200512483 - Laserfiche WebLink

Browse

200512483 3.15 No Merger of Interests. Unless Bcncficiary shall otherwise exprcssly consent in writing, the fee title to the Premises and Trustor's lcasehold estate therein shall not merge, but shall always remain separate and distinct, notwithstanding the union of thc af(lresaid estates either in the lessor or thc lessee under the Lease Agreement or a third party by purchasc or otherwise. IV. EVENT OF DEFAULT AND REMEDIES 4.1 Event of Default. The occurrence of an "Event of Default," as such term is defined in thc Crcdit Agreement, shall constitute an "Event of Default" under this Deed of Trust. 4.2 Foreclosure and Sale. Upon the occurrence and during thc continuance of a Default or Event of Default, Bencficiary may foreclose this Deed of Trust, either by judicial action or through the Power of Sale conferred upon the Trustee by this Paragraph. The Trustee may sell the Property in thc manner prescribed by the Nebraska Trust Deeds Act after an Event of Default. If this Dccd of Trust encumbers more than onc parcel of real estate, foreclosurc may be by separate parcel or en masse, as Beneficiary may elect in its sole discretion. Foreclosure through Trustee will be initiated by Bcneficiary's filing of its notice of election and demand for salc with Trustee. Upon receipt of such notice of election and demand for sale from the Beneficiary, Trustec shall first file for record in the offi ce of the register of deeds of each county wherein the trust property or some part or parcel thereof is situated a notice of default identifying the trust deed by stating the name of the Trustor named therein and giving the book and page or computer system reference where the same is recorded and a description of the trust property, containing a statement that a breach of an obligation for which the trust property was convcycd as security has occurred, and setting forth the nature of such breach and of his or her clection to sell or cause to be sold such property to satisfy the obligation. After the lapsc of not less than one month, the Trustee shall give written notice of the time and place of sale particularly describing the property to be sold by publication of such notice, at least five times, once a week for five consecutivc weeks, the last publication to be at least ten days but not more than thirty days prior to the sale, in some ncwspaper having a general circulation in each county in which the property to be sold, or some part thereof: is situated. The sale shall be held at the timc and place designated in the notice of sale which shall be between the hours of nine a.m. and five p.m. and at the premises or at the courthouse of the county in which the propcrty to be sold, or some part thereof, is situated. All fees, costs and expenses of any kind incurred by Beneficiary in connection with f()reclosure of this Deed of Trust, including, without limitation, the costs of any appraisals of the Property obtained by Beneficiary, all costs of any receivership for the Property advanced by Bcneficiary, all costs of any environmental audits or tests incurred by Beneficiary and all attomeys' and consultants' fees incurred by Beneficiary, shall constitute a part of the Secured Indebtedness and may be included as part of the amount owing from Trustor to Beneficiary at any foreclosure sale. The proceeds of any sale under this Section shall bc applied first to the fees and expenses of the Trustee or other officer conducting the sale (all of which shall bc part of the obligations secured by this Deed of Trust), and then to the reduction or discharge of the Secured Indebtedness; any surplus remaining shall be paid over to Trustor or to such other person or persons as may be lawfully entitled to such surplus. Beneficiary may bid at any such foreclosure sale, and in connection therewith Beneficiary may credit bid all or any portion of the Secured Indebtedness (including, without limitation, the Trustee's fees and - 10 -