|
<br />, 'I .'
<br />~, ~-
<br />
<br />. I
<br />'. .
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200804261
<br />
<br />Page 4
<br />
<br />Death or Insolvency. The death of Trustar, the insalvency af Trustar, the appaintment af a receiver far any part af Trustar's praperty,
<br />any assignment far the benefit af creditors, any type af creditar warkaut, ar the cammencement af any praceeding under any
<br />bankruptcy ar insalvency laws by ar against Trustar.
<br />
<br />Creditar ar Farfeiture Praceedings. Cammencement af fareclasure ar farfeiture proceedings, whether by judicial proceeding, self-help,
<br />repassessian ar any ather methad, by any creditar af Trustar ar by any gavernmental agency against any property securing the
<br />Indebtedness. This includes a garnishment af any af Trustar's accaunts, including depasit accaunts, with lender. Hawever, this
<br />Event af Default shall nat apply if there is a gaod faith dispute by Trustar as to. the validity ar reasanableness af the claim which is the
<br />basis af the creditar ar farfeiture praceeding and if Trustar gives lender written natice af the creditar ar farfeiture praceeding and
<br />depasits with lender manies ar a surety band far the creditar ar farfeiture praceeding, in an amaunt determined by lender, in its sale
<br />discretian, as being an adequate reserve ar band far the dispute.
<br />
<br />Breach af Other Agreement. Any breach by Trustar under the terms of any ather agreement between Trustar and lender that is nat
<br />remedied within any grace periad pravided therein, including withaut limitatian any agreement cancerning any indebtedness ar ather
<br />abligatian af Trustar to. lender, whether existing naw ar later.
<br />
<br />Events Affecting Guarantar. Any af the preceding events accurs with respect to. any guarantar, endarser, surety, ar accammadatian
<br />party af any af the Indebtedness ar any guarantar, endarser, surety, ar accommadatian party dies ar becomes incampetent, ar
<br />revakes or disputes the validity af, ar liability under, any Guaranty af the Indebtedness.
<br />
<br />Adverse Change. A material adverse change accurs in Trustar's financial canditian, ar lender believes the praspect af payment ar
<br />perfarmance af the Indebtedness is impaired.
<br />
<br />Insecurity. lender in gaad faith believes itself insecure.
<br />
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event af Default accurs under this Deed af Trust, at any time thereafter, Trustee ar lender
<br />may exercise any ane ar mare af the fallawing rights and remedies:
<br />
<br />Acceleration Upon Default: Additional Remedies. If any Event af Default accurs as per the terms af the Nate secured hereby,
<br />lender may declare all Indebtedness secured by this Deed af Trust to. be due and payable and the same shall thereupan became
<br />due and payable withaut any presentment, demand, protest ar natice af any kind. Thereafter, lender may:
<br />
<br />(a) Either in persan ar by agent, with ar withaut bringing any actian ar proceeding, ar by a receiver appainted by a caurt and
<br />withaut regard to. the adequacy af its security, enter upan and take passes sian af the Property, ar any part thereaf, in its
<br />awn name ar in the name af Trustee, and do. any acts which it deems necessary ar desirable to. preserve the value,
<br />marketability ar rentability af the Praperty, ar part af the Praperty ar interest in the Praperty; increase the inca me fram the
<br />Praperty ar pratect the security af the Property; and, with ar withaut taking passessian af the Praperty, sue far ar atherwise
<br />callect the rents, issues and prafits af the Praperty, including thase past due and unpaid, and apply the same, less casts and
<br />expenses af aperatian and callectian attarneys' fees, to. any indebtedness secured by this Deed af Trust, all in such arder as
<br />lender may determine. The entering upon and taking passessian af the Praperty, the callectian af such rents, issues and
<br />prafits, and the applicatian thereaf shall nat cure ar waive any default ar natice af default under this Deed af Trust ar
<br />invalidate any act dane in respanse to. such default ar pursuant to. such natice af default; and, natwithstanding the
<br />cantinuance in passes sian af the Praperty ar the callectian, receipt and applicatian af rents, issues ar prafits, Trustee ar
<br />lender shall be entitled to. exercise every right provided for in the Nate ar the Related Dacuments ar by law upan the
<br />accurrence af any event af default, including the right to. exercise the pawer af sale;
<br />
<br />(b) Cammence an actian to. fareclase this Deed af Trust as a martgage, appaint a receiver ar specifically enfarce any af the
<br />cavenants hereaf; and
<br />
<br />(c) Deliver to. Trustee a written declaratian af default and demand far sale and a written natice af default and electian to.
<br />caus.e Trustar's inte[.9stln the-"rape{ty to. be said, which natice Trustee shall cause to. be duly filed for recard. in the
<br />apprapriate affices af the Caunty in which the Praperty is lacated; and
<br />
<br />(d) With respect to. all ar any part af the Persanal Praperty, lender shall have all the rights and remedies af a secured party
<br />under the Nebraska Unifarm Cammercial Cade.
