|
DEED OF TRUST
<br />(Continuedl � p 1 p U"7 4 4 2 Page �
<br />further assurance, certificates, and othar documents as may, in the sole opinion of Lender, 6e necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve (1) Borrower's and Trustor's obligations under the Nota, this Deed of Trust, and
<br />the Related Documents, and (2) the liens and security interasts created by this Deed of Trust as first and priar liens on the Property,
<br />whether now ownad or hereafter acpuired by Trustor. Unless prohibited by law or Lender agrees to the contrary in writing, Trustor
<br />shall reimburse Lender for all costs and expenses incurred in connection with the mattsrs referred ta in this paragraph.
<br />Attorney-In-Fact. If Trustor fails to do any of the things referred to in the preceding paragraph, Lender may do sa fqr and in the name
<br />of Trustor and at 7rustor's expense. For such purposes, 7rustor hereby irrevpcably appoints Lender as Trustor's attorney-in-fact for
<br />the purpose of making, executing, dalivering, filing, recording, and doing all pther things as may be necessary or desirable, in Lender's
<br />sole opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFpRMANCE. If Bprrower and Trustor pay all the Indebtedness, including without limitation all future advancas, when due, and
<br />Trustor otherwise performs all the obligations imposed upon Trustor under this peed af Trust, Lender shall execute and deliver to Trustee a
<br />request for full reconveyance and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file
<br />evidencing Lender's security intersst in the Rente and the Personal Prpperty. .Any reconveyanca fee requirad 6y Iaw shall be .paid.bK... _
<br />7rustor, if permitted by applicable law.
<br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event ot Default under this Deed of Trust:
<br />Payment Default. Borrower fails to make any payment when due under the Inde6tedness.
<br />Other Defaults. Barrower ar Trustor fails to comply with or to perform any pther term, obligation, covenant or condition contained in
<br />this Deed of Trust or in any of the Related Documants ar tp comply with or to perform any term, obligation, covenant ar conditipn
<br />canteined in any other agreement 6etween Lender and Borrower or Trustor.
<br />Cpmpliance Default. Failure to comply with any other term, obligation, covenant or condition cantained 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 pead of Trust to make any payment for taxes or
<br />insurance, or any other payment necessary to prevsnt filing of ar to effect discharge of any lien.
<br />Default in Pavor of third Parties. Should Borrower or any Grantor default under any loan, extension of credit, security agreement,
<br />purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of
<br />Borrower's or any Grantor's property or Borrower's ability to repay the Indebtadness ar Borrower's or Grantor's a6ility to perform their
<br />raspective obligations undar this Deed of Trust pr any of the Related Documents.
<br />False Statements. Any warranty, representation or statement made ar furnished to Lender by Borrower or 7rustor or on 8orrawer's or
<br />Trustor's behalf under this Daed af Trust or the Related Documents is false or misleading in any material respect, either now or at the
<br />time made or furnished or 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 />af 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 death of 8orrower or Trustor, the insolvency af Bprrower or Trustor, the appointment of a receiver for any
<br />part of Borrower's or Trustor's property, any assignment for the benefit of creditors, any type of creditor wprkput, or the
<br />commencement af any prpceeding under any bankruptcy or insolvency laws by or against Borrower pr Trustpr.
<br />Creditpr or Fprfeiture Praceedings. Commencement of foreclosure or forfeiture procaedings, whether by judicial proceeding, self-help,
<br />repossession or any other method, by any creditor of Borrower or Trustor qr by any governmental agency against any property
<br />securing the Indebtedness. This includes a garnishment pf an� af Borrower's or Trustor's accounts, including daposit accounks, with
<br />Lender. However, this Event of Default shall not apply if there is a good faith dispute k�y Borrpwer or Trustar as to the validity or
<br />reasonableness of the claim which is the basis of the creditor or forfeiturs proceeding and if Borrower or Trustor gives Lender written
<br />notice of the creditor or forfeiture procaeding and deppsits with Lender monies or a surety bond for the creditqr or forfeiture
<br />proceading, in an ampunt determined by Lender, in its sole discretion, as being an adequate reserve pr bpnd for the dispute.
<br />Breach of Other Agreement. Any breach by Borrpwer ar Trustor under the terms of any other agreement between Borrower or
<br />Trustor and Lender that is not remedied within any grace period provided therein, including without limitatipn any agreement
<br />concerning any indebtedness or other obligation of Borrower or Trustor to Lender, whether existing now or later.
<br />Evants Affacting Guarantar. Any of the preceding events occurs with respect to any guarantor, endprser, surety, or accommodation
<br />party of any of the Indebtedness or any guarantor, endorser, surety, or accpmmodation party dies or becomes incompetant, pr
<br />revokes or disputes the validity of, or liability under, any Gueranty of the Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condition, or Lender believes the prvspect of
<br />payment or performance of the Indebtedness is impairad.
<br />Insecurity. Lender in good faith k�elieves itself insecure.
<br />Right to Cure. If any default, other than a default in payment is curable and if Trustor has not been given a notice of a 6reach of the
<br />same provision of this Dasd of Trust within the preceding twelve (12) months, it may be cured if Trustor, after Lender sends written
<br />notics ta Borrawer demanding cure of such default: (1) cures the default within twanty (2p) days; or (2) if the cure requires more
<br />than twenry (20) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficiant ta cure the default
<br />and thereatter continues and completes all reasanable and necessary steps sufficient to produce compliance as soon as reasonably
<br />practical.
<br />RIGHTS AND REMEDIES QN DEFAULT. If an Event of Default occurs under this peed 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 ag�nt, with or without bringing any action or proceeding, or by a raceiver appointed by a court and
<br />without regard to the adequacy of its security, enter upon and take possession of the Prpperty, or any part thereof, in its
<br />own name or in the name of Trustee, and do sny ac#s which it deems necessary . or desirable to preserva the value,
<br />marketability or rentability of the Property, or part of the Prpperty or interest in the Property; increase the income frpm 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 tha same, less costs and
<br />expenses of operation and callection attarneys' fees, to any indebtedness secured by this Deed af Trust, all in such order as
<br />Lander may determine. The entering upon and taking possassion af the Property, the collection of such rents, issues and
<br />prpfits, and the application thereof shall not cure or waive any default or notice of default under this C7eed of Trust or
<br />invalidate any act done in response to such dafault or pursuant to such notice of default; and, notwithstanding the
<br />cantinuance in possession of the Property or the collection, receipt and application of rents, issuea ar profits, Trustee or
<br />Lender shall be entitled to exercise every right provided for in the Note or tha Related Dacuments 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 end demand for sale and a written notice of dafault and electian to
<br />cause Tru5tor's inierest in the Praperty 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 Cammercial Code.
<br />Foreclosure by Power of Sale. If Lendar elects tq foreclase by exercise of the Power qf Sale herein contained, Lender shall notify
<br />
|