|
DEED OF TRUST 200302070
<br />Loan No: 1657469 (Continued) Page 4
<br />becomes false or misleading at any time thereafter,
<br />Defective Collateralization. This Dead of Trust or any of the Related Documents ceases to be in full force and effect ,including fallurc
<br />of any 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 Truster, the insolvency of Trusts, the appointment of a receiver for any part of Truster 'a property,
<br />any assignment for the benefit of creditors, any type of creditor workout. or the commencement of any proceeding under an
<br />bankruptcy or insolvency laws by or against Trustor.
<br />Creditor of. Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help,
<br />repossession or any other method, by any creditor of Trustor or by any governmental agency against any property orm ring the
<br />Indebtedness. This includes a garnishment of any of Trustois accounts, Including deposit accounts, with Lender. However, thi
<br />Event of Default shall not apply if there is a good faith dispute by Trustor as to the validity or reasonableness of the claim which Is thy:
<br />basis of the creditor or forfeiture proceeding and If Trustor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in Its col',
<br />diatomite, as being an adequate reserve or bond for lire dispute.
<br />Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not
<br />remedied within any grace period provided therein, Including without limitation any agreement concerning any Indebtedness or cthr�
<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
<br />party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or
<br />revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its Option,
<br />may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty In
<br />a manner satisfactory to Lender, and, In doing so, cure any Event of Default.
<br />Adverse Change. A material adverse change occurs in Trustar's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender In good faith believes Itself insecure.
<br />Right to Cure. If such a failure Is curable and If Trustor has not been given a notice of a breach of the same provision of this Decd of
<br />Trust within the preceding twelve (12) months, it may be cured land no Event of Default will have occurred) if Trustor, after Lender
<br />ands written notice demanding cure of such failure: la) cures the failure within fifteen J1 5) days; or lb) If the cure requires more
<br />than fifteen (151 days, immediately Initiates steps sufficient to cure the failure and thereafter continues and completes all mesonahlo
<br />and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br />may 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.
<br />Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become
<br />due and payable without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />la) [,that in person or by agenr with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br />without regard to the adequacy of Its security, enter upon and take possession of the Property, or any part thereof, in its
<br />own name or in the name of Trustee, and do any acts which It deems necessary or cl slrable to preserve the value,
<br />marketability or rentability OI the Property, or part of the Property or interest in the Property; Increase the Income from the
<br />Property or protect the security at the Properly; and, with or without taking possession of the Property, sue for or otherwise
<br />collect the rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less costs and
<br />expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed of Trust, all in such Order at
<br />Lender may determine. The entering dean and taking possession of the Property, the collection of such rents, issues
<br />profits, and the application thereof shall not cure or waive any default or notice of default under this Deed of T rest u
<br />invalidate any act done in response to such default or pursuant to such notice of default, and, notwithstanding the
<br />untinuance In possession of the Property or the collection, receipt and application of rents, Issues or profits, Trustee or
<br />Lender shall be entitled to exurpon every right provided for In the Note or the Related Documents or by law upon the
<br />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 loci and
<br />Icl Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to
<br />cause Trustar's interest in the Property to be sold, which notice Trustee shall cause to be duly filed for record In the
<br />appropriate offices of the County in which the Property is located; and
<br />Idl With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br />under the Nebraska Uniform Commercial Code.
<br />Foreclosure by Power of Sale. If Lender clerics to foreclose by exercise of the Power of Sale herein contained, Lender shall notinv
<br />Trustee and shall deposit with Tmsteo this Deed of Trust and the Note and such receipts and evidence of expenditures made al
<br />secured by this Deed of Trust as Trustee may require.
<br />Is) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Trustor such
<br />Notice of Default and Notice of Sale as then required by law and by this Dead of Trust. Trustee shall, without demand Uri
<br />Trustor, after such time as may then be required by law and after recordation of such Notice of Default and after Notice of
<br />Sale having been given as required by law, sell the Property at the time and place of sale fixed by it In such Notice of Sale,
<br />either as where, or in separate lots or parcels ar items as Trustee shall deem expedient, and In such order us It may
<br />determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof Its good and sufficient deed or deeds conveying the property so
<br />sold, but without any c ant o warranty, express or implied, The recitals In such deed of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee, or Lender, may
<br />purchase at such sale.
<br />Ih) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, Including costs or
<br />evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of lit all sums expended under
<br />the terms of this Deed of Trust or under the terms of the Note not than repaid, including but not limited to accrued interest
<br />and ,ate charges, liil all other sums then secured hereby, and (iii) the remainder, 11 any, to the person or persons legally
<br />entitled thereto.
<br />It) Trustee may in the manner provided by law postpone sale of all or any portion of the Property
<br />Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and performance of any
<br />indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers under this Decd of Trust, under the
<br />Note, under any of the Related Documents, or under any other agreement or any laws now or hereafter in force; notwithstanding,
<br />some or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether
<br />by mortgage, dead of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor Its enfornemem,
<br />whether by court action or pursuant to the power of sale or other powers contained in this Deed of Trust shall prejudice or in any
<br />manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by Trustee or Lender, r.
<br />or agreed that Trustee and Lender, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or
<br />hereafter held by Lender or Trustee In such order and m er as they or either of them may in their absolute discretion determine. No
<br />remedy conferred upon or reserved to Trustee or Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by
<br />law provided or permitted, but each shall he cumulative and shall be in addition to every other remedy given in this Deed of Trust or
<br />now or hereafter existing Of law or In equity or by statute- Every power or remedy given by the Note or any of the Related Documents
<br />
|