|
DEED OF TRUST
<br />Loan No: 119827 20030286,8 (Continued) Page 5
<br />trust, pledge, lien, assignment or otherwise- Neither Me acceptance of this Dead of Trust nor its enforcement, whether W court action or
<br />pursuant to the power of sale or other powers contained in this Deed of Trust, shall prejudice or in any manner affect Trustee's or Lender's
<br />right to realize upon or enforce any other security now or hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and
<br />each of them, shall be enitletl to enforce this Dead of Trust and any other security now or hereafter held by Lender or Trustee in sixth order
<br />and manner as they or either of them may In their absolute discretion determine. No remedy conferred upon or reserved, to Trustee or
<br />Lender, is intended to be exclusive of any other remedy in this Dead of Trust or by law provided or permitted, but each shall be cumulative
<br />and shall be in Sudden to every other remedy given in this Deed of Trust or now or hereafter existing at law or in Nutty or by statute. Every
<br />power or remedy given by the Note or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise
<br />entitled, may be exercised, concurrently or independently, from time to time and as often as may be dammed expedient by Trustee or Lender,
<br />and either of them may pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as prohibiting LaMar from seeking a
<br />deficiency judgment against the Trustor to the extent such action is permitted by law. Election by LaMar to pursue any remedy shall not
<br />exclude pursuit of any other remedy, and an election to make expenditures or to rake action to perform an obligation of Trustor under this
<br />Dead of Trust, after Trusters failure to trade", shall not affect Lender's right to declare a default and exercise its remedies.
<br />Request for Notice. Trustor, on behalf of Truster and Lender, hereby requests that a copy of any Notice of Default and a copy of any Notice
<br />of Sale under this Dead of Trust be mailed to them at the addresses set forth in the first paragraph of this Deed of Trust.
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled
<br />to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is
<br />involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lenders opinion are cacsssary at any time
<br />for the protection of its interest or the enforcement of Its rights shall become a part of the Indebtedness payable w demand and shall bear
<br />interest at the Note rate from the date of the expenditure until repaid. Expenses covered by MIS paragraph include, without limitation,
<br />however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit,
<br />including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction),
<br />appeals, and any anticipated post- judgment collection services, the cost of searching records, obtaining lire reports (including foreclosure
<br />reports), surveyors' reports, and appraisal fees, title insurance. and fees for the Trustee, to the extent permitted by applicable law. Trustor
<br />also will pay any court costs, in addition to all other sums provided by law.
<br />Rights of Trust". Trustee shall have all of the rights and duties of Lender as set forth in this section.
<br />POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee are part of this Dead of
<br />Trust:
<br />Powers of Trustee. In addition to all powers of Trustee arising as a matter of law, Trustee shall have the power to fake the following actions
<br />with respect to the Property upon the written request of Lender and Truster: (a) join in preparing and filing a map or plat of the Real
<br />Property, including the dedication of streets or other rights to the public; (b) join in granting any easement or creating any restriction on the
<br />Real Property; and (c) join in any subordination or other agreement affecting this Dead of Trust or the interest of Lender under this Deed of
<br />Trust.
<br />Trustee. Trustee shall meet all qualifications required for Trustee under applicaNe law. In addition to the rights and remedies set forth
<br />above, with respect W all or any part of the Property, the Trustee shall have the right to foreclose by notice and sale, and Lender shall have
<br />the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent providetl by applicable law.
<br />Successor Trustee. Lender, at Lender's option, may from time to time appoint a successor Trustee to any Trustee appointed under this
<br />Dead of Trust by an instrument executed and acknowledged by Lender and recorded in the office of the recorder of Hall County, State of
<br />Nebraska. The instrument shall contain, in addition to all other matters required by state law, the names of the original Lender, Trustee, and
<br />Trustor, the book and page (or computer system reference) where this Deed of Trust is recorded, and the name and address of the
<br />successor trustee, and the instrument shall be executed and acknowledged by all the beneficiaries under this Dead of Trust or their
<br />successors in interest. The successor trustee, without conveyance of the Property, shall succeed to all the title, power, and duties conferred
<br />upon the Trustee in this Dead of Trust and by applicable law. This procedure for substitution of Trustee shall govern to the exclusion of all
<br />other provisions for substitution.
