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200603730
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200603730
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5/1/2006 8:26:39 AM
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5/1/2006 8:26:39 AM
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DEEDS
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200603730
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<br />200603730 <br /> <br />0734449044 <br /> <br />5. Sale, Transfer or Further Encumbrance of Property. The Loan is personal to Borrower and <br />the entire Debt shall be accelerated and become immediately due and payable in full upon any sale <br />or other transfer of the Property or any interest therein by Borrower including, without limit, further <br />encumbrance of the Property. A sale or other transfer of the Property or any interest therein by <br />Borrower without the full payment of the Debt shall constitute an event of default hereunder. <br /> <br />6. Curing of Defaults. If Borrower fails to comply with any of the covenants in Section 4, <br />including all the terms of any prior mortgage or deed of trust, Lender may take any action required <br />to comply with any such covenants without waiving any other right or remedy it may have for <br />Borrower's failure to comply. <br /> <br />Repayment to Lender of all the money spent by Lender on behalf of Borrower shall be secured <br />by this Mortgage. The amount spent shall bear interest at the rates from time to time applicable <br />under the Credit Agreement and be repayable by Borrower on demand. Although Lender may take <br />action under this paragraph, Lender is not obligated to do so. <br /> <br />7. Remedies For Default. <br />(a) Prompt performance under this Mortgage is essential. If Borrower does not pay any <br />installment of the Debt on time, or any other event occurs that entitles Lender to declare the unpaid <br />balance of the Debt due and payable in full under the Credit Agreement, the Debt and any other <br />money whose repayment is secured by this Mortgage shall immediately become due and payable in <br />full, at the option of the Lender, and the total amount owed by Borrower on the day repayment in <br />full is demanded, including all unpaid interest, will thereafter bear interest at the rate specified in the <br />Credit Agreement. <br />(b) Upon the occurrence of a default as set forth in Section 7(a) above, Lender may <br />institute an action to foreclose this Mortgage under Nebraska law. Lender may seek any other <br />remedies available to it under applicable Nebraska law. <br />(c) The foreclosure of this Mortgage is not the exclusive remedy of Lender to collect the <br />Debt. Lender may, upon the occurrence of a default as set forth in Section 7(a) above, institute any <br />other remedies available to a creditor under Nebraska law. In connection with any portion of the <br />Property which is personal property, Lender shall further be entitled to exercise the rights of a <br />secured party under the Uniform Commercial Code as then in effect in the State of Nebraska. <br />(d) By accepting payment of any sum secured by this Mortgage after its due date, Lender <br />does not waive its right to require prompt payment when due of all other sums so secured or to <br />declare default for failure to so pay. <br /> <br />8. Condemnation; Eminent Domain. In the event any portion of the Property is taken or <br />damaged in an eminent domain proceeding, the entire amount of the award, or such portion as may <br />be necessary to fully satisfy the obligation secured by this Mortgage, shall be paid to Lender to be <br />applied to the obligation in the same manner as payments under the Credit Agreement. <br /> <br />9. Fees and Costs. Borrower shall pay Lender's reasonable cost of searching records, other <br />reasonable expenses as allowed by law and reasonable attorney's fees in any lawsuit or other <br />proceeding to foreclose this Mortgage, in any lawsuit or proceeding which Lender is obligated to <br />prosecute or defend to protect the lien of this Mortgage, in any other action taken by Lender to <br />collect the Debt, including without limitation any disposition of the Property under the Uniform <br />Commercial Code, and any action taken in bankruptcy proceedings as well as any appellate <br />proceedings. <br /> <br />4796 (12/30/05) w7.1 <br /> <br />BANK <br /> <br />Page 3 of 6 <br />
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