|
7. Eminsnt Domain. Lender is hereby as: �d all compensation, awards, dameges and othE yments or relief (hereinafter "Proceeds")
<br /> � in connection with condemnation or other taking of the Property o�part thereof, or for conveyance in lieu of condemnation. Lendar shall
<br /> � taken or damaged, Lender shall have the option in its sole and absolute discretion, to apply el)such Proceeds,atter deductinp therefrom
<br /> �„� all cests anc►axpenses incurred by it in connection with such Proceeds, upon any indebtedness secured hereby and in such order as
<br /> � Len�er may determine, or to apply all such Proceeds, after such deductions, to the restoration of the Property upon such conditions es
<br /> ,� Lender may determine. Any application of Proceeds to indebtedness ahall not extend or postpone the due date of any payments under
<br /> ~�"' the Note,or cure any default thereunder or hereunder. My unapplied funds shall be paid to Truator.
<br /> 8. Psrforma�ce by Lender. Upon the occurrence of an Event of Default hereunde�, or it any act is taken or legal proceeding
<br /> � commenced which materially affects Lender's intereat in the Prbpe�ty,Leri�ef may in its own discretion, but without obligation to do so,
<br /> �and without notice to or demend upon Trustor and without releesing Trustor from any obligetion, do any ect which Trustor has egreed
<br /> �but fails to do and may also do any other act it deems necessary to protect the security hereof.Trustor shall, immedietely upon demend
<br /> therefor by Lender, pay to Lender all costs and expenses incurred and sums expended by Lender in connection with the exercisa by
<br /> Lender of the foregoing rights, together with interest thereon at the default rate provided in tha Note, which shall ba addad to tha
<br /> • ,indebtedness secured hereby. Lender shall not incur any liability becausa of anything it may do or omit to do hereu�der.
<br /> 9.Hszardous Materials. Trustor shall keep the Property in compliance with all epplicable lawa, ordinancas and regulationa relating to
<br /> industrial hygiene or environmental protection (collectively referred to herein as "Environmentel Lawa"). Trustor ahall keep the Property
<br /> f►ee from all substances deemed to be hazardous or toxic under any Environmental Lawa (collectively referred to herein as "Hezardoua
<br /> Materials"). Trustor hereby warrents and represents to Lender thet there ara no Hazardoua Meteriel on or under the Property. Truator
<br /> hereby agraes to indemnify and hold harmless Lender, its diractors, officers, employees and agents, and any auccesaora to Lender's
<br /> interest, from and against any and all claims, damages, losaes and liabilities ariaing in connection with the presence, uae, diaposal or
<br /> transport of any Hazerdous Materials on, under, from or about the Property. THE FOREGOING WARRANTIES AND REPRESENTATIONS,
<br /> AND TRUSTOR'S OBLIGATIONS PURSUANT TO THE FOREGOING INDEMNITY, SHALL SURVIVE RECONVEYANCE OF THIS DEED OF
<br /> TRUST.
<br /> 10. Assignment of Rents. Truator hereby assigns to Lender, and granta Lender a security interest in, all present, future end efter
<br /> rising rents, issues and profits of the Property; provided that Trustor shall, until the occurrence of an Event of Default hereunder, have
<br /> the right to collect and retain such rents, issues and profits as they become due and payable. Upon the occurrence of en Event of
<br /> Default, Lender may, either in person or by agent, with or without bringing any action or proceeding, or by a recaiver appointed by e
<br /> court and without regard to the adequacy of its security, entar upon end taka posaession of the Property,or any part thareof, in ite own
<br /> name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve the value, merkatability or
<br /> rentability of the Property, or any part thereof or interest therein, or to increase the income therefrom or protect tha security hereof and,
<br /> with or without taking possession of the Property, sue for or otherwise collect the rents, iasues and profita thereof, including thoae peat
<br /> due and unpaid, by notifying tenants to make payments to Lender. Lender may apply rents, issues end profita, lese coata and axpenaes
<br /> of operation and collection including attorneys' fees,to any indebtedness secured hereby, all in such order as Lender mey determine.The
<br /> entering upon and taking poasession of the Property, the collection of such rents, issuea and profita, and the epplicetion thereof as
<br /> eforeseid, shall not cure or waive any default or notice of default hereunder or invalidete any act done in response to auch default or
<br /> pursuant to such notice of default and, notwithstanding the continuance in possession of the Property or tha collection, receipt and
<br /> application of rents, issues or profits, Trustee and Lender shall be entitled to exercise every right provided for in any of the Loan
<br /> Instruments or by law upon occurrence of any Event of Default, including without limitation the right to exercisa the power of aele.
<br /> Further, Lender's rights and remedies under this paragraph shall be cumuletive with, and in no way a limitation on, lender's rights a�d
<br /> remediea under any assignment of leases and rents racorded against tha Property. Lender, Trustee and the receiver shall ba liabla to
<br /> account only for those rents actually received.
