|
�3-19-1998 DEED OF TRUST Page 5
<br /> Loan No 682195 (Con�inued) 98�• 1�)r��1�
<br /> of such rsnts,issues and profits,and the application thereof shall not cure or waive any default or notice of default under this Deed of Trust
<br /> or invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstanding the continuance in
<br /> possession of the Property or the collection, receipt end application of rents, issues or profits, Trustee or Lender shall be entitled lo
<br /> exercise every right provided for in fhe Note or the Retated Documents or by Iaw upon the occurrence of any event of default,including the
<br /> right to exercise the power of sale;
<br /> (b) Commence an action to foreclose fhis Deed of Trust as a mortgage,appoint a receiver or specifically enforce any of the covenants
<br /> hereof;and
<br /> (c) Deliver to Trustee a written deciaration o(default and demand for sale and a wriften notice of default and election to cause Trusior's
<br /> interest in the Property to be sold, which notice Trustee shall cause to be duly flled for record in the appropriate otfices 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 ail the rights and remedies of a secured party under the
<br /> Nebraska Uniform Commerdal Code.
<br /> Foreclosure by Power oi Sale. If 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 of 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(rom Lender,Trustee shall cause to be recorded,published and delivered to Trustor such NoHce of Default
<br /> and Notice of Sale as ihen required by law and by this Deed of Trust. Trustee shall,without demand on Trustor,after such time as may
<br /> then be required by law and efter recordation of such Notice of Defauit and after Notice of Sale having been given as required by law,selt
<br /> � ihe Proparty at th9 tlme 8ntl place of 5ate tbced by It In such Noflce of S�lo,etther as a whole, or In scparate Iots or parcels or Items as
<br /> Trustee shall deem expedient,and in such order as it may determine, at public auc8on to the highest bidder for Cash in lawful money of
<br /> the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof its good and sufficient deed or
<br /> deeds conveying the property so sold,but without any covenant or wananty,express or Implied. The recitals in such deed of any mariers
<br /> or facts shall be conclusive proof of the truthfulness thereof. Any pergon, including without limitatfon Trustor, Truslee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by law,a(ter deducting all costs, fees and expenses of Trustee and of this Trust, including costs of evidence of
<br /> title in connection with sale,Trustee shall appiy 1he prxeeds of sale to payment of (i)all sums expended under the terms of this Deed of
<br /> Trust or under the terms of the Note not then repaid,including but not limfied to accrued inlerest and lale charges, (ii)all olher sums then
<br /> secured hereby,and (iii)the remainder,if any,to the 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 Property.
<br /> Remedies Not Exclusive. Trustee 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�ights and powers under this Deed of Trust, under the Note, under any of the
<br /> Related Documents, or under any other agreement or any laws now or hereafter 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 olher.vK{se. �y$ithsr the acaeptance of tlii Deed of Trust nor its enforcement,whether by cou�t action or pursuant to the powe�of
<br /> sale or other povJers c�ahtaine�i,ir�this Deed of Trus�t,�hall prejudice or in any manner affect Truslee's or Lender's right to realize upon or
<br /> enforce any other sec 'y� ow or hereafter held by"Tr�Istee or Lender, it being agreed that Trustee and Lender, and each of them, shalt be
<br /> entitted to eniorc ,pf,�rust'and.8ny 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 absoluie discretion determine. No remedy conferred upon or reserved to Trustee or Lender, is intended to be
<br /> exclusive o(any other remedy in thfs Deed of Trust or by law provided or permitted, but each shall be cumulative and shall be in addition to
<br /> every oiher remedy given in this Deed of Trust or now or hereafter existing at Iaw or in equity or by statute. Every power or remedy given by the
<br /> Note or any of ihe Related Documents to Trustee or Lender or to which either of them may be otherwise entitled, may be exercised,
<br /> concurrently or independenily, from time to time and as oRen as may be deemed expedient by Trustee or Lender, and either of ihem may
<br /> pursue inconsisient remedies. Nothing in ihis Deed of Trusi shali be construed as prohibiting Lender from seeking a deficiency judgment
<br /> against the Trusior to the exient such action is permitted by law.
<br /> Request For NotiCe. Truslor,on behalf of Trustor and Lender, hereby requests that a copy of any Notice of Default and a copy of any Notice
<br /> of Sale under fhis Deed of Trust be mailed!o them at the eddresses set fo�th in the first paragraph of ihis Deed of Trust.
