|
87_ 105118
<br />0 lmfttenl Domeln, Lender Is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter' Proceeds") in connection with
<br />condemnation or other taking of the Property or part thereof, or lot conveyance in lieu of condemnation. Lender shall be entitled at ils oplion to commorl appear in and
<br />pfoWute in its own name any action or proceedings, and shall also he entitled to make any compromise or settlement in connection with such taking or damage. In Ilia
<br />event any portion of the Properly is so Rattan or damaged, Lender shall have the option, in its sole and absolute discretion, to apply all such Proceeds. after deducting
<br />therefrom 101cosMand expenses incurred by it in connection with such proceeds, upon any indebtedness secured hereby and in such ordaras Lender may determine, or to
<br />apply AN such Proceeds, after such deductions, to the restoration of the Property upon such conditions as Lender may determine. Any application of Proceeds to
<br />indebtedness shelf not extend or postpone the dire dote of any payments under the Note, or cure any default thereunder or hereunder.
<br />]. ►ellenfaeO/Yyll. i As Jn the event of Borrower's failure to perform any of the covenants herein or make any payments required hereby, or it any act is taken or
<br />RAW proaee ling commenced which materially affects Lender's interest in the Property. Lender may in its own discretion, but without obligation to do so. and without notice
<br />to or demand upon Borrower and without releasing Borrower from any obligation, do any act which the Borrower has agreed but fails Redo and may also do any other act it
<br />deems neaeesery to protest the security hereof. Borrower shell, immediately upon demand therefor by Lender, pay to Lender all costs and expenses incurred and sums
<br />expended by Leader m connection with theexerciss by Lander of the foregoing rights, together with 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 />B. Nevada of DagaAl The following shall constitute an event of default under this Deed of Trust:
<br />(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 />let 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 />(d) There shall be filed by or against Borrower an action under any present or future 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 e! 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 lot the benefit of creditors.
<br />(a) The sale, transfer, assignment, Conveyance or further encumbrance of all or any part of or any interest In the Property, eithur voluntarily or
<br />involuntarily, without the express written consent of Lender,
<br />(1) 11 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 of partnership interests.
<br />9. Namartles; Aeealero"n Upon IJefauN. 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 thereafter 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 Property, 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 Property. sue for or otherwise collect the rents, issues and prolits thereof.
<br />including those past 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 Property, 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 receiver. or specifically enforce any of the covenants hereof;
<br />No remedy herein conferred upon or reserved to Trustee or Lender is intended to be exclusive of any other remedy herein or by law provided or permitted. but each shall be
<br />cumulative, shalt be it 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 or successively.
<br />10. Trustee. 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 lost 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 />becomes purchaser at any sale of the Property (judicial or under the power of sale granted herein). postpone the sale of all or any portion or the property. as provided by law;
<br />or sell the Property as a whole, or in separate parcels or lots
<br />11. future Advances. Upon request of Borrower. Lender may, at ds oplio, make additional and future advances and readvances to Borrower. Such advances and
<br />readvances, 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 "curtly of this Deed ofTrust. exceed the original pnnci pal amount slated herein. ors_ "M-00 __,whichever is
<br />greater.
<br />12. aiooeNa ProNafens.
<br />(a) Borrower Not Nalesead. Extension of the time 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, to any manner, the liability of the original Borrower and Borrower's successors in
<br />interest. Lender shall not" requi red to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization
<br />of Rho sums secured by this Deed of Trust by reason of any demands made by the original Borrower and Borrower's successors in interest.
<br />(b) Lenders Poarers. 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 (it release any person so liable. (ii) extend the maturity or alter 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) take or release any other or additional sec unity for any obligation herein mentioned, or (vi) make compositions or other arrangements with debtors in relation
<br />thereto.
<br />(c) Forbearance by Lender Hail a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable
<br />law, shall not be a waver 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 Leader's right to accelerate the maturity of the indebtedness secured by this Deed of Trust.
<br />(d) Nooces im and As"ne Bound; JOIM and Several LWMq; 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 0 (e) hereof. All covenants and
<br />agreements of Borrower shall be joint and several- The captions and heading. of the paragraphs of this Deed of Trust are for convenience only and are not to be
<br />wed to interpret or define the provisions hereof
<br />(a) NarsuNl lwNeNces. The parties hereby request that a copy of any notice of default hereunder and a copy of any notice of sale hereunder be mailed to
<br />each tarty to this Deed of Trust at the address set lorth 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 shalt be given by mailing such notice by certified mail 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) tnyaeNon. Lender may make or cause to be made ieasonable entries upon and inspections of the Property. provided that Lender shall give Borrower
<br />notice prior to any such mapecllon specifying reasonable cause therefor related to Lender's interest in the Property.
<br />(g) Ilaeen"frenoe. Upon payment of all sums secured by this Deed of Trust. Lender shall request Trustee to reconvey the Property and shall surrender
<br />this teed OI 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 parson or persons shall ay all costs of recordation, if any
<br />(h) ParsanNProprty, Security Agraamanl. As additional security for the payment of the Note all fixtures. equ ipment, and other personal property used
<br />to connection with thereat estate or improvements located thereon, and not otherwise declared or deemed to be apart of the real estate secured hereby, shall be
<br />subject to a security interest in favor of the Lender undpf the Nebraska Uniform Commercial Code. This instrument shall be construed as a Security Agreement
<br />under said 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 />side socorded the Lender pursuant to this Deed of Trust.
<br />(d SasaaWly In tneevent"any provtston of this Deed of Trust conflict with applicable law or are declared invalid or otherwise unenforceable. such
<br />conflict of inva#dity shall nor affect the other provisions of this Deed of Trutt or the Note which can be given ehecl without the conflicting provision, and to this
<br />old the provi terN of the Deed of Trust and the Note are declared to be severable.
<br />Borrower has executed tins reed of trust the data wrinen strove.
<br />(Jo}w D. Gericke, Btorro3w�r Husband)
<br />(Patricia A. Gerickt�4or111 N Wine)
<br />K
<br />
|