|
<br />200702649
<br />
<br />.'- eXpel"lSe, will keep, observe and perform, and require all other parties to the leases to comply with the leases
<br />and any applicable law. If Grantor or any party to the lease defaults or fails to observe any applicable law,
<br />Grantor will promptly notify lender. If Grantor neglects or refuses to enforce compliance with the terms of the
<br />leases, then lender may, at lender's option, enforce compliance. Grantor will not sublet, modify, extend,
<br />cancel, or otherwise alter the leases, or accept the surrender of the Property covered by the leases (unless the
<br />leases so require) without lender's consent. Grantor will not assign, compromise, subordinate or encumber the
<br />leases and Rents without lender's prior written consent. lender does not assume or become liable for the
<br />Property's maintenance, depreciation, or other losses or damages when lender acts to manage, protect or
<br />preserve the Property, except for losses and damages due to lender's gross negligence or intentional torts.
<br />Otherwise, Grantor will indemnify lender and hold lender harmless for all liability, loss or damage that lender
<br />may incur when lender opts to exercise any of its remedies against any party obligated under the leases.
<br />13. DEFAULT. Grantor will be in default if any of the following occur:
<br />A. Payments. Grantor fails to make a payment in full when due.
<br />B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on
<br />behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of,
<br />the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any
<br />present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by
<br />or against Grantor, Borrower, or any co-signer, endorser, surety or guarantor of this Security Instrument or
<br />any other obligations Borrower has with Lender.
<br />C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br />D. Failure to Perform. Grantor fails to perform any condition or to keep any promise or covenant of this
<br />Security Instrument.
<br />E. Other Documents. A default occurs under the terms of any other document relating to the Secured
<br />Debts.
<br />F. Other Agreements. Grantor is in default on any other debt or agreement Grantor has with lender.
<br />G. Misrepresentation. Grantor makes any verbal or written statement or provides any financial information
<br />that is untrue, inaccurate, or conceals a material fact at the time it is made or provided.
<br />H. Judgment. Grantor fails to satisfy or appeal any judgment against Grantor.
<br />I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal
<br />authority .
<br />J. Name Change. Grantor changes Grantor's name or assumes an additional name without notifying lender
<br />before making such a change.
<br />K. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or property. This
<br />condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the
<br />DUE ON SALE section.
<br />L. Property Value. lender determines in good faith that the value of the Property has declined or is impaired.
<br />M. Insecurity. lender determines in good faith that a material adverse change has occurred in Grantor's
<br />financial condition from the conditions set forth in Grantor's most recent financial statement before the date
<br />of trn$ SSGUffty-irn;;tftlrFreffi -6f--tha-t the-prospect for payment -or perforrnance of the Secured Debts is impaired -
<br />for any reason.
<br />14. REMEDIES. On or after default, lender may use any and all remedies lender has under state or federal law
<br />or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property.
<br />Any amounts advanced on Grantor's behalf will be immediately due and may be added to the balance owing
<br />under the Secured Debts. lender may make a claim for any and all insurance benefits or refunds that may be
<br />available on Grantor's default.
<br />Subject to any right to cure, required time schedules or any other notice rights Grantor may have under federal
<br />and state law, lender may make all or any part of the amount owing by the terms of the Secured Debts
<br />immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a
<br />default or anytime thereafter.
<br />If there is a default, Trustee will, in addition to any other permitted remedy, at the request of the lender,
<br />advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash.
<br />Trustee will give notice of sale including the time, terms and place of sale and a description of the Property to
<br />be sold as required by the applicable law in effect at the time of the proposed sale.
<br />To the extent not prohibited by law, Trustee will apply the proceeds of the Property's sale in the following
<br />order: to all fees, charges, costs and expenses of exercising the power of sale and the sale; to lender for all
<br />advances made for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon;
<br />to the Secured Debts' principal and interest; and paying any surplus as required by law. lender or its designee
<br />may purchase the Property.
<br />Upon any sale of the Property, Trustee will make and deliver a special or limited warranty deed that conveys the
<br />property sold to the purchaser or purchasers. Under this special or limited warranty deed, Trustee will covenant
<br />that Trustee has not caused or allowed a lien or an encumbrance to burden the Property and that Trustee will
<br />specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful
<br />claims and demand of all persons claiming by, through or under Trustee. The recitals in any deed of
<br />conveyance will be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the lender is entitled to all remedies provided at law
<br />or equity, whether or not expressly set forth. The acceptance by lender of any sum in payment or partial
<br />payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are
<br />filed will not constitute a waiver of lender's right to require full and complete cure of any existing default. By
<br />not exercising any remedy, lender does not waive lender's right to later consider the event a default if it
<br />continues or happens again.
<br />15. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law,
<br />Grantor agrees to pay all expenses of collection, enforcement or protection of lender's rights and remedies
<br />under this Security Instrument or any other document relating to the Secured Debts. Grantor agrees to pay
<br />expenses for lender to inspect and preserve the Property and for any recordation costs of releasing the Property
<br />from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other
<br />
<br />Doyle Benson
<br />Nebraska Deed Of Trust
<br />NE/4XX28322000005900005586011032907Y
<br />
<br />@1996 Bankers Systems. Inc" St. Cloud, MN ~
<br />
<br />Initials
<br />Page 3
<br />
|