|
2oiooosss
<br />applicable law of the State of Nebraska substitute a successor or successors to the Trustee named
<br />herein or acting hereunder.
<br />7. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of and
<br />binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors and
<br />assigns. The term "Beneficiary" shall mean the owner and holder of the Note, whether or not named as
<br />Beneficiary herein.
<br />8. INSPECTIONS. Beneficiary, or his agents, representatives or workmen, are authorized to
<br />enter at any reasonable time upon or in any part of the Trustee Estate for the purpose of inspecting the
<br />same and for the purpose of performing any of the acts it is authorized to perform under the terms of any
<br />of the Loan Instruments.
<br />hereunder:
<br />EVENTS OF DEFAULT. Any of the following events shall be deemed an event of default
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal, or principal
<br />and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach of default under any term, covenant, agreement, condition,
<br />provision, representation, or warranty contained in any of the Loan Instruments.
<br />(c) If Trustor shall sell, convey, transfer, or dispose of the real property described in the Note
<br />securing the debt evidenced by the Note, or any part of such property, or any interest therein, or agree so
<br />to do without the prior written consent of Beneficiary, or if the real property is transferred by devise,
<br />descent, ar by operation of law, Beneficiary shall have the right, at the option of Beneficiary, to declare
<br />the entire balance of the unpaid principal with unpaid interest due thereon immediately due and payable.
<br />Failure to exercise such option shall not constitute a waiver of the right to exercise it in the event of any
<br />subsequent default.
<br />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event of default
<br />occur, Beneficiary may declare all indebtedness secured hereby to be due and payable, and the same
<br />shall thereupon become due and payable without any presentment, demand, protest, or notice of any
<br />kind. Thereafter the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a
<br />receiver appointed by a Court and without regard to the adequacy of its security, enter upon and take
<br />possession of the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any
<br />acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Trust
<br />Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof,
<br />and with or without taking possession of the Trust Estate, sue for or otherwise collect the rents, issues
<br />and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of
<br />operation and collection, including attorney's fees, upon any indebtedness secured hereby, all in such
<br />order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the
<br />collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure ar
<br />waive any default or notice of default hereunder or invalidate any act done in response to such default or
<br />pursuant to such notice of default and, notwithstanding the continuance in possession of the Trust Estate
<br />or the collection, receipt and application of rents, issues or profits, Trustee or Beneficiary shall be entitled
<br />to exercise every right provided for in any of the Loan Instruments or bylaw upon occurrence of any
<br />event of default, including the right to exercise the power of sale;
<br />3
<br />
|