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<br /> , � 24. Goveming Law:Severability. This Deed of Trust shall be governed by the laws of the State of Nebraska. In the - • �
<br /> � evasst any provtsion or Gause of this Dee� ot Fr�!st crnt►icts with appttcabte Law, such conflict shail not affeci • � `.
<br /> � other pravisions of tAis Dead of Trust which can be given effect without the conflicting provisions and to this end ° . _ � •���
<br /> � � , ,.# the proWStons of this Deed ot Trust are declared to be severabte. � < �
<br /> ` �, ' ' ; 25. Events of Oefauit. Each of the tollowing occurre�ces sAa1t consUtute an event of defauit hereurtder.(hereinafter '� ` '
<br /> . . ' ' . ' catted an'Event of DefautY): , ,
<br /> � � (a) Trustor shall tail to pay when due any principal,interest,or pdncipal and interest on the Indebtedness. � � �� " ,
<br /> - � � � � (D) Any warranty oi tiUe made by Trustor herein shail be untnie, � _
<br /> � � < � (c� Ttustor shail fail to observe ar perform any of the wvenants,agreements, or conditions in this Deed of � , , < <� �
<br /> - Trost. ��. ,t � ..
<br /> r ` � • r (d) Any representaUon ar wananfy made hy Trustor on any financlal statements or reports submitted to � .
<br />_'�" �� Beneflciary by or on behatf ot Trustor shail prove false or matorially misleading. �°► � � �� ". . �` ���
<br />�` � - (e) Trustor shail fail to perform or observe any of the cavenants, condiUons or agresments contained in, or � ; r .
<br /> f ' ' - binQing upon Trustor under any buitding loan agreement, secnrity agreement, ioan agreement,finaneing � =�- -�_
<br /> , ' statement,or any other agreement,instrument or daasment executed by Trustor in connectian with the toan � �� ; - - -
<br /> ' ' evidenced by ihe Note, , '
<br /> (f) A Vustee,receiver or liputdator of the Trust Property ar ot Trustor shall be appoFntad,or any of the weditors � ~_�
<br /> - of Trustor shall file a petition in bankruptcy against Trustor,or for the reorganization of Trustor pursuant to . _. , .
<br /> ` • the Federai Bankruptcy Cade.or any simitar tav�,whether federal or state,and if such ordet or petitton shall _ � ,-
<br /> y�: ;_ not Ge discharged or dismissed witi�in thirty(30)days after the date on which such order or petition was :"'��. ` �- •
<br />` F' filed. .
<br />•:�;. , _ � (g) Trustor shall flle a petltton pursuant to the Federal Bankrupteyt Code or any similar law,federal or state,or . _
<br /> `; � it Trustor shail be adjudged a bankrupt,or be dectared insotvent,or shap make an assignment for the benefit E • -
<br /> � of creditors,or shall admit(n writing its inability to pay its debts as they become due,or shail consent to the t � •
<br /> '�Y`� , appointment of a receiver of aH or any part of the Trust PropeAy. ` .,.:.�` - �`
<br /> �+;c. . � (b) Fenal judgment for the payment of money shall be rendered against Tnutor and Trustor shatl not discharge � --.��
<br /> :jf ttie Same,or puse it to be discharged,within thitty(30)days after the entry thereoi,or shall not appeal . �
<br /> -`s? there from or from the ordet, decree or process upon which or pursuant to which said judgment was ., �, :""�:
<br /> - � granted,based,or entered,and secure a stay of execution pending such appeal, `'�
<br /> '`•I7. . � .''
<br /> •�•4 , . ' (i) Trust�r shaii sell or convey the Trust Property, ar any pa�t thereof, or any interest theretn,or shatl be ,� . ', ._-.�.�v
<br /> �.� .. . divasted of its Utle, or any interest therein, in any manner or way, whether voluntarily or invotuntarity, �, _
<br />''�� wethout the written consent of Bene�ciary being first had and obtalned,ar ` '.��._ ��'' "�'
<br /> ,;c �=4
<br /> ' —�•:::s,_
<br />;!c: If Trustar is a corporation ar partnership and mare than flfty percent(50%)of the shares ar trertefloiai interests in �;
<br /> .i'L' F _ ��•�'1 such corporation or paRnership,as the case may be, shall be transterced or canveyed, whether voluntarily or • �. . �
<br /> `L , involuntarlty.without the written consent of Baneflciary being first had and obtained. .` �,,-�`�°-
<br />` ��'• ' 2B. Aeceleration of Debt; Foreclosure. Upon the occurrence of any Event oi Defauit,or any Ume thereafter,Benefi- �` _
<br /> : ,`'�:_;::.,
<br /> - � - ciary may,at its apUon,dectare atl the Indebtedness secured hereby immediaiely due and payable and tFte same . c��`�'�-
<br /> . • �; shall beat interest at the Qefault rate,ti any,set forth in the Note,or otherwise at the highest rate permitted by Iaw, � .s.�"s'
<br /> �,'� -F: and, irrespective ot whether Beneflciary exercises said optian, it may, at its option and in its sote discretion, '�—
<br /> �t.;. . �.;.1�_�
<br /> . '; witAout any further nottce or demand to or upon Trustor,do one or more of the following: , _._ _
<br /> (a) Beneflciary may enter upon,take possession oi,manage and operate the Trust Property or any paR thereoY, �L.�,,__
<br /> `''� '� � make repairs and aiterations and do any acts vfiich Beneflciary deems proper to protect the securlty thereof, � ' ��---
<br /> � .:'�l f'.:asc.
