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05-�3-1998 DEED OF TRUST : � Page 3
<br /> Loan No 760090 (Continued) ' f (�8— 1���69
<br /> company interests, as the case may be, of Trustor. However,this option shall not be exercised by Lender if such exercise is prohibited by federal
<br /> . law or by Nebraska Iaw.
<br /> TAXES AND LIENS. The following provisions relating to the iexes and liens on the Property are a pa�t of this Deed of Trust.
<br /> Payment. Trustor shall pay when due(and in all events prior to delinquency)ali taxes,special taxes,assessments,charges (including water
<br /> and sewer), flnes and ImposiHons levied against or on account of the Property, and shall pay when due all claims for work done on or for
<br /> services rendered or mate�ial furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the
<br /> Interest of Lender under this Deed of Trust,except for the Ifen of texes and assessments not due,except for the existlng indebtedness referred
<br /> to below,and except as otherwise provided in this Deed of Trust. �
<br /> PROPERTY DAMAGE INSURANCE. The following provislons relaHng to insuring the Property are a part of this Deed of Trust.
<br /> Malntenance of Insurence. Trustor shall procure and maintain poilcies of flre insurance with standard extended coverage endorsements on a
<br /> replacement basis for the fuil Insurabie value covering all Improvements on the Real Property in an amount sufficlent to avofd application of any
<br /> coinsurance cfause,and with a standard mortgagee clause in favor of Lender,together with such other hazard and liabflity insurance as Lender
<br /> may reasonably require. PoBcies shall be written in form, amounts, coverages and basis reasonabiy acceptable to Lender and issued by a
<br /> company or companies reasonably acceptable to Lender. Trustor,upon request of Lender,wiil deliver to Lender from time to time the poifcies
<br /> or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at
<br /> least ten(10)days'prior w�itten noHce to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of
<br /> Lender will not be impaired in any way by any act,omisslon or default of Trustor or any other person. Should the Real Property at any Nme
<br /> become located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area,Trustor
<br /> agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the meximum policy Iimits set
<br /> under the National Flood Insurance Program,or as othe►wise required by Lender,and to maintain such insurance for the term of the loan.
<br /> IXPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, including any obllgation to maintain Existing
<br /> Indebtedness in good standing as required below,or it any action or proceeding is commenced that would materlally affect Lender's interests in the
<br /> Property, Lender on Trustor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender
<br /> expends in so doing will bear Interest et the rate provided for in the Note from the date Incurred or pald by Lender to the date of repayment by
<br /> Trustor. All such expenses,at Lender's optfon,will (a)be payabte on demand, (b)be added to the balance of the Note and be apportioned among
<br /> and be payeble with any installment payments to become due during either (i)the term of any applicable Insurance policy or (fi)the remafning term
<br /> of the Note, or (c) be treated as a balioon payment which will be due and payable at the Note's maturity. This Deed of Trust also wiil secure
<br /> payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be
<br /> entlNed on account of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that
<br /> it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The foliowing provisions relattng to ownership of the Property are a part of this Deed of Trust.
<br /> Title. Trustor warrants that: (a)Trustor hoids good and marketable title of record to the Property in fse simpie,tree and clear of all Ifens and
<br /> encumbrances other than those set forth in the Real Property descripNon or in the Existing Indebtedness section below or in any title insurance
<br /> policy,title report,or flnal Utle opinion issued in favor of,and accepted by,Lender in connecNon with this Deed of Trust,and (b)Trustor has the
<br /> full right,power,and authority to execute and deliver this Deed of Trust to Lender.
<br /> Defense oi TitlE. Subject to the excepdon in the paragraph above,Trustor wartants and will forever defend the title to the Property agafnst the
<br /> lawiul ciaims of all persons.
<br /> D(ISTING IND�TEDNESS. The following provfsions concerning existing indebtedness (the "ExisHng Indebtedness") are a part of this Deed of
<br /> Trust.
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to the lien securing payment of an
<br /> existing obligation. The existlng obligation has a cunent principal balance ot approximatefy $18,352.07. Trustor expressly covenants and
<br /> agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any default under the
<br /> instruments evidencing such indebtedness,or eny default under any secu�ily documents for such indebtedness.
<br /> Default. If the payment of any instaliment of principal or any interest on the Existing Indebtedness is not made within the time requfred by the
<br /> note evidencing such indebtedness,or should a default occur under the instrument securing such indebtedness and not be cured during any
<br /> applicable grace period therein,then,at the option of Lender,the indebtedness secured by this Deed of Trust shall become immediately due
<br /> and payable,and this Deed ef Trust shall be in defauM.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of Defauit")under this Deed of Trust:
<br /> Defauli on Indebtedness. Failure of Trustor to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance,or
<br /> eny other payment necessary to prevent flling of or to effect discharge of any lien.
<br /> Compllance Defeult. Failure of Trustor to comply with any other term, obiigation,covenant or condition contained in this Deed of Trust, the
<br /> Note or in any of the Related Documents.
<br /> Defective Collateralizatlon. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(fncluding failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death ot Trustor, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's property, any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency laws by or against Trustor.
<br /> Events Aftectiny Guarantor. Any of the preceding events occurs with respect to any Guarantor oi any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent,or revokes or disputes the vaHdity of,or ifability under,any Guaranty of the Indebtedness. Lender,at its option,
<br /> may, but shall not be required to, permit the Guaranto�'s estate to assume unconditionaily the obligations arising under the guaranty in a
<br /> manner satlsfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecurity. Lender in good fafth deems itself insecure.
<br /> Existing Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property.
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