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12/24/02 TUE 12:08 FAX 308 384 8568 CUNNINGHAM LAW OFFICE GI 0 004
<br />20030°0235
<br />E. Upon the occurrence of any default hereunder, BENEFICIARY shall have, in
<br />addition to such other options as may be granted herein, the further
<br />Option to foreclose this Deed of Trust in the manner provided by law for
<br />foreclosures of mortgagee on teal property.
<br />F. BENEFICIARY may from time to time substitute a successor Or successors t0
<br />any TRUSTEE named herein or acting hereunder. Upon such appointment, and
<br />without conveyance to the successor TRUSTEE, the latter shall be vested
<br />with all title, powers, and duties conferred upon any TRUSTEE herein named
<br />or acting hereunder. Each such appointment and substitution shall bo made
<br />by written instrument and executed by BENEFICIARY, cuntaining reference to
<br />this Deed Of Trust and its place of record, which, when recorded in the
<br />office of the Register of Deeds of the County or counties in which said
<br />property is situated, shall be conclusive proof of proper appointment of
<br />the Successor TRUSTEE. The foregoing power of substitution and the
<br />procedure therefor shall not be exclusive of the power and procedure
<br />provided for by law for the substitution of a TRUSTEE in the place of the
<br />TRUSTEE named herein.
<br />G. TRUSTORS covenant and agree that upon any attempted conveyance,
<br />assignment, pledge Or transfer of any of their interest in the premises
<br />during the term of the loan secured hereby, the BENEFICIARY shall have the
<br />option of declaring the unpaid balance immediately due and payable, and if
<br />said sum remains unpaid for ten (10) days thereafter, BENEFICIARY can
<br />Cause Notice of Default to be given and the premises be sold as provided
<br />herein.
<br />H. As additional and collateral aecurity for the loan, and effective
<br />forthwith upon filing of a Notice Of Default, this instrument Shall serve
<br />as an assignment by the TRUSTORB to the TRUSTEE, of all rents and revenues
<br />resulting from the property, and TRUSTEE is authorized to take possession
<br />of the property, rent or lease the tame on terms it deems best and to
<br />collect the rents and revenues and apply the same upon unpaid interest,
<br />principal, taxes Or insurance premiums Or for maintenance and preservation
<br />of the premises.
<br />I. The waiver by TRUSTEE or BENEFICIARY of any default of TRUSTORS under this
<br />Deed of Trust, on one occasion, shall not be or be deemed to be a waiver
<br />of any other or similar defaults subsequently occurring.
<br />J. If title to any part of the property herein shall be taken in condemnation
<br />proceedings, by right of eminent domain, or similar action, or shall be
<br />sold under threat Of condemnation, all awards, damages and proceeds are
<br />hereby assigned and shall be paid to the BENEFICIARY, who shall apply such
<br />payment, or any part thereof, in its sole discretion, to the sum due at
<br />that time on this need of Trust and Trust Deed Note, with any balance
<br />above the amount due hereunder payable to the TRUSTORS.
<br />K. The BENEFICIARY, its agents or representatives, are hereby authorized to
<br />enter, at any reasonable time, upon any part of the trust property for the
<br />purposes of inspecting the same and for the purpose of performing any of
<br />the acts it is authorized to perform under the terms of this Deed of Trust
<br />and other accompanying documents.
<br />L. This Deed of Trust and all accompanying documents are subject to,
<br />censtrueted and governed by the laws of the State Of Nebraska for all
<br />purposes.
<br />N. In the event any one or more of the provisions contained in this Deed of
<br />Trust, Trust Deed Note, or any other instrument given in connection with
<br />this transaction, shall for any reason be held to be invalid, illegal or
<br />unenforceable in any respect, such invalidity, illegality, or =enforce-
<br />ability shall, at the option of the BENEFICIARY, not affect any other
<br />provisions of this Deed of Trust or Trust Dead Note, but this need of
<br />Trust and Trust Deed Note shall be construed as if such invalid, illegal
<br />or unenforceable provision had never been Contained therein, it being the
<br />intention of the parties that the provisions of this Deed of Trust are
<br />declared to be severable,
<br />N. TRUSTORS hereby waive their right t0 designate the property subject to
<br />this Deed of Trust as a homestead under Neb. Rev. Star, a 40 -101 (Reissue
<br />1993).
<br />0. This Deed of Trust shall inure to and bind the heirs, devisees, personal
<br />representatives, successors and assigns of the parties hereto.
<br />The TRUSTORS request that a copy of any Notice of Default and of any Notice
<br />of sale hereunder be mailed to them at the address herein set forth, or such
<br />other address as they may provide to the TRUSTEE and BENEFICIARY. TRUSTORS
<br />acknowledge that as TRUSTORS, they understand that the document they are
<br />executing herein is a Deed of Treat and not a mortgage, and that the power of
<br />sale provided for in this Deed of Trust provides substantially different rights
<br />and obligations than a mortgage and in an event of default or breach of the
<br />obligations set forth herein, the TRUSTEE and the BENEFICIARY may take such
<br />action as herein provided, including the exercise of the power of sale.
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