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f � � <br />'' R ' `� DEED OF TRUST � O 1 O O� 61 s <br />Loan No: 4120531 (Continu8d) Page 4 <br />EVENTS OF DEFAULT. At Lender's option, Trustnr will be in default under this deed of Trust if eny of the following happen: <br />Payment �efault. Trustor fails to make any payment when due under the Indebtednesa. <br />Break dther Promises. Trustor breaks any promise made to Lender or fails to perform pramptly at the time and strictly in tha manner <br />provided in this Deed of Trust or in any agreement related to this Deed of Trust. <br />Campliance Default. Feilure to comply with any nther term, obligation, covenant qr candition contained in this Deed of 7rust, the Note <br />or in any of the Related Documents. <br />Defsult on Other Payments. Failure nf Trustor within the time required by this Deed of Trust to maka any payment for taxes or <br />insurance, or any other peyment necessary to prevent filing of or to effect discharge of any lien. <br />F81se $tatamenta. Any representation or statement made or furnished to Lender by Trustor or an 7rustor's behalf under this Deed of <br />Trust or the Related Documents is talse or misleading in any material respect, either now or at the time made or furnished. <br />�efective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and affect (including failure <br />of any collataral document to create a valid and perfectad security interest or Iien) at any time and for any reason. <br />Death or Insolvency. The death of Trustor, the insolvency of Trustor, the appointment nf a receiver for any part of Trustor's property, <br />any assignment for the benefit of creditors, any type of craditar workout, or the commencement of any proceeding under any <br />bankrup#cy or insolvency laws by or agains# TruStor. <br />Taking af the Property. Any creditor or govemmental agency tries to take any of the Praperty or any other of Trustor's property in <br />which Lender has a lien. This includes taking nf, garnishing of nr levying nn Trus#or's accounts with I�ender. However, it 7rustor <br />disputes in good faith whether the claim on which the taking of the Property is besed is valid or reasona6le, 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 6reach by Trustor under the terms of any other agreemen# between Trustor and I�endar that is not <br />remedied within any grace period provided therein, including without limitation any agreement concerning eny indebtedness or other <br />obligation of 7rustor to Lender, whether existing now pr later. <br />@vents Affecting Guarantor. Any of the praceding events occurs with respect to any guarantor, endorser, surety, or accommodation <br />party of any ot the Indebtedness or eny guarentor, endorser, surety, or eccommodatian party dies or becomes incompetent, or <br />revokes or disputes the validity of, or liability under, any Guaranty of the Inde6tedness. <br />Insecurity. Lender in good faith balieves itself insscure. <br />Existing Indehtedness. The payment of any installment of principal or any interest on the �xisting Indebtedness is not made within the <br />time required by the promissory note avidencing such indehtedness, or a default occurs under the instrument securing such <br />indebtedness and is not cursd during any applicable grace period in such instrument, or any suit or other action is commenced to <br />foreclose any existing lien an the Property. <br />Right to Cure. If eny default, other than a defeult in payment is cura6le and if 7rustor has not been given a notice of a breach of the <br />same provision of this �eed of Trust within the preceding twelve (12) months, it may be cured if Trustor, after Lender sends written <br />notice to 7rustor demanding cure of such default: (1) cures the default within twenty (20) days; or (2) if the cure requiras mora <br />than twenty (2�) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufticient to cure the default <br />and thereafter continues and complatas all reasonable and necessary steps sufficient to produce compliance as soon as reasonably <br />practical. <br />RIGHTS AND REMEDIES ON DEFAULT. If an Event af befault occurs under this Deed of Trust, at any time thereafter, Trustee ar Lender <br />may exercise any one or more ot the follawing rights and remedies: <br />Acceleration Upon Default; Additional Remedies. If any �vent af Def�ult occurs as per the terms of the Note secured .here6y, <br />Lender may decfera ail Indebtedness secured 6y this beed of 7rust to be duca and payable and the same shall thereupon become <br />due and peyable without any presentment, demand, protest or notice of any kind. Thereafter, Lender may: <br />(a) Either in person or 6y agent, with or without 6ringing any action or proceeding, or by a receiver appointed by a court and <br />without regard to the adequacy of its security, enter upon and take possession of the Property, or any part thereof, in its <br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value, <br />marketability or rentability of the Prbperty, nr part of the Property or interes# in the Property; increase the income from the <br />Property or protect the security of the Property; and, with or without taking possessipn 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, lass costs and <br />axpenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed of Trust, all in such order as <br />Lender may determine. 7he entering upon and taking possession of the Property, the collection of such rents, issues and <br />profits, and the epplicetion 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 notica of default; and, notwithstanding the <br />continuance in possession of the Property or the collection, receipt and applicatian of rents, issues or profits, 7rustee or <br />Lender shall be entitled to exercise eyery right provided for in [he 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 specificelly enforce any of the <br />covenants hereof; and <br />(c) �eliver to Trustee a written declaration of default and demand for sale and a written notica 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, L.ender shall have all the rights and remedies of a secured party <br />under the Nebraska Uniform Commercial Code. <br />Foreclosure by Power of 5ale. If Lander 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 beed of Trust as Trustee may require. <br />(a1 Upon receipt of such notice from Lender, Trustae shall cause to be recorded, published and delivered to Trustor such <br />Natice of befault and Notice of Sale as then required 6y law and by this Daed of 7rust. Trustee shall, without demand on <br />7rustor, after such time as may than be required by law and after recordation of such Notice of Default and after Notice of <br />Sale having paen given as required 6y 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 peya6le at the time of sale. <br />Trustee shall deliver to such purchaser ar purchasers thereof its good and sufficient deed or deeds conveying the property so <br />sold, but without any covenant or warranty, axpress or implied. The recitals in such deed of any matters or facts shall 6e <br />conclusive proof af the truthfulness thsrsof. Any person, including without limitation Trustor, 7rustee, 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 7rust, including cos[s of <br />evidence ot title in connection with sale, Trustee shall apply the proceeds ot sale to peyment of (i) 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 acerued interest <br />and late chargas, (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legally <br />entitled thereto. <br />Ic) 7'rustee may in the manner provided by law postpone sale of all or any portion of the Praperty. ' <br />Remedi�es Not Exclusive. Trustee and Lender, and each bf them, shell be entitled ta anforce payment and performance of any <br />indebtedness or obligetions secured by this Deed of Trust and to exercise all rights and powers under this beed of Trust, under tha <br />