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200804831 7.6 Judicial Action. Bank may bring an action in any court of competent jurisdiction to foreclose this instrument or to obtain specific enforcement of any of the covenants or agreements of this Deed of Trust. 7.7 Power of Sale. If Bank elects to foreclose by exercise of the power of sale herein contained, Bank shall (a) deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to cause Borrower's interest in the Property to be sold ("Notice of Default"), (b) deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured by this Deed of Trust as Trustee may require. Upon receipt of such Notice of Default from Bank, Trustee shall cause to be recorded, published and delivered to Borrower such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on Borrower, after such time as may then be required by law and after recordation of such Notice of Default and after notice of sale having been given as required by law, sell the Property at the time and place of sale fixed by it in such notice of sale, either as a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitation Borrower, Trustee, or Bank, may purchase at such sale. Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled sale. Bank or its designee may purchase the property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's Deed conveying the property. The recitals in the Trustee's Deed shall be prima facie evidence of the truth of the statements made therein. 7.8 Application of Foreclosure Sale Proceeds. The proceeds of any Foreclosure Sale shall be applied in the following manner: (a) First, to pay the portion of the Secured Obligations attributable to the expenses of sale, including the fees and expenses of the officer conducting the sale, costs of any action and any other sums for which Borrower is obligated to reimburse Bank hereunder or under the other Loan Documents, including, but not limited to, Trustee's fees as permitted by Nebraska law. The Trustee's fees payable upon the Trustee's sale shall be the amount of the Trustee's fees actually incurred, not to exceed one-half of one percent ofthe gross sales price; (b) Second, to pay the portion of the Secured Obligations attributable to any sums expended or advanced by Bank under the terms of this Deed of Trust which then remain unpaid; (c) Third, to pay all other Secured Obligations in any order and proportions as Bank in its sole discretion may choose; (d) Fourth, to the payment of junior lienholders; and I03209~617-957802v5 16 US Bank I Riverbend Apartments Phase I Deed of Trust