|
<br />,-
<br />
<br />r-
<br />
<br />, .~ R.7-. 10721 6
<br />16. Covenants of Trustor with Respect to Leases. Without the prior written consent 01 Beneficiary, TiI6st'lfr shaff not, directly or m'i1Trectly,
<br />with respect to any lease 01 space in the Trust Property, or any portion thereol, whether such lease is now or hereafter in existence:
<br />(a) Accept or permit any prepayment, discount or advance payment of rent hereunder in excess of one month,
<br />(b) yancel or terminate the same, or accept any canceffation, termination or surrender thereof, or permit any event to occur which would
<br />occur thereunder to terminate or cancel the same, other than termination for nonpayment of rent,
<br />(c) Amend or modify the same so as to reduce the term thereof, the rental payable thereunder, or to change any renew.'ll provisions
<br />therein contained,
<br />(d) Waive any default thereunder or breac/l thereof,
<br />(e) Give any consent, waive, or approval thereunder or take any other action in connection therewith, or with a iessee thereunder, which
<br />would have the effect of impairing the value of the lessor's interest thereunder or the property subject thereto, or of impairing the
<br />position or interest of Beneficiary therein, or
<br />(f) Self, assign, pfedge, mortgage or otherwise dispose of, or encumber its interest in any said lease or any rents, issues, profits issuing
<br />or arising thereunder.
<br />17, Waiver of Statute of Umitations. Time is of the essence in all of Trostor's obligations and duties hereunder; and to the extent permit/ed
<br />by law, Trostor waives all present or future statutes of limitations with respect to any debt, demand or obligation secured hereby and
<br />any action or proceeding for the purpose of enforcing this Deed of Trost or any rights or remedies contained herein.
<br />18. Assignment of Deposits. In the event constroction of improvements is contemplated by the loan evidenced by the Note secured
<br />hereby, as additional security therefore, Trostor hereby transfers and assigns to Beneficiary, all right, title and interest to any and aff
<br />monies deposited by or on behalf of Trostor with any city, county, public body or agency, sanitary district, utility company, and
<br />any other body or agency, for the installation or to secure the installation of any utility by Trustor, pertaining to the Trost Property.
<br />19. Corporation or Partnership Existence. If Trostor is a corporation, general partnership. or limited partnership, it will do all things
<br />necessary to preserve its corporate or partnership existence, as the case may be, and all rights and privileges under the laws of the
<br />state of its incorporation or organization.
<br />20. Forbearance by Beneficiary Not a Waiver. Any forbearance by Beneficiary in exercising any right or remedy hereunder, or otherwise
<br />afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of
<br />insurance or the payment of taxes or the dischBIge of liens or charges by Beneficiary shall not be a waiver of Beneficiary's right to
<br />accelerate the maturity of the Indebtedness.
<br />21. Remedies Cumulative. All remedies provided in this Deed of Trost are distinct and cumulative to any other right or remedy under this
<br />Deed of Trust or afforded by law or equity, and may be exercised concurrentiy, independentiy or successivefy.
<br />22. Successors and Assigns Bound; Joint and Several Uability: Captions. The covenants and agreements herein contained shall bind, a'1d
<br />the rights hereunder shall inure to, the respective successors and assigns of Beneficiary, Trustee, and Trostor. All covenants and
<br />agreements of Trustor shall be joint and several. The captions and headings of the paragraphs of this Deed of Trost are for
<br />convenience onfy and BIe not to be used to interpret or define the provisions hereof.
<br />23. Notice. Except for any notice required under applicable faw to be given in another manner, (a) any notice to Trostor provided for in this
<br />Deed of Trost shall be given by mailing such notice by certified mail, return receipt requested addressed to Trostor at its mailing
<br />address set forth above or at such other address as Trostor may designate by notice to Beneficiary as provided herein, and (b) any
<br />notice to Beneficiary or Trustee shall be given by certified mail. return receipt requested, to Beneficiary's and Trustee's mailing
<br />address stated herein or to such other address as Beneficiary or Trostee may designate by notice to Trostor as provided herein. Any
<br />notice provided for in this Deed of Trost shall be deemed to have been gIVen to Trustor. Beneficiary or Trostee when given in the
<br />manner designated herein.
<br />24. Governing Law; Severability. This Deed of Trost shall be governed by the lalvs of the State of Nebraska. In the event any provision or
<br />clause of this Deed of Trust conNicts with applicable law. such conflict shall not affect other provisions of this Deed of Trost which can
<br />be given effect without the confficting provisions and to this end the provisions of this Deed of Trost BIe declBIed to be severable.
<br />25. Events of Default. Each of the following occurrences shall constitute an event of default hereunder. (heleinaJter cailed an "Event
<br />of Default..):
<br />(a) Trostor shall fail to pay when due any pnncipal, interest. or principal and interest on the Indebtedness.
