|
<br />8T ° ~~l'~Qll~
<br />Deed which can be given effect without the contaMing provisions sail to this end the provisions of this Trust Deed are declared
<br />to be severable.
<br />18. Events of Default. Each of the following occurrences shall constitute an event of default hereunder (herein called "Event
<br />of Defau t~-
<br />(a) Borrower shall fail to pay when due any Indebtedness or shall fail to duly perform or observe any of the covenants or
<br />agreements contained in this Trust Deed, and such failure shall continue for ten calendar days
<br />(h) Anp warranty of title made by Borrower in this Trust Deed shall be untrue or be breached
<br />(cl Any representation or warranty made by Borrower in any £meneial statements or reports submitted to Lender by or on
<br />behalf o! Borrower shall prove false or materially misleading
<br />(d) Borrower shalt fall to pay asp debt; liability or obligation owed by it to Lender or shall fail to perform or observe any
<br />obligation seL fart6 in, or binding upon it under, .any note, financing statement, security agreement, loan or credit agree-
<br />ment, letter of credit agreement, mortgage, or other agreement between it and bender, or any default or event of default
<br />shalt occur under any such agreements
<br />(ej Filing of a petition. voluntarily of involuntarily, for relief under the Bankruptcy Code, 11 U.S.C. Sections 101 through
<br />151328, or under any other federal or state law relating Lo or providing for the composition, discharge or adjustment of
<br />rights or debts; or the appointment, or the application for appointment, of a custodian,-receiver or trustee far Borrower
<br />or for any property of Borrower: or an assignment by Borrower for the benefit of creditors; or any adjudication- by rytry
<br />state or tedera! court of competent jurisdiction that Borrower is insalveat; or Borrower shall generally not be paying its
<br />debts as such debts bemme due
<br />(fl Borrower shall sell, transfer or lease for a term of more than one year (or sF.all agree to sell, transfer or so lease),
<br />voluntarily or involuntarily, all or any pan of the Property, or any interest therein.
<br />For purposes of this paragraph 18, "Borrower" means the borrower(s) ident~ed at the beginning of this Trust -Deed or any one of
<br />Borrowere if tbere be more than one.
<br />17. Acceleration of Debt ForBetosure. Upon the occurrence of any Event of Default, ar at any time thereafter until such
<br />Event of Defautt is cured to the written satisfaction of Leader, Lender may, at its option, exercise one or more of the- following
<br />rights and remedies and soy other rights and remedies avai}able to it.
<br />(al Accelerate the araturitq of the Indebtedness, declare the Indebtedness to be immediately due and payable, and -exercise
<br />any and a!1 other rights and powers granted to the holder of the Note in the event of a defaalt;
<br />(bl Exercise alt rights and remedies provided under the Nebraska Trust Deeds Act to the holder, beneficiary and/or trustee
<br />of a trust deed containing a power of sale: and
<br />{c) Exereice the power of sale herein contained, or proceed to bring an action at law oa the Indebtedness, or proceed to
<br />toreelosure this Trust Deed in the manner provided by law for the foreclosure of mortgages on real property-
<br />If foreclosure is elected, this Trust Deed may thereupon be foreclosed immediately and without any prior notice or demand.
<br />All costs and ezpeases iacum~d by Lender in eafarcing any right under this Trust Deed. including, without limitation, abstract or
<br />title fees, appraisal lees, premiums for title insurance, attorney fees and court costs, shall be and rnastiiute indebtedness secured
<br />by this Trust Deed, ahaA be included is the amount adjudged dun under this Trust Deed in any foreclosure decree and shall bear
<br />(nteresk at rho rate then applicable under the Note from the date incurred.
<br />If exercise of the power of sale is elected, Trustee shag record a notice of default in each county in which the Property or
<br />some part thereof is located and shall marl copies of such notice is the manner provided by, and Lo those persons entitled to
<br />receive such notice under, applicable law. After the lapse of sae month from the date of recording of such notice of a. _]L, or
<br />such lesser period of time as may then be required under applicabk law, Trustee shall give public notice of sale to the persons
<br />acrd in the manner prescribed by applicable taw and thereupon may aeB the Property at public aurtion to the highest bidder at the
<br />time and piece and under the terau designated in the notice of sak, in one or morn parcels, and is such order as Trustee may
<br />deLermiae. TrosLee may postpone solo of all or any parcel of the Property by public sanouacement at the time and place of any
<br />previously scheduled sale, Lender or Lender's designee may purchase the Property at any sale.
<br />Upon metpt of payment of the price bid, Trustee shall deliver to the purchaser a Trustee's deed conveying the Property
<br />sold. The recitals in the Trustee's deed shall be pima facie evidence of the truth of [he statements made therein and shall operate
<br />as conclusive evidence in favor of boas 5de purchasers and encumbrancers for value without notice. Trustee shall apply the pro-
<br />ceeds-of sate in the following order.
<br />(a) to the costs and expenses of exercising the power of sale and of the sale, including, but not limited to, Trustee's tees of
<br />not more idea I% of the gross sale price, ren~nable attorney fees, and casts of title evidence;
<br />(b) to the Indebtedness; and
<br />(c) the excess, if any, to the person or persons legally entitled thereto.
<br />1$, tlomewer's ht to Reinstate. If Borrower, within one month of Lender's recording of a notice of default under this
<br />Trust De-~,'if-tie power a7rsaie Ls Yo be exerci+ed, shall pny to Lender
<br />fa) the entire amount then due under the [arms of this Trust Deed and under the terms of the Indebtedness secured hereby,
<br />other than such portion of the Indebtedness as would not then be due had no default occurred;
<br />{b) the costs sad expenses actually incurred by [.ender in enforcing the terms of this Trust Deed, including reasonable
<br />attorney fees, recording costs and title evidence coats: and
<br />(C) the Trustee's tee of 550-00 or one-half of 1% of the entire then unpaid principal balance, whichever is greater
<br />and shall promptly cure all other Events of Detault then existing under the terms of this Trust Deed, a!1 proceedings theretofore
<br />instituted shag be dismissed sad discontinued, this Trust Deed shall be reinstated and shall be and remain in force and effect as if
<br />ao acceleration had occurred. Nothing rnntained herein shall impose upon Leader a duty or obligation to transmit to, or provide
<br />Borrower a espy of the notice of defauh beyond or in addz'tion to that duty or obligation provided by applicable law, if any.
<br />153. men[ of Rents; A [meat at Receiver; Lender in Poaseasion. As additioael security hereunder, Borrower hereby
<br />assigns ~r- t~~rentw o t e party, provided-that ~o'rtower shall, prior to aaelerntion of the maturity of the Indebted-
<br />ness of Borrower's abandaoment of the Property, have the right to collect sad retain such tints as Lhey become due and payable.
<br />4
<br />
<br />
<br />
<br />
|