87101949 - Laserfiche WebLink

Browse

87-d 101949 r 10. Assignment of Rents and Possession. In the event of default in f the performance th Trust , or any other instruments that rel.at3e to this loan, the Lender shall be entitled to the immediate possession of the property together With ali the rents and income derived from the real property. The Lender has discretion to use the rents and profits for the purpose of paying any accounts mentioned under this Trust Deed, if said accounts are not paid by Borrower. In the event the Lender takes possession, it shall not be liable for failure to procure tenants or collect rents. ' Specifically, if Borrower defaults, Borrower assigns and transfers to Lender all of the right, title and interest of the Borrower to the rents and profits that are unpaid and due on the date of default, or which may become due after default, together with the authority to collect and enforce payment of the rents and profits. 11. Transfer of Real Pro rt . If the Borrower should, without written consent of the Lender, sell, transfer encumber or alienate the real property or any part thereof, whether voluntary or involuntarily, then the Lender shall have the right to declare all indebtedness and obligations secured by this Trust Deed, immediately due and payable. No secondary financing of any kind shall be allowed with respect to the real property without written approval of the Lender, provided such approval shall not be unreasonably withheld. 12. Remedies Cumulative. All remedies provided in this Trust Deed are distinct and cumulative to any other right or remedy under this Trust Deed or afforded by law or equity and may be excercised concurrently, independently or successively. 13. Default and Remedies. As expressly agreed by Borrower, in the event of Borrower's failure to comply with each and all of the conditions in this Trust Deed or Note or any other instruments affecting the loan secured hereby, time being of the essence, then the full amount secured hereby shall become due and collectible at once and the whole indebtedness shall bear interest at the highest legal rate not to exceed twenty (20) per cent. The Lender shall have the right to proceed to enforce the liquidation, which is secured herein, by mortgage foreclosure or Trustee's Sale without further notice other than provided by Nebraska law. The Borrower will have those remedies and only those remedies, available under Nebraska law or specifically mentioned in this Trust in the event default occurs and Borrower has the right to and does elect to cure the default in accordance with the Farm Homestead Protection Act, Borrower will pay Lender reasonable attorneys fees (not to exceed 1/2 of It of the principal balance then duel and a reinstatement fee of $ 1, 00.Jlor each default so cured. 14. Method of Trustee Sale. If Trustee sale is elected, the Trustee, at the written request of the Lender, may sell the property in the manner provided in Section 76 -1001 through 76 -1015 of the Nebraska Revised Statutes, including amendments, with such right of postponement of sale as the Trustee shall doom best for the interest of all parties concerned. The Trustee shall convey to the Purchaser in .Such sale the Trustee's title and all right and title of the grower to the real property. The purchaser shall be discharged of all liability._ for the application of the purchase money once sent to the Trustee. The Trustee shall apply the proceeds of the sale, first to the expenses of sales then to all taxes and assessments duel thence to all sums advanced by the Lender as provided in this Trust Deed together with J thence a Trustee's commission of two percent of the gross sale plus the Trustee's costs of reasonable "y attorney's fees and coats of title evidence; thence to the payment of the indebtedness and obligations secured by this Trust Deed together with interest and thence to the payment of all otter Trust Deeds, mortgages and liens junior to this Trust Deed. Any proceeds of the sale in excess of the amounts so applied above shall be paid to the Borrower. L15. Substitute Trustee. The Lender has the irrevocable power to appoint a su tuts TrTatee without specifying any reason therefore, by following the procedures outlined in Section 76 -1004 of the Nebraska Statutes. 16. Notices. Any notice or demand that may be given under this Truce Deed or any of the instruments affecting the loan shall be given to the Trustee at its above addrvis and to the grower, at the above j �.J