|
200501159
<br />G. TRUSTOR covenants and agrees that upon any attempted
<br />conveyance, assignment, pledge or transfer of any of his
<br />interest in the premises during the term of the loan secured
<br />hereby, the BENEFICIARY shall have the option of declaring the
<br />unpaid balance immediately due and payable, and if said sum
<br />remains unpaid for 15 days thereafter, BENEFICIARY can cause
<br />Notice of Default to be given and the premises be sold as
<br />provided herein.
<br />H. As additional and collateral security for the loan, and
<br />effective forthwith upon filing of a Notice of Default, this
<br />instrument shall serve as an assignment by the TRUSTOR to the
<br />TRUSTEE, of all rents and revenues resulting from the
<br />property, and TRUSTEE is authorized to take possession of the
<br />property, rent or lease the same on terms he deems best and to
<br />collect the rents and revenues and apply the same upon unpaid
<br />interest, principal, taxes or insurance premiums or for
<br />maintenance and preservation of the premises.
<br />I. The waiver by TRUSTEE or BENEFICIARY of any default of TRUSTOR
<br />under this Deed of Trust, on one occasion, shall not be or be
<br />deemed to be a waiver of any other or similar defaults
<br />subsequently occurring.
<br />J. If title to any part of the property herein shall be taken in
<br />condemnation proceedings, by right of eminent domain, or
<br />similar action, or shall be sold under threat of condemnation,
<br />all awards, damages and proceeds are hereby assigned and shall
<br />be paid to the BENEFICIARY, who shall apply such payment, or
<br />any part thereof, in his sole discretion, to the sum due at
<br />that time on this Deed of Trust and Trust Deed Note, with any
<br />balance above the amount due hereunder payable to the TRUSTOR.
<br />K. The BENEFICIARY, his agents or representatives, are hereby
<br />authorized to enter, at any reasonable time, upon any part of
<br />the trust property for the purposes of inspecting the same and
<br />for the purpose of performing any of the acts they are
<br />authorized to perform under the terms of this Deed of Trust
<br />and other accompanying documents.
<br />L. This Deed of Trust and all accompanying documents are subject
<br />to, constructed and governed by the laws of the State of
<br />Nebraska for all purposes.
<br />M. In the event any one or more of the provisions contained in
<br />this Deed of Trust, Trust Deed Notes, or any other instrument
<br />given in connection with this transaction, shall for any
<br />reason be held to be invalid, illegal or unenforceable in any
<br />respect, such invalidity, illegality, or unenforceability
<br />shall, at the option of the BENEFICIARY, not affect any other
<br />provisions of this Deed of Trust or Trust Deed Note, but this
<br />Deed of Trust and Trust Deed Note shall be construed as if
<br />such invalid, illegal or unenforceable provision had never
<br />been contained therein, it being the intention of the parties
<br />that the provisions of this Deed of Trust are declared to be
<br />severable.
<br />N. This Deed of Trust shall inure to and bind the heirs,
<br />devisees, personal representatives, successors and assigns of
<br />the parties hereto.
<br />The TRUSTOR requests that a copy of any Notice of Default and
<br />of any Notice of Sale hereunder be mailed to him at the address
<br />herein set forth, or such other address as he may provide to the
<br />TRUSTEE and BENEFICIARY. TRUSTOR further states that he has given
<br />the BENEFICIARY a written Acknowledgment which states that as
<br />TRUSTOR, he understands that the document that he is executing
<br />herein is a Deed of Trust and not a mortgage, and that the power of
<br />sale provided for in this Deed of Trust provides substantially
<br />different rights and obligations than a mortgage and in an event of
<br />-4-
<br />
|