|
A � . } Y .. � r . � , .
<br />DE�D OF TRUST
<br />(Continued)
<br />Page �
<br />Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br />Break Other Promises. Trustor breaks any promise made to Lender or fails tn 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 �efault. Failure to comply with any other term, obligation, covenant nr condition contained In this besd af 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 af 7rust to make any payment for taxes or
<br />insurance, or any other payment necessary to prevent filing pf or to effect discharge of any lien.
<br />False Statements. Any representation or statement made or furnished to Lender by 7rustor or on 7rustor's behalf under this Deed of
<br />Trust or the Related Documents is false or misieading in any materiai respect, ekher now or at the time made or furnished.
<br />Defective Collateralization. This Deed of Trust or any pf the F2slated bocuments ceases to be in full force and effect (including failure
<br />of any collateral document to create a valid and pertected security interest or Iien) at any time and fqr any reasqn.
<br />Death or Insotvency. The death of Trustor, the insolvency of Trustor, the appnintment of a receiver fnr any part of Trustor's property,
<br />any assignment fnr the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br />bankruptcy or insplvency laws by or against Trustor.
<br />Taking af the Property. Any creditor or governmental agency tries to take any of the property or any pther 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 gpad faith whether the claim on which the taking of the Property is based is valid or reasonabla, 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 npt 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 indebt�dness or other
<br />obligation of 7rustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respeat 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 Indehtedness. 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 af the Note secured hereby,
<br />Lender may declare all Indebtedness secured by this Deed nf 7rust to be due and paya6le 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 />without regard to the adequacy of its security, enter upon and take possession of the Property, nr any part thereof, in its
<br />own name or in the name of 7rustee, and do any acts which it deems necessary or desirable tp preserve the value,
<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 F'roperty; and with or +aithout taking possession of the Property, sue for or atherwise
<br />collect the rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less co8ts and
<br />expenses of operation and oollectinn attorneys' fees, to any indebtedness secured by this Deed of'frust, ail in such order as
<br />Lender may determine. The entering upon and taking possessian pf the Property, the collection of such rents, issues and
<br />profits, and the application therenf shall not cure or waive any default or notice of default under this Deed of Trust or
<br />invalidate any act dnne in response to such default or pursuant to such nntice af default; and, norivithstanding the
<br />continuance in possession of the Property or the collection, receipt 2nd application of rents, issues or profits, Trustee or
<br />Lender shall be entitled to exercise every right provided for in the Note nr the Related Documents or by law upon the
<br />occurrence of any event of default, including the right to exercise the power pf sale;
<br />(b) Commsnce 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 ta 7rustee a written declaration of default and demand for sale and a written notice nf 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 pf the Personal Property, Lender shail have all the rights and remedies of a secured party
<br />under the Ne6raska Uniform Commercial Code.
<br />Foreclosura by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein oontained, Lender shall notify
<br />Trustee and shall deposit with Trustee this Dead of Trust and the Note and such receipts and evidence of expenditures made and
<br />secured by this Deed of 7rust 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 nf 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 />5ale having been given as required by law, sell the property at the time and place of sala fixed by it in such Notice of Sale,
<br />either as a whole, pr 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 af any matters or facts shall be
<br />conGusive proof of the truthfulneSS thereof.' " Any per�'tSPti; trlCttlaPng withoilt 'Nmitattorl "fmstor, 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 1"rust, inciuding costs of
<br />evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment af (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 accrued interest
<br />and late charges, (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person pr 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 />Remedfes Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and pertormance 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 7rust may now or hereafter be othernrise s�cured, 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 6y 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 l.ender's right to realize upon or enforce any other security now or hereafter held by Trustee or �ender, it
<br />being agreed that Truste� and Lender, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or
<br />hereafter held by Lender or Trustee in such arder and manner as they or either of them may in their absolute discretion determine. No
<br />remedy conferred upon or reserved to Trustee or Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by
<br />�oioo����
<br />
|