|
� ; . . , ; � , � DEED OF TRUST
<br />� � � (Continued) 2 � 1 u � g 1 4 2 Page 4
<br />befective Collateralization. 7his Deed of Trust or any of the itelated Documents ceases to be in full force end 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 Inaolvency. The death of Trustor, the insolvency of Trustor, the appointment of a receiver fnr sny part of Trustor's property,
<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 />Creditor pr Forfeiture Preceedings. Commencement of foreclosure or forfeiture proceedings, whether 6y judicial proceeding, self-help,
<br />repossession or any other mathnd, by any creditor of Trustor or by any governmental egency against eny property securing the
<br />Indebtedness. This includes a garnishment af any pf Trustor's sccaunts, including deposit accounts, with l.ender. However, this
<br />�vent of Default shall not apply if there is e good faith dispu#e by Trustor as ta the validity or reasonableness of the claim which is the
<br />6asis of the creditor or forfeiture proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or a surety bond for the creditor nr farfeiture proceeding, in an amount determined by Lender, in its sole
<br />discretion, as being an adequate reserve or 6ond fnr the dispute.
<br />Breach of Other Agrsement. Any breach by Trustor under the terms af any other agreement between Trustor and Lender that is not
<br />remedied within any grace period pravided #hersin, including without limitation any agreement concerning eny indebtedness or other
<br />obligetion pf Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to sny gusrentar, endorser, surety, or accommodation
<br />party of any of the Indebtedness or any guarantor, endorser, suraty, or accommodation party dies or becomes incqmpetent, or
<br />revokes or disputes the validity of, ar liability under, any Guaranty of the Indebtedness.
<br />Adverse Chenge. A material adverse change occurs in Trustor's finencial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<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 />Acceleratlon Upon �efault; 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 rsceiver appointed by a court and
<br />without regard to tha adequacy of its security, enter upon and take possession of the Property, or any part therenf, in its
<br />own name or in the name of Trustee, and do any acts which it deems necessary or desirable #a preserve the value,
<br />merketak�ility or rentability of the Property, or part af 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 possessinn of the Property, sue for or otherwise
<br />collect the rents, issues and profits of the Property, including those past due end unpaid, and apply the same, less costs and
<br />expenses of operation and collection attorneys' fees, to eny indebtedness secured by this Deed of Trust, all in such orde� as
<br />Lender may determine. The entering upon and taking possession of the Property, the collectinn of suoh rents, issues and
<br />profits, and the application thereof shall not cure or waive any default or notice of default under this Deed of "frust 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 nf the Prnperty or the collection, receipt end epplication of rents, issues or profits, Trustee or
<br />Lender shall be sntitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br />pccurrence 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 enforca any of the
<br />covenants hereof; and
<br />(c) deliver to �rustee a written declaration of default and demand for sale and a written notice af defeult and election to
<br />cause 7rustor's interest in the Property to be sold, which notice Trustee shall cause to be duly filed for record in the
<br />apprnpriete offices of the County in which the Property is located; and
<br />(d) With respect to all or any part of the Persnnel Property, Lender shall have all the rights and remedies of a secured perty
<br />under the Nebraska Uniform Commercial Cqde.
<br />Foreclosure by Pawer of Sale. If Lender elects to foreclnse 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 end svidence of expenditures made and
<br />secured by this Deed of Trust as Trwstse 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 Nqtice of Sale as then required by law and by this Deed of Trust. Trustee ahall, 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 />Ssle 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 Ints or parcels or items as 7rustee ahall 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 sh�ll deliver to such purchaser or purchasers #hereof its good and sufficient daed or deeds conveying the property so
<br />spld, 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, 7rustee, or Lender, may
<br />purchase at such sale.
<br />(b) As may be permitted by lew, efter deducting all costs, fees and expenses of Trustee and of this Trust, including costs of
<br />evidence of title in connectinn with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums expended under
<br />the terms af this Deed of Trust or under the terms vf the Note not then repaid, including but not limited to accrued interest
<br />and late charges, (ii) all other sums then sacured hereby, and (iii) the remainder, if any, to the person or persons lagally
<br />entitled thereto.
<br />Ic) Trustee may in the manner-provided by law postpone-sale of ell or any portfon of the Proper#y.
<br />Remedies Not Exclusive. Trustee and Lender, and each af thsm, shall be entitled to enforce payment and performance of any
<br />indebtedness or obligations secured by this Deed af Trust and to exercise all rights and powers under this �eed of 7rust, under the
<br />Note, under any of the Related Documents, or under any other agraement or eny laws now or hereafter in force; notwithstanding,
<br />same or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be p#herwise secured, whether
<br />by mprtgage, deed of trust, pledge, lien, assignment ar otherwise. Neither the acceptance of this Deed of Trust nor its enforcement,
<br />whether by court action or pursuant tn the power of sale or other powers contained in this Deed af 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 1'rustee and Lender, and each ot them, shall be entitled to enforce this Deed of Trust and any pther security now or
<br />hereafter held by Lender or Trustee in such order and manner as they or either of them may in their absolute discretinn determine. No
<br />remedy confarred upon or reserved to Trustee or Lender, is intended tn be exclusive of any other remedy in this Deed of Trust or by
<br />law provided or permitted, but each shall be cumulative and shall be in addition to every vther remedy given in this Deed of Trust or
<br />now or hereafter existing at law ar in equity or by statute: Every power or remedy given by the Note or any of the Related Documents
<br />to Trustee nr Lander nr tn which either of them may be otherwise entitled, may be exercised, concurrently ar independently, from time
<br />tn time and as often as may be deemed expedient by Trustee or Lender, and either of them may pursue inconsistent remedies.
<br />Nothing in this Deed of ?rust shall be construed as prohibiting Lender fram seeking a deficiency judgment against the Trustor to the
<br />extent such action is permitted by law. Electian by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and
<br />an election to make expenditures or to take action to perform an obligation of Trustor under this Deed of Trust, after Trustor's fsilure
<br />to perform, shall not affect Lender's righ# to declare a default and exercise its rem�dies.
<br />Request for Notice. 7rustor, on behalf of Trustor and Lender, hereby requests thet a copy of any Notice of Def�ult end a copy of any
<br />Notice of Sale under this Deed of Trust be mailed to them at the addresses set forth in the first paragraph qf this Deed of Trust.
<br />
|