|
� � DEED OF TRUST 2 0110 3 2 3 5
<br />(Contlnued, Page 4
<br />Payment Default. Trustor fails to meke any payment when due under the Indebtadness.
<br />Break Other Promises. Trustor breaks any promise made to Lender or fails to perform promptly at the time end strictly in the manner
<br />provided in this Deed of Trust or in any agreement related to this Deed of Trust.
<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 Relatad Documents.
<br />Default on Other Paymants. 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 />False Statements. Any representation or statement made or furnished to Lender by Trustor or on Trustor's behalf under this Deed of
<br />Trust or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
<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 ta create a valid and perfected sacurity inYarest or lien) at eny time and for any reason.
<br />Death or Insolvency. The death af Trustor, the insolvency of Trustoc, 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 />benkruptcy or insolvency laws by or against Trustor.
<br />Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Trustor's property in
<br />which Lender has a lien. This includes taking of, garnishing of or levying on Trustor's accounts with Lendar. However, if Trustor
<br />disputes in good faith whether the claim on which the taking of the Property is based is valid or reasonable, and if Trustor gives
<br />Le�der written notice of the claim and furnishes Lender with monies or e surety bond setisfactory to Lender to satisfy the claim, then
<br />this default provision wili not apply.
<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 periad 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 tha preceding events occurs with respect to any g�arantor, andarser, surety, or accommodation
<br />party of any of the Indebtedness or eny 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 />Insecurity. Lender in good faith believes itseif insecure.
<br />Existing Indebtedness. The payment of any installment of principal 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 pariod in such instrument, or any suit or other action is commenced to
<br />foreclose sny 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 />(al Either in person or by agant, with or wifhout bringing any ection 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 tha 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 af the Propeny, sue for or otherwise
<br />coliect the rents, issues and profits of the Property, including those past due and unpeid, and apply the same, less costs and
<br />expenses of operation and collection attorneys' fees, to any indebtadness 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 defeult; 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 ot 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 shali cause to be duly filed 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 iSniform 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 shali 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 shell cause to be recorded, published and delivered to Trustor such
<br />Notice of Default and Notice of Sale as then required by law end by this Deed of Trust. Trustee shall, without demand on
<br />Trustor, after such time as may then be required by law and efter recordation of such Notica of Default and efter 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 separete 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 lewful money of the United States payabte at the time af 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 eny matters or facts shall be
<br />conclusive proof af 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 proceads of sals to peyment of (i} all sums expended under
<br />the terms of this Deed af Trust or under the terms of the Note not then repaid, including but not limited ta eccrued interest
<br />and late charges, lii) all other sums then secured hereby, and (iii) the remainder, if any, to the person or persons legaily
<br />enCitled thereto.
<br />(c) Trustee may in the manner provided by law postpone sale of all or any portion of tha Proparty.
<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 />Note, under any of the Related Documents, or under eny other agreement or any laws now or hereafter in force; notwithstanding,
<br />some or all of such indebtedness and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether
<br />by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement,
<br />whether by court action or pursuant to tha power of sale or other powars contained in this Deed of Trust, shalt prejudice or in any
<br />manner affect Trustee's or Lender's right to realize upon or enforce any other security now or hereafter held by Trustee or Lender, it
<br />being agreed that Trustee and Lender, and each of them, shall be entitled to enforce this Deed of Trust and any other security now or
<br />hereafter held by Lender or Trustee in such order end manner as they or aither of them may in their absolute discretion determine. No
<br />remedy conferred upon or reserved to Trustee or Lender, is intended to be exclusive of any other remedy in this Deed of Trust or by
<br />
|