|
16. Covenants of Trustor with Respect to Leases. Without the prior whiten consent of Beneficiary, Trustor 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 />(e) Give any consent, waiver or approval thereunder or take any other action in connection therewith, or with a lessee thereunder, which
<br />would have the effect of impairing the value of the lessor's interest thereunder or the property subject thereto, or of impairing the
<br />position or interest of Beneficiary therein, or
<br />(0 Sell, 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 Gmitatinns. Time is of the essence in all of Trustor's obligations and duties hereunder; and to the extent permitted
<br />by law, Trustor 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 light, 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 all 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. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and
<br />the rights thereunder shall inure to, the respective successors and assigns of Beneficiary, Trustee, and Trustor. Ail covenants and
<br />agreements of Trustor shall be pint 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 />V. 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 nther address as Beneficiary or Trustee may designate by nonce 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; Severability- This Deed of Trust shall be governed by the laws of the State of Nebraska. In the event any provision of
<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 and interest on the Indebtedness,
<br />(Q) Any warranty of title made by Trustor herein shall be untrue.
<br />(c) Trustor shall fad to observe or perform any of the covenants, agreements, or conditions ut this Deed of Trust,
<br />Id) 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 fall to perform or observe any of the covenants. conditions or agreements contained in, or binding upon Trustor under
<br />any building Who agreement, security agreement, loan agreement, financing statement, or any other agreement, instrument or
<br />document executed by Trustor in connection with the loan evidenced by the Note,
<br />(f) 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 />low, whether federal or state. and if such order or petition shall not be discharged or dismissed within thirty (30) days after the date
<br />an which such order or petition was filed,
<br />(g) Trustor shall file a petition pursuant to the Federal Bankruptcy Code or any similar taw, 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 (3(k) days alter the entry 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 />(i) Trustor shall sell or convey the Trust Property, or any pad thereof, or any interest therein, or shall be divested of its title. or any interest
<br />!herein. in any manner or way, whether voluntarily or involuntarily, without the written consent of Beneficiary being first had and
<br />obtained, or
<br />0) it Trustor is a corporation or partnership and more than fifty percent (501b) 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 />20, 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 beat tnteresf at the default rate. if any,
<br />set forth in the Note, of otherwise at the highest rate oermrtted by law, and, irrespective of whether Beneficiary exercises said option, if
<br />may, at its option and in its sole discretiorl, without any further nonce or demand to or upon Trustor, de 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 tents, Issues and profits. including those past due and unpaid.
<br />and apply the same, less costs and expenses of operation and cotlechon. wrluding reasonable attorney fees and Benefcfary s
<br />costs, upon the Indebtedness secured hereby and In such order as Beneficiary may determine Upon request of Beneficiary. Trustor
<br />shelf assemble and shall make available to Beneficiary any of the Trust Property which has been removed The entering upon and
<br />taking possession of the Trust Property, the collection of any rents, issues and profits. and the application thereof as aforesaid, shalt
<br />not cure or waive any default theretofore of thereafter occurring, or affect Orly notice Of defoull of notice of Sale hereunder or
<br />invalidate any act done pursuant to any such notice Notwithstanding Baneficoary, s corlti mance in possession or receipt and
<br />F11
<br />application of tents, issues or profits, Beneficiary shall be entitled to exercise "Very fight plOvlded for in this Dead of Trust or by 49w
<br />N
<br />upon or after the occurrence of an Event of Default, including the right to exetctse the power fit sale Any of the actions rWerrefl to ^
<br />rhls paragraph may be taken by Beneficiary at sitar efrre as Honefiaary may determine without rP(pani it, t>e adequacy of airy
<br />securrry for the indebtedness secured hereby
<br />ib) Bafteftefafy Oak witrKJtif rel)ard to the adequacy of any s"Curlly for rho, In(lebfednt ,e ,?! woo IfPrc. { +y he Prifffifld to !hP
<br />apiNJfnlmanf of it receiver by 8'ny court having girls dirtloot. without notico to rake p 1cS"9- 5+r >1r c+/ Pit rh'rt -f i !d '•'atf <RI,N fire 7.
<br />pfnp«rrry and opera /e fine sarpill and crNlect the rents, rssim!'. and I,lrrllit§ thnr "frl')m
<br />!"l ff"f: ®fi" "r1' may f"Ifl any ar Nr w if, Iffy c -troll f4 compootenl I( /rIS -rlr !inn in It"r+r i(1_' >'I' t (lfl ... I f ',ii
<br />': feViintiflt�' hK/ttt Et
<br />
|