|
�
<br />201105774
<br />and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and
<br />application of rents, issues or profits, Trustee or Beneficiary shall be entitied to exercise every right provided
<br />for in any of the Loan Instruments or by law upon occurrence of any event of default, including the right to
<br />exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or
<br />specifically enforce any of the covenants hereof;
<br />(c) Deliver to Trustee a written declaration of default and demand for sale, and a written notice of
<br />default and election to cause Trustors interest in the Trust Estate to be sold, which notice Trustee shall
<br />cause to be duly filed for record in the appropriate Official Records of the County in which the Trust Estate is
<br />located.
<br />12. FORECLOSURE BY POWER OF SALE. Should Beneflciary elect to foreclose by exercise of
<br />the Power of Sale herein contained, Beneficiary shall notify Trustee and shall deposit with Trustee this Deed
<br />of Trust and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee
<br />may require.
<br />(a) Upon receipt of such notice from Beneficiary, Trustee shall cause to be recorded, published and
<br />delivered to such Notice of Default and Notice of Sale as then required by law and by this Deed of Trust.
<br />Trustee shall, without demand on Trustor, after such time as may then be required by lawr and after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell the
<br />Trust Estate at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate
<br />lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine, at public
<br />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,
<br />conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in
<br />such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including,
<br />without limitation, Trustee, and Beneficiary, may purchase at such sale, and hereby covenants to war�ant
<br />and defend the title of such purchaser or purchasers.
<br />(b) As may be permitted by law, after deducting all costs, fees, expenses of Trustee and of this
<br />Trust, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to
<br />payment of (i) all sums expended under the terms hereof, not then repaid, with accrued interest at twelve
<br />(12%) percent per annum, (ii) all other sums then secured hereby, and (iii) the remainder, if any, to the
<br />person or persons legally entitled thereto.
<br />(c) Trustee may, in the manner provided by law, postpone sale of all or any portion of the Trust
<br />Estate.
<br />13. REMEDIES NOT EXCLUSNE. Trustee and Beneficiary, and each of them, shall be entitled to
<br />enforce payment and pertormance of any indebtedness or obligations secured hereby and to exercise all
<br />rights and powers under this Deed of Trust or under any Loan Instrument or other agreement or any laws
<br />now or hereafter in force, notwithstanding some or all of the such indebtedness and obligations secured
<br />hereby may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br />assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement whether by court
<br />action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any manner
<br />affect Trustee's or Beneficiary' right to realize upon or enforce any other security now or hereafter held by
<br />Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of them, shall be entitled to
<br />enforce this Deed of Trust and any other security now or hereafter held by Beneficiary or Trustee, in such
<br />order and manner as they or either of them may in their absolute discretion determine. No remedy herein
<br />confeRed upon or reserved to Trustee or Beneficiary is intended to be exclusive of any other remedy herein
<br />or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy
<br />given hereunder or now or hereafter existing at law or in equity or by Statute. Every power or remedy given
<br />by any of the Loan Instruments to Trustee or Beneficiary or to which either of them may be otherwise entitled,
<br />may be exercised, concurrently or independently, from time to time, and as often as may be deemed �
<br />expedient by Trustee or Beneficiary; and either of them may pursue inconsistent remedies. Nothing herein
<br />shall be construed as prohibiting Beneficiary from seeking a deficiency judgment against them to the extent
<br />such action is permitted by law.
<br />14. REQUEST FOR NOTICE. Trustor hereby requests a copy of any notice of default, and that any
<br />notice of sale hereunder be mailed to them at the address set forth in the first paragraph of this Deed of
<br />Trust.
<br />15. GOVERNING LAW. This Deed of Trust shall be govemed by the laws of the State of Nebraska.
<br />In the event that any provision or clause of any of the Loan Instruments conflicts with applicable laws, such
<br />conflicts shall not affect other provisions of such Loan Instruments which can be given effect without the
<br />conflicting provisions; and to this end, the provisions of the Loan Instruments are declared to be severable.
<br />This instnament cannot be waived, changed, discharged, or terminated orally, but only by an instrument in
<br />writing signed by the party against whom enforcement of any waiver, change, discharge or termination is
<br />sought.
<br />16. RECONVEYANCE BY TRUSTEE. Upon written request of Beneficiary stating that all sums
<br />secured hereby have been paid, and upon surrender of this Deed of Trust and the Note to Trustee for
<br />3
<br />
|