<br /> 11.Events of Defeult.The following shall constitute an Event of Default under this Deed of Trust:
<br /> (a) Failure to pay any installment of principal or interest of any other sum secured hereby when due;
<br /> (b)A breach of or default under any proviaion contained in the Nota,this Deed of Truat,any of the Loan Instruments, or any
<br /> other lien or encumbrance upon the Property;
<br /> (c1 A writ of execution or attachment or any similar process ahall be entered against Trustor which shall become e lien on the
<br /> Property or any portion thereof or interest therein;
<br /> (d)There shall be filed by or against Trustor or Borrower an action under any present or future federal,state or other statue, law
<br /> or regulation relating to bankruptcy, insolvency or other relief for debtors; or there ahall be appointed any trustee, receiver or
<br /> liquidator of Trustor or Borrower or of all or any part of the Property, or the rents, issues or profits thereof, or Truator or Borrower
<br /> shall make any general assignment for the benefit of creditors;
<br /> le)The sale,transfer, lease, assignment, conveyance or further encumbrance of all or eny part of or any interest in the Property,
<br /> either voluntarily or involuntarily, without the express written consent of Lender; provided that Trustor shall be permitted to execute
<br /> a lease of the Property that does not contain an option to purchase and the term of which does not exceed one year;
<br /> (f) Abandonment of the Property;or
<br /> (g) If Trustor ia not an individuel, the issuance, sele, transfer, assignment, conveyance or encumbrenca of mora then (if a
<br /> corporation) a total of N/A percent of its issued and outstanding stock, or (if a partnership) a total of N/A
<br /> partnershi percent of
<br /> p interests, or (i a imited liability company) e total of p�p percent of the limited liebility compeny intereate or voting
<br /> rights during the period this Deed of Trust remains a lien on the Property.
<br /> 12.Remedies;Acceleration Upon Default. In the event of any Event of Default Lender may, without notice except as required by lew,
<br /> declare all indebtedness secured hereby to be due and payable and the same shall thereupon become due and payable without any
<br /> presentment, demand, protest or notice of any kind. Thereafter Lender may:
<br /> (a) Demand that Trustee exercise the POWER OF SALE grented herein, and Trustee shall thereafter causa Trustor'e intereat
<br /> in the Property to be sold and the proceeds to be distributed,atl in the manner provided in the Nebraska Trust Deeds Act;
<br /> (b) Exercise any and all rights provided for in any of the Loan Inatrumenta or by law upon occurrence of any Event of
<br /> Default;and
<br /> (c) Commence an action to foreclose this Deed of Trust as a mortgage, eppoint a receiver,or specifically enforce eny of the
<br /> covenants hereof.
<br /> No remedy herein conferred upon or reserved to Trustee or Lender is intended to be exclusive of eny other ramady herein, in the Loan
<br /> Instruments or by law provided or permitted, but each shall ba cumulative, ahall be in addition to every other remedy given hereunder, in
<br /> the Loan Instrumenta or now or hereafter axiating at law or in equity or by statute, and may be exerciaed concurrently, indapendantly or
<br /> auccesaively.
<br /> 13.Trustes. The Trustee may resign at any time without cause, and Lender may et any time and without cause appoint a euccesaor
<br /> or subatitute Trustee. Trustee shall not be liable to eny party, including without limitation Lender, Borrower, Trustor or any purchaser of
<br /> the Property, for any loas or damaga unless due to reckless or willtul miaconduct, end shall not be required to taka any ection in
<br /> connection with the enforcement of this Qeed of Trust unless indemnified, in writing, for all coets, compensatifln or expenaes which may
<br /> be associated therewith. In addition, Trustee may become a purchaser at any sale of the Property (judicial or under the power of sale
<br /> granted hereinl; postpone the sate of all or any portion of the Property, as provided by law; or aell tha Property as a whole, or in separate
<br /> parcels or lots at Trustee's discretion.
<br /> 14. Fees and Expenses. In the event Trustee sells the Property by exercise of power of sele,Trustee shall be entitled to apply any sale
<br /> proceeds first to payment of all costs and expenses of exercising power of sale, including ell Trustee's fees, and Lender's end Trustea's
<br /> attomay's fees, actually incurred to extent permitted by applicable law, In the event Borrower or Trustor exercises any right provided by
<br /> law to cure an Event of Default. Lender shall be entitled to recover from Trustor all costs and expensea actually incurred as a rasult of
<br /> Trustor's default, including without limitetion all Trustee's and attomey's fees,to the extent permitted by applicable law.
<br /> 15. Future Advances. Upon requast of Borrowar, Lender mey, et its option, make additional and future advances end readvences to
<br /> Borrower. Such advances and readvancea, with interest thereon, shall be secured by this Deed of Trust. At no time ahall the principal
<br /> amount of the indebtedness secured by this Deed of Trust, not including sums advancad to protect the aecurhy of this Deed of Tnist,
<br /> exceed the original principal amount stated herein,or a_=�00.000.00 , whichevar is preater.
<br />
|