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200504171 he deems best and to collect the rents and revenues and apply the same upon unpaid interest, principal, taxes or insurance premiums or for maintenance and preservation of the premises. I. The waiver by TRUSTEE or BENEFICIARY of any default of TRUSTORS under this Deed of Trust, on one occasion, shall not be or be deemed to be a waiver of any other or similar defaults subsequently occurring. J. If title to any part of the property herein shall be taken in condemnation proceedings, by right of eminent domain, or similar action, or shall be sold under threat of condemnation, all awards, damages and proceeds are hereby assigned and shall be paid to the BENEFICIARY, who shall apply such payment, or any part thereof, in their sole discretion, to the sum due at that time on this Deed of Trust and Trust Deed Note, with any balance above the amount due hereunder payable to the TRUSTORS. K. The BENEFICIARY, their agents or representatives, are hereby authorized to enter, at any reasonable time, upon any part of the trust property for the purposes of inspecting the same and for the purpose of performing any of the acts they are authorized to perform under the terms of this Deed of Trust and other accompanying documents. L. This Deed of Trust and all accompanying documents are subject to, constructed and governed by the laws of the State of Nebraska for all purposes. M. In the event any one or more of the provisions contained in this Deed of Trust, Trust Deed Note, or any other instrument given in connection with this transaction, shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall, at the option of the BENEFICIARY, not affect any other provisions of this Deed of Trust or Trust Deed Note, but this Deed of Trust and Trust Deed Note shall be construed as if such invalid, illegal or unenforceable provision had never been contained therein, it being the intention of the parties that the provisions of this Deed of Trust are declared to be severable. N. TRUSTORS hereby waive their right to designate the property subject to this Deed of Trust as a homestead under Neb. Rev. Stat. § 40 -101 (Reissue 1993) . O. This Deed of Trust shall inure to and bind the heirs, devisees, personal, representatives, successors and assigns of the parties hereto. The TRUSTORS request that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to them at the address herein set forth, or such other address as they may provide to the TRUSTEE and BENEFICIARY. TRUSTORS acknowledge that as TRUSTORS, they understand that the document they are executing herein is a Deed of Trust and not a mortgage, and that the power of sale provided for in this Deed of Trust provides substantially different rights and obligations than a mortgage and in an event of default or breach of the obligations set forth herein, the TRUSTEE and the BENEFICIARY may take such action as herein provided, including the exercise of the power of sale. EXECUTED the date first above written. r. DWIG S. LIVINGSTON L G / y ' .� ,XC e ��7, ;Mj MELANIE J. IV G N -4-