|
2oiaos5s�
<br />7'. In the event of default in the payment when due of any sums secured hereby (principal, interest,
<br />advancements, pr protective advances), or failur� to pertorm or observe any covenants and conditions
<br />contained herein, in the note(s), credit agreement(s), or any other instruments, or any proceedings is
<br />brought under any Bankruptcy laws, Beneficiary, at its optian, may declare the entire indebtedness
<br />secured hereby to be immediat�ly due and payable and the whole wili bear interest at the default rate
<br />as provided in the note(s) or credit agreement(s) and Beneficiary may immediately authoriz� Trustee to
<br />exercise the Power of Sale granted herein in the manner provided in the Nebraska Trust Deeds Act, or,
<br />at the option of the Beneficiary, may foreclose the Trust Deed in the manner provided by law for the
<br />fnreclasure of mortgag�s on real property, including the appointment of a Receiver upon ex parte
<br />application, notice being hereby expressly waived, without regard to the value of the property or the
<br />sufficiency thereof to discharge the indebtedness secured hereby or in the loan agreement(s). Delay by
<br />Beneficiary in exercising its rights upon default will not be construed as a waiver thereof and any act of
<br />Beneficiary waiving any specified default will not be construed as a waiver of any future default. If the
<br />proc�eds under such sale or foreclosure are insufficient to pay the total indebtedness secured hereby,
<br />Trustor(s) do here�y agree tq be personally bound to pay the unpaid balance, and Beneficiary will be
<br />entitled to a deficiency judgment.
<br />8. Should Beneficiary elect to exercise the Power of 5ale granted herein, Beneficiary will notify Trustee
<br />who will record, publish, and deliver to Trustor(s) such Notice of Default and Notice of Sale as then
<br />required by law and will in th� manner provided by law, sell the property at the time and place of sale
<br />fixed in the Nntice of Sale, either as a whole or in separate lots, parcels, or items and in such order as
<br />7rustee will deem expedient. Any person may bid at the sale including Trustor(s), Trustee, or
<br />Beneficiary.
<br />9. Trustor(s) hereby requests a copy of any Notice af Default or Notice of Sale hereunder to be mailed
<br />by certified mail to Trustor(s) at the address(es) set forth herein.
<br />1p. Upon default, Beneficiary, either in person or by agent, with or without bringing any action or
<br />proceeding and with or without regard to the value of the property or the sufficiency thereof to discharg�
<br />the indebtedness secured hereby, is authorized and entitled to enter upon and take possession of the
<br />property in its own name or in the name of the 7rustee and do any acts or expend any sums it deems
<br />necessary or desirable to protect or preserve the value of the property or any interest therein, or
<br />increase the incom� therefrom; and with or without taking possession of the property is authorized to
<br />sue for or atherwise coll�ct the rents, issues, crops, prqfits, and income thereof, including those past
<br />due and unpaid, and apply the same upan any indebtedness secured hereby or in the Ioan
<br />agreement(s).
<br />No remedy herein conferred upon ar reserved to Trustee or Beneficiary is intended to be exclusive of
<br />any other remedy herein or by law provided ar permitted, but each will be cumulative, will be in addition
<br />to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute, and
<br />may be exercised concurrently, independently or successively.
<br />11. 7rustar(s) acknowledges that the duties and obligations of Trustee will be determined solely by the
<br />express provisions of this Trust Deed or the Nebraska Trust Deeds Act and Trustee will not be liable
<br />except fvr the pertormance of such duties and obligations as are specifically set forth therein, and no
<br />implied cavenants or abligations will be imposed upon Trustee; Trustes will not be liable for any action
<br />by it in good faith and reasonably believed by it ta be authorized or within the discretion or rights of
<br />powers conferred upon it by this Trust Deed or state law.
<br />12. The integrity and responsibility of 7rustor(s) constitutes a part of the consideration for the
<br />o�ligations secured hereby. Should Trustnr(s) sell, transfer, or convey the property d�scribed herein,
<br />without prior written consent of Beneficiary, Beneficiary, at its option, may declare the entire
<br />indebtedness immediately due and payable and may proceed in the enforcement of its rights as on any
<br />other default.
<br />13. Assignment of Rents including Proceeds of Mineral Leases. Trustor(s) hereby assigns, transfers,
<br />and conveys to Beneficiary all rents, royalties, bonuses, and d�lay moneys or other proceeds that may
<br />from time to time becom� due and payable under any real estate lease or under any oil, gas, grav�l,
<br />rqck, or other mineral lease of any kind including geothermal resources now existing or that may
<br />hereafter come into existence, covering the property or any part thereof. All such sums so received by
<br />Beneficiary will be applied to the indebtedness secured hereby; or Beneficiary, at its option, may turn
<br />over and deliuer to Trustor(s) or their successors in interest, any or all of such sums without prejudice tn
<br />any of Beneficiary's rights to take and retain future sums, and without prejudice to any af its other rights
<br />under this Trust Deed. This assignment will be construed to be a provision for the payment or r�duction
<br />of the debt, subject to the Beneficiary's option as hereinbefore provided, independent of the lien on the
<br />property. Upon payment in full of the debt and the recnnveyance of this Trust Deed of record, this
<br />assignment will become inoperative and of no further force and effect.
<br />14. This Trust D�ed constitutes a Security Agreement with respect to all the property described herein.
<br />15. The covenants contained in this 7rust Deed will be deemed to be severable; in the event that any
<br />portion of this Trust Deed is determined to be void or unenforceable, that determination will not affect
<br />the validity of the remaining portions of the Trust beed.
<br />� • -- ,, �.c../i .
<br />��:rr.► . ..
<br />i
<br />i - .-.�-
<br />._ �:_ .
<br />� ��.
<br />Aimee J Benson
<br />���. .�<���
<br />Cans ance K Benspn
<br />App #: 50a26a5; CIF #: 85361; Note #: 205 220SQ Legal Doc. Date: December 21, 201 Q
<br />FORM 5011, Trust Deed and Assignment of Rents Page 3
<br />
|