201301947
<br /> DEED OF TRUST
<br /> (Continued) Page 2
<br /> replacements,and maintenance necessary to preserve its value.
<br /> Hazardous Substances. Trustor represents and warrants that the Property never has been,and never will be so
<br /> long as this Deed of Trust remains a lien on the Property, used for the generation, manufacture, storage,
<br /> treatment, disposal, release or threatened release of any Hazardous Substance in violation of any Environmental
<br /> Laws. Trustor authorizes Lender and its agents to enter upon the Property to make such inspections and tests as
<br /> Lender may deem appropriate to determine compliance of the Property with this section of the Deed of Trust.
<br /> Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event
<br /> Trustor becomes liable for cleanup or other costs under any such laws,and (2) agrees to indemnify,defend,and
<br /> hold harmless Lender against any and all claims and losses resulting from a breach of this paragraph of the Deed of
<br /> Trust. This obligation to indemnify and defend shall survive the payment of the Indebtedness and the satisfaction
<br /> of this Deed of Trust.
<br /> Construction Loan. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct
<br /> or complete construction of any Improvements on the Property,the Improvements shall be completed no later than
<br /> the maturity date of the Note or such earlier date as Lender may reasonably establish)and Trustor shall pay in full
<br /> all costs and expenses in connection with the work. Lender will disburse loan proceeds under such terms and
<br /> conditions as Lender may deem reasonably necessary to insure that the interest created by this Deed of Trust shall
<br /> have priority over all possible liens,including those of material suppliers and workmen. Lender may require,among
<br /> other things, that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens,
<br /> construction progress reports,and such other documentation as Lender may reasonably request.
<br /> DUE ON SALE-CONSENT BY LENDER. Lender may,at Lender's option,declare immediately due and payable all sums
<br /> secured by this Deed of Trust upon the sale or transfer,without Lender's prior written consent,of all or any part of the
<br /> Real Property,or any interest in the Real Property. A"sale or transfer' means the conveyance of Real Property or any
<br /> right, title or interest in the Real Property; whether legal, beneficial or equitable; whether voluntary or involuntary;
<br /> whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a
<br /> term greater than three(3)years,lease-option contract,or by sale,assignment,or transfer of any beneficial interest in
<br /> or to any land trust holding title to the Real Property,or by any other method of conveyance of an interest in the Real
<br /> Property. If any Trustor is a corporation, partnership or limited liability company,transfer also includes any change in
<br /> ownership of more than twenty-five percent(25%)of the voting stock,partnership interests or limited liability company
<br /> interests,as the case may be,of such Trustor. However,this option shall not be exercised by Lender if such exercise
<br /> is prohibited by federal law or by Nebraska law.
<br /> TAXES AND LIENS. The following provisions relating to the taxes ofd liens on the Property are part of this Deed of
<br /> Trust:
<br /> Payment. Trustor shall pay when due(and in all events prior to delinquency)all taxes,special taxes,assessments,
<br /> charges(including water and sewer),fines and impositions levied against or on account of the Property,and shall
<br /> pay when due all claims for work done on or for services rendered or material furnished to the Property. Trustor
<br /> shall maintain the Property free of all liens having priority over or equal to the interest of Lender under this Deed of
<br /> Trust, except for the lien of taxes and assessments not due and except as otherwise provided in this Deed of
<br /> Trust.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of
<br /> Trust.
<br /> Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended
<br /> coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real
<br /> Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee
<br /> clause in favor of Lender. Trustor shall also procure and maintain comprehensive general liability insurance in such
<br /> coverage amounts as Lender may request with Trustee and Lender being named as additional insureds in such
<br /> liability insurance policies. Additionally,Trustor shall maintain such other insurance, including but not limited to
<br /> hazard, business interruption,and boiler insurance,as Lender may reasonably require. Policies shall be written in
<br /> form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies
<br /> reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the
<br /> policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be
<br /> cancelled or diminished without at least ten (10)days prior written notice to Lender. Each insurance policy also
<br /> shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,
<br /> omission or default of Trustor or any other person. Should the Real Property be located in an area designated by
<br /> the Director of the Federal Emergency Management Agency as a special flood hazard area,Trustor agrees to obtain
<br /> and maintain Federal Flood Insurance,if available, within 45 days after notice is given by Lender that the Property
<br /> is located in a special flood hazard area,for the full unpaid principal balance of the loan and any prior liens on the
<br /> property securing the loan,up to the maximum policy limits set under the National Flood Insurance Program,or as
<br /> otherwise required by Lender,and to maintain such insurance for the term of the loan.
<br /> LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in
<br /> the Property or if Trustor fails to comply with any provision of this Deed of Trust or any Related Documents, including
<br /> but not limited to Trustor's failure to discharge or pay when due any amounts Trustor is required to discharge or pay
<br /> under this Deed of Trust or any Related Documents,Lender on Trustor's behalf may(but shall not be obligated to)take
<br /> any action that Lender deems appropriate on the Property and paying all costs for insuring,maintaining and preserving
<br /> the Property. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate
<br /> charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such
<br /> expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be
<br /> added to the balance of the Note and be apportioned among and be payable with any installment payments to become
<br /> due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note;or (C) be
<br /> treated as a balloon payment which will be due and payable at the Note's maturity.
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed
<br /> of Trust:
<br /> Title. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple,
<br /> free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any
<br /> title insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection
<br /> with this Deed of Trust,and (b)Trustor has the full right,power,and authority to execute and deliver this Deed of
<br /> Trust to Lender.
<br /> Defense of Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the
<br /> title to the Property against the lawful claims of all persons.
<br /> EVENTS OF DEFAULT. Each of the following,at Lender's option,shall constitute an Event of Default under this Deed
<br /> of Trust:
<br /> Payment Default. Trustor fails to make any payment when due under the Indebtedness.
<br /> Other Default. Trustor fails to comply with any other term,obligation,covenant or condition contained in this Deed
<br /> of Trust or in any of the Related Documents.
<br />
|