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20110155�� �' �
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<br />2011040��
<br />DEED OF TRUST " � � � `' °'
<br />(Continued)
<br />sole opinion, to accomplish the matters referred to in the preceding paragraph.
<br />Page 4
<br />FULL PERFORMANCE. If Trustor pays ell the Indebtedness, including without limitation all future advances, when due, terminates the line
<br />af credit, and otherwise performs all the obligations imposed upon Trustor under this Deed of Trust, Lender shall execute and deliver to
<br />Trustee a request for full reconveyance and shall execute and deliver to Trust9r suitable statements of termination of any financing
<br />statement on file evidencing Lender's security interest in the Rents and the Persona(' Ppoperty. Any reconveyance fee required by law shall
<br />be paid by Trustor, if 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. Trustar fails to make any payment when due under the Indebtedness.
<br />Other Defaults. Trustor fails to comply with or to perform eny 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, covenent 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 af Trust, the Note
<br />or in any of the Related 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 laan, extension of credit, security agreement, purchase or sales
<br />agreement, or any other agreement, in favor of any other creditor or person thet may materially affect any of Grantor's property or
<br />Grantor's ability to repay the Indebtedness or Grantor's ability 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 behaif 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 et any time thereafter.
<br />Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force end 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 />Deeth or Insolvency. The death of Trustor, the insolvency 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 ageinst 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 es 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 so�e
<br />discretian, 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 eny grace period provided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Trustor ta Lender, whether existing now ar 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 />revok�s or disputes the validity c�f, ur liability under, er,y Guaranty of the ir�debtedness. • -
<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 />Insecurhy. Lender in good faith believes itself insecure.
<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 e 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 nama 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 end
<br />expenses of operation and collectian attorneys' fees, to any indebtedness secured by this Deed of Trust, all in such arder 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 natice of defeult and election to
<br />cause Trustor's interest in the Property to be sold, which natice Trustee shall cause to be duly filed for record in the
<br />appropriate offices of the County in whicli the Property is locafed; and
<br />(d) With respect to all or any part of the Personal Property, Lender shall have all the rights end 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 Powar of Sale herein contained, Lender shall 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 />Ia) 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 mey 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, end 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 et 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 limitetion Trustor, Trustee, or Lender, may
<br />purchase at such sale.
<br />(b) As may be permitted by Iaw, 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 paymenf of (i) all sums expended under
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