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<br />in which the Trust Estate is located and by otherwise complying
<br />with the provisions of the applicable law of the State of
<br />Nebraska substitute a successor or successors to the Trustee
<br />named herein or acting hereunder.
<br />7. SUCCESSORS AND ASSIGNS. This Trust Deed applies to,
<br />inures to the benefit of and binds all parties hereto, their
<br />heirs, legatees, devisees, personal representatives, successors
<br />and assigns. The term "Beneficiary" shall mean the owner and
<br />holder of the Note, whether or not named as Beneficiary herein.
<br />8. INSPECTIONS. Beneficiary, or beneficiary's agents,
<br />representatives or workmen, are authorized to enter at any
<br />reasonable time upon or in any part of the Trust Estate for the
<br />purpose of inspecting the same and for the purpose of performing
<br />any of the acts beneficiary is authorized to perform under the
<br />terms of any of the Loan Instruments.
<br />9. EVENTS OF DEFAULT. Any of the following events shall be
<br />deemed an event of default hereunder:
<br />a. Trustor shall have failed to make payment of any
<br />installment of interest, principal, or principal and interest or
<br />any other sum secured hereby when such sum is due, provided that
<br />any payments of any installment of interest, principal, or
<br />principal and interest paid after the due date shall bear
<br />interest at a rate of 14 percent (14 %) per annum during such
<br />period of delinquency.
<br />b. There has occurred a breach of or default under any
<br />term, covenant, agreement, condition, provision, representation
<br />or warranty contained in any of the Loan Instruments.
<br />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should
<br />an event of default occur Beneficiary may declare all
<br />indebtedness secured hereby to be due and payable and the same
<br />shall thereupon become due and payable without any presentment,
<br />demand, protest or notice of any kind. Thereafter Beneficiary
<br />may:
<br />a. Either in person or by agent, with or without bringing
<br />any action or proceeding, or by a receiver appointed by a court
<br />and without regard to the adequacy of its security, enter upon
<br />and take possession of the Trust Estate, or any part thereof, in
<br />beneficiary's own name or in the name of Trustee, and do any acts
<br />which beneficiary deems necessary or desirable to preserve the
<br />value, marketability or rentability of the Trust Estate, or part
<br />thereof or interest therein, increase the income therefrom or
<br />protect the security hereof and, with or without taking
<br />possession of the Trust Estate, sue for or otherwise collect the
<br />rents, issues and profits thereof, including those past due and
<br />unpaid, and apply the same, less costs and expenses of operation
<br />and collection including attorneys fees, upon any indebtedness
<br />secured hereby, all in such order as Beneficiary may determine.
<br />The entering upon and taking possession of the Trust Estate, the
<br />collection of such rents, issues and profits and the application
<br />'thereof as aforesaid, shall not cure or waive any default or
<br />notice of default hereunder or invalidate any act done in
<br />response to such default or pursuant to such notice of default
<br />and, notwithstanding the continuance in possession of the Trust
<br />Estate or the collection, receipt and application of rents,
<br />issues or profits, Trustee or Beneficiary shall be entitled to
<br />exercise every right provided for in any of the Loan Instruments
<br />or by law upon occurrence of any event of default, including the
<br />right to exercise the power of sale;
<br />b. Coneaence an action to foreclose this Trust Deed as a
<br />mortgage, appoint a receiver, or specifically enforce any of the
<br />convenants hereof;
<br />c. Deliver to Trustee a written declaration of default and
<br />demand for sale, and a written notice of default and election to
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