|
<br />Loan No: 809638
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200806301
<br />
<br />Page 4
<br />
<br />Other Oefeults, Trustor fails to comply with or to perform any other term, obligation, covenant or condition contained In this Deed of
<br />Trust or in any of the Related Documents or to comply with or to perform any term,obllgation, covenant or condition contained in any
<br />other agreement between Lender and Trustor.
<br />
<br />Compllence Default. Fsilure to comply with any other term. obligation, covenant or condition contained in this Deed of Trust, the Note
<br />or in any of the Related Documents.
<br />
<br />Oafault on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or
<br />insurance. or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />
<br />Default In Favor of Third Parties. Should Trustor default under any loan, extension of credit, security agreement, purch..e or sales
<br />agreement. or any other agreament, in fsvor of any other creditor or person thst may msterially affect any of Trustor's property or
<br />Trustor's ability to repay the Indebtedness or perform their respective Obligations under this Deed of Trust or any of the Related
<br />Documents.
<br />
<br />False Ststsments, Any warranty, representation or ststement made Or furnished to Lender by Trustor or on Trustor's behalf under this
<br />Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or
<br />becomes false or misleading at any time thereafter.
<br />
<br />Defectiva Collatsrelzetion, This Deed of Trust or any of the Related Documents ceases to be in full force and effect (Including failure
<br />of any collateral document to create a valid and perfected security Interest or lien) at any time and for any reason.
<br />
<br />Death or Insolvency, The dissolution of Trustor's Iregardless of whether election to continue is madel, any member withdraws from
<br />the limited liability company, or any other termination of Trustor's existence as a going business or the death of any member. the
<br />insolvency of Trustor, the appointment of a receiver for any part of Trustor's property, any assignment for the benefit of creditors, any
<br />type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br />
<br />Creditor or Forfeiture Proceedlnga. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
<br />'epossesslon or any other method, by any creditor of Trustor or by any governmental agency against any property securing the
<br />Indebtedness. This includes a garnishment of sny of Trustor's accounts, including deposit accounts. with Lender. However, this
<br />Event of Default shall not apply If there is a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the
<br />basis of the creditor or forfeiture proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in Its sole
<br />discretion, as being an adequate reserve or bond for the dispute.
<br />
<br />Breech of Other AlIreem.nt, Any breach by Trustor under the terms of any other agreement between Trustor and Lender that's not
<br />,emedied within any grace period prOVided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor to Lender, whether existing now or later.
<br />
<br />Events Affecting Guarantor, Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
<br />Guarantor dies or becomes incompetent. or revokes or disputes the validity of, Or liability under, any Guaranty of the Indebtedness.
<br />
<br />Advers. Chanlle, A material adverse change occurs in Trustor's financial condition. or Lender believes the prospect of payment Or
<br />performance of the Indebtedness is impaired.
<br />
<br />Insecurity, Lender in good faith believes Itself insecure.
<br />
<br />RIGHTS AND REMEDIES ON DEFAULT, If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br />may axarclse anyone or mOre of the following rights and remedies:
<br />
<br />Acceleration Upon Defeult; Additional Remediea. If any Event of Default OCCurs as per the term a of the Note secured hereby,
<br />Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become
<br />due and psyable without any presentment, demand. protest or notice of any kind. Thereafter, Lender may:
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br />without regard to the adequscy of its security, anter upon and take possession of the Property, or any part thereof, in its
<br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value,
<br />marketability or rentability of the Property, or part of the Property Or interest in the Property; increase the income from the
<br />Property or protect the security of the Property; and, with or without taking possession of the Property, sue for or otherWise
<br />collect the rents, issues and profits of the Property, including those past due and unpaid. and apply the same. lass costs and
<br />expenses of operation and collection attorneys' fees, to any Indebtedness aecured by thia Deed of Trust, all in such order as
<br />Lender may determine. The entering upon and taking posaession of the Property, the collection of such rents, issues and
<br />profits, and the application thereof shall not cure or waive any default Or notice of default under this Deed of Trust or
<br />invalidate any act done in response to such default Or pursuant to such notice of default; and. notwithstanding the
<br />continusnce in possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or
<br />Lender Shall be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br />occurrenCe of any event of default. including the right to exercise the power of sale;
<br />
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the
<br />covenants hereof; and
<br />
<br />(c) Deliver to Trustee a written declaration of defsult and demand for sale and a written notice of default and election to
<br />cause Trustor's Interest in the Property to be aold, which notice Trustee shall cause to be duly filed for record in the
<br />appropriate offices of the County in which the Property is located; and
<br />
<br />(d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br />under the Nebraska Uniform Commercial Code.
<br />
<br />Fllreclllsur. by Pllwar of Sale, If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify
<br />Trustee and shall depOSit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br />secured by this Deed of Trust as Trustee may require,
<br />
<br />(a) Upon receipt of such notice frllm Lender, Truatee shall cause to be recorded, published and delivered to Trustor such
<br />Notice of Default and Notice of Sale as then required by law and by this Deed of Trust. Trustee Shall, 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 Notice of
<br />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,
<br />either as a whole. or In separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may
<br />determine, at public auction to the highest bidder fllr cash in lawful money of the United States payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property sO
<br />sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be
<br />conclusive proof of the truthfulness thereof, Any person, including without limitation Trustor, Trustee, Or Lender, may
<br />purchase at such sale.
<br />
<br />(b) As may be permitted by law, after deducting all costs, feas and expenses of Trustee and of this Trust, including costs of
<br />evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (I) all sums expended under
<br />the terms of this Deed of Trust or under the terms of the Note not then repaid, including but not limited to accrued interest
<br />and late charges, (ii) all other sums then secured hereby, and (Iii) the remainder, if any, to the person or persons legally
<br />entitled thereto.
<br />
<br />(c) Trustae may in the manner provided by law postpone sale of all or any portion of the Property.
<br />
<br />Remedlea Not Exclusive. Trustee and Lender, and each of them. shall be entitled to enforce payment and performance of any
<br />indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the
<br />Note, under any of the Related Documents, or under any other agreement or any laws now or heresfter In force; notwithstanding,
<br />some or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherWise secured, whether
<br />by mortgage. deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor Its enforcement.
<br />
|