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<br />). Protection of City's Security. if Developer tails to perform the agreements contained in this Trust Deed or if any proceedings are
<br />commenced which materially ai~ect City's interest in the Property including but not limited to eminent domain, bankruptcy, enl'orcemcnt of
<br />statutory provisions or lureclosure of a prior mortgage or 'T'rust Decd, then the City, at it's option, upon such notice to Developer ati may be
<br />required by law, may make such appearance, dispose of such sums and t~lce any action necessary to protect City's interest, including but not limited
<br />to, disbursement of reasonable attorneys fees and entry on to the Property. In the event of any default hereunder and whether or not an action is
<br />instituted to enforce this "Trust Deed or the Development Agreement (as it relates to the Property only), Developer promises to pay to the City any
<br />reasonable sum far costs incurred in good faith by City.
<br />10. No Waiver. Acceptance by City of any sums Isom Developer or any other person after the same is due shall not constitute a waiver
<br />of the right to require full payment or to declare default. The acceptance by City of any sum in an amount less than the sum due shall be deemed an
<br />acceptance on account and shall not constitute a waiver.
<br />11. Assi¢nment of Rents and Possession. As additional security for any or all of the obligations contained in this Agreement,
<br />Developer hereby assigns and gives a security interest to the City in any or all present, future, or af7er arising rents or leases in the Property. It shall
<br />not be necessary for the City to take actual or constructive possession or control ol'the Property or rents related thereto, to secure the appoiattment
<br />of a receiver or to take any action tantamount to taking of such possession or control. Developer acknowledges chat this assignment is perfected
<br />upon the recording of this Deed of Trust and that City is entitled to notify any of Developer's tenants to make payment of rents due or to become
<br />due to City. However, City agrees that only on det~tult will City notify Developer or Developer's tenants and make demand that all future rents be
<br />paid directly to City. On receiving the notice of default, Developer will endorse and deliver to City any payments of rent in Developer's possession,
<br />The City may enfi~rce the security interest in rents and leases in any manner allowed by law. Developer will promptly provide City with true and
<br />correct copies of all existing and future leases. Developer may collect, receive, enjoy and use the rents so long as Developer is not in default.
<br />Developer will not collect in advance any rents due in future least periods, unless Developer first obtains City's written consent. Upon default,
<br />Developer will receive any rents in trust for City and Developer will not commingle the rents with any other funds. The City has discretion to use
<br />the rents and profits for the purposes of paying any accounts or debts mentioned under this 'T'rust Deed, if said accounts or debts are not paid by
<br />Developer. City shall also have the right io apply such rents to any costs of management of the property and costs related to the collection of rents,
<br />including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees.
<br />12. Transfer of Real Property. If the Developer should, without written consent of the City, sell, transfer encumber or alienate the
<br />1?roperly or any part thereof; whether voluntary or involuntarily, then the City shall have the right to declare all indebtedness and obligations
<br />secured by this Trust Deed, immediately due and payable. No secondary tinartcing of any kind shall be allowed with respect to the Property
<br />without written approval ofthe City, provided such approval shall not be unreasonably withheld.
<br />13. Remedies Cumulative. All remedies provided in this Trust Deed are distinct and cumulative to any other right or remedy under this
<br />Trust Ueed or afforded by law or equity and may be exercised concurrently, independently or successively.
<br />14. Default and Remedies. As expressly agreed by Developer, in the event of llevelvper's failure to comply with each and all of the
<br />conditions in this Trust [)eed or the Development Agreement (as it relates io the Property only), time being of the essence, then the bill amount
<br />secured hereby shall become due and collectible at once. 'T'he City shall have the right to proceed to enforce the liquidation, which is secured
<br />herein, by mortgage foreclosure or Tn~stee's Sale without further notice other than provided by Nebraska law. The Developer will have those
<br />remedies and only those remedies, available under Nebraska law or specifically mentioned in ibis Trust Deed.
<br />15. Method of Trustee Sale. [f 'Trustee sale is elected, the Trustee, at the written request of the City, may sell the Property in the
<br />manner provided in the Nebraska Revised Statutes, including amendments, with such right of postponement of sale as the Trustee shall deem best
<br />for the interest of all parties concerned. The Trustee shall convey io the Purchaser in such sale the 'I~rustec's title and all right and title of the
<br />Developer to the Property. The purchaser shall be discharged of all liability for the application of the purchase money once sent to the Trustee.
<br />'T'he Trustee shall apply the proceeds ol'ihe sale, first to the expenses of sale; then to all taxes and assessments due the Ciiy of Grand Island; thence
<br />to all sums advanced by the City as provided in this 'trust Deed together with any interest; thence to the "T'rustee's costs and reasonable attorney's
<br />fees and costs of title evidence; thence to the payment of the indebtedness and obligations secured by this "I~rust Deed together with any interest and
<br />thence to the payment of all other'frust Deeds, mortgages and liens junior to this Trust Deed. Any proceeds of the sale in excess of the amounts so
<br />applied above shall be paid to the Developer or senior lien.,holder.
<br />16. Substitute Trustee. The City has the irrevocable power to appoint a substitute Trustee without specifying any reason therefore, by
<br />following the procedures outlined in Nebraska statutes.
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