<br /> Waiver; Electlon of Remedies. A waiver by any party of a breach of a provision of this Deed of Trusi shall not constiiute a waiver of or
<br /> prejudice the party's rights othervuise to demand strict compliance wiih that provision or any other provision. Election by Lender to pursue any
<br /> remedy provided in fhis Deed of Trust,the Note, in any Related Document, or provided by law shall not exclude pursuit of any other remedy,
<br /> and an election io make expenditures or to take action to perform an obligation of Trustor under this Deed of Trust after failure of Trustor to
<br /> perform shall not affect Lender's right to declare a default and to exercise any of its remedies.
<br /> Attorneys'Fees; Expenses. If Lender institutes any suit or aclion to enforce any of the terms of this Deed o(Trust, Lender shall be entitled to
<br /> recover such sum as the court may adjudge reasonable as atlorneys' fees at trial and on any appeal. Whether or not any couri action Is
<br /> invotved,all reasonable expenses incurred by Lender which in Lender's opinfon are necessary at any time for the protection of its interest or ihe
<br /> enforcement of its rights shall become a part of the Indebiedness payable on demand and shall bear interest at the Note rate kom the date of
<br /> expenditure until repaid. Expenses covered by this paragraph include, without limitation, Fiowever subjeci to any limits under epplicable law,
<br /> Lender's attorneys' fees whether or no1 there is a Iawsuit, including attorneys' fees for bankruplcy proceedings (including effo►ts to modify or
<br /> vacate any automatic stay or injunction), appeals and any anticipated post—judgment collection services, the cost of searching records,
<br /> oblaining title repo�ts (including foreclosure reports),surveyors' reports, appraisal fees, title insurance, and fees for the Trustee, to the extent
<br /> permiRed by applicable law. Trustor also will pay any court costs,in addition to all other sums provided by law.
<br /> Righls of 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 1he powers and obligalions of Trustee are part of this Deed of
<br /> Trust.
<br /> Powers of Trustee. In addition to all powers of Trustee arising as a matter of law,Trustee shall have the power to take the following actions
<br /> with respect to ihe Property upon the written request of Lender and Trustor: (a)join in preparing and filing a map or plai of the Real Property,
<br /> including the dedication of streets or other rights to the public; (b)join in gr&nting 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 ot 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 Prope�ty,the Trustee shall have the right to foreclose by notice and sale,and Lender shall have the right to
<br /> forcaclose by;udicial foreclosure,in either case in accordance with and te the full Qxtent provided by applicable law.
<br /> SucCessor Trustee. Lender,at Lender's option, may from time 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 County, Nebraska. The instrument shall
<br /> contain, in addition to all other matters required by state law, the names of the original Lender,Trustee, and Trustor, the book and page (or
<br /> computer system reference)where this Deed of Trust is recorded,and the name and address of the successor trustee,and the inslrumeni shall
<br /> be executed and acknowledged by all the bene8ciaries under the Deed of Trust or their successors in interest. The successor trustee,without
<br /> conveyance of the Property,shall succeed to all the title,power,and dulies conferred upon the Trustee in this Deed of Trust and by applicable
<br /> law. This procedure for substiiution o(truslee shall govern to the exclusion ot all other provisions for substitution.
<br /> NOTICES TO TRUSTOR AND OTHER PARTIES. Any notice under this Deed of Trust shall be in writing, may be sent by telefacsimile (unless
<br /> othervvise requi�ed by Iaw), and shall be effective when actually delivered, or when deposited with a nationally recognized overnight courier, or,if
<br /> mailed,shall be deemed effective when deposited in the United States maii flrst class,certified or registered mail,postage prepaid,directed to the
<br /> addresses shown near the beginning of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal
<br /> written notice to the other parties,specifying that the purpose of the notice is to change the pariy's address. All copies of notices of foreclosure irom
<br /> the holder o(any lien which has priority over this Deed of Trust shatl be seni to Lenders address,as shown near the beginning of this Deed of Trust.
<br /> For notice purposes,Trustor agrees to keep Lender and Trustee informed at all Hmes of Trustor's cuRent address.
<br /> MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br /> Amendments. This Deed of Trust,together with any Related Documents,constitutes the entire understand(ng and agreement of the partfes as
<br /> io the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shail be effeclive uniess given in writlng end
<br /> signed by the party or parties sought 10 be charged or bound by the alteration or amendment. y
<br /> �x ,�. '' ; t
<br />
|