<br />loan No: 807159
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200700125
<br />
<br />Page 4
<br />
<br />provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br />
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust. the Note
<br />or in any of the Related Documents.
<br />
<br />Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or
<br />insurance, or any other payment necesSllry to prevent filing of or to effect discharge of any lien.
<br />
<br />Default in Favor of Third Parties. Should Trustor default under any loan, extension of credit, security agreement, purGhase or sales
<br />agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Trustor's property or
<br />Trustor's ability to repay the Indebtedness or perform their respective obligations under this Deed of Trust or any of the Related
<br />Documcnts.
<br />
<br />False Statements. Any representation or statement made or furnishp.d to Lp.nrlp.r by Trustor or on Trustor's behalf under this Deed of
<br />Trust or the Related Documents is flllse or mislp.ading in any material respect, either now or at the time made or furnished.
<br />
<br />Defective Collateralization. This Deed 01 Trust or any of the Related Documents ceases to be in full force and effect (including fllilure
<br />01 any collateral document to crelltp. II vlllid IInd perfp.cted security interest or lien) at any time and for any reason.
<br />
<br />Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment of a receiver for any rart of Trustor's property,
<br />any assignment for the benefit of creditors, any type of crp.ditor workout, or the commencement of any proceeding under any
<br />bankruptcy or insolvency laws by or against Trustor.
<br />
<br />Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Trustor's property in
<br />which Lender has a lien. This includp.s taking of, garnishing 01 or levying on Trustor's accounts with Lender. However, if Trustor
<br />disputes in good faith whether the claim on which the tllking of thp. Property is based is vlllid or reasonllble, and if Trustor gives
<br />Lp.nder written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then
<br />this default provision will not apply.
<br />
<br />Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not
<br />remedied within any grace period provided therein, including without limitation any agreeml'lnt concerning any indebtedness or other
<br />obligation of Trustor to Lender, whether existing now or later,
<br />
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation
<br />party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or
<br />revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event 01 a death, Lender, at its option,
<br />may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in
<br />a manner satisfactory to Lender, and, in doing so, cure any Event of Default.
<br />
<br />Insecurity. Lender in good faith believes itself insecure.
<br />
<br />Existing Indebtedness. The payrnent of any installment of principal or any interest on the Existing Indebtedness is not rnade within I.he
<br />time required hy thp. promissory note evidencing such indebtedness, or a default occurs under the instrument securing such
<br />indebtedness IInd is not cured during any applicable grace period in SUGh instrument, or any suit or other action is commenced to
<br />foreclose any existing lien on the Property.
<br />
<br />Right to Cure. If any default, other thlln a defllult in pllymp.nt is curahlp. and if Trustor hilS not been given a notice of a breach of the
<br />same provision of this Deed of Trust within the preceding twelve (12) months, it may be cured if Trustor, after receiving written notice
<br />frorn Lender demanding cure of such default: (1) cures the default within twenty (20) days; or (2) if the cure requires more than
<br />twenty (20) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sUlficient to cure the default and
<br />thereafter continues and completes all reasonable and necessary steps sufficient to produGe compliance as soon as reasonably
<br />practical.
<br />
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br />rnay exercise anyone or more of the following rights and remedies:
<br />
<br />Acceleration Upon Default; Additional Remedies. If any Event of Default occurs as per the terms of the Note secured hereby,
<br />Lender may declare all Indebtedness secured hy this Deed of Trust to be due and payahle and the same shall thereupon become
<br />due and payable without any presentment, demand, protest or noticp. of any kind. Thereafter, Lender may:
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br />without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its
<br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Property, or part of the Property or interest in the Property; increase the income from the
<br />Property or protect the security of the Property; and, with or without taking possession of the Property, sue for or otherwise
<br />collect the rents, issues and profits of the Property, including those Pllst (Jue and unpaid, and apply the same, less costs and
<br />expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed of Trust, all in such order as
<br />Lender may determine. The entering upon and taking possession of the Property, the colll'lction of such rents, issues and
<br />profits, and the application thereof shall not cure or waive IIny default or notice 01 default under this Deed of Trust or
<br />invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstanding the
<br />continuance in possession of the Property or the collection, receipt and appliclltion of rents, issues or profits, Trustee or
<br />Lender shall be entitled to exercise every right provided for in thp. Note or the Related Documents or by law upon the
<br />occurrence of any event of default, including thp. right to exp.rcise the power of sale;
<br />
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any 01 the
<br />covenants hereof; and
<br />
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to
<br />cause Trustor's interest in the Property to be sold, which noticl'l Trustep. shall cause to be duly filed for record in the
<br />appropriate offices of the County in which the Property is located; and
<br />
<br />(d) With respect to all or any part of the Personal Property, Lender shall have all the rights and rl'lmedies of a secured party
<br />under the Nebraska Uniform Commercial Code.
<br />
<br />Foreclosure by Power of Sale. If l.ender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify
<br />Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br />secured by this Deed of Trust as Trustee may require.
<br />
<br />(a) Upon receipt of such notice from Lender, Trustee shall cause to he recorded, published and delivered to Trustor such
<br />Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on
<br />Trustor, after such time as may then be required by Iflw and after recordation of such Notice of Default and aftp.r Notice of
<br />Sale having been given as required by law, sell the Property at the time and place of sale fixed by it in such Notice of Sale,
<br />either as a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may
<br />determine, at public auction to the highest hidder for cash in lawful money of the United States payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so
<br />sold, but without any covenant or warranty, express or implied. The recitllls in such deed of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee, or Lender, may
<br />purchase at such sale.
<br />
<br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of
<br />evidence of title in connection with sale, Trustee shall IIpply the proceeds of sale to payment of (i) all sums expended under
<br />the terms of this Deed of Trust or under the terms of the Note not then repaid, including but not limited to accrued interest
<br />and late charges, (ii) all other sums then secured hereby, and (iil) the romainder, il any. to the person or persons legally
<br />entitled thereto.
<br />
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br />
<br />, ,
<br />
|