|
<br />10-07-1988
<br />Loan No 5870
<br />
<br />DEED OF TRlIST
<br />(Conllnued)
<br />
<br />88- 105575
<br />
<br />paga 4
<br />
<br />prosorve (a.) tho obUgatlons of Grantor undor tho NolO. this Ooed 01 Trust. Bnd tho RoIatod Documenta, and (b) tho lions end oocurlty Interests
<br />crollod by Ihls Oood 01 Trust on tho Propony, wholhor now owned or horoaftor acqulrod bV Granlor. Unloss prohibited by law or egrood to the
<br />contrwy bV Lendor In writing, Granlor BhaIl reimburse Londor for all costs and oxponsos Incurred In connection wlth the monaro roferred to In this
<br />paragraph.
<br />Ano~l1ey-ln-F.ct If Granlor falls to do any 01 tho things rolorrod 10 In tho procoding paragraph, Lander mBY do so for and In the namo of
<br />Grantor and 81 Grantor's o.ponso. For Buch purposos, Granlor horoby irrovocably appoints Lender as Gruntor's anornoy-In-hct for the pUrpOSB
<br />of making, axecutlng, delivering, filing, rocordlng. and doing all other lhings as may be necossary or desirablo, In Lender's sole opinion, to
<br />accompUsh the matt9fB rolorrod 10 In tho procodlng paragraph.
<br />FULL PERFORMANCE. II Grantor pays alllho Indoblodnoss whon duo and othorwloo performs alllhe obllgatlons Imposed upon Grantor under this
<br />Doed 01 Trust and lho Note, Londer shall OIfDCute and dollvor 10 Trustoo a roquest for lull reconveyance and shD.lI oxocute and deliver to Granlor
<br />sultat*t stalements or lorm1naUon of any "mmcing stalemont on mo ovldonclng Lender's security Intorosl In lho Rents and the Personal Property. Any
<br />reconveyanco 100 roqulmd by law shall be pald by Granlor, II ponnlnod by applJcable low.
<br />DEFAULT. Each 01 tho lollowlng shall constltul~ an Event of Dofaull under Ihls Deed of Trust
<br />Default on IndebtMlnuL FeJ1uro or Granlor 10 make any paymenl whon duo on tho Indebtedness.
<br />Default on Oth.r Pilymenta. falluro of Grantor wllhln Ihe time required by Ihis Deed of Trust 10 make any payment lor IWles or Insurance, or any
<br />ather payment nacossary to prevent filing 01 or 10 effect discharge 01 any Ilen.
<br />Compllanc. Dehlult. Failure 10 comply wilh any other lerm, obligation, covenant or condition conlalned In this Deed of Trust, the Nola or In any
<br />01100 Relatod Documont9. If such e failure Is curable and if Grantor has not been given B notice of a broach of the sarna provision of this Deed of
<br />Trust within the preceding twolve ('J) months, It may be cured (and no Event of Default will have occurred) If Grantor, after receiving lM111en notlca
<br />from Lender demanding cum of such failure: (8) cures tho lailure wllh fifteen ('5) days; or (b) lithe cure requires more than Ilfloon (15) days,
<br />Imnedlately Initiates stops sufficient to cure the tallure and thereafter conUnuea and compleles all reasonable and necessary sleps sufficient to
<br />produce compliance 89 soon as reasonably pracllcal.
<br />Brea.;."!u. Anv.....tlfT8nty. representation or stalement made or furnished 10 lender by or on behalt of Grantor under this Deed of Trust, the Note
<br />or the Related Documents ls, or at the time made or furnished was. lalse In any malerlal respect.
<br />Insolvency. The Insolvency of Granlor, appolntmer.t 01 a receiver lor any part of Granlor's property, any assignment for the benefit of creditors,
<br />tho commencement 01 any proceeding under any bankruptcy or Insolvency laws by or against Grantor, or (he dissoluUon or tennination of
<br />Grantor's Blffstence as III going business {If Granlor 15 a buslnessl. ExceptIO Ihe extent prohlblled by lederallaw or Nebraska law, the death of
<br />Grantor (If Grantor Is an IndIVIdUal) also shall constitute an Event of Default undor this Deed of Trust. However, 1ho death 01 any Grantor will not
<br />be an Event of Dolault II as a TOsuh of the death 01 Grantor Ihe Indebtedness Is tully covered by credIt life Insurance.
<br />Foreclosur., .te. Comnencernonl of foreclosure, whether by judicial proceeding, sell-help, repossession or any other melhod, by any creditor 01
<br />Granlor against any of the Property. However, this subsection shall not apply In the event of a good faith dlspule by Granlor as to the validity or
<br />reasonableness 01 the claim which Is the basis of the loreclosure, provided thai Grantor gives Londer written nollce 01 such claim and furnishes
<br />reserves or a suroty bond for the claim satisfactory 10 lendor.
