|
<br />
<br />
<br /> 201100433
<br />
<br /> Property so removed pursuant to clause (2), the aggregate original cost thereof. The Deed Trustee and
<br /> Lender shall be fully protected and shall incur no liability for any consent given or action taken in reliance
<br /> upon the notice given in clause (2) above or in the schedule filed in clause (3) above.
<br />
<br /> (c) Release of Inadequate, Obsolete, Etc. Items. Notwithstanding any other provision of
<br /> this Section 4, in any instance where the Grantor reasonably determines that any item of machinery or
<br /> equipment has become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary, the
<br /> Grantor may remove the itern of equipment from the lien and security interest of this Deed of Trust and
<br /> sell, trade, exchange or otherwise dispose of the same (as a whole or in part) without any responsibility or
<br /> accountability to the Issuer, the Deed 't'rustee, or the Lender, if the Grantor substitutes and installs other
<br /> items of machinery or equipment deemed necessary or useful and having equal or greater utility (but not
<br /> necessarily having the same function) in the operation of the Project and if the removal and substitution
<br /> does not impair the Grantor's operating utility.
<br /> (d) Disposition of Substituted Property When Cash Delivered. The Grantor agrees that any
<br /> cash delivered to the Deed Trustee in connection with the release of any of the Property pursuant to this
<br /> Section 4 shall be used by the Grantor to make the next Loan Payment.
<br />
<br /> (e) Circumstances When.Release Not Required. The provisions of this Section 4 shall not
<br /> be construed to restrict the Grantor's rights under the Loan Documents (1) to make replacements,
<br /> additions, alterations, changes, modifications and improvements to the Property, to install and remove
<br /> equipment free and clear of the lien and security interest created herein, to sell, lease or otherwise dispose
<br /> of the Property free and clear of the lien and security interest created herein, to merge, consolidate, sell or
<br /> convey substantially all of the Property free and clear of the lien and security interest created herein or to
<br /> exercise any other of its rights with respect to the Property pursuant to and in accordance with the
<br /> provisions of the Loan Documents, or (2) to require, as a condition precedent to the exercise of any of its
<br /> rights under the Loan Documents, compliance with the provisions of this Section 4 for the release of any
<br /> Property from this Deed of Trust.
<br /> Section 5. Default and Remedies. If an "Event of Default" under the Loan Documents
<br /> occurs and continues as provided, the Deed Trustee, upon request of the Lender, may declare all amounts
<br /> payable under the Loan Agreement immediately due and payable; and thereafter the Deed Trustee,
<br /> without notice or demand, but only to the extent permitted by the laws of the State of Nebraska, may
<br /> prosecute a suit at law and/or in equity against the Grantor to collect the secured sums as if all money
<br /> secured hereby had matured prior to the commencement of the suit, or commence foreclosure proceedings
<br /> under the power of sale provided for by Section 7 hereof. The Deed Trustee shall have the right from
<br /> tirne to time to take action to recover any sums, whether principal, interest, or any installment of either, or
<br /> any other sums required to be paid under the terms of this Deed of Trust as the same become due, without
<br /> regard to whether or not the principal sum secured, or any other sums secured, by this Deed of Trust shall
<br /> be due, and without prejudice to the right of the Deed Trustee thereafter to bring an action of foreclosure,
<br /> or any other action, or commence foreclosure proceedings under the power of sale, for a default or
<br /> defaults by the Grantor existing at the time such earlier action was commenced.
<br /> Any failure by the Deed Trustee or the Lender to insist upon the strict performance by the Grantor
<br /> of any of the terms and provisions hereof shall not be deemed to be a waiver of any of the terms and
<br /> provisions hereof, and the Deed Trustee, notwithstanding any such failure, shall have the right thereafter
<br /> to insist upon the strict performance by the Grantor of any and all of the terms and provisions of this Deed
<br /> of Trust to be performed by the Grantor; and the Deed Trustee may resort for the payment of the
<br />
<br />
<br />
<br /> -5-
<br />
|