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07/26/201d1 15:41 398-773-2224 FARMEP,S STATE BANK PAGE 84/07
<br />20100583'7
<br />DEED DF TRUST
<br />(Continued) Page ~
<br />EVENTS OF DEFAULT. At Lender's option, Trustnr will be In default under this Deed of Trust If any of the lpllowing happen;
<br />Payment Default. BDnnwer fails to make any payment When du® under the Indebtedness.
<br />Break Other Promisee. Borrower Dr Trustor breaks any prnmiae made to Lender ar fella To perlarm promptly at the limo and strictly in
<br />the manner provided In this Deed of Trust or in arty agreement rotated to this peed of Trtist.
<br />Compliance Default. Failure to comply wkh any other term, obligation, covenant pr condition contained in this Demd of Trust, the Note
<br />pr in any vt the Related Documents.
<br />Default an Other Paymmnta, Failuro DT Trustor within the time required by this Dead of Trust to mak0 any payment for texas or
<br />insurance, or any other payment naeessary to provsnt filing of or to aftees discharge of any lien.
<br />pefauh In Fever of Third Parties. Should ecrrower or any Grantor default under any loan, exLnnslon pf Predit, sepurrty agreement.
<br />purchase w sales agreement, or any other agreement, in favor of any other preditor or parson that may materially effect any of
<br />Borrower's ar arty Cirantmr'e property or Borrower's ability to revev the Indebtedness or Sorrgwer'e or Grantor's ahilRy to vnrform their
<br />reapectlve abligntiens under this Peed of Trust or any of the flelatmd Documertte.
<br />Folnm Seataments. Anv representation or statement made or furnished to Lender by Borrower or Trustor or on Borrower's or Trustor's
<br />6ehmlf under thin Deed pf Trust or the Related Documents is false or misleading In any materiel respect, either now ar et the time
<br />made or furnishmd.
<br />Defective Cvllateralizatien. This Deed of Trust or any of the Related Documema ceases to be in full force and affect (including failure
<br />of any eoneterel document to cremte a valid end perfected aeaurlty interest or lianl et any time and for any reason,
<br />Death mr Insolvency. The death of Borrower pr Truster, the Insolvency Pf f9errowmr or Trustor, the appaintmertt of a receiver far any
<br />patt of borrower's or TfUStnr's property, any eaaignment far the 6anef$ of crodltbrs, any type pf creditor wmrkqut, or the
<br />aommenoemant o1 env Proceeding under any bankruptcy or Insolvency laws 6y or against Borrower or Trustnr.
<br />Taking of the Property. Any creditor nr governmental egenny ttles to take any of the Property ar env other of Sdrrowar's mr Truetpr's
<br />property in which Lender has a Ilan. This includes taking af, garnishing et er levying an BerroWef'a or Trus[or's accqunte with Lendel.
<br />However, if Ebrtawer or Trustor dsputea.in good faith whether the plate on which the taking Dt the Properly is boned IS valid or
<br />reesonegle,, and if Harrower or Truster gives Lender written natiae of the claim end furniahas Lander with monies pr a surety band
<br />satisfactory to Lander to satiety the claim, then this defawlt provision will net apply.
<br />Branch of Other Agreement. Any breath by Borrower pr Trustor vender the terms of any ocher agreement between Borrower pr
<br />Trustor and Lender that is not remedied within any grace pmrlDd provided therein, including withavt limltatlan any agreement
<br />cpnaerning any indebtedness ar ether obligaLlon Df BnrYDWer or TrwSCar to Lander, whether esiating now P~ later.
<br />Evertts Affecting Guarantor. Any of the preceding events occurs with respect to any gueranmr, endorser, surety, ar accnmmodetion .
<br />party of any ei the Indabtadne9s of any guerenter, endorser, surety, or apCOmmddation party dies er bepomes inoompotant, ar
<br />revokes nr disputes the validity Pf, pr (lability under, any Guaranty of the Indebtedness,
<br />Inaecwity. Lender in geed faith believes Itself inseaurp.
<br />Right to GUN. If any default, other then a defawlt in payment is curable and if Trustor has not been given a notice Of a breach of the
<br />seem provision Pf this Omed of Trust within the pfCCeding twelve It 2) months, it may 6e cuNd if Trustor, after Lender sands written
<br />notice to 9orrower demanding Cure pf such default: 111 aurae ehn dmfautt within thirty 13p) days; or 12) if the pure requires mere
<br />than thirty 13D1 dove, immediately initietee slaps which Lender deems In Lender's sole disermtlon to be 9uffioignt to Cure the dmfautt
<br />and tharnaftar tontinues and eempletes all reaaenable and necessary stops sufficient to produce compliance as anon es reasonably
<br />practical.
