|
_ ,
<br />, < DEED OF TRUST
<br />� (Continued) 2 O�.. O O 9 S 4 9 Page 4
<br />Trustor otherwise performs all the obligations imposed upon Trustor under this beed of 7rust, Lender shall execute and de�iver to Trustaa a
<br />request for full reconveyance and shall execute and deliver to Trustor suitable statements of termination of any financing statement on file
<br />evidencing Lender's security interest in the Rents and the Personal Property. Any reconveyance fee required by law shall be peid by
<br />l'rustor, if permitted k�y applicable law.
<br />EVENTS �F DEFAULT. Each of the following, at Lender's optian, shall canstitute 8n Event pf befault under this beed of Trust:
<br />Payment Default. Borrower fails to make any payme�nt when due under the Indebtedness.
<br />Other Defaults. Borrower or Trustor fails to comply with or to perform any other term, obliga[ion, covenant or condition cnnteined in
<br />this Deed of Trust or in any of the Related Documents or to compty with or to perform any term, obligation, covenant or condition
<br />contained in any piher agreement 6etween Lender and Borrower or Trustor.
<br />Compliance Default. Failure to comply with any other term, obligation, covenant or condition contained in this Deed of Trust, the Note
<br />or in any of the Related Documents.
<br />Default on Other Payments. Failure of Trustor within the time required 6y this Deed of Trust to make any payment for taxes pr
<br />insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Default in Favor of Third Parties. Should Borrower or any Grantor default under any loan, extension bf credit, security agreement,
<br />purchese nr seles er�reement, or any other agreement, in favor of any other creditor or person that may materially affect any of
<br />Borrower's or any Grantor's property or 6prrpwer's ability to repay the Indebtedness or Bprrower's or Grantor's ability to perfprm their
<br />respective obligations under this Deed of Trust or any of the Related Documents.
<br />False Statements. Any werranty, representation or statement made or furnished to Lender by Borrower or Trustor or on Borrower's or
<br />Trustor's 6ehalf under this Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the
<br />time made or furnished or becomes false or misleading at any time thereafter.
<br />Defectiva Collater�lization. This Deed of l"rust or any of the Related aocuments ceases to 6e in full force and effect (including failure
<br />of any collateral document to create a valid and perfected security interest or lienl a[ any time and for any reason.
<br />Death ar Insolvancy. The dissolution of Trustor's (regardless of whether election to continue is made►, any member withdraws frnm
<br />the limited liability company, or any other termination of Borrower's or Trus[or's existence as a going business or the death of any
<br />member, the insolvency of Borrower or Trustar, the appointment of a receiver for any part af 8prrower's or Trustar's property, any
<br />assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy
<br />pr insolvency laws by or against 8orrower or 7rustoc.
<br />Creditor or Farfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-hefp,
<br />repossession or any ather method, by any creditor of Borrower or Trustor or by any governmental agency against any property
<br />securing the Indebtedness. This includes e garnishment of any of 8orrower's or Trustor's accounts, including depasit accounts, with
<br />Lender. However, this Event of Default shall not apply if there is a good faith dispute 6y Borrower or 7rustor es to the validity or
<br />reasonableness of the claim which is the basis of the creditor or forfeiture prpceeding and if Borrower oc Trustor gives Lender written
<br />notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture
<br />proceeding, in an amount determined by Lender, in its snle discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Borrower or Trustor under the terms of any other agreement between Borrower or
<br />Trustor and Lender that is not remedied within any grace periad provided therein, including withouc limitation any agreement
<br />cancerning any inde6tedness or other obligation of 8orrower or Trusror to Lender, whether exisking now or later.
<br />Events Affecting Guarantor. Any of ihe preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
<br />Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<br />Adverse Change. A material adverse change occurs in Borrower's or Trustor's financial condition, or Lender believes the prospect of
<br />payment or 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 6een given a notice of a breach of the
<br />same provision of this Deed of Trust within the preceding twelva (12) months, it may be cured if Trustor, after Lender sends written
<br />notice to Borrower demanding cure of such default: (1) cures the default within twenty (20) 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 sufficient to cure the default
<br />and thereafter continues and completes all reasonable and necessary steps sufficien[ to produce compliance as soon as reasonably
<br />practical.
<br />RIGHTS AND REMEDI�S ON pEFAULT. If an Event of �efault 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 Uppn Default; Additional Remedies. If any Event af Default occurs as per the terms af the Note secured hereby,
<br />Lender may declare all Indebtedness secured by this Deed of Trust to be due and peyable and the same shall thereupon become
<br />due and paya6le without any presentment, demand or protest of any kind. 7hereafter, Lender may:
<br />(a) Either in person or by agent, with or withaut 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 end take possession of the Praperty, or any par[ 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 Property, or part ot the C'roperty or interest in the Property; increase the income from the
<br />Property or proTect the security of the Property; and, with or withput taking possessipn pf the Praperty, sue for or otherwise
<br />collect the rents, issues and profits of the Prpperty, 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 Truse, all in such order as
<br />Lender may determine. The entering upon and teking possession of the Property, the collection of such rents, issues and
<br />profits, and the, application thereof shall not cure or weive any default or notice of default under this Deed of Trusi 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 of the Property or the collection, receipt and application of rents, issuss qr profits, 7rustes ar
<br />Lender shall be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br />occurrence of any event of default, including the right to exercisa the pawar of sale;
<br />(6) Commence an action ta foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically enforce any of the
<br />covenants hereof; and
<br />(c) Deliver to Trustee a written declaration of default and demand for sale and e written notice of default and election to
<br />cause Trustor"s interest in the Property to be sold, which notice Trustee shall cause [o be duly filed for record in the
<br />apprppriate offices of the Caunty in which the Property is located; and
<br />(d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
<br />under the Nebraska Uniform Commercial Code.
<br />Foreclosure qy Power of Sale. If Lender elects to foreclose by exercise of the Power pf Sale herein contained, Lender shall notify
<br />Trustee and shsll deposit with Trustee this Deec of Trust and ihe Note and such receipts and evidence of expenditures made and
<br />secured by this Deed of Trust as Trustee may raquire.
<br />(a) Upon receipt of such notice from l.ender, 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 of 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 Defauli and after Notice of
<br />Sale having I�een given as required by law, sell the Property at the time and place of sale fixed by it in such Nbtice 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 fpr cash in lawful money of the United States payahle 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 />
|