|
200313159
<br />adequate. Trustor understands that it is Trustor's duty and responsibility to act prudently and
<br />responsibly at all times for Trustor's protection and for the protection of the Premises.
<br />SECTION 10.20 Cross Default.
<br />In addition to being secured by this Deed of Trust, the loan evidenced by the Note is
<br />secured by Deeds of Trust and Security Agreement and Fixture Financing Statement with
<br />Assignment of Leases and Rents dated of even date herewith from Chief Industries, Inc. for the
<br />benefit of Beneficiary for Hall County, Nebraska property ( "Hall County Deeds of Trust "); a
<br />Deed of Trust and Security Agreement and Fixture Financing Statement with Assignment of
<br />Leases and Rents dated of even date herewith from Chief Transportation Products, Inc. for the
<br />benefit of Beneficiary for Douglas County, Nebraska property ( "Douglas County Deed of
<br />Trust "); a Deed of Trust and Security Agreement and Fixture Financing Statement with
<br />Assignment of Leases and Rents dated of even date herewith from Chief Ethanol Fuels, Inc. for
<br />the benefit of Beneficiary for Adams County, Nebraska property ( "Adams County Deed of
<br />Trust "); and a Mortgage and Security Agreement and Fixture Financing Statement with
<br />Assignment of Leases and Rents dated of even date herewith from Chief Industries, Inc. to
<br />Beneficiary for Indiana property ( "Indiana Mortgage "). Chief Industries, Inc., Chief
<br />Transportation Products, Inc. and Chief Ethanol Fuels, Inc. shall be collectively referred to as
<br />"Other Borrowers." Trustor agrees that should an Event of Default exist under the terms of the
<br />Hall County Deeds of Trust, the Douglas County Deed of Trust, the Adams County Deed of,
<br />Trust or the Indiana Mortgage, such Event of Default shall constitute an Event of Default
<br />hereunder entitling Beneficiary to declare the entire unpaid principal amount together with
<br />accrued interest to be immediately due and payable and to exercise the remedies available under
<br />the Note, this Deed of Trust, the Hall County Deeds of Trust, the Douglas County Deed of Trust,
<br />the Adams County Deed of Trust and the Indiana Mortgage. It is understood that the Beneficiary
<br />is not required to exercise any of the remedies available under the Hall County Deeds of Trust,
<br />the Douglas County Deed of Trust, the Adams County Deed of Trust or the Indiana Mortgage
<br />prior to, simultaneously with or after exercising its remedies hereunder and may exercise its
<br />remedies collectively or individually, at its sole option. It is specifically covenanted and agreed
<br />the Beneficiary may proceed, at the same time or different times, to foreclose this Deed of Trust,
<br />the Indiana Mortgage, the Douglas County Deed of Trust, the Adams County Deed of Trust or
<br />the Hall County Deeds of Trust, by any appropriate proceedings and that no event of
<br />enforcement pursuant to such instruments, including without limiting the generality of the
<br />foregoing, any pending foreclosure, judgment or decree of foreclosure, foreclosure sale, rents
<br />received, possession taken, deficiency judgment or decree or judgment taken on any note, shall
<br />in any way stay, preclude or bar enforcement of the other remedies contained in this Deed of
<br />Trust, the Hall County Deeds of Trust, the Douglas County Deed of Trust, the Adams County
<br />Deed of Trust or the Indiana Mortgage, and Beneficiary may pursue any or all of its remedies to
<br />the maximum extent permitted by this Deed of Trust, the Hall County Deeds of Trust, the
<br />Douglas County Deed of Trust, the Adams County Deed of Trust or the Indiana Mortgage until
<br />all of the Indebtedness has been paid and discharged in full. Neither Trustor, Other Borrowers
<br />nor any person claiming under Trustor or Other Borrowers shall have or enjoy any right to
<br />marshaling of assets, all such rights being hereby expressly waived as to Trustor and all persons
<br />claiming under Trustor and/or Other Borrowers, including junior lienors. Any foreclosure or
<br />other appropriate remedy brought under this Deed of Trust, the Hall County Deeds of Trust, the
<br />Douglas County Deed of Trust, the Adams County Deed of Trust and/or the Indiana Mortgage
<br />15311/53;09/30/03 -31 -
<br />
|