|
<br />200710195
<br />
<br />percent of partnership interests, or (if a limited liability company) a total of NA percent of the limited liability
<br />company interests or voting rights during the period this Deed of Trust remains a lien on the property.
<br />12. Remedies; Acceleration Upon Default. In the event of any Event ofOefault Lender may, without
<br />notice except as required by law, declare all indebtedness secured hereby to be due and payable and the same shall
<br />thereupon become due and payable without any presentment, demand, protest or notice of any kind. . Thereafter
<br />Lender may;
<br />(a) Demand that Trustee exercise the POWER OF SALE. granted herein, and Trustee shall thereafter cause
<br />Trustor's interest in the Property to be sold and the proceeds to be distributed, all in the manner provided in the
<br />Nebraska Trust Deeds Act; (b) Exercise any and all right provided for in any of the Loan Instruments or by law
<br />upon occurrence in any Event of Default; and
<br />(c) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically emorce
<br />any of the covenants hereof.
<br />No remedy herein com erred upon or reserved to Trustee or Lender is intended to be ex~lusive of any other remedy
<br />herein, in the Loan Instruments or by law provided or pennitted, but each shall be cumulative, shall be in addition to
<br />every other remedy given hereunder, in the Loan Instruments or now or hereafter existing at law or in equity or by
<br />statute, and may be exercised concurrently, independently or successively.
<br />13. Trustee. The Trustee may resign at anytime without cause, and Lender may at any time and without
<br />cause appoint a successor or substitute Trustee. Trustee shall not be liable to any party, including without limitation
<br />Lender, Borrower, Trustor or any purchaser of the Property, for any loss or damage unless due to reckless or willful
<br />misconduct, and shall not be required to take any action in connection with the enforcement oftbis Deed of Trust
<br />. unless indemnified, in writing, for all cost, compensation or expenses wbich may be associated therewith. In
<br />addition, Trustee may become a purchaser at any sale of the Property Gudicial or under the power of sale granted
<br />herein); postpone the sale of all or any portion of the Property, as provided by law; or sell the Property as a whole, or
<br />in separate parcels or lots at Trustee's discretion.
<br />14. Fees and Expenses. In the event Trustee sells the Property by exercise of power of sale, Trustee shall
<br />be entitled to apply any sale proceeds first to payment of all costs and expenses of exercising power of sale,
<br />including all Trustee's fees, and Lender's and Trustee's attorney's fees, actually incurred to extent permitted by
<br />applicable law. In the event Borrower or Trustor exercises any right provided by law to cure an Event of Default,
<br />Lender shall be entitled to recover from Trustor all costs and expenses actually incurred as a result of Trustor's
<br />default, including without limitation all Trustee's and attorney's fees, to the extent permitted by applicable law.
<br />15. Future Advances. Upon request of Borrower, Lender may, at its option, make additional and future
<br />advances and readvances to Borrower. Such advances and readvances, with interest thereon, shall be secured by this
<br />Deed of Trust. At no time shall the principal amount of the indebtedness secured by this Deed of Trust, not
<br />including sums advanced to protect the security of this Deed of Trust, exceed the original principal amount stated
<br />herein, or $ 28,000.00 , whichever is greater.
<br />16. Miscellaneous Provisions.
<br />(a) Borrower Not Released. Extension of the time for payment or modification of amortization of the sums
<br />secured by this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate.to release,
<br />in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be
<br />required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify
<br />amortization of the sums secured by this Deed of Trust by reason of any demands made by the original Borrower
<br />and,Borrower's successors in interest.
<br />(b) Lender's Powers. Without affecting the liability of any other person liable for the payment of any obligation
<br />herein mentioned, and without affecting the lien or charge of this Deed of Trust upon any portion of the Property not
<br />then or theretofore released as security for the full amount of all unpaid obligations, Lender may, from.time to time
<br />and without notice (i) release any person so liable, (ii) extend the maturity or alter any oftheterrns of any such
<br />obligations, (iii) grant other indulgences,. (iv) release or reconvey, or cause to be released or reconveyed at any time
<br />at Lender's option any parcel, portion or all of the Property, (v) take or release any other or additional security for
<br />any obligation herein mentioned, or (vi) make compositions or other arrangements with debtors in relation thereto.
<br />(c) Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy
<br />hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such
<br />right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not
<br />be a waiver or Lender's right to accelerate the maturity of the indebtedness secured by this Deed of Trust.
<br />(d) Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements
<br />herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lenuer
<br />and Trustor. All covenants and agreements of Trustor shall be joint and several. The captions and headings of the
<br />paragraphs ofthis Deed of Trust are for convenience only and are not to be used to interpret or defme the provisions
<br />hereof.
<br />(e) Request for Notices. The parties hereby request that a copy of any notice of default hereunder and a copy of
<br />any notice of sale hereunder -be mailed to each party to tbis Deed oITrust at the address set forth above in the
<br />manner prescribed by applicable law. Except for any other notice sent required under applicable law to be given in
<br />another manner, any notice provided for in this Deed of Trust shall be given by mailing such notice by certified mail
<br />addressed to the other parties, at the address set forth above. Any notice
<br />provided for in this Deed of Trust shall be effective upon mailing in the manner designated herein. If Trustor is
<br />more than one person, notice sent to the address set forth above shall be notice to all such persons.
<br />(f). Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
<br />provided that Lender shall give Trustor notice prior to any such inspection specifying reasonable cause therefor
<br />related to Lender's interest in the Property.
<br />(g) Reconveyance. Upon payment of all sums secured by this Deed of Trust, Lender shall request Trustee to
<br />reconvey the Property and shall surrender this Deed of Trust and all notes evidencing indebtedness secured by this
<br />Deed of Trust to Trustee. Trustee shall reconvey the Property, without warranty and without charge to the person or
<br />persons legally entitled thereto. Trustor shall pay all costs of recordation, if any.
<br />(h) Personal Property; Security Agreement. As additional security for the payment of the Note, Trustor hereby
<br />grants Lender under the Nebraska Uniform Commercial Code a security interest in all fixtures, equipment, and other
<br />personal property used in connection with the real estate or improvements located thereon, and not otherwise
<br />
|