<br />NOTICES. Any notice required to be given under this Dead of Trust, including without limitation any notice of default and any notice of sale shall
<br />be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law),
<br />when deposited with a nationally recognized overnight courier, or, if mailed, when deposited In the United States mail, as first class, certified or
<br />registered mail postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust. All coplas of notices of foreclosure
<br />from the holder of any lien which has priority over this Dead of Trust shall be sent to Lender's address, as shown near the beginning'of this Dead
<br />of Trust. Any party may change its address for notices under this Deed of Trust by giving formal written notice to the other parties, specifying that
<br />the purpose of the notice is to change the party's address. For notice purposes, Trustor agrees to keep Lender informed at all times of Trustor's
<br />current adtlress. Unless otherwiso provided or required by law, if there is more than one Truster, any notice given by Lender to any Trustor is
<br />deemed to be notice given to all Trustors.
<br />ADDENDUM TO DEED OF TRUST. 1. Adjustment to the "Due on Sale- consent by Lender" clause: Change leasehdd term from (3) years to (5)
<br />years or more than 25% of the total leaseable square footage.
<br />2. Adjustment to the "Notice of Construction' clause: Change Notice from (15) days prior to work starting to (15) days and any amount over
<br />$10,000.00.
<br />3. Adjustment to Me 'Death or Insolvency" clause: Change verbiage from death of any partner to death of any partner Mat materially, financially, or
<br />managerially effects Me partnership.
<br />4. Adjustment to "Insecurity" clause: Change to read: If the Lender believes in good faith that the collateral has deteriorated in value or Me
<br />borrowers ability to repay the Ian to the Bank has become questionable, Me Bank may deem itself insecure.
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Dead of Trust:
<br />Amendments. This Dead of Trust, together with any Related Documents, constitutes the entire understanding and agreement of me parties
<br />as to the matters set form in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be affective unless given In writing
<br />and signed by Me party or parties sought to be charged or bound by the alteration or amendment.
<br />Annual Reports. If the Property Is used for purposes other Man Truster's residence, Trustor shall furnish u Lender, upon request, a ratified
<br />statement of not operating income received from the Property during Truster's previous fiscal year in such form and detail as Lander shall
<br />require. "Net operating income' shall mean all cash receipts from Me Property less all cash expenditures made in connection with the
<br />operation of Me Property.
<br />Caption Headings. Caption headings In this Dead of Trust are for convenience purposes only and are not to be used to interpret or define
<br />Me provisions of this Dead of Trust.
<br />Merger. There shall be no merger of Me interest or estate created by this Dead of Trust with any other interest or estate in the Property at
<br />any time held by or for Me benefit of Lender in any capacity, without Me written consent of Lender.
<br />Governing Law. This Deed of Trust will be governed by, construed and enforced in accordance with federal law and the laws of the
<br />State of Nebraska. This Deed of Trust has been accepted by Lender In the State of Nebraska.
<br />No Waiver by Lender. Lender shall not be deemetl to have waived any rights under MIS Dead of Trust unless such waiver is given in
<br />writing and signed by Lender, No delay or omission on no part of Lender in exercising any right shall operate as a waiver of such right or
<br />any other right. A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lenders right otherwise
<br />to demand strict compliance with Mat provision or any other prevision of MIS Deed of Trust. No prior waiver by Lender, nor any course of
<br />dealing between Lender and Trustor, shall constitute a waiver of any of Lender's rights or of any of Truster's obligations as to any future
<br />transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting of such consent by Lender In any instance
<br />shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
<br />granted or withhold in the sole discretion of Lender.
<br />Severabllity. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to any
<br />circumstance, Mat finding shall not make the offending provision Illegal, invalid, or unenforceable as to any other circumstance. If feasible,
<br />
|