|
<br />200807175
<br />
<br />6. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal
<br />representatives, successors and assigns. The term "Beneficiary" shall mean the owner
<br />and holder of the Note, whether or not named as Beneficiary herein.
<br />
<br />7. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the
<br />purpose of inspecting the same and for the purpose of performing any of the acts it is
<br />authorized to perform under the terms of any of the Loan Instruments.
<br />
<br />8. EVENTS OF DEFAULT. Any of the following events shall be deemed an event
<br />of default hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest or any other sum secured hereby when due; or,
<br />
<br />(b) There has occurred a breach or default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in any of the sale, security or
<br />loan documents forming a party of this transaction.
<br />
<br />9. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an
<br />event of default occur, the Beneficiary may:
<br />
<br />(a) Either in person or by agent, with or without bringing any action or proceeding,
<br />or by a receiver appointed by a Court and without regard to the adequacy of its security,
<br />enter upon and take possession of the Trust Estate, or any part thereof, in its own name
<br />or in the name of Trustee, and do any acts which it deems necessary or desirable to
<br />preserve the value, marketability or rentability of the Trust Estate, or part thereof or
<br />interest therein, increase the income therefrom or protect the security hereof, and with or
<br />without taking possession of the Trust Estate, sue for or otherwise collect the rents,
<br />issues and profits thereof, including those past due and unpaid, and apply the same, less
<br />costs and expenses of operation and collection, including attorney's fees, upon any
<br />indebtedness secured hereby, all in such order as Beneficiary may determine. The
<br />entering upon and taking possession of the Trust Estate, the collection of such rents,
<br />issues and profits and the application thereof as aforesaid, shall not cure or waive any
<br />default or notice of default hereunder or invalidate any act done in response to such
<br />default or pursuant to such notice of default and, notwithstanding the continuance in
<br />possession of the Trust Estate or the collection, receipt and application of rents, issues or
<br />profits, Trustee or Beneficiary shall be entitled to exercise every right provided for in any
<br />of the Loan Instruments or by law upon occurrence of any event of default, including the
<br />right to exercise the power of sale;
<br />
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a
<br />receiver, or specifically enforce any of the covenants hereof;
<br />
<br />(c) Deliver to Trustee a notice of default declaring the entire indebtedness secured
<br />hereby to be immediately due and payable and the whole amount to bear interest at the
<br />default rate as provided in the note; and to exercise the Power of Sale granted herein in
<br />the manner provided by the Nebraska Trust Deeds Act.
<br />
<br />10. FORECLOSURE BY POWER OF SALE. Should Beneficiary elect to foreclose
<br />by exercise of the Power of Sale herein contained, Beneficiary shall notify Trustee and
<br />shall deposit with Trustee this Deed of Trust and the Note 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 Beneficiary, Trustee shall cause to be
<br />recorded, published and delivered to Trustor such Notice of Default and Notice of Sale as
<br />then required by law and by this Deed of Trust. Trustee shall, without demand on Trustor,
<br />after such time as may then be required by law and after recordation of such Notice of
<br />Default and after Notice of Sale having been given as required by law, sell the Trust
<br />Estate at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or
<br />in separate lots or parcels or items as Trustee shall deem expedient, and in such order as
<br />it may determine, at publiC auction to the highest bidder for cash, in lawful money of the
<br />
|