|
03-2�-1998 DEED OF TRUST � Page 5
<br /> Loan No 685255 (Continued) �: 98 t�2835
<br /> Indebtedness,or commencemeni of any suit or oiher action to forectose any existing lien on the Property.
<br /> 4
<br /> Right to Cure. If such a failure is curable and ff Trustor has not been given a nolice of a breach of the same provision of this Deed of Trus1
<br /> within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Trustor, after Lender sends written
<br /> notice demanding cure of such failure: (a) cures ihe failure within fifteen (15) days; or (b) ff the cure requires more than Hfleen (15) days,
<br /> immediately initiates steps sufficient io cure the failure and thereafter continues and completes all reasonable and necessary sieps sufficient to
<br /> produce compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Defauli and a1 any time thereaRe�,Trustee or Lender,at its option,
<br /> may exercise any one or more of the tollowing rights and remedies,in addiHon to any other rights or remedies provided by law:
<br /> Acceleration upon Defeult; Additiooal Remedles. If any event of default occurs as per the terms of the Note secured hereby,Lender may
<br /> declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and payable without
<br /> 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 prxeeding, or by a receiver appointed by a court and without
<br /> regard to the adequacy of its security,enter upon and take possession of the Property,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to presenre the value,marketabfliry or rentability of the Properiy,or part
<br /> of the Property or interest in the Properfy;increase the income from the Property or protect the security of the Property;and,with or without
<br /> taking possession of ihe Property,sue for or otherwise collect the rents,issues and profits of the Property, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation and collection,including attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking possession of the Property,the collection
<br /> of such rents,issues and proNts,and the application thereof shall not cure or waive eny default or notice of default under this Deed ot Trust
<br /> or invalidale any act done in response to such default or pursuant to such nodce of defauit; and, notwithstanding the conlinuance in
<br /> possession of the Property or the collection, receipt and application of rents, issues or profits, Truslee or Lender sha�l be entitled to
<br /> exercise every right provided for in the Note or the Related Documents or by law upon the occurrence of any event o(default,including the
<br /> right to exercise the power of sale;
<br /> (b) Commence an action to foreclose this Deed of Trus1 as a morlgage, appoint a receiver or specifically enforce any of the covenanls
<br /> hereof;and
<br /> (c) Deliver to Trustee a written declaration of default end demand for sale and a written notice of default and election to cause Trustors
<br /> interest in 1he Property 10 be sold, which notice Trustee shall cause to be duly filed for record in the appropriate offices of the County in
<br /> which the Property is located;and
<br /> (d) With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the
<br /> Nebraska Uniform Commercial Code.
<br /> Foreclosure by Power of Sale. Ii Lender elects to foreclose by exercise of the Power of Sale herein contained,Lender shall notify Trustee and
<br /> shall deposit with Trustee this Deed o(Trust and the Note and such receipts and evidence of expenditures made and secured by this Deed of
<br /> Trust as Trustee may require.
<br /> (a) Upon receipt of such notice from Lender,Trustee shall cause to be recorded,published and delivered to Trustor such Notice of Default
<br /> and Notice of Sale as then required by law and by this Deed of Trust. Trustee shall, without demand on Trustor,after such iime as may
<br /> then be required by Iaw and afler recordation of such Notice of Default and after Notice of Sale having been given as required by law,sell
<br /> the Property at the time and place of sale fixed by it in such Notice of Sale, either as a whole, or in separate lots or parcels or items as
<br /> Trustee shall deem expedient,and in such order as it may determine, at public auction to the highest bidder for cash in Iawful money of
<br /> the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and su�cient deed or
<br /> deeds conveying the property so sold,but wilhout any covenant or warranty,express or implied. The recitals in such deed of any maHers
<br /> or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limiiation Trustor, Trustee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by law,after deducting all costs, feQS and expenses of Trustee and of this Trust, including costs of evidence of
<br /> title in connection with sale,Trustee shall apply the proceeds of sale to payment of (i)all sums expended under the terms ot this Deed of
<br /> Trust or under the terms of the Note not then repaid,including but not limited to accrued interest and late charges, (ii)all other sums then
<br /> secured hereby,and (iii)the remainder,if any,to the person or persons legally entitled thereto.
<br /> (c) Trustee may in ihe manner provided by law postpone sale of all or any portion of the Property.
