87107264 - Laserfiche WebLink

Browse

--.... '--' 87-107264 I 17. Successors and Assigns. 'lllis Deed of 'l'rust Construction Security Agreanent, applies to and inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors and assigns. The tellll "Beneficiary" shall mean the owner and holder of the note, whether or not named as Beneficiary herein. 18. l3eneficiary's Powers. Without affecting the liability of any other person liable for the payment of any obligation herein lIlf:ntioned, and without affecting the lien or charge of this Deed of 'l'rust Construction Security Agree- ment upon any portion of the property not then or theretofore released as securi ty for the full payment of all Wlpaid obligations, Beneficiary may, fran tiJoo to time and without notice: (a) release any persons so liable; (b) extend the maturity or alter any of the tenns of any such obligations; (c) grant other indulgences; (d) release or re-convey or cause to be released or re-conveyed at any time at Beneficiary I s option, any parcel, portion or all of the property; (e) take or release any other or additional security for any obligation herein mentioned; or (f) make canpositions or other arrangements with debtors in relation thereto. 19. Governing Law. TIlis Deed of Trust Construction Security Agreanent shall be governed by the laws of the State of Nebraska and, in thE: event anyone or oore of the provisions contained in this Deed of Trust Construction SE..curity Agreanent, or the ncte or any other security instrument given in connection with this trans- action shall be for any reason be held to be invalid, illegal or unenforceabJe in any respect, such invalidity, illegality or Wlenforceability shall not affect any other provisions of this Deed of 'lrust Construction Security Agreement, but the Deed of '!'rust Construction Security Agreanent shall be construed as if such invalid, illegal or enforceable provision had never been contained herein or therein. 20. Effect of Forbearance. Any forbearance by Beneficiary or Trustee in exercising any right or ranedy hereWlder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or ranedy hereWlder. Likewise, the waiver by Beneficiary or Trustee of any default of the Trustor wlder this Deed of Trust Construction Security Agreanent shall not be deemed to be a waiver of any other or similar default subsequently occurring. 21. He-conveyance by 'lrustee. Upon written request of the Beneficiary stating that all stunS secured hereby have been paid, and upon surrender of this Deed of Trust Construction Security Agreanent and the note to the Trustee for cancellation and retention and upon payment by Trustor of Trustee I s fees, Trustee shall re-convey to Trustor, or the person or persons legally entitled thereto, without warranty, any portion of the property then hel d hflreWlder. Recitals in such re-conveyance of any Ilk'ltters or facts shaH be conclusive proof of thE: truthfulness thereof. Grantees in the re-conveyance may be described as "the person or persons legally entitled thereto." 22. Acceptance by Trustee. Trustee accepts this trust when this Deed of Trust Construction Security Agreanent, duly executed and acknowledged, is made a public record as provided by law. ~ -5- l ( -.J