|
<br />88- 10576~
<br />16, Covenants of Trustor with Respect to Loases. Without the prior wrinen consent of Beneficiary, Trustor shall not, directly or Indirectly,
<br />with rospect to any lease of space in the Trust Property, or any portion thereof, 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) Cancel or terminate the same, or accept any cancellation, termination or surrender thereof, or permit any event to occur whIch would
<br />occur thereunder to termlnata or cancel the same, other than termlnarion for nonpayment of rent,
<br />(0) Amend orm~j'Y..Jh8 sam~~PJl.sJ.'! rad.uce the term thereof, the rental payable thereunder. or to change any renewal provisions
<br />there/IT contail"'r1,r~ ':""J . Ie l".. ~ ',.. ~
<br />(d) Wsi.... any 'ctafsuU i/iilf9lJlfrJt~or b~:ch tha,aof,
<br />(e) Give ;any Consent. WaJV!3r~Dr8pprovar thereunder or take eny other action in connection therewith, or with a lessee t~ereunder, which
<br />would have the effect of Impairing ths'~alue of the lessor's interest thereunder or the property subject thereto, or of Impairing the
<br />position or interest of Beneficiary therein, or
<br />CO Sel" assign, pledge, 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 Urnitations. Time is of the essence In elt of Trustor's obligations and duties hereunder; and to the extent permitted
<br />by law, Trustor waives alJ 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 Trust or any rights or remedies contained herein.
<br />18. Assignment of Deposits. In the event construction of improvements is contemplated by the loan evidenced by the Note secured
<br />hereby, as additional security therefore, Trustor hereby transfers and assigns to Beneficiary, ail right, title and interest to any and all
<br />monies deposited by or on behalf of Trustor with any city, county, pubflc 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 Trust Property.
<br />19. Corporation or Pannershlp Existence. If Trustor Is a corporation, general partnership, or ilmlted partnership, it will do all things
<br />necessary to preserve its corporate or partnership existence, as the case may be, and af! 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 />affordl3d by applicabla 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 discharge of liens or charges by Beneficiary shail 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 Trust are distinct and cumulative to any ather right or remedy under this
<br />Deed of Trust or afforded by law or equity, and may be exercised concu"sntly, independently or successively.
<br />22. Successors and Assigns Bound; Joint and Several Uabillty; Captions. The covenants and agreements herein contained shall bind, and
<br />the rights hereunder shall inure to, the respective successors and assigns of Beneficiary, Trustee, and Truster. All covenants and
<br />agreements of Trustor shall be joint and several. The captions and headings of the paragraphs of this Deed of Trvst are for
<br />convenience only and are not to be used to interpret or define the provisions hereof.
<br />23. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Trustor provided for in this
<br />Deed of Trust shaff be given by mailing such notice by certified mail, return receipt requested addressed to Trustor at its mailing
<br />address set fonh above or at such other address 8S Trustor 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 Trustee may designate by notice to Trustor as provided herein. Any
<br />notice provided for in this Deed of Trust shall be deemed to have been given to Trustor, Beneficiary 01 Trustee when given in the
<br />manner designated herein.
<br />24. Governing Law; Severability. This Deed of Trust shall be governed by the laws of the State of Nebraska. In the event any provision or
<br />clause of this Deed of Trust conn/cts with appilcable law. such conflict s:Jall not affect other provisions of this Deed of Trust which can
<br />be given effect without the confficting provisions and to this end the provisions of this Deed of Trust are declared to be severable.
<br />25. Events of Default. Each of the following occurrences shall constitute an event of defauit hereunder, (hereinafter called an "Event
<br />of Dafault"):
<br />(a) Trustor shall fall to pay when due any principal, Interest, or principal and interest on the Indebtedness,
<br />(b) Any wa"anty of title made by Trustor herein shall be untrue,
<br />(c) Trustor shall fall to obs"'rve or perform any of the covenants, agreements, or conditions in this Deed of Trust,
<br />(d) Any representation or warranty made by Trustor on any financial statements or reports submined to Beneficiary by or on behalf of
<br />Trustor shall prove false or materially misleading,
<br />(e) Trustor shaJl fail to perform or observe any of the covenants, conditions or agreements contained In, or bInding upon Trustor under
<br />any building loen agreement, security agreement, loan agreement, financing statement, or any other agreement. Instrument or
<br />document executed by Trustor In conn6ction with the loan evidenced by the Note,
<br />(f) A trustee, receiver or liquidator 01 the Trust Property or of Trustor shaJl be appointed, or any of the creditors of Trustor shalf fife a
<br />petition in bankruptcy against Trustor, or for the reorganizetion of Trustor pursuant to the Federal Bankruptcy Code, or any similar
<br />law, whether federai or state, and if such order or petition shafl not be discharged or dismissed within thirty (30) days after the date
<br />on which such order or petition was filed.
<br />(g) Trustor shall file a petition pursuant to the Federal Bankruptcy Code or any similar law, federal or state, or if Trustor shall be
<br />adjudged a bankrupt, or be declared Insolvent, or shall make an assignment for the benefit of creditors, or shall admit in writing 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 Property,
<br />(h) Anal judgment for the payment of money shall be rendered against Trustor and Trustor shall not discharge the same, or cause it to
<br />be discharged, within thirty (30) days after the entry thereof, or shall not appeal therefrom or from the order, decree or process upon
<br />which or pursuant to whIch said judgment was granted, ba."ied, or entered, and secure a stay of execution pending such appeal,
<br />(i) Trustor shall sellar convey the Trust Property, or any pBlt thereof, or any interest therein, or shall be divested of its tiNe, or any interest
<br />therein, in any manner or way, whether voluntarily or involuntarily, without the written consent of Beneficiary being first had and
<br />obtained, or
<br />OJ If Trustor is a corporation or partnership and more ihan fifty percent (50%) of the shares or beneficial interests in such corporation or
<br />partnership, as the case may be, shall be transferred or convoyed, whether voluntarily or involuntarily, without the written 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 lime thereafter, Beneficiary may, at its option,
<br />declare all the Indebtedness secured hereby immediately due and payable and the same shall 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 Trustor, do one or more of the following;
<br />(a) Beneficiary may enter upon, take possession of, manage and operate the Trust Property or any part thereof,' make repairs and
<br />alterations and c!o any acts which Beneficiary deems proper to protect the seeurity 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 CDJlect/on, 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, Trustor
<br />shallassembte and shall make available to Beneficiary any of the Trust Property which has been removed. The entering upon and
<br />talcing possession of the Trust Property, the cof/eetion 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 0/ 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 rems, Issues Dr profits, Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust or by law
<br />upon Dr after the occurrence at an Event of De/ault, including the right to exercise the power of sale. Any of the actions referred to In
<br />chis p8TBgraph may be taleen by Beneficiary at such lime as Beneficiary may determine WIthout reytlrd to the adequacy 01 ally
<br />secunty for the Indobtedness sBaJred hereby.
<br />(b) Beneflc/aty shall. without regard 10 the adequacy of any secunry lor the Indebtodness secured hereby. be entitled to the
<br />apPointment of a roceivor by lIny court having Jurisdiction. without notice. to rako posse."islon of, protect, iJnn moUlage /110 Trllst
<br />Propetfy and operate illS same and cal/ecttha rents. ISSUOS and profIts thoro/rom
<br />(e, Bonet/culry may bring any act/on In any cou1f or competent IUf/Sd/ctlOn ta fOff1clos(J Ih/s Dend 01 r'uslor /lnfllWI' im~' (l1,,1f'
<br />covenants horoo'
<br />
|