|
03-26-1998 DEED OF TRUST Page 5
<br /> Loan No 684084 (Continued) ��-- iC�3�1'�
<br /> � (b) Commence an action io foreclose this Deed of Trust as a mo�tgage,appoint a receiver or specifically enforce any of the covenants
<br /> hereof;and
<br /> (c) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and eleciion to cause Trustor's
<br /> interest in the Property to be sold, which notice Trustee shall cause to be duly filed for record in the appropriate of�ces of the County in
<br /> which the Property is localed;and
<br /> (d) With respect to all or any pa�t of the Personal Property, Lender shall have all the rights and remedies of a secured parfy under the
<br /> Nebraska Uniform Commerciai Code.
<br /> Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained,Lender shall notiy 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 Trustes may require.
<br /> (a) Upon receipt oi such notice irom Lender,Trustee shall cause to be recorded,published and delivered to Trustor such Notice of Default
<br /> and Notice of Sale as then requfred by law and by this Deed of Trust. Trustee shali,without demand on Trustor,aRer such dme as may
<br /> then be required by law and aRer recordation of such Notice of Default and atter Notice of Sale having been given as required by Iaw,seil
<br /> the Property at the time and place of sale tbced 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 shell deiiver to such purchaser or purchasers thereof its good and suHicient deed or
<br /> deeds conveying the property so sold,but without any covenant or warranty,express or implied. The recitals in such deed of any maNers
<br /> or facts shall be conclusive proof of the truthfulness thereof. Any person, including without limitetion Trustor, Trustee, or Lender, may
<br /> purchase at such sale.
<br /> (b) As may be permitted by law,a(ter deducting all costs,fees and expenses o(Trustee and of thls 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 of this Deed of
<br /> Trust or under the terms oi the Note not then repafd,including but not Iimlted to accrued interest and late charges, (ii)all other sums then
<br /> secured hereby,and (iii)the remafnder,if any,to the person or persons legally entltled thereto.
<br /> (c) Trustee may in the manner provided by law postpone sale of all or any po�tfon of the Property.
<br /> Remedies Not Exclusive. Trusiee and Lender,and each of them,shali be entitled to enforce payment and performance of any indebtedness
<br /> or obligations secured by this Deed ot Trust and to exercise all rights and powers under this Deed of Trust, under the Noie, under any of 1he
<br /> Related Documents, or under any other agreement or any Iaws now or hereafler in force; notwithstanding, some or all oi such indebtedness
<br /> and obligations secured by this Deed of Trust may now or hereafter be othervvise secured, whether by mo�tgage, deed of irust, pledge, Ifen,
<br /> assignment or othervtise. Neither the flccepfance of this Deed of Trust nor its enforcement,whether by couri action or pursuant to the power of
<br /> sale or other powers cOntained in ihis Deed of Trust, shall prejudice or in any manner affect Trustee's or Lender's right to realize upon or
<br /> enforce any othet security now or hereafter held by Trustee or Lender, it being agreed that Trustee and Lender, and each of them, shall be
<br /> entitled to eMerce this Deed of Trust end any other security�ow or hereafter held by Lender or Trustee in such order and manner as they or
<br /> either o( them may in their absolute discretion determine. No remedy conferred upon or reserved to Trustee or Lender, fs intended to be
<br /> exclusive of any other remedy in this Deed of Trust or by law provided or permitted,but each shall be cumutative and shall be in addition to
<br /> every other remedy given in this Deed of Trust or now or hereafter e�usting at law or in equity or by statute. Every power or remedy given by the
<br /> Note or any ot 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 to time and as often as may be deemed expedient by Trustee or Lender, and efther of them may
<br /> pursue inconsistent remedies. Nothing in this Deed of Trust shall be construed as prohibiting Lender from seeking a deficiency judgment
<br /> against the Trustor to the extent such action is permitted by law.
<br /> Request For Notice. Trustor,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 this Deed of Trust be mailed to them at the addresses set fo�th in the first paragraph of this Deed of Trust.