<br />RIGHTS AND REMEDIES DN DEFAULT, If an Event of pefault occurs under this pemtl of Trust, at any time thereafter, Trustee or Lender
<br />may exercise em/ one or mere pf the following rights and remedies:
<br />Acceleration Upon Dmfauh: Additional Remedies. If any Event of Dafauh occurs as per the terms of the Note secured hereby.
<br />Lnndar may declare all Indebtedness secured by this peed of Trust to be due and payable and the same shall Lhoreupon became
<br />due end payable without any presentmem, demand, protest or notice of any kind. Thereafter, Lender may:
<br />(a) Either in parson or by agent, with or without bringing env action or pfoteeding, nr by n receiver appointed 6y a court and
<br />Without regard to the adequacy of its security, enter upon end take possession bf The Property, or any part thereof, In hs
<br />own name or in ens name of Truatna, and da any acts which it deems necessary or desirable to preserve the value,
<br />marketability or rantabillty of the Property, or part of the Property qr interest In the Property; inereese the Income from the
<br />Property or protect the aaeurhy pf the Property, end, with or wthout taking posnasslDn pf the Property, eu6 for or otherwise
<br />collect the rerrts, issues and prefhs of the PrDgeRy, including those pest due end unpaid, and apply she aama, less costs and
<br />expanses Of mperativn and collection attorneys' fees, tq any indebtedness seeund 6y this Dmad of Trust, all In ouch order as
<br />Lender may determine. Tha entering upon and taking poaseaslon pf the Property, the collection of such rents, Issues end
<br />profits, and the application thereof shell not cure or waive any dofauh nr notice of default under this peed of Trust or
<br />invalidate any act done in response to Such defeuk er pursuant to such notice of dafaulL; and, notwithstanding the
<br />COrRlnuanpe in possession of the Property or the CPlleptian, repeipt and application pf rents, issues or profits, Trustee or
<br />Lander shall bm aMitied to exercise every right prnvidad for M the Note or the Related Documents or by law upon the
<br />occurrence of any meant of default, including the right to exeraiee the power e1 sate;
<br />Ibl Commence an avtlan to foreclose thin Daed of Trust as a mortgage, eppeint a receiver or apecificelly enfcrge any of the
<br />cavenanta hereof; and
<br />Icl Deliver to Trusme a written declaration of default end demand for sale and a written notice of default and election to
<br />Csuse Trusmr's interest in the Property to be sold, which notice Trustee shell cause to be duly filed for record in the
<br />appropriate offices of the county in which Lha Property is located; and
<br />Id) With renpmoL t0 all pr any Part of she Personal Property, Lender shall have ell the rights and romedies of a secured party
<br />under the Nebraska Uniform GDmmercial Cnda.
<br />Foreelpeure by power of Sala. If lender mlecta to foreclose by exercise of the Power of Sala herein contained, Lender shall notify
<br />Truatae end shall depesk whh Trustee [his Deed of Trust and the Note and such receipts and evidence of expendhures made and
<br />secured by this peed of Trust es Truatae may require.
<br />lal Upon receipt of such notice ffom Lender, 'trustee shag cause to be recorded, published end delivered to Trustor Such
<br />Notice of Default end Notlca of Salo as than required by law and by this peed of Trust. Trustee shell, without demand on
<br />7ruator, after ouch time as may then ba required by law and after recordation of suth NDLIce of Defauh end after Notice of
<br />Sala having bean given as required by law, sell the Property at the time end place of gala fixed by It In such Notice pt Sele,
<br />either as a whole, or in separate Iota Pr percale ar items as Trustee shall deem expedient, and in such order as IL may
<br />determine, at public auction to the highest bidder for ce9h in lawful money of the Unltad States payable at the time of sale.
<br />Trustee shall deliver to such purchaser or purghasers thereof its goad end nufficlam dead or deeds conveying the property so
<br />sold, but wkhout any cgvmnant or warranty, express pr implied. Tha recitela in such dead of any matters or facts shell be
<br />conclusive proof of the truthfulness thereof. Anv person, including without limitation Truatgr, Trustee, or Lender, may
<br />purchase et such agile.
<br />Ib) As may be permitted by law, after deducting all casts, faea and expenses of Truatna and of thin Trust, including costs of
<br />evidence of tRle In Connection with sale, Trustee shall apply the proceeds n} aelm to paymmm of lit ail sums expended under
<br />the tarm9 mf this Dead of Trust or under the terms o4 the Nvtm nDL then repaid, including but oat limited to accrued interest
<br />and lets charpea, (ii) all other sums than sepwed hereby, and VIII the remainder, if any, tv the person or persons legally
<br />entitled thereto.
<br />Icl Trustee may In the manner prnvidad by law postpone sale of au or env portion of the Property•
<br />Remedies Nat Eaclunive. Trustee and Lander, and mach of them, 6hall be entitled to enforce payment and performance of any
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