|
bi _ 101795
<br />16. Covenants of Trustor with Respect to Leases. Without the prior written consent of Beneficiary, Trustor shall not, directly or indirectly,
<br />w,!h respec! to any !ease 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 terminate or cancel the same, other than termination for nonpayment of rent,
<br />(c) Amend or modify the same so as to reduce the term thereof, the rental payable thereunder, or to change any renewal provisions
<br />therein contained.
<br />(d) Waive any default thereunder or breach thereof,
<br />(e) Give any consent, waiver or approval thereunder or take any other action in connection therewith, or with a lessee thereunder, which
<br />would have the effect of impairing the value of the lessor's interest thereunder or the property subject thereto, or of impairing the
<br />position or interest of Beneficiary therein, or
<br />(1) Sell, 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 Limitations. Time is of the essence in all of Trustor s obligations and duties hereunder: and to the extentpenntted
<br />by law. Trusfor waives all 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 />M Assignment of Deposits. In the event construction of improvements is contemplated by the ban evidenced by the Note secured
<br />hereby. as additional security therefore, Trustor hereby transfers and assigns to Beneficiary, all right. title and interest to any and aN
<br />monies deposited by or on behalf of Trustor with any city, county. public 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 b;r Trustor, pertaining to the Trust Properly.
<br />19. Corporation or Partnership Existence. If Trustor is a corporation, general partnership. or limited partnership, it will do all things
<br />necessary to preserve its corporate or partnership existence, as the case may be, and al! rights and privileges under the laws of the
<br />state of its incorporation or organization.
<br />20. Forbearance by Beneficiary Not a Wa ver. Any forbearance by Beneficiary to exercising any right or remedy hereunder. or omerwfse
<br />afforded by applicable 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 shall not be a waiver of Beneficiary's rrov 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 other right or remedy under this
<br />Deed of Trust or afforded by law or equity, and may be exercised concurrently. mdependendy or successively.
<br />22. Successors and Assigns Bound: Joint and Several Liability. Captions. The covenants and agreements herein contained shat bind, and
<br />Me rights hereunder shall inure to, the respective successors and assigns of Beneficiary. Trustee. and Trustor. All covenants and
<br />agreements of Trustor shall be joint and several. The captions and headings of the paragraphs of this Deed of Trust are for
<br />convenience only and are not to be used to interpret or define the prov.sxins hereof
<br />23_ Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Trustor pvovided forin Olis
<br />Deed of Trust shall be given by mailing such notice by certrhed nnarf return receipt requested addressed to Trustor at ds mai*ng
<br />address set forth above or at such other address as Trustor may designate by notice to Beneficiary as provided herem, and (b) any
<br />notice to Beneficiary or Trustee shall be given by certified mail, return, empt requested, to Beneficiary's and Trustee's rnadng
<br />address stated herein or to such other address as Beneficiary or Trustee may designate by notice to Trustor as provided herayn_ Any
<br />notice provided for it this Deed of ,Trust shall be deemeo to have been given to Trustor. Beneficiary or Trustee when given in the
<br />manner designated herein.
<br />24. Governing Law. Severability. This Deed of Trust shalt be governed by rise laws of ttre State of Nebraska. In the event any provisrm or
<br />clause of this Deed of Trust conflicts with applcaole law, such conflict shall riot affect other provisions of this Deed of Trust which can
<br />be given effect without the conflicting provisions and to this end the provisions of this Dead of Trust are declared to be severable.
<br />25. Events of Default Each of the following occurrences shalt constitute an event of default hereunder, (hereinafter canted an '-Event
<br />of Default"):
<br />(a) Trustor shag fail to pay when due any principal, interest, or principal and interest on the tridebtedness. 4
<br />(b) Any warranty of title made by Trustor ,herein sha,1 be untrue.
<br />(c) Trustor shalt fat/ to observe or perform anv of the covenants. agreements, or conditions in this Deed of Trust,
<br />(d) Any representation or warranty made by Trustor on any iinancal statements a reports submitted m Beneficiary by or on n~ of
<br />Trustor shall prove false or materially misleading,
<br />(e) Trustor shaft fait to perform or observe any of the covenants, conditions or agreements contained in, or binding upon Tnutor under
<br />any building loan agreement, security agreement, ban agreement firianCirig statemeit_ or any other agreemern- instrument or
<br />document executed by Trustor in connection with the ban evidenced by trie Note.
<br />(fj A Trustee, receiver or liquidator of the Trust Property or of Trustor shall be appointed. or arry of me creditors of Trustor shaJ ML- a
<br />petition in bankruptcy against Trustor, or for the reorganization of Trustor pursuant to the Federal Bankruptcy Code. or any similar
<br />law, whether federal or state, and if such order or petrion snalf not be discharged or dismissed within thirty 130j days after the dam
<br />on which such order or petition was flied.
<br />(g) Trustor shall hie a petition pursuant to the Federal Bankruptcy Code or any similar taw. federal or state. or if Trustor shall be
<br />adiudged a bankrupt. or be declared insolvent, or shall make an assignment for the bertefit of creditors, or shalt admit n writing its
<br />arability 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) Final tudgmenr for the payment of money shall be rendered against Trustor and Trustor shat/ not discharge the same, or cause R to
<br />be discharged. within thirty (30) days after the entry thereof, or shat not appeal ttrere rom or from the order. decree or process upon
<br />which or pursuant to which said judgment was granted, based, or entered, and secure a stay of execution pending such appeal
<br />(1) Trustor shall sett or convey the Trust Property, or any part thereof, or any interest therein, or shalt be divested of its title, 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 />(j)
<br />If Tr stor is a corporation or partnership and more than fifty percent (501,;) of the shares or beneficial interests in such corporatiat or
<br />partnership, as the case may be, shall be transferred or conveyed, whether voluntarily or involuntarily, without the written consent of
<br />Beneficiary being fist had and nhia_inori
<br />26. Acceleration of Debt; Foreclosure _ Upon the occurrence of any Event of Default, or any time 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, d 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 r
<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 folfowing:
<br />(a) Beneficiary may enter upon, take possession of manage and operate the Trost Property or any part rin_. - akerepairsarid
<br />alterations and do any acts which Beneficiary deems proper to protect the security therett. 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 tatpsird,
<br />and apply the same, less costs and expenses of operation and collection, 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 t
<br />shall assemble and shall make available to Beneficiary any of the Trust Property which has beer, removed. The entering upon and
<br />taking possession of the Trust Property, the collection of any rents, issues and profits. and the application thereof as aforesaid, shatr
<br />not cure or waive any default theretofore or thereafter occurring, or affect any notice of default or notice of 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 rents, issues or profits. Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust or by law
<br />upon or after the occurrence of an Event of Default, including the right to exercise the power of sale Any of the actions referred to rn
<br />this paragraph may be taken by Beneficiary at such time as Beneficiary may determine without regard to the adequacy of ar;
<br />security fur the indebtedness secured hereby 1
<br />(b) Fiel,eh -clary shall, without regard to the adequacy of any secunty for the Indebtedness recur eo hereb} . oe entitled to the
<br />apbomr,nont of a receiver by any t -ourt having tunsciichon withnur notice r- rnter-t- aria manage the Trust
<br />Pr,q,erty ;inn opwate thr• samr, ,11rc1 r. Ptli?Cr file rents, iSsw- anti ptolirs nherelrom
<br />(r1 i rt,iry miy 'wino) emv artier '.? ariv r-: :,art (if i- r,mpatent pur;nu toy -; r.rc >r i. -h, 11 -,f ,i r. _. ,rr •,- e>,an� _,� •rir
<br />
|