|
DEED OF TRUST
<br />(Continued)
<br />Page 5
<br />law.
<br />EVENTS OF DEFAULT. Trustor will be in default under this Deed of Trust if any of the following happen: (A) Trustor commits fraud or
<br />makes a material misrepresentation at any time in connection with the Credit Agreement. This can include, for example, a false statement
<br />about Trustor's income, assets, liabilities, or any other aspects of Trustor's financial condition. (B) Trustor does not meet the repayment
<br />terms of the Credit Agreement. (C) Trustor's action or inaction adversely affects the collateral or Lender's rights in the collateral. This
<br />can include, for example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all
<br />persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without Lender's permission,
<br />foreclosure by the holder of another lien, or the use of funds or the dwelling for prohibited purposes.
<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 Credit Agreement
<br />secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall
<br />thereupon become 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 Credit Agreement or the Related Documents or by law
<br />upon the 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 flied for 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 shall notify
<br />Trustee and shall deposit with Trustee this Deed of Trust and the Credit Agreement and such receipts and evidence of
<br />expenditures made and 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, 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 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 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 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 />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 />the terms of this Deed of Trust or under the terms of the Credit Agreement not then repaid, including but not limited to
<br />accrued interest and late charges, (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or
<br />persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of the Property.
<br />Remedies Not Exclusive. Trustee and Lender, and each of them, shall be entitled to enforce payment and performance of any
<br />indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the
<br />Credit Agreement, ,under . any of ..the. Related. Documents, or under any. other. agreement or any .laws now or hereafter in force;
<br />notwithstanding, some or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherwise
<br />secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor
<br />its enforcement, whether by court action or pursuant to the power of sale or other powers contained in this Deed of Trust, shall
<br />prejudice or in any manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by
<br />Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be entitled to enforce this Deed of Trust and any
<br />other security now or hereafter held by Lender or Trustee in such order and manner as they or either of them may in their absolute
<br />discretion determine. No remedy conferred upon or reserved to Trustee or Lender, is intended to be exclusive of any other remedy in
<br />this Deed of Trust or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given in
<br />this Deed of Trust or now or hereafter existing at law or in equity or by statute. Every power or remedy given by the Credit
<br />Agreement or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be
<br />
|