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�01�049i4 <br />or substantial impairment of access or utility service to the Improvements or which would cause the Premises to fail <br />to comply with any Legal Requirement. <br />(k) Destru�tann. The Mortgaged Property is so demolished, destroyed or damaged that, in the <br />reasonable opinion of Beneficiary, it cannot be restored or rebuilt (1) with available funds, (2) to a profitable <br />condition, (3) within a reasonable period of time, and (4) in accordance with Beneficiary's requirements for <br />restoration. <br />(I) Liquidation, Etc. The liquidation, terniinatic�n, dissolution, merger, con'solidation or failure to <br />maintain good standing in the State of Nebraska (or in the State of its incorporation or organization) of the owner of <br />the Mortgaged Property or any person obligated to pay any part of the Obligations, except for any merger, <br />dissolution or consolidation of a wholly-owned subsidiary pursuant to which Trustor acquires all of the assets of <br />such subsidiary. <br />(m) Enforceability; Priority. Any Loan Document shall for any reason without Beneficiary's specific <br />written consent cease to be in full force and effect, or shall be declared null and void or unenforceable in whole or in <br />part, or the validity or enforceability thereof, in whole or in part, shall be challenged or denied by any pariy thereto <br />other than Beneficiary; or the liens, mortgages or security interests of Beneficiary in any of the Mortgaged Property <br />become unenforceable in whole or in part, or cease to be of the priority herein required, or the validity or <br />enforceability thereot, in whole or in part, shall be challenged or denied by Trustor or any person obligated to pay <br />any part of the Obligations. <br />�n) Other Loan Documents. A default or event of default occurs under the Credit Agr�ement or any <br />Loan Document other than this Deed of Trust, and the sanie is not remedied within the applicable period of grace (if <br />any) provided in such Loan Document. <br />The enumeration of specific events of default shall not impair the demand nature of any of the Obligations <br />which by its terms or otherwise is payable on demand. <br />ARTICLE 5 - REMEDIES <br />Section 5.1 Certain Remedies. If a default shall occur, Beneficiary may (but shall have no obligation <br />to) exercise any one or m�re of the following remedies: <br />(a) Acceleration. With respect to any Obligations other than any Obligation which is payable on <br />demand, Beneficiary may at any time and from time to time declare any or all of such Obligations immediately due <br />and payable and such Obligations shall thereupon be immediately due and payable, with presentment, demand, <br />protest, notice or protest, notice of acceleration or of intention t� accelerate or any other notice or declaration of any <br />kind, all of which are hereby expressly waived by Trustor. Without limitation of the foregoing, upon the occurrence <br />of a default described ir� clauses (i), (iii) or (iv) of paragraph (d)(1) or paragraph (d)(2) of Section �.1 hereof, all <br />Obligations shall thereupon be immediately due and payable, without presentment, demand, protest, notice of <br />protest, declaration or notice of acceleration or intention to accelerate, or any other notice, declaration or act of any <br />kind, all of which are hereby expressly waived by Trustor. <br />(b) Enforcemept of Assignment of Rents. From the date of default through the expiration of the last <br />redemption period following the foreclosure of this Deed of Trust, Beneficiary may: (1) terminate the License and <br />collect and/or sue for the Rents in Beneficiary's own name, give receipts and releases therefor, and after deducting <br />all expenses of collection, including attorneys' fees and expenses, apply the net proceeds thereof to tF,e Obligations <br />in suc;h manner and order as Beneficiary may elect and/or to the pperation and management of the Mortgaged <br />Properiy, including the payment of management, brokerage and attorneys' fees and expenses; and (2) require Trustor <br />to transfer all security dep�sits and records thereof to Beneficiary together with original counterparts of the Leases. <br />(c) Collection. Beneficiary may collect the outstanding Obligations with or without resorting to <br />judicial process. <br />(d) Assembl,y of Collateral. Beneficiary may require Trustor to deliver and make available to <br />Beneficiary any and all Collateral at a place reasonably convenient to Trustor and Benefciary. <br />(e) Possession. Beneficiary may take immediate possession, management and control of the <br />Mortgaged Property without seeking the appointment of a receiver. <br />13 <br />