|
Loan No:
<br />�s f
<br />®i � C
<br />fx` N
<br />Page 5
<br />bankruptcy or insolvency laws by or against Trustor.. ,
<br />Taking of the Property. Any creditor or governmental agency tries to take any'of the Property or any other of Trustor's property in
<br />which Lender has alien: -.This includes taking of garnishing oKOr levying bri Trustor's accounts with Lander. However,` WTrustor
<br />- ". disputes in good faith whether:the claim on which: the taking �of -the Property is based'is"valid' dt'reasonfible, "and if Trostor gives
<br />Lender written notice of the claim and furnishes Lender with monies or a surety`bond satisfactory totenderto :' satisfy - the'otaim;`then
<br />this default provision will not apply - ,e, -�r.. _ • `
<br />Agreeme the a..�. _
<br />Breach of Other: m . .
<br />Any breach by Tmstor, under terms bf'any other, agreement, Trustor and Lender that is not
<br />remedied vikhin any grace - period: provided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor 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 />parry 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 />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 Deed 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 />:sends written notice demanding cure of such failure W curlts the failure within ten 410) da"; or 4b) if she curt requires mom than
<br />ten: 110) days, immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and
<br />.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 />(a) Either in person or by agent, with or without bringing any action or proceeding, or by areceiver 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 desirable to preserve the value,
<br />marketability or rentability of the Property, or part of the .Property or interest in the Property;. increase the income from the
<br />Property or protect the security of the Property; 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 indebtednesssecured:.by this Deed of Trust, all in such-order as
<br />Lender may determine. The, entering upon and taking: possession of the Property, the collection of such -Tents, issues and
<br />profits, and the application- thereof .shall not cure, or waive any .- default . or: - notice-of default under this;: Deed of Trust or
<br />invalidate any . act ;done. in ..response to such : default or pursuant to such -notice of of rdefault; and, notwithstanding the
<br />continuance in possession of the Property or the collection, . receipt and application of rents, issues or profits, Trustee or
<br />` Lender shall be entitled to exercise 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 hereof; and
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to
<br />cause Trustor'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 />(d) 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 elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify
<br />Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br />secured by this Deed of Trust as Trustee may require.
<br />(a) 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 Deed of Trust. Trustee shall, without demand on
<br />Truster, 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 a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as 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 covenant or 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, inckidirg without <limitation Trustor, -. .Trustee, -or Lender, may
<br />purchase at such sale. .,
<br />(b) As may be permitted by Jaw, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of
<br />evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums expended under
<br />the terms of this'Deed of Trust or under the terms of the Note riot then repaid, including, but not limited to secuued interest
<br />and late charges, Iii) all other sums then secured hereby, and Iiii) the remainder, if'afly, -to the person or persons legally
<br />entitled thereto.
<br />
|