|
L
<br />85--- UU4b(jb
<br />16. Covenants of Trustor with Respect to Leases. Without the prior written consent of Beneficiary. Trusror shall not, directly or indirectly,
<br />with respect to any lease 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 />(a) Give any consent, waiver or approval thereunder or take any other action in connection therewith, with a lessee thereunder, which
<br />would have the effect of impairing the value of the lessor's interest thereunder or the property subjea ct thereto, or of impairing the
<br />posttfon or interest of Beneficiary therein, or
<br />(0 Sett, 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 Trustoi s obligations and duties hereunder; and to the extent permitted
<br />by law, Trusts 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 />18. Assignment of Deposits. In the event construction of improvements is contemplated by the loan 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 all
<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 by Trustor, pertaining to the Trust Property.
<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 Waiver Any forbearance by Beneficiary in exercising any right or remedy hereunder, or otherwise
<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 right 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, independently or successively.
<br />22. Surcessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and
<br />the rights hereunder shalt 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 provisions hereof.
<br />23. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Trustor provided for in this
<br />Deed of Trust shall be given by mailing such notice by certified mail, return receipt requested addressed to Trustor at its mailing
<br />address set forth above or at such other address as Trustor may designate by notice to Beneficiary as provided herein, and (b) any
<br />notice to Beneficiary or Trustee shall be given by certified mail, return receipt requested, to Beneficiary's and Trustee's mailing
<br />address stated herein or to such other address as Beneficiary or Trustee may designate by notice to Trustor as provided herein. Any
<br />notice provided for in this Deed of Trust shall be deemed to have been given to Trustor. Beneficiary or Trustee when given in the
<br />manner designated herein.
<br />24. Governing Law: Severabdity. This Deed of Trust shall be governed by the laws of the State of Nebraska. In the event any provision or
<br />clause of this Deed of Trust conflicts with applicable law, such conflict shall not 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 Deed of Trust are declared to be severable.
<br />25. Events of Default. Each of the following occurrences shall constitute an event of default hereunder. (hereinafter called an 'Event
<br />of Default'):
<br />(a) Trustor shall fail to pay when due any principal. interest, or principal a-1 interest on the Indebtedness,
<br />(b) Any warranty of title made by Trustor herein shall be untrue,
<br />(c) Trustor shall fail to observe or perform any of the covenants, agreements, or conditions in this Deed of Trust,
<br />(d) Any representation or warranty made by Trustor on any financial statements or reports .submitted to Beneficiary by or on behalf of
<br />Trustor shall prove false or materially misleading,
<br />(e) Trustor shall fail to perform or observe any of the covenants, conditions or agreements contained m, or binding upon Trustor under
<br />any building loan agreement, security agreement, loan agreement, hnancmg statement, or any other agreement, instrument or
<br />document executed by Trustor in connection with the loan evidenced by the Note,
<br />(1) A trustee, receiver or liquidator of the Trust property or of Trustor shall be appointed, or any of the creditors of Trustor shall file 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 petition shall not be discharged or dismissed within thirty (30) days after the date
<br />on which such order or petition was filed,
<br />(g) Trustor shall file a petition pursuant to the Federal Bankruptcy Code or any similar law. federal or state, or if Trustor shall be
<br />adjudged a bankrupt, or be declared insolvent, or shall make an assignment for the benefit of creditors, or shall admit in writing its
<br />inability 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 judgment for the payment of money shall be rendered against Trustor and Trustor shall not discharge the same, or cause it to
<br />be discharged, within thirty (30) days after the envy thereof, or shall not appeal therefrom 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 />(q Trustor shall sell or convey the Trust Property, or any part thereof, or any interest therein, or shall 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) N Trustor is a corporation or partnership and more than fifty percent (50°a) of the shares or beneficial interests in such corporation 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 first had and obtained
<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, if any.
<br />set forth in the Note, or otherwise at the highest rate permitted by law, and, Irrespective of whether Beneficiary axerctses said option, it
<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 following.
<br />(a) Beneficiary may enter upon, take possession of, manage and operate the Trust Property or any part thereof; make repairs and
<br />alterations and do any acts which Beneficiary deems proper to protect the security thereof, 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 true and unpatd.
<br />and apply the seine, less costs and expenses of operation and collection. including reasonable attorney fees and Beneficlary's
<br />costs, upon the Indebtedness secured hereby and in such order as Bcnehcraty may determine. Upon request of Beneficiary, Trustor
<br />shall assemble and shall make available to Beneficiary any of the Trust Properly which has been removed The entering upon and
<br />taking possession of the frust Property, the collection et any rents, issues and profits, and the application thereof as aforesaid, shag
<br />null cure or waive any default theretofore or thereafter nc(:urrrng, or affect any notice of default or notice Of sale hereunder or
<br />invalidate any act donor pursuant to any such notice Notwithstanding Beneficiary s cr>nrinuance u) possession or receipt and t\
<br />appiiCatrnn Of rents issues Of profits. Henaficiary shall be entitled to exercise every oght provided lot in this Deed or Tru,t or by iii"
<br />upon or After the r c(urfet f) of +an oven/ of r)afault.:riciuding the right to exercise the power of role Any of the tc.l ors Iet"Ift'd to
<br />tha5' paragraph may he fakers by Beneficiary at Sur.;h hnur as r3enehcialy (Flay owerrine without r!nj aro t0 frill ,1Ce111a(y of dry
<br />sea'unty for trio indeblednoss ser,:ured huroby
<br />•ti. tionorrerarr rhali. without reyvrd to nin adequacy 11 any svcant y fa 'he L 7r hie fns eu i re hl >(. nI iii r. '
<br />agrgxy�nUn�N of is rw -o,ver fry my ei)urt harnq to .5(JIL:bon. watiouf noD » - !'0 or i v"i a i =i4r
<br />1 +ri>ayrgrfy and r>qi€ low file Sep :g end I .WoEr fhe nenrd and lirrir,t5 rerntrn �
<br />lqR af;C a y n ty l , , (i fly y ;q, iii. , , nny r nail ;f rrnni:,Ofenf ii ir , Yrc ,,. 4.,r.
<br />
|