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: ` DEED OF TRUST 2 0110 U 8 5 9 <br />(Continued) Page 4 <br />Lender's security interest in the Rents and the Personal Property. Any reconveyance fee required by law shali be paid by Trustor, if <br />permitted by applicable law. <br />EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Deed of Trust: <br />Payment Default. Trustor fails to make any payment when due under the Indebtedness. <br />Other Defaults. Trustor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Deed of <br />Trust or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any <br />other agreement between Lender and 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 Re�ated Documents. <br />Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or <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 Grantor default under any loan, extension of credit, security agreement, purchase or sales <br />agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or <br />Grantor's ability to repay the Indebtedness or Grantor's abiliry to perform Grantor's obligations under this Deed of Trust or any of 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 />Deed of Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or <br />becomes false or misleading at any time thereafter. <br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and 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 Insolvency. The death of Trustor, the inso{vency of Trustor, the appointment of a receiver for any 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 or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, <br />repossession or any other method, by any creditor of Trustor or by any governmental agency against any property securing the <br />Indebtedness. This includes a garnishment of any of Trustor's accounts, including deposit accounts, with Lender. However, this <br />Event of Default shall not apply if there is a good faith dispute by Trustor as to the validity or reasonableness of the claim which is the <br />basis 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 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 Agreement. Any breach by Trustor under the terms of any other agreement between Trustor and Lender that is not <br />remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other <br />obligation of Trustor to Lender, whether existing now or later. <br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation <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 liability under, any Guaranty of the Indebtedness. <br />Adverse Change. A material adverse change occurs in Trustor's financial 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 />Existing Indebtedness. The payment of any installment of principat or any interest on the Existing Indebtedness is not made within the <br />time required by the promissory note evidencing such indebtedness, or a default occurs under the instrument securing such <br />indebtedness and is not cured during any applicable grace period in such instrument, or any suit or other action is commenced to <br />foreclose any existing lien on the Property. <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 />Acceleration Upon Default; 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 receiver appointed by a court and <br />without regard to the adequacy of its security, enter upon and take possession of the 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 />marketability or rentability of the Property, or part of 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 possession of the Property, sue for or otherwise <br />collect 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 Property, the collection of such rents, issues and <br />profits, and the application thereof shall not cure or waive any default or notice of default under this Deed of Trust 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, issues or profits, Trustee or <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 exercise the power of sale; <br />(b) Commence an action to 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 a written notice of default and election to <br />cause Trustor's interest in the Property to be sold, which notice Trustee shall cause to be duly filed fw record in the <br />appropriate offices of the County 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 by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained, Lender shali notify <br />Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and <br />secured by this Deed of Trust as Trustee may require. <br />(a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, pubiished 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 Default and after Notice of <br />Sale 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 lots or parcels or items as Trustee shall deem expedisnt, 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 shall deliver to such purchaser or purchasers thereof its good and su�cient deed or deeds conveying the property so <br />sold, 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, Trustee, or Lender, may <br />purchase at such sale. <br />(b) As may be permitted by law, after deducting all costs, fees and expenses of Trustee and of this Trust, including costs of <br />evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of (i) all sums expended under <br />