<br />
<br />Fareclosure by Power of Sale. If lender elects to. fareclase by exercise af the Pawer af Sale herein cantained, lender shall natify
<br />Trustee and shall depasit with Trustee this Deed af Trust and the Nate and such receipts and evidence af expenditures made and
<br />secured by this Deed af Trust as Trustee may require.
<br />
<br />(a) Upan receipt af such natice from lender, Trustee shall cause to. be recarded, published and delivered to. Trustar such
<br />Natice af Default and Natice af Sale as then required by law and by this Deed af Trust. Trustee shall, withaut demand an
<br />Trustar, after such time as may then be required by law and after recardatian af such Natice af Default and after Natice af
<br />Sale having been given as required by law, sell the Praperty at the time and place af sale fixed by it in such Natice af Sale,
<br />either as a whale, ar in separate lats ar parcels ar items as Trustee shall deem expedient, and in such arder as it may
<br />determine, at public auctian to. the highest bidder far cash in lawful maney af the United States payable at the time af sale.
<br />Trustee shall deliver to. such purchaser ar purchasers thereaf its gaad and sufficient deed ar deeds canveying the property sa
<br />said, but withaut any cavenant ar warranty, express ar implied. The recitals in such deed af any matters ar facts shall be
<br />canclusive praaf af the truthfulness thereaf. Any persan, including withaut limitatian Trustar, Trustee, ar lender, may
<br />purchase at such sale.
<br />
<br />(b) As may be permitted by law, after deducting all casts, fees and expenses af Trustee and af this Trust, including casts af
<br />evidence of title in cannectian with sale, Trustee shall apply the praceeds af sale to. payment af (i) all sums expended under
<br />the terms af this Deed af Trust ar under the terms af the Nate nat then repaid, including but nat limited to. accrued interest
<br />and late charges, (Ii) all ather sums then secured hereby, and (iii) the remainder, if any, to. the persan ar persons legally
<br />entitled thereto..
<br />
<br />(c) Trustee may in the manner provided by law pastpane sale af all ar any partian af the Property.
<br />
<br />Remedies Nat Exclusive. Trustee and lender, and each af them, shall be entitled to. enfarce payment and perfarmance af any
<br />indebtedness ar abligatians secured by this Deed af Trust and to. exercise all rights and pawers under this Deed af Trust, under the
<br />Nate, under any af the Related Dacuments, ar under any ather agreement ar any laws naw ar hereafter in farce; natwithstanding,
<br />same ar ,all af such indebtedness and abligatians securedb~ this Deed af Trust may naw ar hereafter be atherwise secured, whether
<br />by martgage, deed af trust, pledge, lien, assignment ar atherwise. Neither the acceptance af this Deed af Trust nar its enfarcement,
<br />whether by caurt actian ar pursuant to. the pawer af sale ar ather pawers cantained in this Deed af Trust, shall prejudice ar in any
<br />manner affect Trustee's ar lender's right to. realize upan ar enfarce any ather security naw ar hereafter held by Trustee ar lender, it
<br />being agreed that Trustee and lender, and each af them, shall be entitled to. enfarce this Deed af Trust and any ather security naw ar
<br />hereafter held by lender ar Trustee in such arder and manner as they ar either af them may in their absalute discretian determine. No.
<br />remedy canferred upan ar reserved to. Trustee ar lender, is intended to. be exclusive of any ather remedy in this Deed of Trust ar by
<br />law pravided ar permitted, but each shall be cumulative and shall be in additian to. every ather remedy given in this Deed af Trust ar
<br />naw ar hereafter existing at law ar in equity ar by statute. Every pawer ar remedy given by the Nate ar any af the Related Dacuments
<br />to. Trustee ar lender ar to. which either af them may be atherwise entitled, may be exercised, cancurrently ar independently, fram time
<br />to. time and as aften as may be deemed expedient by Trustee ar lender, and either af them may pursue incansistent remedies.
<br />Nathing in this Deed af Trust shall be canstrued as prahibiting lender from seeking a deficiency judgment against the Trustar to. the
<br />extent such actian is permitted by law. Electian by lender to. pursue any remedy shall nat exclude pursuit af any ather remedy, and
<br />an electian to. make expenditures ar to. take actian to. perfarm an abligatian af Trustar under this Deed af Trust, after Trustar's failure
<br />to. perfarm, shall nat affect lender's right to. declare a default and exercise its remedies.
<br />
<br />Request far Notice. Trustar, an behalf af Trustar and lender, hereby requests that a capy af any Natice of Default and a capy af any
<br />Natice of Sale under this Deed af Trust be mailed to. them at the addresses set farth in the first paragraph af this Deed af Trust.
<br />
<br />Attorneys' Fees; Expenses. If lender institutes any suit ar actian to. enfarce any of the terms af this Deed af Trust, lender shall be
<br />entitled to. recaver such sum as the caurt may adjudge reasanable as attarneys' fees at trial and upan any appeal. Whether ar nat any
<br />caurt actian is invalved, and to the extent nat prahibited by law, all reasanable expenses lender incurs that in lender's apinian are
<br />
|