, wiQ►out nodco except as requlred
<br /> by law, declare all Indebtedneas aecured hereUy tn be duo nn�i 4�nyebla and ti�o eamo el�alf thercupon becomo duo and payable
<br /> without any prescnUncnt, demend, protcet or notice of eny klnd. 7'I►ereafter Leuder may; '
<br /> (a) Uemand that '1'ruatee exerclae the POWL�R OF 5AL[3 grauted hereln, and Truetee el�all thereatler caueo Trustor'a (nterest
<br /> In Ihe Property to Ue eold and tho proceecis to bo distributed, all in tho manner providecl in tl�o Nebraeka Truat Deede Act;
<br /> (b) L+xercise any and all right� proviJed for In nny of tlio Loan Inetru�ncuts or by law upon occurronce of any IIvent of
<br /> Uefault; and
<br /> (c) Commence an acllon to foreclose llde Uced of'1'ruat ne a nu�rlgago, appolnt a receiver, or epecl[ically enforco any of tho
<br /> covonents hereof. �
<br /> No remedy I�erein conferred upon or reserved to Trustee or Lender is Intended to be exclusive of any otlier remedy I�erein, 1n tl�e
<br /> Loan Instn�ments or by law provided or perniltted, but eacli shall ba cumulative, sl�all Ue ln addldon to every otl�er remedy given
<br /> hereunder, in ilie Loan Instruments or now or I�erea[ter existiii�g et law or in eyuity or by statute, and may be exerclsed concurrently
<br /> independently or successively. , ', i
<br /> 13.'I�rustee. 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 Nable to eny party, including without Ilmitatfon Lender, Borrower, Trustor or
<br /> any purchaser of tl�e Property, for any loss or damage unless due to reckless or willful misconduct, and sl�all not be required to take
<br /> any action in connectlon with U�e enforcement of this Deed of Trust unless indemnified, in writing. for ali costs, comperisation or
<br /> expenses wl�ich may be associated tl�erewitl�. In addition, Trustee may Uecome a purcl�asec at any sale of the Property (judicial or
<br /> under U�e power of sale granted herein); postpone Q�e 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 dlscretion.
<br /> 14.Fees and Expenses. In the event Trustee sells the Property by exercise of power of sale� Truslee st�all be entitled to appiy
<br /> any sale proceeds first to payment of all costs and expenses of eaercising power of sale, including all Trustee's fees, and Lender's
<br /> and Trustee's attorney's fees, actually incurred to exteut permitted by applicaUle law. ln tl�e event Borrower or Trustor eaercises
<br /> any right provided by law to cure an Event of Default, Lender sl�all be entitled to recover from Trustor all costs and eapenses
<br /> actually incurred as a result of Tcustor's default, including witl►out limitation all Trustee's and attorney's fees, to Uie extent
<br /> permitted by applicable law.
<br /> 15.Future Advances. Upon reqaest of IIorrower, Lender may, at its oplion, tnake additional and futura advances and
<br /> readvances to Borrower. Such advances and readvances, with interest thereon, shall be secured Uy this Deed of Trust. At no time
<br /> � shall the principal amount of the indebtedness secured by this Deed of Trust, not lncluding sums aJvanced to rotect d�e security of
<br /> tl�is Ueed of Trust, exceed Uie aggregate of We original principal amounts stated herein, or $ 725,00�00 �
<br /> whichever ls greater. .
<br /> • 16.Misc�laneous Provislons.
<br /> (a) Borrower Not Released. Extension of the lime G�r payment or modificedon of amordzadon of the sums secured by this
<br />� Deed of 7'rust granled by i,ender to any auccessor in loterest oF I3orrower sl�all not operate to release, ii� any mauiur, the
<br /> liabilily�of U�e original Dorrower and I3orrower's successora lii lulerest. Leuder al�all not be required to cominenca proceedings
<br /> against such successor or refuse to extend time Cor payment or olhecwis�tnodify amortization of tlte sums secured by diis Ueed
<br /> of Trust by rcason of any demands made by tl►e original I3orrower aud 13orrower's successore in Intereat.
<br /> (b) I.ender's Powere. Will�out affecting tl�e liability of any otl�er person liable for tl►e payment of any obligation liereln
<br /> men�ioned, and wltl�out aCfecting tl�e lien or charge of this Deed of Trust upoti any porlion of the Property not d�en or
<br /> tl�erotoforo released as aecurity for tl�e full amount of All unpaid oUligatiot�s, Lender may, fro�n dmc to dmc and witl�out notice
<br /> (i) release any person so IiaUle, (ii) extend tl�e malurity or alter any of tl�e terma of any such obUgatlons, (iii) grant other
<br /> indulgences, (iv) release or reconvey, or cause to t�e released or recouveyed at ay time at Lender's optlon any parcel, portion or
<br /> all of tl�e Property, (v) take or release any otlier or additional securlty for any obligation lierein mentloned, or (vi) make
<br /> compositions or otl�er arrangements wiW debtors ln relation tl�ereta , ,
<br /> (c) Forbearance by Lender Not a Waive'r. Any forbearance by Le��der in exercising any right or remedy hereunder, or
<br /> otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such cight or remedy. The
<br /> procurement of insurance or the payment of taxes or otl►er liens or cl�arges by Lender shall not be a waiver of Lender's right to
<br /> accelerate U�e maturity of the indebtedness secured by tl�is Deed of Trust. �
<br /> (d) Successora and Ass(gns Bound;Joint and Several Llability; Capttons. Tlie covenants and agreements l�erein contained
<br /> shall bind, and the rights hereunder ahali inure to, tl�e respective successdrs and assigns of Lender and Trustor. All covenants
<br /> and agreements of Triastor shall be joint and several. Tl�e captions and I�eadings of tl►e paragraphs of this Deed of Trust are for
<br /> convenience only and are not to be used to interpret'br de(ine tl�e provfsions hereof.
<br /> (e) Request for Notices. The parlies hereby request tt�at a copy of any notice of default hereunder and a copy of any notice
<br /> of sale l�ereunder be mailed to eacl� party to tl�is Deed of'Crust at d�c address set fortl� abovc in tl�c manner prescribed by
<br /> • appliceble law. Except for any other notice reyuired ►mder applicabla Isw to ba given In another manner, any notice provided i
<br /> for in this Deed of Trust ehall be given Uy mailing such nodce by ccrtifled mail aJJressed to tl�c otl�er pardes, at Uie address set
<br /> forUi above. Any notice provided for in tl�is Deed of'I'rust sl�all be effective upon mailing in tl�e manner designated i�erein. If
<br /> Trustor is more ihan one person, nodce sent to the address set forth above ahall be notice to all auch peraons. �
<br /> (Q Inspectlon. Lender may make or causc to be mada reasonable entries upon and inspections of tl�e Property, provided
<br /> tl�at L.ender al�all give Trustor notice prior to any sucl� inspectlon specifying reasonaUle cause'tl�erelor related to Lender'a
<br /> Intereatin U�o Property, � � '
<br /> (g) Reconveyance. Upon payment of all sums securecl Uy tlils Deed of Trust, LenJer sliall request Truatec to reconvey the
<br /> Property and sl�ali surrcnder tlde Deed oF Trust nnJ all uotos eviclencing Indehtecinesa eecured by ttite Deed oP Truet to Truetee,
<br /> Trustee sl�all reconvey tlie Property witl�out wnrranty.nncl witl�out cliarga ta tl�c h8�80f1 O� pC�80(18 Icgaliy entitled tliereto.
<br /> Trustor ahall pay all costs of rocordatlon, If any. ' , �
<br />�
<br />
|