<br />::.;s � j and either witb or without taking possession,in its own name,sue for or otherwise coltect and recefve rents. �',•.,_. __.
<br /> .4 issues and proflts, inctuding those past due and unpaid, and appiy the same, less costs and expenses of �;:�-
<br /> �� , � � � operation and wllection,inctuding reasonable attomey fees and Beneflciary's costs,upon the Indebtedness ..
<br /> �"� secure0 Aereby and in such order as Beneflciary may determine. Upon request ot Beneflciaty.Trustor sha11 •. ;;�°
<br /> =`�� � � assembfe and shail make avaitabte to Beneficfary any of the 7rust PropeRy which has been removed. The - �. . ``"j.
<br /> :i;:�;, entering upon and taking possession of the Trust Property,the cottectlon of any rents,issues and proflts,and (:_,��t
<br />_: •t • � i- the apptication thereot as atoresaid,sha►I not cure or waive any default theretofore or thereaiter occuRing, ��;. • . �_
<br /> , ar atfect any notice oi detauit or notice ot sale hereunder or invalidate any act Cone pursuant to any such �.,�__:-
<br /> notEce. Notvuithstanding Beneficiary's continuance in possession or receipt and application of rents,issues -
<br /> • � ` or proflts,Beneflcfary shall be entitleC to exercise every right provided for in this Oeed of Trust or by law upon . ;__;�;
<br /> � or after the occurrence of an Event of Oefault,including the right to exercise the power of sate. Any of the . ,.. ;_°
<br /> � ' actions retened to In this paragrapb may be taken by BaneTtciary at sucb Nma as Beneflciary may determine �T
<br /> � without regard to the adequacy oi any security for the Indebtedness secured hereby. � ,�
<br /> :.; i (b) Beneflclary shail,without tegard to the adequacy of any security for the Indebtedness secured hereby,be -
<br /> �_�: entitled to the appointment of a receiver by any court having jurisdiction,without notice,to take possessian of, •
<br /> � . protect, and manage the Trust Property and operate the same and cotlect the rents, issues and proflts '. -
<br /> "�`: therefrom. .
<br /> � ' (c) Benaficiary may bring any action in any court of competent Jurisdiction to forectose thls Oeed oi Trust or • �
<br /> entorce any of the covenants heteot. -
<br /> ;','y. � � (d) 8eneticiary may elect to cause the Trust Propefty or any part thereoi to be sold under the power o!sate, ,�, � .
<br />- . and In such event,Beneflciary or Trustee shali g(ve such notice of detauit and nottce of sale as may be �
<br /> then requlred by taw. Thereafter,upon the expi►ation of such time and the giving of such notice of saie as
<br /> may then be required by law,Trustee,at the time and place specified by the notice of sate,shall setl such • ,
<br /> ��,,� � Trust Property,or any pa►t thereot specifled by Beneficlary, at public auction to the highest bldder for cash . .
<br />'' in lawful money of the United States o1 America. Upon recelpt oi payment of the price bid,Trustee shall r . �' �
<br />- - appiy the proceeds tn the following order: (i)to the cost and expenses oi exercising the power of sale and . •
<br />. '� `' • of the sate,inciuding but not Umited to,truatee's fees or not more than 3500.00 plus one-half of one
<br /> _ :-2 pertent of the gross sale price,and reasonabte attorney fees.(ii)to the Indebtedness,and (iii)the excess. •
<br /> ' �f any,to the person or persons legatly entitled thereto.
<br /> All casts ar.0 expense9 incurred by Beneficiary in enforcing any right under this Deed of Trust, including without . � �
<br /> ' • limitatlon,abstract or title fees, appratsal tees, premiums for tltle Insurance, attomey fees and eourt costs,shall be � .
<br /> 't: , and constitute Intlebtednese seCUred hereby.
<br /> + �' • 27. Duties oi Trustee. Trustor agrees that: '
<br />- (a) Outiea and obugations ot Trostee shall be determined soleiy by the express provislons of this Oeed of
<br /> - _ � Trust and Trustee shall not be iiable except tor the peHormance of such duties and obligattons as are � •
<br /> specifically set forth herein,and no implied covenants or obligations shall be imposed upon Trustee,
<br /> �� (b) No provlsion ot thls Deed of Trust shail require Trustee to expend or risk its own innds,or othervvise incur
<br /> any tlnancial obligation in the pertormance ot any of its duties hereunder,or in the exercise of any o1 its
<br /> : , ' � rights or power9.
<br /> (c) Truetee may consult with counsel oi its own choo9ing and the advise o}such counsel shall be tull and
<br /> � ' complete authorization and protoCtion in the respect of any aCtion taken or su(fered by It hereunder in
<br /> . • + good faith and relianCe thereon,and :
<br /> � (d) Trustee shali not be Uable tor any action taken by it in good faith and reasonably 6elieved by il to be
<br /> � authorized or within its discretion or Nghts or powers conferred upon it by this Oeed o}Trust. �
<br /> . , 28. Security Agreement and Fixture Filing. This Deed of Trust shall constitute a securHy agreement and fixture '
<br /> � f111ng under ihe provisions of the Nebraska Uniform Commercial Code with respect to those lixtures described
<br /> in the preambles hereot as constituling a part of the Trust Property,together with all other property ot Trustor, .
<br /> � either similar or dissimilar to the same.now or hereafter located at or on the Trust Property. �
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