|
7
<br />fi. Stational Doneallo, Lander in hereby assigned all compensation, awards, damages and other payments or [Pilot thereinafter "P[ocoada I In con locuorl wish
<br />�atr� condemnation or other taking of the Properly or part thereof, or lot conveyance lit I Pool condemnation. Lender shall be entitled at its Option to commence, appoar in and
<br />w►. proaecule in its own name any action or proceedings and shall also be entitled to make any compromise or settlement in connection with such taking or damogo In the
<br />�Y event any portion of the Property is so taken or damaged, Lender shall havo the option, in its sole and absolute discrelion, to apply all auch Proceeds. after deducting
<br />CO theratromallcoot sandexpensesincorrect byitinconnectionwithsuchproceeds, uponanyindebtednesssecuredherobyandinsuchordorasLendermaydatermina ,orto
<br />.�. apply all such Proceeds, after such deducliona, to the restoration of the Property upon such conditions as Lender may daformine. Any application of Proceeds to
<br />indebtedness shall not extend or postpone the due data of any payments under the Nola, or mire any default thereunder or hereunder.
<br />7 Prefirforessism by Lander. In the event of Borrower's failure to perform any of the covenants heroin or make Any payments required h#rot)y, or if any art Is billion or
<br />r 1.101 proceeding commenced which materially affects Lender's interest in the Properly. Lender may in its own discretion. but without obligation to do so, and without nonce
<br />'.. � toot demand upon Borrower and without releasing Borrower from any obligation, do any act which the Borrower has agreed but failstodo and may Also do Any other act it
<br />deema necessary to protect the security hereof. Borrower shall. Immediately upon demand therefor by Lender, pay to Lander all costa and expenses incurrad and sumo
<br />expended by Lender inconnection with the exercise by Lender of the foregoing rights, togetherwith interest thereon at the rate provided in the Note, which shall be added to
<br />the indebtedness secured hereby. Lender shall not Incur any personal liability because of anything it may do or omit to do hereunder.
<br />r\ 9. 9 its - of Co lltt. The following shall constitute an event of default under this Deed of Trust:
<br />00 (a) Failure to pay any installment of principal or interest or any other sum secured hereby when due, or failure to pay when due any other indebtedness Of
<br />Borrower to Lender;
<br />.., (b) A breach of or default under any provision contained in the Note, this Deed of Trust, any document which secures the Note, and any other
<br />encumbrance upon the Property,
<br />(c) A writ of execution or attachment or any similar process shall be entered against Borrower which shall become alien on the Property or any portion
<br />thereof or interest therein; `
<br />t; (d) There shall be filed by or against Borrower an action under any present or luture federal, state or other statute, law or regulation relating to
<br />bankruptcy, insolvency or other relief for debtors; or there shall be appointed any trustee, receiver or liquidator of Borrower or of all or any part of the Property, or
<br />). the rents, issues or profits thereof, or Borrower shall make any general assignment for the benefit of creditors.
<br />(e) The sale. transfer, assignment, conveyance or further encumbrance of all or any part of or any interest in the Property, either voluntarily or
<br />involuntarily, without the express written consent of Lender
<br />(f) If Borrower is not an Individual, the sale, transfer, assignment, conveyance or encumbrance of more than .____-___. percent of (if a corporation) its
<br />issued and outstanding stock or (if a partnership) — percent at partnership interests.
<br />9. Rarlladiaq Acceleration Upon Default. In the event of any Event of Default Lender may declare all Indebtedness secured hereby to be due and payable and the
<br />same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind Thereafter Lender may:
<br />(a) Demand that Trustee exercise the POWER OF SALE granted herein, and Trustee shall lhereafter cause Borrower's interest in the Properly to be sold
<br />and the proceeds to be distributed, all in the manner provided in the Nebraska Trust Deeds Act;
<br />(b) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the
<br />adequacy of its security. enter upon and take possession of the Properly, or any part thereof. in Its own name or in the name of the Trustee, and do any acts which
<br />it deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part thereof or Interest therein, increase the income
<br />therefrom or protect the security hereof and. with or without taking possession of the Properly, sue lot or otherwise collect the rents. issues and profits thereof,
<br />including those paid due and unpaid, and apply the same, less costs and expenses of operation and collection Including attorneys' fees. upon any indebtedness
<br />secured hereby, all in such order as Lender may determine. The entering upon and taking possession of the Propertyr the collection of such rents. Issues and
<br />profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or Invalidate any act done In response to such
<br />default or pursuant to such notice of default and. notwithstanding the continuance In possession of the Property or the collection, receipt and application of
<br />rents, issues or profits. Trustee or Lender shall be entitled to exercise every right provided for In any of the Loan Instruments or by law upon occurence of any
<br />event of default, including the right to exercise the power of sale: and
<br />(c) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a fecewer, or specifically enforce any of the covenants hereof
<br />No remedy herein conferred upon or reserved to Trustee or Lender is Intended to be excl usive of any other remedy herein or by law provided or permitted, but each shall be
<br />cumulative, shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute and may be exercised concurrently.
