|
; : , ? ` ' , ; � . � � .° DEED OF TRUST
<br />(Continuedl 2 010 0 9 2 0 3 Page 4
<br />Other Defaults. Trustor fails to comply with or to perform any other term, obligatian, covenant or conditipn cantainBd in this Deed af
<br />Trust or in any of the Related Documents or to comply with or to perform any term, p6ligation, covenant or condition contained in any
<br />other egreement between Lender and Trustor.
<br />Compliance Default. Failure [o comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note
<br />or in any of the Related Documants.
<br />Default on Other Payments. Failure of Trustnr within the time required by this Deed of Trust to make any payment for taxes or
<br />insurance, or any other payment necessary to preven[ filing of or to effect discharge of any lien.
<br />Uefault in Favar of Third Parties. Should Grantor default under any loan, extension af credit, security agreement, purchase or sales
<br />agreement, or any other agreement, in favor of any other creditor or person that may materially affect eny of Grantor's property or
<br />Grantar's ability to repay the Indebtedness or Grantor's ability to perfarm Grantor's obligations under this beed of Trust or any af the
<br />Related Documents.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this
<br />oeed of Trust or the Related Documents is false or misleading in any material respect, either nnw or at the time made or furnished or
<br />becomes false or misleading at any time [hereafter.
<br />Defactive Collateralization. 7his Deed of Trust or any of the Related Documents ceases to 6e in full force and effect (including failure
<br />of any collateral document to create a valid and perfac#ed security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The dissolution of Trustor's Uegardless of whether election to continue is made�, any member withdraws from
<br />tha limited liability company, or any other termination pf 7rustor's existence as a going business or the death of any member, the
<br />insplvency of Trustor, the appointmen[ of a receiver for any part of Trustor's property, any assignmen[ for ihe benefi[ of creditors, any
<br />type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br />Creditor or Farfeiture Proceedings. Commencement of foreclasure or forfeiture proceedings, whether hy judicial proceeding, self-help,
<br />repossession or any ather method, by any creditor of Trustor or by any gavernmental agency against any property securing the
<br />Indebtedness. This includes e garnishment of any of Trustor's accounts, including deposit eccounts, with Lender. However, this
<br />Event of Default shall not apply if there is a good faith dispute �y Trustor as to the validity or reasonableness of the claim which is the
<br />basis of the creditor or fprfeiture proceeding and if 7rustor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies ar a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
<br />discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agraemant. Any breach by Trustar under the terms of any other agreement between Trustor and Lender [ha[ is no[
<br />remedied within any grace period prpvided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligatinn of Trustor ta Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endarser, surety Pf BCCOfllfllpd8tlpfl
<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 lia6ility under, any Guaranty of the �ndebtedness.
<br />Adverse Change. A material adverse change occurs in Trustor's finencial condition, ar Lender believes the prospact of payment ar
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes 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 breach of the
<br />same provision pf this Deed of Trust wiihin the preceding twelve (12) months, it may be cured if Trustar, aftar Lender sends written
<br />notice to 7rustor demanding cure af such defaulr. (1) cures the default within twenty (2Q) deys; or (2) if the cure requires more
<br />than twenty (20) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficien[ to cure the default
<br />and thereafter continues and completes all reasonabls and necessary steps sufficient to produce compliance as saon as reasonably
<br />practical.
<br />RIGH7S AND REMEDIES ON DEFAUL7. If an Event of Default occurs undar 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 es per the terms of the No[e secured hereby,
<br />Lender may declare all Indebtedness secured by this Peed of 7rust to he due and payable and the same shall thereupon become
<br />due and payable without sny presentment, dem�nd, protes[ or notice of any kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action ar proceeding, or by a receiver appointed by a court and
<br />withou[ regard to the adequacy of its security, enter upon and teke possession of ihe 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 />markeiability or rentability of the Properiy, or part of the Prbperty or interest in the Property; increase the income from the
<br />Property or protect the security of the Property; and, wi[h or without taking possessian of the Property, sue for or otherwise
<br />callect 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 Prnperty, the collection of such rents, issues and
<br />profits, and the application thereof shall not cure or waive any default or notice af dafault under this Deed of 7rust or
<br />invalidate any act done in response to such default or pursuant to such notice of default; end, 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 Noie 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 fareclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the
<br />covenants hereof; and
<br />(c) Deliver to 7rustee a written declaratipn af default and demand for sale and a written notice of default and election to
<br />cause Trustor's interest in [he Property to be sold, which notice Trustee shall cause to be duly filed for record in the
<br />appropriate offices of tha County in which the Property is located; and
<br />(d) With respect to all ar any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br />under the Nebraska Unifnrm Commercial Code.
<br />Foreclosure by Pawer of Sale. If L.ender elects to foreclose by exercise of the Powar of Sale herein contained, Lender shall notify
<br />Trustee and shall depnsit with Trustee this Deed of Trust and the Note and such recaipts and evidence of expenditures made and
<br />secured hy this Deed of Trust as Trustee mey require.
<br />(a) Upon receipt of such notice from Lender, Trustea shall cause to be recorded, published and delivered to Trustor such
<br />No[ice of Qefault and Notice of Sale as then required 6y Iaw and by this Deed of Trust. Trustee shall, without demand on
<br />Trustor, after such time as may then be rer�uirad by law and after recordation of such Natice of Default and atter Notice of
<br />5ale having 6een given as required by law, sell the Property at the time and plece 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 ai ihe time of sale.
<br />Trustee shall deliver to such purchaser or purchasars thereof its good and sufficient deed or daads conveying the property so
<br />sald, 6ut 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 hy law, after deducting all costs, fees and axpenses of 7rustee and of this Trust, including costs of
<br />evidence of title in connection with sale, Trustee shall spply the proceeds of sale to payment 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 6ut not limited to accrued interest
<br />and late charg�s, (ii) all other sums then secured hereby, and (iii) ihe remainder, if any, to the person or persons legally
<br />
|