|
<br />200509847
<br />
<br />such order as Beneficiary may determine_ The entering upon and taking possession of the Trust Estate, the collection of such rents, issues
<br />and profits and thc application thereof as aforesaid shall not cure or waive any default or notice of default hereunder or invalidate any act
<br />done in response to such dcfault or pursuant to such notice of default and, notwithstanding the continuance in possession of the Trust Estate
<br />or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary shall been entitled to exercise every right
<br />provided for in any of the Loan Instruments or by law upon occurrence of any event of default, including the right to exercise the power of
<br />sale;
<br />
<br />(ii) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforcc any of the
<br />covenants hereot;
<br />
<br />(iii) deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to
<br />cause Trustor's interest in the Trust Estate to be sold, which notice Trustee shall cause to be duly filed for record in the appropriate offices
<br />of the County in which the Trust Estate is located; or
<br />
<br />(iv) exercise such other rights or remedies at law or in equity.
<br />
<br />II. Foreclosure by Power of Sale. If Beneficiary elects to foreclose by exercise of the Power of Sale herein contained, Beneficiary
<br />shall notify Trustee and shall deposit with Trustee this Second Deed of Trust and any note evidencing the Indebtedness and such receipts and
<br />evidence of expenditures made and secured hereby as Trustee may require.
<br />
<br />(a) Upon receipt of such notice from Bcneficiary, Trustee shall cause to be recorded, published and delivered to Trustor
<br />such Notice of Default and Notice of Sale as then required by law and by this Second Deed of Trust. Trustee shan, without demand on
<br />Trustor, after such time as may then be required by law and after recordation of such Notice of Default and after Noticc of Sale having becn
<br />given as required by law, sell the Trust Estate at the time and place of sale fixed by it in such Noticc of Sale, cither as a whole, or in
<br />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
<br />bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers
<br />thereof its good and sufficicnt deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied.
<br />The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including without
<br />limitation Trustor, Trustee or Beneficiary, may purchase at such sale.
<br />
<br />(b) As may be permitted by law, after deducting all costs, fees and expcnses of Trustee and of this Trust, including costs of
<br />evidence of titlc in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) the Indebtedness (ii) all other sums then
<br />secured hereby, and (iii) the remainder, if any, to the pcrson or persons legally entitled thereto.
<br />
<br />(c) Trustee may in the manner provided by law postpone salc of all or any portion of the Trust Estate.
<br />
<br />12. Remedies Not Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to enforce payment and performancc of
<br />any indebtedness or obligations secured hereby and to exercise all rights and powers under this Second Deed of Trust or undcr any Loan Instrument
<br />or other agreement or any laws now or hereafter in force; notwithstanding, some or all of the such indebtedness and obligations secured hereby may
<br />now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this
<br />Second Deed of Trust nor its enforcement, whether by court action or pursuant to the power of sale or other powers herein contained, shall prejudice
<br />or in any manner affect Trustce's or Beneficiary's right to realize upon or enforce any other security now or hereafter held by Trustee or Beneficiary,
<br />it being agreed that Trustee and Beneficiary, and each of them, shall be entitled to enforce this Second Deed of Trust and any other security now or
<br />hereafter held by Beneficiary or Trustee in such order and manner as they or either of them may in their absolute discretion determine. No remedy
<br />herein conferred upon or reservcd to Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law provided or permitted,
<br />but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by
<br />statute. Every power or remedy given by any of the Loan Instruments to Trustee or Beneficiary or to which either of them may be otherwise entitled,
<br />may be exercised, concurrently or independently, from time to time and as often as may be deemed expedient by Trustee or Beneficiary and either of
<br />them may pursue inconsistent remedies. Nothing herein shall be construed as prohibiting Beneficiary from seeking a deficiency judgment against the
<br />Trustor to the extent such action is permitted by law.
<br />
<br />13. Request For Notice. Trustor and all other parties set forth herein hereby requests a copy of any Notice of Default and a copy of
<br />any Notice of Sale hereunder be mailed to them at the address set forth in the first paragraph of this Second Deed of Trust.
<br />
<br />14. Governing Law. This Second Deed of Trust shall be governed by and construed in accordance with the laws of the State of
<br />Nebraska. In the event that any provision or clause of any of the Loan Instruments conflicts with applicable laws, such contlict shall not affect other
<br />provisions of such Loan Instruments which can be given effect without the contlicting provision, and to this end the provisions of the Loan
<br />Instruments are declared to be severable. This instrument cannot be waivcd, changed, discharged or terminated orally, but only by an instrument in
<br />writing signed by the party against whom enforcement of any waiver, change, discharge or termination is sought.
<br />
<br />15. Reconveyance by Trustee. Upon written rcquest of Beneficiary stating that all sums secured hereby have been paid and upon
<br />surrender of this Second Deed of Trust and any note to Trustee for cancellation and retention and upon payment by Trustor of Trustee's fees, Trustee
<br />shall reconvey to Trustor, or the person or persons legally entitled thereto, without warranty, any portion of the Trust Estate then held hereunder. The
<br />recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in any reconveyance may be
<br />described as "the person or persons legally entitled thereto."
<br />
<br />01-452309.2
<br />
|