|
98- 1���roo
<br /> IB) A�y failure on the part of the Trustor to meet the repayment terms in respect to the Loan Agreement and any
<br /> other advances under this Deed of Trust hereby secured; and,
<br /> (C) Any action by the Trustor prohibited by the terms of the Loan Agreement or this Deed of Trust or any failure of
<br /> the Trustor to act as required by the Loan Agreement or this Deed of Trust, each of which Trustor hereby agrees
<br /> have an adverse affect on the Beneficiary's security for the line of credit established and the rights of the
<br /> Beneficiary in such security.
<br /> and upon the happening of any such event of default, Beneficiary may declare all sums secured hereby immediately
<br /> due and payable by deliver to Trustee of written declaration of default. The Trustee shall have the power of sale of
<br /> the Property, and if Beneficiary desires the Property to be sold, it shall deposit with Trustee this Deed of Trust and all
<br /> promissory notes and documents evidencing expenditures secured hereby and shall deliver to Trustee a written notice
<br /> of default and election to cause the Property to be sold, and the Trustee in turn shall prepare a notice in the form
<br /> required by law, which shall be duty filed for record by Trustee.
<br /> (A) After the lapse of such trme sas may be required by law following the recordation of said notice of default, and
<br /> ndtice of i�efault arid no�ice pf sale having been given as required by law, Trustee, without demand on Trustor,
<br /> shall sell the Property on the date and at the time and place designated in said notice of sale, at public auction to
<br /> the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The
<br /> person conducting the sale may, for any cause he deems expedient, postpone the sale from time to time until it
<br /> shall be completed and, in every such case, notice of postponement shall be given by public declaration thereof
<br /> by such person at the time and place last appointed for the sale, provided, if the sale is postponed for longer than
<br /> one11) day beyond the day designated in the notice of sale, notice thereof shall be given in the same manner as
<br /> the original notice of sale. Trustee shall execute and deliver to the purchaser its Deed conveying the Property so
<br /> sold, but without andy covenant or warranty, express or implied. The recitals in the deed of any matters or acts
<br /> shall be conclusive proof of the truthfulness thereof. Any person, including Beneficiary, may purchase at the sale.
<br /> (B) When Trustee sells pursuant to the powers herein, the Trustee shall apply the proceeds of the sale to payment
<br /> of the costs and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's
<br /> fees actually incurred, which Trustee's fees shall not in the aggregate exceed the following amount based upon
<br /> the amount secured hereby and remaining unpaid; 5 percentum on the first S 1,000 thereof, 1 percentum on the
<br /> balance thereof and then to the items in subparagraph (C) in the order there stated.
<br /> (C) After paying the items specified in subparagraph (B) if the sale is by Trustee, or the proper court and other costs
<br /> of foreclosure and sale if the sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the order
<br /> stated to the payment of:
<br /> (1) Cost of any evidence of title procured in connection with such sale and of any revenue stamps;
<br /> (11) All sums the secured hereby;
<br /> (111) The remainder, if any, to the person legally entitled thereto.
<br /> 13. Duties and Obligations of Trustees. (a) The duties and obligations of trustee shall be determined solely by
<br /> the express provisions of this Deed of Trust, and Trustee shall not be liable except for the performance of such duties
<br /> and obligations as are specifically set forth herein, and no implied covenants or obligations shall be imposed upon
<br /> Trustee; (b) No provisions of this Deed of Trust shall require Trustee to expand or risk its own funds, or otherwise
<br /> incur any financial obligation in the performance of any of its duties hereunder, or in the exercise of any of its rights
<br /> or power, if it shall have grounds for believing that the repayment of such funds or adequate indemnity against such
<br /> risk or liability is not reasonably assured to it; (c) Trustee may consult with counsel of its own choosing and the advice
<br /> of such counsel shall be full and complete authorization and protection in the respect of any action taken or suffered
<br /> by it hereunder in good faith and reliance thereon; (d) Trustee shall not be liable for any action taken by it in good faith
<br /> and reasonably believed by it to be authorized or within the discretion or rights and powers conferred upon it by this
<br /> Deed of Trust.
<br /> 14. Additional Security Instruments. Trustor, at its expense, will execute and deliver to the Trustee, promptly
<br /> upon demand, such security instruments as may be required by Trustee, in form and substance satisfactory to Trustee,
<br /> covering any of the Property conveyed by this Deed of Trust, which security instruments shall be additional security
<br /> for Trustor's faithful performance of all of the terms, covenants and conditions of this Deed of Trust, the Loan
<br /> Agreement, any promissory notes secured hereby and any other security instruments executed in connection with this
<br /> transaction. Such instruments shall be recorded or filed, and re-recorded and refiled, at Trustor's expense.
<br /> 15. Miscellaneous.
<br /> (A) In the event any one or more of the provisions contained in the Deed of Trust, or the Loan Agreement or any
<br /> promissory note, or any other security instrument given in connection with this transaction, shall for any reason
<br /> to be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall,
<br /> at the option of Beneficiary, not affect any other provision of this Deed of Trust, that this Deed of Trust shall be
<br /> construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein.
<br /> (B) This Deed of Trust shall be construed according to the laws of the State of Nebraska.
<br /> (C) the Deed of Trust shalf insure to and bind the heirs, legatees, devisees, administrators, executors, successors and
<br /> assigns of the parties hereto.
<br /> (D) Trustor shall pay all taxes levied upon this Deed of Trust or the debt secured hereby, together with any other taxes
<br /> or assessments which may be levied against the Trustee or Beneficiary or the legal holder of the Loan Agreement
<br /> on account of the indebtedness evidence thereby.
<br /> (E) Whenever used herein, the singular number shall include the plural, the plural, the singular, the use of any gender
<br /> shall be applicable to all genders, and the term "Beneficiary" shall include any payee of the indebtedness hereby
<br /> secured or any transfer thereof, whether by operation of law or otherwise.
<br /> 16. Successor Trustee. Beneficiary may from time to time substitute a successor or successors to any Trustee
<br /> named herein or acting hereunder to execute this T�ust Deed. Upon such appointment and without conveyance to
<br /> the successor Trustee, the latter shall be vested with all title, powers and duties conferred upon any Trustee herein
<br /> named or acting hereunder. Each such appointment or substitution shall be made by written instrument by Beneficiary,
<br /> containing reference to this Deed of Trust and its place of record, which when recorded in the office of the Register
<br /> of Deeds of the county or counties in which said property is situated, shall be conclusive proof of prop�er a�pointme�nt
<br /> of the successor Trustee. The foregoing power of substitution and the procedure therefore shall not !ie eoc�l�siv�'of
<br /> 9/94
<br /> 408-3
<br />
|