|
DEED OF TRUST _ 200214545
<br />Loan No: 776145 (Continued) Page 5
<br />insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Truster or on Trustor's behalf under this
<br />Deetl of Trust or the Related Documents Is false or misleading in any material respect, either now or at the time made or furnished or
<br />becomes false or misleading at any time thereafter.
<br />Detective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure
<br />of any collateral document to create a valid and perfected security interest or Beni at any time and for any reason.
<br />Death or Insolvency. The death of Truster, the insolvency of Truster, the appointment of a receiver for any part of Trustor's property,
<br />any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br />bankruptcy or Insolvency laws by or against Trustor,
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self help,
<br />repossession or any other method, by any creditor of Trustor or by any governmental agency against any property securing the
<br />Indebtedness. This includes a garnishment of any of Trustor's accounts, including deposit accounts, with Lender. However, this
<br />Event of Default shall not apply if there is a good faith dispute by Truster as to the validity or reasonableness of the claim which is the
<br />basis of the creditor or forfeiture proceeding and if Truster gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sale
<br />discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Truster under the terms of any other agreement between Truster and Lender that is not
<br />remedied within 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 />party 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 />Adverse Change. A material adverse change occurs in Truster's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<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 some 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 Truster, after Lender
<br />sends written notice demanding cure of such failure: Is) cures the failure within fifteen 115) days; or to) If the cure requires more
<br />than fifteen ( 1 5) days, Immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable
<br />and 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 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,
<br />Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon became
<br />due and payable without any presentment, demand, protest or notice of any kind, Thereafter, Lender may:
<br />la) 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
<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 indebtedness secured 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 rents, 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 default; 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 />did 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 Truster, 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. It 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 />(al Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Truster 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 />
|