<br /> Waiver; Election oi Remedies. A waiver by any party oI a breach of a provision of this Deed of Trust shall not constitute a wafver of 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 Trusf,the Note, in any Related Document, or provided by law shall not exclude pursuit of any other remedy,
<br /> and an election to make expenditures or to take action to perform an obligation of Trustor under this Deed of Trust aRer 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 action to enforce any of the terms of this Deed of Trust, Lender shall be entitled to
<br /> recover such sum as the court may adjudge reasonable as attorneys' fees at trial and on any appeal. Whether or not any cou►t action is
<br /> involved,all reasonable expenses incurred by Lender which in Lender's opinion are necessary at any time for the proiection of its inlerest or the
<br /> enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at 1he Note rate from the date of
<br /> expenditure uniil repaid. Expenses covered by this paragraph include,without limitation, however subject to any limits under applicable law,
<br /> Lender's attorneys' fees whelher or not there is a lawsuit, fncluding atlorneys' fees tor bankruptcy proceedings (Including e(forts to modify or
<br /> vacate any automatic stay or fnjunction), appeals and any anticipated post—judgment collection services, !he cost of searching records,
<br /> obtaining title reports (including toreclosure reporis), surveyors' reports, appraisal fees, title insurance, and fees for the Trustee, to the extent
<br /> permitted by applicable law. Trustor also will pay any cou�t costs,in addition to all other sums provided by Iaw.
<br /> Rights 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 the powers and obligations of Trustee are pert 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 ihe power to take 1he foilowing act(ons
<br /> with respect to the Properfy upon the written request of Lender and Trusior: (a)join in preparing and filing a map or plat of ihe Rea�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 meef all qualifications required for Trustee under applicable Iaw. 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 10 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 exient provided by applicable Iaw.
<br /> Successor Trustee. Lender,at Lender's option,may from time 10 time appoint a successor Trustee to any Trustee appoinied hereunder by an
<br /> instrument executed and acknowledged by Lender and recorded in the office o(the recorder of HALL County, Nebraska. The instrument shall
<br /> contain, in addition to all other matters required by state Iaw, the names of the original Lender,Trustee, and Trustor, the book and page (or
<br /> compuler system re(erence)where this Deed of Trust is recorded,and the name and address of the successo�trustee,and the instrument shall
<br /> be executed and acknowledged by all the beneficiaries 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 duties conferred upon the Truslee in this Deed ot Trust and by applicebie
<br /> law. This procedure for substitution of trustee shell govern to the exclusfon of all other provislons for substitution.
<br /> NOTICES TO TRUSTOR AND OTHER PARTIES. Any notice under this Deed ot Trus1 shall be in writing, may be sent by lelefacsimile (unless
<br /> othervvise required by law), and shall be effective when actually delivered, or when deposited with a nationally recognized overnighf courier, or, if
<br /> mailed, shall be deemed effective when deposited in the United States mail first class,certifled or registered mail, postage prepaid, directed to the
<br /> addresses shown near the beginning of this Deed ot Trust. Any party may change its address tor notices under this Deed ot Trust by giving formal
<br /> written notice to the other parties,specifying that the purpose of the notice(s to change the party's address. All copies of notices of foreclosure from
<br /> the holder of any lien which has priority over this Deed of Trust shall be sent to Lender's 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 times of Trustor's current address.
<br /> MISC0.LANEOUS 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 understanding and agreement of the parties as
<br /> to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shail be effective unless give�In writirp and
<br /> sipned by the perty or parfies soupht to be charped a bound by the alteradon or amendment.
<br /> AnnuN Repo�ts. I(the Property is used for purposes other than Trustor's residence,Trustor shall furnish to Lender, upon request,a c�rU(i�ed
<br /> statement of net operaHng income received hom the Property during Trustor's previous 6scal year in such form and detail as Lender shall
<br /> require. "Net operating income"shail mean all cash receipts from the Prope�ty less afl cash expenditures made in connecHon wNh fhe opera4on
<br /> o(ihe Property.
<br /> AppllCable LAw. This Deed Of T�ust has been delivered M�pndo.w���rwanfad Hv��...�e.t.,u.�c�_�_�..._�.__.__ ��._�__ . __ .
<br />
|