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<br />.,. ~-.,,,, <br /> <br />200900141 <br /> <br />7. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to time, by a written instrument <br />executed and acknowledged by Beneficiary, mailed to Trustor and recorded in the County in which the Trust Estate is located and <br />by otherwise complying with the provisions ofthe applicable law of the State of Nebraska, substitute a successor or successors to <br />the Trustee named herein or acting hereunder. <br />8. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of and hinds all parties <br />hereto, their heirs, Icgatees, divorcee, personal representatives, successors and assigns. The term "Beneficiary" shall mean the <br />owner and holder of the Note, whether or not named as Beneficiary herein. <br />9. INSPECTION. Beneficiary or its agent may make reasonable entries upon and inspections of the Property. <br />Bencficiary shall give Trustor notice at the time of or prior to an inspection specifying reasonable cause for thc inspection. <br />10. TRUSTOR NOT RELEASED; FORBEARANCE BY BENEFICIARY NOT A WAIVER. Extension of the <br />time ti.w payment or modification of amortization of the sums secured by this Security Instrument granted by Beneficiary to any <br />successor in interest of Trustor shall not operate to release the liability of the original Trustor or Trustor's successors in interest. <br />Beneficiary shall not bc required to commence proceedings against any successor in interest or refuse to extend timc for payment <br />or otherwisc modify amOliization of the sums sccured by this Security Instrument by reason of any demand made by the original <br />Trustor or Trustor's successors in interest. Any forbearance by Beneficiary in cxercising any right or remcdy shall not bc a <br />waivcr of or precludc the exercise of any right or remedy. <br />II. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN TRUSTOR. If all or any part of the <br />Property or any interest in it is sold or transferred (or if a beneficial interest in Trustor is sold or transferred and Trustor is not a <br />natural person) without Beneficiary's prior written consent, Bcneficiary may, at its option, rcquire immediate payment in full of <br />all sums secured by this Sccurity Instrument, howcver, this option shall not be exercised by Beneficiary if exercise is prohibited <br />by federal law as of the date of this Sceurity Instrument. If Beneficiary exercises this option, Beneficiary shall give Trustor notice <br />of acceleration. The notice shall provide a period of not less than 30 days from the date the noticc is delivered or mailed within <br />which the Trustor must pay all sums sccured by this Security Instrument. If Trustor fails to pay these sums prior to the expiration <br />of this period, Bencficiary may invoke any remedies permitted by this Security Instrument without further notice or demand on <br />Trustor. <br />12. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of default hereunder: <br />a. Trustor shall have failed to make payment of any installment of interest, principal, or principal and interest or <br />any other sum secured hereby when due; or <br />b. There has oceurrcd a breach of or default under any term, covenant, agreement, condition, provision, <br />representation or warranty contained in any of the Loan Instruments. <br />13. ACCELERA nON; REMEDIES. Beneficiary shall give notice of default to Trustor prior to acceleration <br />following Trustor's breach of any covenant or agreement in this Trust Deed. The notice shall specify: (a) the default; (b) the <br />action rcquired to cure the default; (c) a date, not less than 30 days from the date the notice is given to Trustor, by which the <br />default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration <br />of the sums sceured by this Security Instrumcnt and sale of the Property. The notice shall further inform Trustor of the right to <br />reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of <br />Trustor to accelcration and sale. If the default is not cured on or before the date specified in the notiec, Beneficiary at its option <br />may require immediate payment in full of all sums secured by this Sccurity Instrument without further demand and may invoke <br />the power of sale and any othcr remedies pennitted by applicable law. Trustor shall be entitled to collect all expenses incurred in <br />pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorney's fees and costs of title <br />evidence. If power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property is <br />located and shall mail copies of such notice in the manner prescribed by applicable law to Trustor and to the other persons <br />prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale to the persons <br />and in the manner prescribed by applicable law. Trustee, without demand on Trustor, shall sell the Property at public auction to <br />the highest biddcr at the time and place and under the terms designated in the notice of sale in one or more parcels and in any <br />order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and <br />place of any previously scheduled sale. Beneficiary or its designee may purchase the Property at any sale. Upon receipt of <br />payment of thc price bid, Trustee shall deliver to the purchaser Trustee's dced conveying the Property. The recitals in the <br />Trustee's deed shall be prima facie evidence of the truth of the statements made thercin. Trustee shall apply the proceeds of thc <br />sale in thc following order: (a) to all expenses of the sale, including, but not limited to, Trustee's fees as permitted by applicable <br />law and rcasonable attorney's fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons <br />legally entitled to it. <br />14. BENEFICIAR Y IN POSSESSION. Upon acceleration under paragraph 13 or abandonment of the Property, <br />Beneficiary (in pcrson, by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage <br />the Property and to eollcct the rents of the Property including those past due. Any rents collected by Beneficiary or the receiver <br />shall be applied first to payment of the costs of management of the Property and collection ofrents, including, but not limited to, <br />receiver's fees, prcmiums on receiver's bonds and reasonablc attorney's fees, and then to the sums sccured by this Security <br />In stru men t. <br />15. REMEDIES NOT EXCLUSIVE. Trustee and Beneficiary, and each of thcm, shall be entitled to enforce <br />payment and performance of any indebtedness or obligations secured hereby and to exercise all rights and powers under this Deed <br />of Trust or under any Loan Instrument or other agrcement or any laws now or hereafter in force, notwithstanding some or all of <br />such indebtedness and obligations secured hereby may now or hereafter be otherwisc secured, whether by mortgage, deed of trust, <br />pledge, lien, assi.~'llment or othcrwise. Neither the acceptance of this Dced of Trust nor its enforcement whether by court action or <br />purS~lant to the power of sale or other powcrs herein contained, shall prejudice or in any manner affect Trustee's or Beneficiary's <br />right to realize upon or enforce any other security now or hereafter held by Trustee or Bcneficiary, it being agreed that Trustee and <br />Bencfieiary, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or hercafter held by <br />Benetlciary 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 rcserved to Trustee or Beneficiary is intendcd to be exclusive of any other remedy hcrein or by law <br />provided or pcrmitted, but each shall be cumulative and shall bc in addition to evcry other remedy givcn hereunder or now or <br />hereaftcr existing at law or in equity or by statute. Every power or remedy given by any of the Loan Instruments to Trustee or <br />Beneficiary or to which either of them may be otherwise entitled, may be exercised, concurrently or independently, from time to <br />time and as often as may be deemed expedient by Trustee or Beneficiary and eithcr of them may pursue inconsistent remedies. <br />Nothing herein shall be construed as prohibiting Beneficiary from seeking a deficiency judgment against the Trustor to the extent <br />such action is pennitted by law. <br /> <br />16. GOVERNING LAW. This Deed of Trust shall be governed by the laws of the State of Nebraska. In the event <br />that any provision or elausc of any of the Loan Instruments conflicts with applicable laws, such conflicts shall not affect other <br />provisions of such Loan Instruments which can be given effect without the conflicting provision, and to this end the provisions of <br />the Loan Instruments are declared to be severable. This instrument cannot be waived, changed, discharged or terminated orally, <br /> <br />2 <br />