<br />(b) Any wBIran!y of tille made by Trostor herein shall be untrue,
<br />(c) Trostor shall fail to observe or pelform any of the covenants, agreements. or conditions in this Deed of Trust,
<br />(d) Any representation or warranty made by Trostor on any financial statements or reports submitted to Beneficiary by or on behalf of
<br />Trustor shall prove false or materialty misleading,
<br />(e) Trostor shall fail to perform or observe any of the covenants, conditions or agreements contained in. CK binding upon TrustCK under
<br />any building loan agreement, security agreement. loan agreement, financing statement. CK any other agreement. instrument or
<br />document executed by TroStCK in connection \I\.;/h the loan evidenced by the Note.
<br />(f) A trostee, receiver or fiquidator of the Trost Property CK of Trostor shall be appointed. or any of the creditors of TroStCK shall fife a
<br />petition in bankruptcy against TroStCK, or for the reorganization of TrustCK pursuant to the Federal Bankruptcy Code. CK any similBI
<br />faw, whether federal or state, and if such order or petition shall not be discharged CK dismissed within thirty (30) days after the date
<br />on which such order or petition was h1ed.
<br />(g) Trustor shall file a petition pursuant to the Federal Bankroptcy Code CK any similar lalv, federal or state. CK if TroStCK shall be
<br />adjudged a bankropt, or be declBIed insolvent, CK shall make an assignment for the benefit of creditors, CK shall admit in wnling its
<br />inability to pay its debts as they become due. or shall consent to the appointment of a receiver of all or any part of the Trust Properl}'.
<br />(h) Final judgment for the payment of money shall be rendered against Trostor and TrustCK shall not discharge the same. or cause it to
<br />be dischBIged, within thirty (30) days alter the entry thereof, or shall not appeal therefrom CK from the order. decree or process upon
<br />which or pursuant to which said judgment was granted, based. CK entered, and secure a slay of execution pending such appeal,
<br />(i) Trostor shall sell or convey the Trust Property, or any part thereof. CK any interest therein, CK shall be divested of its title, CK any interest
<br />therein, in any manner or way, whether voIuntanly CK involuntarily. without the writ/en consent of Beneficiary being first had and
<br />obtained, or
<br />(j) If Trostor is a corporation or partnership and more than fifty percent (50%) of the shares or beneficial interests in such corporation or
<br />partnership, as the case may be, shall be transferred or conveyed, whether voluntarity or involuntanly. without the Ivritten consent of
<br />Beneficiary being first had and obtained,
<br />26. Acceleration of Debt; Foreclosure. Upon the occurrence of any Event of Default. or any time thereafter, Beneficiary may. at its option,
<br />declBIe all the fndeb/edness secured hereby immediately due and payable and the same shal/ bear interest at the default rate, if any,
<br />set forth in the Note, or otherwise at the highest rate permitted by law. and, irrespective of whether Beneficiary exercises said option, it
<br />may, at its option and in its sole discretion, WIthout any further notice or demand to or upon Trostor. do one or more of the following:
<br />(a) Beneficiary may enter upon, take possession of, menage and operate the Trost Property or any part thereof; make repairs and
<br />alterations and do any acts which Beneficiary deems proper to protect the security thereof. and either with or without taking
<br />possession, in its own name. sue for or otherwise collect and receive rents. issues and profits. including those past due and unpaid.
<br />and apply the same, less costs and expenses of operation and collection, including reasonable attorney fees and Beneficiary's
<br />costs, upon the Indebtedness secured hereby and in such order as Beneficiary may determine, Upon request of Beneficiary. Trus/or
<br />shall assembfe end shall make available to Beneficiary any of the Trust Property which has been removed. The entering upon and
<br />taking possession of the Trost Property, the colfection of any rents, issues and profits, and the application thereof as aforesaid, shall
<br />not cure or waive any default theretofore or thereafter occurring, or affect any notice of default or notice of sale hereunder or
<br />invalidate any act done pursuant to any such notice, Notwithstanding Beneficiary's continuance in possession or receipt and
<br />application of rents, issues or profits, Beneficiary shall be entitled to exercise el'ery ,ight provided for in this Deed of Trust or by law
<br />upon or after the occurrence of an Event of Default. including the right to exercise the power 01 sale, Any of the actions referred to m
<br />this paragreph mey be teken by Beneficiery at such lime as Benellclary may determme without regard to the adequacy 01 any
<br />securi!y for the Indebtedness secured hereby.
<br />(b) Beneficiary shall, without regard to the adequacy 01 any SOCUrlly lor the IndebtednQSS secured heleby. be ent,tled to tile
<br />appoinlmcnl 01 a receiver by eny court having jurisdiction, Without notice. /0 take possessloll 01, plotect. alld m"'l<1ge tile trust
<br />Property end operate the seme and collect the rents, ISS(J/)$ and proMs 1l1O,/)f,om
<br />(c) BenoftCillry may bling any ecllon //I any court 01 compo/ent 1(/IIScl,Cl/on to loroc!osp tillS (~'t'cl 01 1,,,slor ""'olep if"I' 01 till'
<br />covent/llts heteol
<br />
<br />l
<br />i
<br />I
<br />lL
<br />i-
<br />
<br />["
<br />
<br />I
<br />
<br />
<br />
<br />,~
<br />.,
<br />.
<br />~
<br />'"
<br />$
<br />
<br />,
<br />,.
<br />h,
<br />
<br />-.J
<br />
|