|
<br />200902870
<br />
<br />Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the
<br />Leases.
<br />
<br />13. DEFAULT. Grantor will be in default if any of the following occur:
<br />
<br />A. Payments. Grantor fails to make a payment in full when due.
<br />
<br />B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on
<br />behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of,
<br />the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any
<br />present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by
<br />or against Grantor, Borrower, or any co-signer, endorser, surety or guarantor of this Security Instrument or
<br />any other obligations Borrower has with lender.
<br />
<br />C. Death or Incompetency. Grantor dies or is declared legally incompetent.
<br />
<br />D. Business Termination. Grantor merges, dissolves, reorganizes, ends its business or existence, or a
<br />partner or majority owner dies or is declared legally incompetent.
<br />
<br />E. Failure to Perform. Grantor fails to perform any condition or to keep any promise or covenant of this
<br />Security Instrument.
<br />
<br />F. Other Documents. A default occurs under the terms of any other document relating to the Secured
<br />Debts.
<br />
<br />G. Other Agreements. G_r~ntor)s in default on any other gebt 9Jagreement GrMltor has with Lender.
<br />
<br />H. Misrepresentation. Grantor makes any verbal or written statement or provides any financial information
<br />that is untrue, inaccurate, or conceals a material fact at the time it is made or provided.
<br />
<br />I. Judgment. Grantor fails to satisfy or appeal any judgment against Grantor.
<br />
<br />J. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal
<br />authority.
<br />
<br />K, Name Change. Grantor changes Grantor's name or assumes an additional name without notifying Lender
<br />before making such a change.
<br />
<br />L. Property Transfer. Grantor transfers all or a substantial part of Grantor's money or property. This
<br />condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in
<br />the DUE ON SALE section.
<br />
<br />M. Property Value. lender determines in good faith that the value of the Property has declined or is
<br />impaired.
<br />
<br />N. Material Change. Without first notifying lender, there is a material change in Grantor's business,
<br />including ownership, management, and financial conditions.
<br />
<br />O. Erosion. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly
<br />erodible land or to the conversion of wetlands to produce or make possible the production of an agricultural
<br />commodity, as further explained by federal law .
<br />
<br />P. Insecurity. lender determines in good faith that a material adverse change has occurred in Grantor's
<br />financial condition from the conditions set forth in Grantor's most recent financial statement before the date
<br />of this Security Instrument or that the prospect for payment or performance of the Secured Debts is
<br />impaired for any reason.
<br />
<br />14. REMEDIES. On or after default, lender may use any and all remedies lender has under state or federal law
<br />or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property.
<br />Any amounts advanced on Grantor's behalf will be immediately due and may be added to the balance owing
<br />under the Secured Debts. lender may make a claim for any and all insurance benefits or refunds that may be
<br />available on Grantor's default.
<br />
<br />Subject to any right to cure, required time schedules or any other notice rights Grantor may have under federal
<br />and state law, lender may make all or any part of the amount owing by the terms of the Secured Debts
<br />immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a
<br />default or anytime thereafter.
<br />
<br />If there is a default, Trustee will, in addition to any other permitted remedy, at the request of the Lender,
<br />advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for
<br />cash. Trustee will give notice of sale including the time, terms and place of sale and a description of the
<br />Property to be sold as required by the applicable law in effect at the time of the proposed sale.
<br />
<br />To the extent not prohibited by law, Trustee will apply the proceeds of the Property's sale in the following
<br />order: to all fees, charges, costs and expenses of exercising the power of sale and the sale; to lender for all
<br />advances made for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon;
<br />to the Secured Debts' principal and interest; and paying any surplus as required by law. lender or its designee
<br />may purchase the Property.
<br />
<br />Upon any sale of the Property, Trustee will make and deliver a special or limited warranty deed that conveys
<br />the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Trustee will
<br />covenant that Trustee has not caused or allowed a lien or an encumbrance to burden the Property and that
<br />Trustee will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against
<br />all lawful claims and demand of all persons claiming by, through or under Trustee. The recitals in any deed of
<br />conveyance will be prima facie evidence of the facts set forth therein.
<br />
<br />All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at
<br />law or equity, whether or not expressly set forth. The acceptance by lender of any sum in payment or partial
<br />payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are
<br />
<br />C & I CATTLE COMPANY
<br />Nebraska Deed Of TrulIt
<br />
<br />NE/4AMOSEMANOOOOOOQ0000111047Q41409N
<br />
<br />e1996 Bankers Systems, Inc., St. Cloud. MN ~
<br />
<br />o
<br />
<br />Page 4
<br />
<br />'''' '.' ~ I , ' ;. 1)1. ':..... ) \
<br />. . \~.',. t'", ",j \ t
<br />
|