200608869 - Laserfiche WebLink

Browse

4iI IT11i :1:1 1 8. Foreclosure by Power of Sale. Should Beneficiary elect to foreclose by exercise of the power of sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee originals or certified copies of this Deed of Trust, the Credit Agreement, any promissory notes executed in connection with this Deed of Trust, and such receipts and evidence of expenditures made and secured hereby as Trustee may require. Thereafter, and only in accordance with or as permitted by the Nebraska Trust Deeds Act (as may be amended from time to time): (a) upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and delivered to Trustor such notice of default and notice of sale and any other notice or document or instrument as then required by applicable law and/or by this Deed of Trust. Trustee shall, without demand on Trustor, after such time as may then be required by law and after recordation and/or delivery of such notice of default, notice of sale and/or any other notice required by law, sell the Trust Property at the time and place of sale fixed by it in such notice of sale, either as a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as Trustee may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof a good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. Any person, including, without limitation, Beneficiary (but specifically excluding the Trustor), may purchase at such sale, and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers; and (b) after deducting all costs, fees and expenses of Trustee and those allowed or permitted by the Financing Documents, including attorneys fees and costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums expended under the terms hereof, not then repaid, with accrued interest at the Default Rate, (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legally entitled thereto; and (c) Trustee may in the manner provided by law postpone sale of all or any portion of the Trust Property. 9. Foreclosure as Mortgage. This instrument shall be effective as a mortgage as well as a deed of trust and upon the occurrence of an Event of Default may be foreclosed as to any of Trust Property in any manner permitted by the laws of the State of Nebraska or of any other state in which any part of the Trust Property is situated, and any foreclosure suit may be brought by the Trustee or by the Beneficiary. 10. Reconveyance By Trustee. Upon written request of Beneficiary stating that all sums secured hereby have been paid, Trustee shall reconvey to Trustor, or to the person or persons legally entitled thereto, without warranty and without representation or warranty, either express or implied, any portion of the Trust Property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. [SIGNATURE PAGE IMMEDIATELY FOLLOWS] 30