|
<br />
<br />
<br />
<br /> .M Mrs f:a
<br /> DEED OF TRUST 201006774
<br /> (Continued) Page 4
<br />
<br /> EVENTS OF DEFAULT. At Lender's option, Trustor will be in default under this Deed of Trust if any of the following happen:
<br /> Payment Default. Trustor falls to make any payment when due under the Indebtedness.
<br /> Break Other Promises. Trustor breaks any promise made to Lender or fails to perform promptly at the time and strictly in the manner
<br /> provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<br /> Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note
<br /> or in any of the Related Documents.
<br /> Default on Other Payments. Failure of Trustor 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 lien.
<br /> False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of
<br /> Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
<br /> Defective Collaterallzation. 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 /> Death or-insolvency. The desttr of Trustor; the Insolapancy<of:Tryatot;,.th6f appQ,Iritntprtt of:awrPge)~r•fo,~ any part of Trustgq,,.,s,pr arty,
<br /> any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br /> bankruptcy or insolvency laws by or against Trustor.
<br /> Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Trustor's property in
<br /> which Lender has a lien. This includes taking of, garnishing of or levying on Trustor's accounts with Lender. However, If Trustor
<br /> disputes In good faith whether the claim on which the taking of the Property is based Is valid or reasonable, and if Trustor gives
<br /> Lender written notice of the claim and furnishes Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then
<br /> this default provision will not apply.
<br /> Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement between Trustor 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 Trustor to Lender, whether existing now or later.
<br /> Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation
<br /> party of any of the Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or
<br /> revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<br /> Insecurity. Lender in good faith believes Itself Insecure.
<br /> Existing Indebtedness. The payment of any Installment of principal or any Interest on the Existing Indebtedness is not made within the
<br /> time required by the promissory note evidencing such indebtedness, or a default occurs under the Instrument securing such
<br /> indebtedness and is not cured during any applicable grace period in such instrument, or any suit or other action is commenced to
<br /> foreclose any existing lien on the Property.
<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 /> . ty, enter upon and take possession of the Property, or any part thereof, In Its
<br /> regard without q cy of Its ecuri
<br /> and d'o'any'acts which it deems necessary or'oe?slrable to'pres'erve thE'value,
<br /> OWN rig!' e ain 'the name of Trustee
<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 /> collect the rents, Issues and profits of the Property, including those past 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 Trustor'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 parry
<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 Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on
<br /> Trustor, 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 sale 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 deed 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 (1) 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 /> 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 />
|