<br />independently of successively
<br />10. Tenable. The Trustee may resign at anytime without cause. and Lender may at anytime and without cause appoint a successor or substitute Trustee. Trustee
<br />shall not be liable for any loss or damage unless due to actionable negligence or willful misconduct, and shall not be required to take any action in connection with the
<br />enforcement of this Deed of Trust unless indemnified. in writing, for all costs. compensation or expenses which may be associated therewith In addition. Trustee may
<br />become purchaser at any sale of the Property (judicial or under the power of sale granted herein). postpone the sale of all or any portion of the property. as provided bylaw,
<br />Or sell the Property as a whole, or in separate parcels or lots
<br />11. Fuhm Advwb e. Upon request of Borrower, Lender may. at its option, make additional and luture advances and readvances to Borrower. Such advances end
<br />readv rice., with interest thereon, shall be secured by this Deed of Trust. At no time shall the principal amount of the indebtedness secured by this Deed of Trust. not in-
<br />cluding sums advanced to protect the security of this Dead ofTrust, exceed the original print lost amount stated herein whichever is
<br />greater.
<br />12. MMpBaneow Provisions.
<br />(a) borrower Not Released. Extension of the lime for payment or modification of amortization of the sums secured by this Deed of Trust granted by
<br />Lender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successors in
<br />interest. Lendershall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization
<br />of the sums secured by this Deed of Trust by reason of any demands made by the original Borrower and Borrowers successors In Interest
<br />(b) Loner's Powers. Without affecting the liability of any other person liable for the payment of any obligation herein mentioned. and without affecting
<br />the lien or charge of this Deed of Trust upon any portion of the Property not then or theretofore released as security for the full amount of all unpaid obligations,
<br />Lender may. from time to time and without notice (i) release any person so liable. (d) extend the maturity or after any of the terms of any such obligations, (iii)
<br />grant other indulgences, (iv) release or reconvey, or cause to be released or reconveyed at any time at Lender's options any parcel, portion or all of the Property,
<br />(v) lake or release any other or additional security for any obligation herein mentioned, or l vq make compositions or other arrangements with debtors in relation
<br />thereto.
<br />Of Forbeagneaby Lender Not a Waiver. Any forbearance by Lender In exercising any right or remedy hereunder, or otherwise afforded by applicable
<br />law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of Insurance or the payment of taxes or other liens or charges
<br />by Lender shall not be a waiver of Lender's right to accelerate the maturity of the Indebtedness secured by this Deed of Trust.
<br />td) Successors and Aselgns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind. and the rights
<br />hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 8 (e) hereof. All covenants and
<br />agreementsol Borrower shall be joint and several The captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not lobe
<br />used to interpret or define the provisions hereof.
<br />to) 111eg1Natlor Notices. The parties hereby request that a copy u! any notice of default hereunder and a copy of any notice of sale hereunder be mailed to
<br />each party to this Deed of Trust at the address set forth above in the manner prescribed by applicable law Except for any other notice required under applicable
<br />law to be given in another manner, any notice provided for in this Deed of Trust shall be given by mailing such notice by certified mall addressed to the other
<br />parties, at the address set forth above.
<br />Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given In the manner designated herein.
<br />(f) Inap action. Lender may make or cause lobe made reasonable entries upon and Inspections of the Property, provided that Lender shall give Borrower
<br />notice prior to any such inspection specifying reasonable cause therefor :elated to Lender's interest In the Property.
<br />(g) Reeonwysnee. Upon payment of all sums secured by this Deed of Trust, Lender shall request Trustee to reconvey the Property and shall surrender
<br />this Dead of Trust and all notes evidencing indebtedness secured by this Deed of Trust to Trustee. Trustee shall reconvey the Property without warranty and
<br />without charge to the person or persons legally entitled thereto. Such person or persons shall pay all costs of recordation. It any
<br />(h) Personal Property, Security Agreement. As additional security for the payment of the Note all fixtures. equipment, and other personal property used
<br />in connection with the real estate or improvements located thereon, and not otherwise declared or deemed lobe apart of the real estate secured hereby, shat l be
<br />subject Ion security interest in favor of the Lender under the Nebraska Uniform Commercial Code This instrument shall be construed asa Security Agreement
<br />under sad Code, and the Lender shall have all the rights and remedies of a secured party under said Code in addition to the rights and remedies created under
<br />and accorded the Lender pursuant to this Deed of Trust.
<br />(i) Sewces". In the event that any provision of this Deed of Trust conflict with applicable law or are declared invalid or otherwise unenforceable. such
<br />conflict Or invalidity shall not affect the other provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision. anti to this
<br />and the provisions of the Deed of Trust antl the Note are declared to be severe
<br />Borrower has executed this U.00 of Trust the date written above.
<br />L X
<br />Borrower George D. Billiitgton
<br />Borrower S lilllington
<br />f
<br />lm „
<br />
|