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11-24-1999 DEED OF TRUST ; Page 6
<br /> Loan No 765682 9 9 1115 71 (Continued) s g � � '
<br /> applicable law.
<br /> DEFAULT. Each of the following,at the option of Lender,shall Constitute an event of default("Event of Default")under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Bonower to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor withi�the fime required by this Deed of Trust to make any payment for taxes or insurance, or
<br /> any other payment necessary to prevent flling of or to effect discharge of any lien.
<br /> Compllance Default. Failure of Trustor or Borrower to comply with any other term,obligation,covenant or condition contained in this Deed of
<br /> Trust,the Note or in any of the Related Documents.
<br /> False Statements. Any warranty,representation or statement made or furnished to Lender by or on behalf of Trustor or Borrower under this
<br /> Deed of Trust,the Note or the Related Documents is false or misleading in any material respect,either now or at the time made or furnished.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Trustor or Borrower or the dissolution or termination of Trustor or Borrower's existence as a going business,
<br /> the insolvency of Trustor or Borrower, the appointment of a receiver for any part of Trustor or Borrower's property, any assignment for the
<br /> benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or
<br /> against Trustor or Borrower.
<br /> Foreclosure,Forteiture,etc. Commencement of foreclosure or forfeiture proceedings,whether by judicial proceeding,self—help,repossession
<br /> or any other method,by any creditor of Trustor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding,provided that Tirustor gives Lenoer written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> Breach of Other Agreement. Any breach by Trustor or Borrower under the terms of any other agreement between Trustor or Borrower and
<br /> Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness
<br /> or other obligation of Trustor or Bonower to Lender,whether existing now or Iater.
<br /> Events Aifecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent,or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness.
<br /> Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender b�lieves the prospect of payment or
<br /> performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> bcisting Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property.
<br /> RIGFITS AND REMEDIES ON DEFAULT. Upon the occunence of any Event of Default and at any time thereafter,Trustee or Lender,at its option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleration upon Default; Additional Remedies. If any event of default 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 without
<br /> any presentment,demand,protest or notice ot 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,marketability or rentability of the Property,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 Properly,sue for or otherwise collect the rents,issues a�d profits of the Property, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation and collection,including attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking possession of the Property,the collection
<br /> of such rents,issues and profits,and the application thereof shall not cure or waive any default or notice of default under this Deed of Trust
<br /> or invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstanding the continuance in
<br /> pcsssegsio� ct#he Propert} or�ha caieet:on, ra„^eipt-snd application of r�nts, issues or pronts, Trustee or Lc�nder sr�ail be entitted to
<br /> exercise every right provided for in the Note or the Related Documents or by law upon the occurrenae of any event of default,including the
<br /> right to exercise 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 for 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 filed for record in the appropriate offices of the County in
<br /> which the Properiy is located;and
<br /> (d) With respect to all or any pa�t of the Personal Properly, Lender shall have all the rights 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 contained,Lender shall notify 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 receipt of such notice from Lender,Trustee shall cause to be recorded,published and delivered to Trustor such Notice of Default
<br /> and Notice of Sale as then required by Iaw and by this Deed of Trust. Trustee shall, without demand on Trustor,after such time as may
<br /> then be required by law and after recordation of such Notice of Default and after Notice of Sale having been given as required by law,sell
<br /> the Property at the time and place of sale fixed by it in such Notice of Sale,either as a whole, or in separate lots or parcels or items as
<br /> Trustee shall deem expedient,and in such order as it may determine, at public suction 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 su�cient 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
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