|
<br /> I
<br /> 'I
<br />
<br /> w fi 0 0 1 DE=ED OF TRUST 20091007C
<br /> (Continued) Page 4
<br /> I
<br /> Default on Other Payments. Failure of Truster within the time required by this Deed of Trust to make any payment for taxes or
<br /> insurance, or any other payment necessary to prevent filing of or to effect discharge of any lion.
<br /> Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales
<br /> agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or
<br /> Grantor's ability to repay the Indebtedness or Grantor's ability to perform Grantor's obligations under this Deed of Trust or any of the
<br /> Related Documents.
<br /> False Statements. Any warranty, representation or statement made or furnished to Lender by Truster or on Trustoe's behalf under this
<br /> Dead of Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or
<br /> becomes false or misleading at any time thereafter.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect (including failure
<br /> of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br /> Insolvency. The dissolution or termination of Truster's existence as a going business, the insolvency of Truster, the appointment of a
<br /> receiver for any part of Truster's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br /> commencement of any proceeding under any bankruptcy or insolvency laws by or against Truster.
<br /> Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
<br /> repossession or any other method, by any creditor of Truster or by any governmental agency against any property securing the
<br /> Indebtedness, This includes a garnishment of any of Truster's accounts, including deposit accounts, with Lender. However, this
<br /> Event of Default shall not apply if there is a good faith dispute by Truster as to the validity or reasonableness of the claim which is the
<br /> basis of the creditor or forfeiture proceeding and if Truster gives Lender written notice of the creditor or forfeiture proceeding and
<br /> deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
<br /> discretion, as being an adequate reserve or bond for the dispute.
<br /> Breach of Other Agreement. Any breach by Truster under the terms of any other agreement between Truster and Lender that is not
<br /> remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other
<br /> obligation of Truster to Lender, whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
<br /> Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<br /> Adverse Change. A material adverse change occurs in Truster's financial condition, or Lender believes the prospect of payment or
<br /> performance of the Indebtedness is impaired.
<br /> Insecurity. Lender in good faith believes itself insecure.
<br /> RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter, Trustee or Lender
<br /> may exercise any one or more of the following rights and remedies:
<br /> Acceleration Upon Default; Additional Remedies, If any Event of Default occurs as per the terms of the Note secured hereby,
<br /> Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become
<br /> due and payable without any presentment, demand, protest or notice of any kind, Thereafter, Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and
<br /> without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its
<br /> own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value,
<br /> marketability or rentability of the Property, or part of the Property or interest in the Property; increase the income from the
<br /> Property or protect the security of the Property; and, with or without taking possession of the Property, sue for or otherwise
<br /> collec.tthe,rents, ismiAs.and.profits:•of,th%,Property, .includinfa thoae,.paat.due.and.,unpaid,,And apply,the,.same, less,:costs and
<br /> expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed of Trust, all in such order as
<br /> Lender may determine. The entering upon and taking possession of the Property, the collection of such rents, issues and
<br /> profits, and the application thereof shall not cure or waive any default or notice of default under this Deed of Trust or
<br /> invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstanding the
<br /> continuance in possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or
<br /> Lender shall be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br /> occurrence of any event of default, including the right to exercise the power of sale;
<br /> (b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the
<br /> covenants hereof; and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to
<br /> cause Truster's interest in the Property to be sold, which notice Trustee shall cause to be duly filed for record in the
<br /> appropriate offices of the County in which the Property is located; and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br /> under the Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shall notify
<br /> Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and
<br /> secured by this Deed of Trust as Trustee may require.
<br /> (a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered to Trustor such
<br /> Notice of Default and Notice of Sate as then required by law and by this Deed of Trust. Trustee shall, without demand on
<br /> Truster, after such time as may then be required by law and after recordation of such Notice of Default and after Notice of
<br /> Sale having been given as required by law, sell the Property at the time and place of sole fixed by it in such Notice of Sale,
<br /> either as a whole, or in separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may
<br /> determine, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale.
<br /> Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or deeds conveying the property so
<br /> sold, but without any covenant or warranty, express or implied. The recitals in such dead of any matters or facts shall be
<br /> conclusive proof of the truthfulness thereof. Any person, including without limitation Trustor, Trustee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of
<br /> evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums expended under
<br /> the terms of this Deed of Trust or under the terms of the Note not then repaid, including but not limited to accrued interest
<br /> and late charges, (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legally
<br /> entitled thereto.
<br /> (c) Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br /> Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and performance of any
<br /> indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the
<br /> Note, under any of the Related Documents, or under any other agreement or any laws now or hereafter in force; notwithstanding,
<br /> some or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether
<br /> by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement,
<br /> whether by court action or pursuant to the power of sale or other powers contained in this Deed of Trust, shall prejudice or in any
<br /> manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by Trustee or Lender, it
<br /> a being agreed that Trustee and Lender, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or
<br /> hereafter held by Lender or Trustee in such order and manner as they or either of them may in their absolute discretion determine. No
<br /> remedy conferred upon or reserved to Trustee or Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by
<br /> law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given in this Deed of Trust or
<br /> now or hereafter existing at law or in equity or by statute. Every power or remedy given by the Note or any of the Related Documents
<br />
|