<br />Breach of Other Agreement. An,! breach by Grantor under the lerms 01 any olher agreement between Grantor and Lender thalls not remedied
<br />wilhln any grace period provided therein, InclUding without limitation Dny agrOOffie.lt concernIng any indebledness or othor obligation 01 Granlor to
<br />Lender, whether olfistlng now or lalor.
<br />Even1ll Affecting Guarantor. Any 01 the procodlng evonls occurs with respect to any Guarantor 01 any 01 the Indebtedness or such Guarantor
<br />dies or bocomes IncolT'getent. Lender, at Its option, may, but shall not be roqulred to, pormll1he Guarantor's eslale to assume uncondlllonally the
<br />obllgsUons arising under the guaranty In a manner sallsfactory 10 lendor, and, In doing so, cure the Evenl of Delault
<br />InHCurtty. Landot' In goOd laith dooms Itself Insecure.
<br />Exlatlng Indebtedn.sL Delault of Granlor under any obligation existing as of the date 01 this Deed 01 Trust or under any instrument 99CUrlng any
<br />existing obligation. or COfT'llTh)ncemont oll!lny suit or other acUon to foreclosfl any existing lien on lhe Properly.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence 01 any Evant of Default nnd al any lime 1hereaftor, Trustoe or Lender, allts optlon, may
<br />exorC!SG anyone or more of tho following rtghts and remedl99, In oddltlon 10 any other righl5 or remodlw provided by law:
<br />Acc.I.,..tlon upon Default; Additional Remedies. If any event of default occurs which Is nol cured within IIftoon (15) days after notice, 89 per
<br />tho tonns of Ihe Note secured horeby, lender may declare all Indebted noS! socured by Ihls Deed of Trust to be due and payable and the same
<br />shalllhereupon bocome due and payable without any presentment, demand, protest or notice of any kind. Thereafter, Lender may:
<br />(a) Blher In person or by agent, with or without brlnging any actIon or proceeding, or by a receiver appointed by a court and without regard
<br />10 the l!Idequacy 01 Its security. enter upon and take possessIon of the Properly, or any pan thereol, In Its own name or In the name 01
<br />Trustoo, and do any acts whIch it deems necessary or desIrable to preservo Iho value, marketability or rentability 01 the Property, or part 01
<br />the Proparty or inlerest In the Property; Increase Ihe Income from the Property or protocl lhe socurlty of 1he Propeny; and, wllh or wilhout
<br />taking possession of the Property, sue for or otherwise collect the rents, Issues and profits of the Property, IncludIng those past due and
<br />unpaid, and apply the same, loss costs and elfpenses of operalion and collecUon, 10 any Indebtedness secured by this Deed of Trust, all In
<br />such order as Lender may determine. The entering upon and laXing possession 01 the Property, 1he collection 01 such renlS, Issues and
<br />profits, and the applicBtlon thereol shall nol cvro or waive any defaull or noUce of default under this Deed of Trust or InvalIdate any act done
<br />in response to such delault or pursuant 10 such notice 01 delault; and, notwlthstandlng the continuance In possession 01 the Property or tho
<br />collectlon, recelpl and appltcation 01 rents, issues or profits, Trustee or Londer shall be entitled 10 ellercise every right provided 10r In the Note
<br />or the Related Documents or by law upon the occurrence 01 any event of delaull. Including the right to exercise Ihe power 01 salo;
<br />(b) ColTl1lOnce an BC"on 10 foreclose lhls Dood 01 Trusl as a mortgage, appoint a receiver or speclficallV enforce any of tho covenants
<br />hereof; and
<br />(e) OeIlver 10 Trus1ee a wrltlen declaration of delault and demand tor sale and a written n'llice 01 defaull and eleclion to cause Granlor's
<br />intoresl in lho Propelty to be sold, which nolice Trustee shalt cause to be duly filed lor rocord in Ihe appropriate offices of the County In which
<br />lhe Property Is located; and
<br />(d) WIth rospecIl0 BlI or any pari of lho Personal Property, lender shall have nil the rlghls and remedies 01 a secured party under 1he
<br />Nebraska Uniform ColTm3rClal Code.
<br />FuncIosunI by Poww of SaIL It Lenc:lof elects to foroclose by OJIlercise of tho Power 01 Sale herein conlalned, Lendor shall notify Truslee and
<br />shall deposit with Trustee this Dued of Trust and the Nato and such rocefpts and evidence of oxpendllures made and secured by this Deed of
<br />Trust as Trustoo mav requife.
<br />
<br />L
<br />
<br />-.J
<br />
|