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2003o5038 <br />Property; (e) to complete any Alteration or Restoration in progress on the <br />Property at the expense of the Grantor at reasonable and customary cost or at such <br />cost previously agreed to by the Grantor, and (f) to apply all income of the <br />Property less the necessary or appropriate expenses of collection thereof, either <br />for the operation, care and preservation of the Property, or, at the election of the <br />Person exercising the rights under this Section in its sole discretion, as provided in <br />Section 14 of the Pledge Agreement. The Person exercising the rights under this <br />Section is also hereby granted full and complete authority while an Event of <br />Default has occurred and continuing; (g) to employ watchmen to protect the Trust <br />Property; (h) to continue any and all outstanding contracts for the erection and <br />completion of Improvements to the Property; (i) to make all necessary and proper <br />repairs, renewals, replacements, alterations, additions, betterments and <br />improvements to the Property that, in its sole discretion, it may deem appropriate; <br />0) to insure and reinsure the Property for all risks incidental to the Beneficiary's <br />possession, operation and management thereof; (k) to make and enter into any <br />contracts and obligations wherever necessary in its own name for the operation, <br />care and preservation of the Trust Property, and (1) to pay and discharge all debts, <br />obligations and liabilities incurred thereby, all at the expense of the Grantor, and <br />the Person exercising the rights under this Section shall not be liable to account <br />for any action taken hereunder, and shall not be liable for any loss sustained by <br />the Grantor resulting from any act or omission of such Person, except to the <br />extent such loss is caused by such Person's willful misconduct or gross <br />negligence. All such expenditures by the Person exercising the rights under this <br />Section shall be Secured Obligations hereunder. <br />Section 5.04. Foreclosure; Receiver. While an Event of Default has <br />occurred and is continuing, the Trustee and/or Beneficiary (as applicable), with or <br />without entry, shall also have the following rights: <br />(a) to institute a proceeding or proceedings, by advertisement, judicial <br />process or otherwise, as provided under applicable law, for the complete or partial <br />foreclosure of this Deed of Trust or the complete or partial sale of the Trust <br />Property under the power of sale hereunder or under any applicable provision of <br />law; <br />(b) to foreclose this Deed of Trust judicially or by nonjudicial trustee's <br />sale thereby sell the Trust Property and all estate, right, title and interest of the <br />Grantor therein, as a whole or in separate parcels, at one or more sales, at such <br />time and place and upon such terms and conditions as may be required by <br />applicable law; <br />(c) to take such steps to protect and enforce its rights, whether by <br />action, suit or proceeding in equity or at law, for the specific performance of any <br />provision in the Security Documents, or in aid of the execution of any power <br />herein granted, or for any foreclosure hereunder, or for the enforcement of any <br />other appropriate legal or equitable remedy the Beneficiary shall elect; <br />28 <br />(NY) 04675/ 120 /REAL/NEBRASKA/form.dot.NE.doc <br />