|
4 '
<br />A0osos458
<br />a. Trustor shall have failed to make payment of any installment of interest, principal,
<br />or principal and interest or any other sum secured hereby when due; or
<br />b. There has occurred a breach of or default under any term, covenant, agreement,
<br />condition, provision, representation or warranty contained in any of the Loan Instruments.
<br />14. ACCELERATION; REMEDIES. Beneficiary shall give notice of default to Trustor prior
<br />to acceleration following Truster's breach of any covenant or agreement in this Trust Deed in accordance with the
<br />requirements of the Nebraska Trust Deed Act. If the default is not cured on or before the date specified in the notice,
<br />Beneficiary at its option may require immediate payment in full of all sums secured by this Security Instrument without
<br />further demand and may invoke the power of sale and exercise all other rights and remedies permitted by applicable
<br />law. Trustor shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph,
<br />including, but not limited to, reasonable attorney's fees and costs of title evidence. If power of sale is invoked, Trustee
<br />shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without
<br />demand on Trustor, shall sell the Property at public auction to the highest bidder at the time and place and under the
<br />terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may
<br />postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously
<br />scheduled sale. Beneficiary or its designee may purchase the Property at any sale. Upon receipt of payment of the
<br />price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's
<br />deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the
<br />sale in the following order: (a) to all expenses of the sale, including, but not limited to, Trustee's fees as permitted
<br />by applicable law and reasonable attorney's fees; (b) to all sums secured by this Security Instrument; (c) to junior
<br />lienholders; and (d) any excess to the person or persons legally entitled to it.
<br />15. ASSIGNMENT OF RENTS. As additional security, Trustor hereby assigns to Beneficiary
<br />the rents of the Property, provided that Trustor shall, prior to acceleration hereunder or abandonment of the Property,
<br />have the right to collect and retain such rents as they become due and payable. Upon acceleration as provided herein
<br />or abandonment of the Property, Beneficiary (in person, by agent or by judicially appointed receiver) shall be entitled
<br />to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past
<br />due. Any rents collected by Beneficiary or the receiver shall be applied first to payment of the costs of management
<br />of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds
<br />and reasonable attorney's fees, and then to the sums secured by this Security Instrument.
<br />16, REMEDIES NOT EXCLUSIVE. Trustee and Beneficiary, and each of them, shall be
<br />entitled to enforce payment and performance of any indebtedness or obligations secured hereby and to exercise all
<br />rights and powers under this Deed of Trust or under any Loan Instrument or other agreement or any laws now or
<br />hereafter in force, notwithstanding some or all of the such indebtedness and obligations secured hereby may now or
<br />hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither
<br />the acceptance of this Deed of Trust nor its enforcement whether by court action or pursuant to the power of sale or
<br />other powers herein contained, shall prejudice or in any manner affect Trustee's or Beneficiary's right to realize upon
<br />or enforce any other security now or hereafter held by Trustee or Beneficiary, it being agreed that Trustee and
<br />Beneficiary, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or hereafter
<br />held by Beneficiary or Trustee in such order and manner as they or either of them may in their absolute discretion
<br />determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive of any
<br />other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every
<br />other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Every power or remedy
<br />given by any of the Loan Instruments to Trustee or Beneficiary or to which either of them may be otherwise entitled,
<br />may be exercised, concurrently or independently, from time to time and as often as may be deemed expedient by
<br />Trustee or Beneficiary and either or them may pursue inconsistent remedies. Nothing herein shall be construed as
<br />prohibiting Beneficiary from seeking a deficiency judgment against the Trustor to the extent such action is permitted
<br />by law.
<br />17. FIXTURE FILING. To the extent that improvements and Property constitute fixtures, this
<br />instrument shall be filed in the real estate records of the County of the location of the Property and be deemed a fixture
<br />filing.
<br />18. GOVERNING LAW. This Deed of Trust shall be governed by the laws of the State of
<br />Nebraska. In the event that any provisions or clause of any of the Loan Instruments conflicts with applicable laws,
<br />such conflicts shall not affect other provisions of such Loan Instruments which can be given effect without the
<br />conflicting provision, and to this end the provisions of the Loan Instruments are declared to be severable. This
<br />instrument cannot be waived, changed, discharged or terminated orally, but only by an instrument in writing signed
<br />by the party against whom enforcement of any waiver, change, discharge or termination is sought.
<br />19. TRUSTEE'S FEE. In the event of default, unless specifically waived in writing by Trustee,
<br />Trustor agrees to pay Trustee a fee equal to $50.00, or one -half (lh) of one percent (1 %) of the entire unpaid principal
<br />sum secured, whichever is greater, subject to the limits of Neb. Rev. Stat. §76 -1012, as amended.
<br />20. RECONVEYANCE. Upon payment of all sums secured by this Security Instrument,
<br />Beneficiary shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes
<br />evidencing debt secured by this Security Agreement to Trustee. Trustee shall reconvey the Property without warranty
<br />3
<br />
|