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84 ---~1 CJ ~ 719 8. Trustor Not Released. Extension of the time for payment or modifica- :'; ~ lion of any amortization of. the Indebtedness granted by Lender to Borrower or any successor in interest of Trustor shall not operate to release, in any mamer, the liability of the Trustor,, Borrower or Trustor's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the Indebtedness by reason of any demand made by the Trustor, Borrower or Trustor's successors in interest. 9. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded bq applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or the discharge of liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the Indebtedness. 10. Remedies Cumulative. All remedies provided in this Trust Deed are distinct and cumulative to any other right or remedy under this Trust Deed or affor- ded by law or equity, and may be exercised concurrently, independently or succes- sively. Duties imposed upon Lender under this Trust Deed and under any other docu- ment evidencing indebtedness ar other collateral security shall not be construed to be cumulative and shall be construed in the context of the purpose of the document and the nature of the particular collateral. In the event of inconsistency between such documents as to such duties, the terms of this Trust Deed shall control. 11. Successors and Assigns Bound; Joint and Several Liability Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the resgective successors and assigns of Lender and Trustor, subject to the provisions of paragraph 14(f} hereof. e111 covenants and agreements of Trustor shall be joint and several. The captions and headings of the paragraphs of this Trust Deed are for convenience only and are not to be used to interpret or define the provisions hereof. F2. Notice. Except for any notice required under applicable law to be given in another manner, (a} any notice to Trustor provided for in this Trust Deed shall be given by mailing such notice by certified mail addressed to Trustor at Route 1, p.0. Box 233, Grand Island, Nebraska 48801 or at such other address as Trustor may designate by notice to header as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may desigaate_ by ^atice to Trustor as provided herein. Any notice provided for in this Trust Deed shall be deemed to have been given to Trustor or Lender when given in the manner designated herein. 13. Governing Lawi $everabilit~. 1'h is "trust Deed shall be governed by the laws of the State of Nebraska. In the event that any provision or clause of this Trust Deed conflicts with applicable law, such conflict shall not affect other provi- sions of this Trust Deed which can be given effect without the conflicting provisions and to this end the provisions of this Trust Deed are declared to be severable. 14. Events of Default. Each of [he following occurrences shall constitute an event of default hereunder (herein called "Event of Default"): {a) Borrower shall fail. to pay when due any indebtedness or Trustor shall fail to duly perform or observe any of the covenants or agreements contained in this Trust Deed, sad such failure shall continue for Len calendar days (b} Any warranty of title made by 'Crustor in this `trust Deed shall be untrue or be breached {c} Any representation or warranty made by Borrower or Trustor in any financial statements or reports submitted to Lender by oc on behalf of Borrawer or Trustor shall prove false or materi- ally misleading (d) Borrower shai.l fail to pay any debt, liability or obligation owed by it to Lender or shall fail to perform or abserve any