<br /> Remedies Not Exclusive. Trusiee and Lender,and each of them,shall be entitled to enforce payment and performance of any indebtedness
<br /> or obligations secured by this Deed of Trust and to exercise all rights and powers under this Deed of Trust, under the Note, under any o(lhe
<br /> Related Documents, or under any other agreement or any laws now or hereafler in force; notwithstanding, some or all of such indebtedness
<br /> and obligations secured by this Deed of Trust may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien,
<br /> assignment or othervvise. Neither the acceptance of this Deed ot Trust nor its enforcement,whether by court aciion or pursuant to the power of
<br /> sale or other powers conisined in this Deed of Trust, sha►I prejudice or in any manner affect Trustee's or Lender's right to realize upon or
<br /> enforce any other security now or hereaHer held by Trusiee or Lender, it being agreed that Trustee and Lender, and each of them, shall be
<br /> entitled to enforce this Deed of Trust and any other security now or hereafter held by Lender or Trustee in such order and manner as they or
<br /> either of them may in their absolute discretion determine. No remedy conferred upon or reserved to Trustee or Lender, is inlended io be
<br /> exclusive o(any olher remedy in this Deed of Trust or by law provided or permitted,but each shatl be cumulative and shall be In addition to
<br /> every other remedy given in this Deed of Trust or now or hereafter existing at law or in equity or by statute. Every power or remedy given by the
<br /> Note or any of the Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exercised,
<br /> concurrently or independently, from time io time and as often as may be deemed expedient by Trustee or Lender, and either of them may
<br /> pursue inconsistent remedies. Nothing in this Deed oi Trust shall be construed as prohibiting Lender from seeking a deficiency judgment
<br /> against the Trusior to the extent such action is permitted by law.
<br /> Request For Notice. Trustor,on behalf of Trustor and Lender, hereby requesis that a copy of any Notice of DefauH and a copy ot any Notice
<br /> of Sale under this Deed of Trust be mailed to them at the addresses set forih in the tirst paragraph of this Deed o(Trust.
<br /> Walver; Election of Remedies. A waiver by any party of a breach of a provision ot this Deed of Trust shall not constitute a waiver ot or
<br /> prejudice the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any
<br /> remedy provided in this Deed of Trust, the Note, in any Related Document, or provided by law shall not exclude pursuit of any olher remedy,
<br /> and an election to make expenditures or to take action to perform an obligation ot Trustor under this Deed of Trust after failure of Trustor to
<br /> perform shall not aHect Lender's right to declare a default and to exercise any of its remedies.
<br /> Attorneys'Fees;Expenses. If Lender institutes any suit or aciion to enforce any of the terms of this Deed of Trust, Lender shall be entitled to
<br /> recover such sum as ihe court may adjudge reasonable as attorneys' fees at trial and on any appoal. Whether or not any court act(on is
<br /> involved,all reasonable expenses incurred by Lender which in Lender's opinion are necessary at any iime for the protection of its interest or the
<br /> enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from ihe date of
<br /> expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law,
<br /> Lender's atlorneys' fees whether or not there is a lawsuit, including attorneys' fees for bankrupicy proceedings (including eHorts lo modify or
<br /> vacate any automatic stay or injunction), appeals and any anticipated post—judgment collection services, ihe cost of searching records,
<br /> obtaining title reports (including foreclosure repo�ts), surveyors' reporis, appraisal fees, title insurance, and fees for the Trustee, to the extent
<br /> permifled by applicable law. Trustor also will pay any court costs,in addition to all other sums provided by law.
<br /> Rights ot Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section.
<br /> POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations oi Trustee are part of this Deed of
<br /> Trust.
<br /> Powers of Trustee. In addition to ali powers of Trustee arising as a matter of law,Trustee shall have the power to take the following actions
<br /> wiih respect to the Property upon the writien request of Lender and Trustor: (a)join in preparing and filing a map or plat of the Real Property,
<br /> including the dedication of streets or other rights to the public; (b)join in granting any easement or creating any restriction on the Real Property;
<br /> and (c)join in any subordination or other agreement affecting this Deed of Trust or the interest of Lender under this Deed of Trust.
<br /> Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights and remedies set forth above,
<br /> with respect to all or any part of the Property,the Trustee shall have the right to foreclose by notice and sale,and Lender shall have the right to
<br /> foreclose by judicial foreclosure,in either case in accordance with and to the full extent provtded by applicable law.
<br /> Successor Trustee. Lender,at Lender's option, may from iime to time appoint a successor Trustee to any Trustee appointed hereunder by an
<br /> instrument executed and acknowledged by Lender and recorded in the office of the recorder of HALL C�tyy�N k� ka., The insirument shall
<br /> .r.� � _.
<br />
|