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200602440
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Last modified
3/22/2006 3:27:02 PM
Creation date
3/22/2006 3:26:59 PM
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DEEDS
Inst Number
200602440
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<br />200602440 <br /> <br />made pursuant to a public sale advertised at least twice in a newspaper of general circulation in the <br />community where the Property is located. It shall be deemed commercially reasonable for the Trustee to <br />dispose of the Personalty without giving any warranties as to the Personalty and specifically disclaiming <br />all disposition warranties. <br /> <br />Section 7.8 Aoolication of Proceeds. <br /> <br />Unless otherwise provided by applicable Law, all proceeds from the sale of the Property or any <br />part thereof pursuant to the rights and remedies set forth in this Article VII and any other proceeds <br />received by Lender from the exercise of any of its other rights and remedies hereunder or under the other <br />Loan Documents shall. be applied first to pay all Expenses and next in reduction of the other Obligations, <br />in such manner and order as Lender may elect. <br /> <br />Section 7.9 <br /> <br />Other Remedies. <br /> <br />Lender shall have the right from time to time to protect, exercise and enforce any legal or <br />equitable remedy against Grantor provided under the Loan Documents or by applicable Laws. <br /> <br />Article VIII <br />Trustee. <br /> <br />Section 8.1 <br /> <br />Liabilitv of Trustee. <br /> <br />Trustee shall have no liability or responsibility for, and make no warranties in connection with, <br />the validity or enforceability of any of the Loan Documents or the description, value or status of title to <br />the Property. Trustee shall be protected in acting upon any notice, request, consent, demand, statement, <br />note or other paper or document believed by Trustee to be genuine and to have been signed by the party <br />or parties purporting to sign the same. Trustee shall not be liable for any error of judgment, nor for any <br />act done or step taken or omitted, nor for any mistakes of law or fact, nor for anything which Trustee may <br />do or refrain from doing in good faith, nor generally shall Trustee have any accountability hereunder <br />except for willful misconduct or gross negligence. The powers and duties of Trustee hereunder may be <br />exercised through such attorneys, agents or servants as Trustee may appoint, and Trustee shall have no <br />liability or responsibility for any act, failure to act, negligence or willful conduct of such attorney, agent <br />or servant, so long as the selection was made with reasonable care. In addition, Trustee may consult with <br />legal counsel selected by Trustee, and Trustee shall have no liability or responsibility by reason of any act <br />or failure to act in accordance with the opinions of such counsel. Trustee may act hereunder and may sell <br />or otherwise dispose of the Property or any part thereof as herein provided, although" Trustee has been, <br />may now be or may hereafter be, an attorney, officer, agent or employee of Lender, in respect of any <br />matter or business whatsoever. Trustee, however, shall have no obligation to sell all or any part of the <br />Property following an Event of Default or to take any other action authorized to be taken by Trustee <br />hereunder except upon the demand of Lender. <br /> <br />Section 8.2 Indemnification of Trustee. <br /> <br />Grantor agrees to indemnify Trustee and to hold Trustee harmless from and against any and all <br />Claims and Expenses directly or indirectly arising out of or resulting from any transaction, act, omission, <br />event or circumstance in any way cormected with the Property or the Loans, including but not limited to <br />any Claim arising out of or resulting from any assertion or allegation that Trustee is liable for any act or <br />omission of Grantor or any other Person in cormection with the ownership, development, financing, <br />operation or sale of the Property; orovided. however. that Grantor shall not be obligated to indemnify <br />Trustee with respect to any Claim arising solely from the gross negligence or willful misconduct of <br />Trustee. The agreements and indemnifications contained in this Section shall apply to Claims arising <br />both before and after the repayment of the Loans and shall survive the repayment of the Loans, any <br />foreclosure or deed in lieu thereof and any other action by Trustee to enforce the rights and remedies of <br />Lender or Trustee hereunder or under the other Loan Documents. <br /> <br />Hall County, Nebraska <br />DB03/7594020518/6758724.2 <br /> <br />16 <br />
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