|
DEED OF TRUST
<br />Loan No: 1592872 200210786 (Continued) Page
<br />Death be Insolvency. The death of Trustor, the insolvency of Truslor, the appointment of a receiver for any pert of Truslor's properly, any
<br />assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br />Insolvency laws by or Against Trustor.
<br />Taldng Of the Property. Any creditor or governmental agency idea to take any of the Property or any Other Of Trustee's properly in which
<br />Lender has a lien. This Includes taking of, garnishing of or levying on Trustee's amounts with Lender. However, H Trustor disputes in good
<br />faith whether the claim on which the hiking of the Property Is based is valid or reasonable, and it Truster gives Lender written notice of the
<br />claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply.
<br />Breech of Other Agreement. Any breech by Trustor under the terms of any other agreement between Trustor and Lender that is not
<br />remedled within any grace period crowded therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor to Lander, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events scours with respect to any guarantor, endorser, surety, or accommodation party
<br />of any of the Indebtedness or any guarantor, endorser, surety, or accommodation parry dies or becomes incompetent, or revokes or disputes
<br />the validity of, or liability under, any Guaranty Of the Indebtedness. In the event of a death, Lender, at Its option, may, but shall not be
<br />required t0, permit the guarantor's estate t0 assume unconditi0nally the obligations arising under the guaranty In a manner satisfactory to
<br />Lender, and, in doing so, cure any Event of Default.
<br />amounts. Lender in good %an believes itself insecure.
<br />Existing Indebtedness. The payment of any Installment of principal or any interest on the Existing Indebtedness is not made within the time
<br />required by the promissory note evidencing such indebtedness, or a default occurs under the instrument securing such Indebtedness and is
<br />not cured during any applicable grace period in such instrument. or any suit or other action is commenced to foreclose any existing lien on
<br />the Property.
<br />Right t0 Cum. If such a failure is curable and it Trustor has not been given a notice of a breach of the same provision of this Dead of Trust
<br />within the preceding twelve (12) months, it may be cured (and no Event of Default will have scoured) if Trustor, alter Lender sends written
<br />notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires mare than fifteen (15) days,
<br />immediately inlHeles steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient
<br />to produce compliance AS soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Dead of Trust, at any time thereafter, Trustee or Lender may
<br />exercise any One Or more of the fallowing rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby, Lender
<br />may dedare all Indebtedness scoured by in* Dead of Trust to be due and payable and the same shall thereupon become due and
<br />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 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 own name
<br />or in the name of Trustee, and do any acts which It deems necessary of desirable to preserve the value, marketability or rentability
<br />of the Property, or part of the Property or interest in the Property; increase the income from the Property Or protect the security 01
<br />the Property; and, with or without taking possession of the Property, sue for or otherwise collect the rents, issues and profits of the
<br />Property, including those past due and unpaid, and apply the same, less costs and expanses of operation and collection attorneys'
<br />fees, to any indebtedness secured by this Dead of Trust, all in such order as Lender may delermins. Tha entering upon and taking
<br />possession of the Properly, the collection of such rents, issues and profits, and the application thereof shall not cure or walve any
<br />default or notice of default under this Dead of Trust or invalidate any act done in response to such default or pursuant to such
<br />notice of default; and, notwithstanding the continuance in possession of the Property or the collection, receipt and application of
<br />rents, issues or profits. Trustee or Lender shall be entitled to exercise every right provldAd for in the Note or the Related
<br />Documents or by law upon the 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 cause
<br />Trustors interest in the Property to be sold, which notice Trustee shall cause to be duly riled for record in the appropriate offices of
<br />the County in which the Property is located; and
<br />(d) With respect to all Or any pad Of the Personal Properly, Lender shall have all the rights and remedies of a secured party under
<br />the Nebraska Uniform Commi 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 Notice
<br />01 Default and Notice of Sete as then required by law and by this Dead Of Trust. Trustee shell, without demand on Trustor, after
<br />such time as may then be required by law and after recordation of such Notice of Default and after Notice of Sale having been
<br />given as required by law, sell the Property at the time and place Of Sale fixed by it in such Notice of Sale, either as a whole, Or In
<br />separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the
<br />highest bidder for cash in lawful money of the United Slates payable at the time of sale. Trustee shall deliver to such purchaser or
<br />purchasers thereof Its good and sufficient dead or deeds conveying the property so sold, but without any covenant or warranty,
<br />express or implied. The recitals in such deed Of any matters or facts shall be conclusive proof of the truthfulness thereof. Any
<br />person, including without limitation Truster. Trustee, Or Lender, may purchase at such sale.
<br />(b) As may be permitted by law, after deducting all casts, 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 the
<br />terms of this Deed of Trust or under the terms of the Note not then repaid including but not limited to accrued interest and late
<br />charges, (it) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) 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 Dead of Trust and to exem se all rights and powers under this Deed of Trust, under the Note,
<br />under any of the Related Documents, or under any other agreement or any laws now or hereafter in force; notwithstanding, some or all of
<br />such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of
<br />trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement, whether by court notion 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 entitled to enforce this Dead of Trust And any other security now or hereafter held by Lender or Trustee in such order
<br />and manner as they or either of them may in their absolute dlscmtion determine. NO remedy conferred upon or reserved to Trustee or
<br />Lancer, is intended to be exclusive of any other remedy in this Deed of Trust or by law provided or permitted, but each shall be cumulative
<br />and shell be in addition to every other remedy given in this Deed of Trust or now or hereafter existing at law or in equity Or by statute. Every
<br />power or remedy given by the Nola or any of the Related Documents t0 Trustee or Lender Or t0 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 deemed mpedlent by Trustee or Lender,
<br />and either of them may pursue Inconsistent remedies. Nothing In in* Deed of Trust shall be construed as prohibiting Lender from seeking a
<br />deficiency judgment against the Trustor 10 the extent such action is permitted by law.
<br />Election of Remedies. All of Lenders rights and remedies will be cumulative and may be exercised alone or together. If Lender decides to
<br />spend money or to perform any of Truster's obligations under this Deed of Trust, &Her Truster's failure to do . sot that "ision by Lender will
<br />not affect Lender's right to declare Truslor in default and t0 exercise Lender's remedies. I
<br />Request for Notice. Trustor, on behalf of Trustor and Lender, hereby requests that a copy of any Notice of Default and a copy of any Notice
<br />
|