|
200202020
<br />therein provided, to costs of managing, protecting and preserving the Property and to any other necessary
<br />related expenses including Lender's attorneys' fees and court costs.
<br />Grantor agrees that this assignment is immediately effective between the parties to this Security Instrument
<br />and effective as to third parties on the recording of this Security Instrument. This assignment will remain
<br />effective until the Secured Debts are satisfied. Grantor agrees that Lender is entitled to notify Grantor or
<br />Grantor's tenants to make payments of Rents due or to become due directly to Lender after such recording,
<br />however, Lender agrees not to notify Grantor's tenants until Grantor defaults and Lender notifies Grantor of the
<br />default and demands that Grantor and Grantor's tenants pay all Rents due or to become due directly to Lender.
<br />On receiving the notice of default, Grantor will endorse and deliver to Lender any payments of Rents.
<br />Grantor warrants that no default exists under the Leases or any applicable landlord law. Grantor also agrees to
<br />maintain, and to require the tenants to comply with, the Leases and any applicable law. Grantor will promptly
<br />notify Lender of any noncompliance. If Grantor neglects or refuses to enforce compliance with the terms of the
<br />Leases, then Lender or Trustee may opt to enforce compliance. Grantor will obtain Lender's written
<br />authorization before Grantor consents to sublet, modify, cancel, or otherwise alter the Leases, to accept the
<br />surrender of the Property covered by such Leases (unless the Leases so require), or to assign, compromise or
<br />encumber the Leases or any future Rents. If Lender acts to manage, protect and preserve the Property, Lender
<br />does not assume or become liable for its maintenance, depreciation, or other losses or damages, except those
<br />due to Lender's gross negligence or intentional torts. Otherwise, Grantor will hold Lender harmless and
<br />indemnify Lender for any and all liability, loss or damage that Lender may incur as a consequence of the
<br />assignment under this section.
<br />13. DEFAULT. Grantor will be in default if any of the following occur:
<br />A. Payments. Grantor fails to make a payment in full when due.
<br />B. Insolvency. Grantor makes an assignment for the benefit of creditors or becomes insolvent, either
<br />because Grantor's liabilities exceed Grantor's assets or Grantor is unable to pay Grantor's debts as they
<br />become due.
<br />C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br />D. Failure to Perform. Grantor fails to perform any condition or to keep any promise or covenant of this
<br />Security Instrument.
<br />E. Other Documents. A default occurs under the terms of any other transaction document.
<br />F. Other Agreements. Grantor is in default on any other debt or agreement Grantor has with Lender.
<br />G. Misrepresentation. Grantor makes any verbal or written statement or provides any financial information
<br />that is untrue, inaccurate, or conceals a material fact at the time it is made or provided.
<br />H. Judgment. Grantor fails to satisfy or appeal any judgment against Grantor.
<br />I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal
<br />authority.
<br />J. Name Change. Grantor changes Grantor's name or assumes an additional name without notifying Lender
<br />before making such a change.
<br />K. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or property. This
<br />condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the
<br />DUE ON SALE section.
<br />L. Property Value. The value of the Property declines or is impaired.
<br />M. Insecurity. Lender reasonably believes that Lender is insecure.
<br />14. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument
<br />evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any
<br />amounts advanced on Grantor's behalf will be immediately due and may be added to the balance owing under
<br />the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be
<br />available on Grantor's default.
<br />Subject to any right to cure, required time schedules or other notice rights Grantor may have under federal and
<br />state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately
<br />due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or
<br />anytime thereafter.
<br />If there is a default, Trustee will, in addition to any other permitted remedy, at the request of the Lender,
<br />advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash
<br />and convey absolute title free and clear of all right, title and interest of Grantor at such time and place as
<br />Trustee designates. Trustee will give notice of sale including the time, terms and place of sale and a description
<br />of the Property to be sold as required by the applicable law in effect at the time of the proposed sale.
<br />Upon sale of the Property and to the extent not prohibited by law, Trustee will make and deliver a deed to the
<br />Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs,
<br />will pay to Lender all moneys advanced for repairs, taxes, insurance, liens, assessments and prior
<br />encumbrances and interest thereon, and the principal and interest on the Secured Debts, paying the surplus, if
<br />any, to Grantor. Lender may purchase the Property. The recitals in any deed of conveyance will be prima facie
<br />evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at
<br />law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial
<br />payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are
<br />filed will not constitute a waiver of Lender's right to require complete cure of any existing default. By choosing
<br />any one or more of these remedies Lender does not give up Lender's right to use any other remedy. Lender
<br />does not waive a default if Lender chooses not to use a remedy. By electing not to use any remedy, Lender
<br />does not waive Lender's right to later consider the event a default and to use any remedies if the default
<br />continues or happens again.
<br />Joseph L. Parrella III
<br />Nebraska Deed Of Trust Initials
<br />NE/ 4XX14469500505900003440019021402Y °1996 Bankers Systems, Inc., St.,Cloud, MN E 5Tr ;" Page 3
<br />
|