|
DEED OF TRUST
<br />Loan No: 776244 2003000.69' (Continued). Page s
<br />Default on Other Payments. Failure of Truster within the time required by this Deed of Trust to make any payment for taxes or insurance, or
<br />any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Truster or on Trustors behalf under this Dead
<br />of Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes
<br />false or misleading at any time thereafter.
<br />Detective Collafemlii¢ Lion. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure of any
<br />collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The death of Tmstor, the insolvency of Truster, the appointment of a receiver for any part of Trustor's property, any
<br />assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br />insolvency laws by or against Truster.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help,
<br />repossession or any other method, by any creditor of Truster or by any governmental agency against any property securing the
<br />Indebtetlness. This includes a garnishment of any of Trustor's accounts, including deposit accounts, with Lander. However, this Event of
<br />Default shall not apply if there is a good faith dispute by Trustor as to the validity or reasonableness of the claim which Is the basis of the
<br />creditor or localure proceeding and if Truster gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender
<br />monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an
<br />adequate reserve or band for the dispute.
<br />Breach of Other Agreement. Any breach by Truster under the terms of any other agreement between Truster and Lender that is not
<br />remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Truster to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
<br />of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes
<br />the validity of, or liability under, any Guaranty of the indebtedness. In the event of a death, Lender, at its option, may, but shall not be
<br />required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner sefisfactory to
<br />Lender, and, in doing so, cure any Event of Default.
<br />Adverse Change. A material adverse change occurs in Trustor's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaled.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Right to Cure. If such a failure is curable and if Truster has not been given a notice of a breach of the same provision of this Deed of Trust
<br />within the preceding twelve (12) months, It may be cured (and no Event of Default will have occurred) if Truster, after Lender series written
<br />notice demanding cure of such failure: (a) cures the failure within fiffeen (15) days; or (b) if the cure requires more than fifteen (15) days,
<br />immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient
<br />to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Dead of Trust, at any time thereafter, Trustee or Lender may
<br />exercise any one or more of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby, Lender
<br />may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and
<br />payable without 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 send and
<br />without regard to the adequacy of its 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 of the Properly or interest in the Property; Increase the income from the Property or protect the security of
<br />the Properly; and, with or without taking possession of the Property, sue for or otherwise collect the rents, Issues and profits of the
<br />Property, including those past tlue and unpaid, and apply the same, less costs and expenses of operation and collection afforneys'
<br />fees, to any Indebtedness secured by this Dead of Trust, all in such order as Lander may determine. The entering upon and taking
<br />possession of the Property, the collection of such rents, Issues and profits, and the application thereof shall not cure or waive any
<br />default or notice of default under this Deed of Trust or invalidate any act done in response to such default or pursuant to such
<br />notice of default; and, notwithstanding the continuance in possession of the Property or the collection, receipt and application of
<br />rents, issues or profits, Trustee or Lander shall be entitled to exercise every right provided for in the Note or the Rather!
<br />Documents or by law upon the occurrence of any event of default, including the 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
<br />covenants hereof; and
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of tlefault and election to cause
<br />Trustor's interest in the Property to be sold, which notice Trustee shall cause to be duly filed for record in the appropriate offices of
<br />the County in which the Property is located; and
<br />dh With respect to all or any pad of the Personal Property, Lender shall have all the rights and remedies of a secured party under
<br />the Nebraska Uniform Commercial Cade.
<br />Foreclosure by Power of Sale. If Lander elects to foreclose by exercise of the Power of Sale herein contained. Lender shall notify
<br />Trustee and shall deposit with Trustee this Dead of Trust and the Note and such receipts and evidence of expenditures made and
<br />secured by this Deed of Trust as Trustee may require.
<br />(a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Truster such Notice
<br />of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on Truster, after
<br />
|