|
200002093 , •.
<br />14. REMEDIES. Lender may use any and all remedies Lender has under state or federal law or in any instrument
<br />evidencing or pertaining to the Secured Debts, including, without limitation, the power to sell the Property. Any
<br />amounts advanced on Grantor's behalf will be immediately due and may be added to the balance owing under
<br />the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available
<br />on Grantor's default.
<br />Subject to any right to cure, required time schedules or other notice rights Grantor may have under federal and
<br />state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately
<br />due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or
<br />anytime thereafter.
<br />All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law
<br />or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial
<br />payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed
<br />will not constitute a waiver of Lender's right to require complete cure of any existing default. By choosing any
<br />one or more of these remedies Lender does not give up Lender's right to use any other remedy. Lender does not
<br />waive a default if Lender chooses not to use a remedy. By electing not to use any remedy, Lender does not
<br />waive Lender's right to later consider the event a default and to use any remedies if the default continues or
<br />happens again.
<br />15. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law,
<br />Grantor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies
<br />under this Security Instrument. Grantor agrees to pay expenses for Lender to inspect and preserve the Property
<br />and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are
<br />not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable
<br />immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full
<br />at the highest interest rate in effect as provided for in the terms of the Secured Debts. To the extent permitted
<br />by the United States Bankruptcy Code, Grantor agrees to pay the reasonable attorneys' fees Lender incurs to
<br />collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code.
<br />16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act
<br />(CERCLA), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions
<br />or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and
<br />(2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant
<br />which has characteristics which render the substance dangerous or potentially dangerous to the public health,
<br />safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous
<br />material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any
<br />Environmental Law.
<br />Grantor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will
<br />be located, stored or released on or in the Property. This restriction does not apply to small quantities of
<br />Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of
<br />the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Lender, Grantor and every tenant have
<br />been, are, and will remain in full compliance with any applicable Environmental Law.
<br />C. Grantor will immediately notify Lender if a release or threatened release of a Hazardous Substance occurs
<br />on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In
<br />such an event, Grantor will take all necessary remedial action in accordance with any Environmental Law.
<br />D. Grantor will immediately notify Lender in writing as soon as Grantor has reason to believe there is any
<br />pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any
<br />Hazardous Substance or the violation of any Environmental Law.
<br />17. CONDEMNATION. Grantor will give Lender prompt notice of any pending or threatened action by private or
<br />public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any
<br />other means. Grantor authorizes Lender to intervene in Grantor's name in any of the above described actions or
<br />claims. Grantor assigns to Lender the proceeds of any award or claim for damages connected with a
<br />condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and
<br />will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of
<br />any prior mortgage, deed of trust, security agreement or other lien document.
<br />18. INSURANCE. Grantor agrees to keep the Property insured against the risks reasonably associated with the
<br />Property. Grantor will maintain this insurance in the amounts Lender requires. This insurance will last until the
<br />Property is released from this Security Instrument. Grantor may choose the insurance company, subject to
<br />Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a
<br />standard "mortgage clause" and, where applicable, "loss payee clause."
<br />Grantor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be
<br />applied to restoration or repair of the Property or to the Secured,Debts, at Lender's option. If Lender acquires
<br />the Property in damaged condition, Grantor's rights to any insurance- policies and proceeds will pass to Lender to
<br />the extent of the Secured Debts.
<br />Grantor will immediately notify Lender of cancellation or termination of insurance. If Grantor fails to keep the
<br />Property insured Lender may obtain insurance to protect Lender's interest in the Property. This insurance may
<br />include coverages not originally required of Grantor, may be written by a company other than one Grantor would
<br />choose, and may be written at a higher rate than Grantor could obtain if Grantor purchased the insurance.
<br />19. ESCROW FOR TAXES AND INSURANCE. Grantor will not be required to pay to Lender funds for taxes and
<br />insurance in escrow.
<br />20. CO- SIGNERS. If Grantor signs this Security Instrument but does not sign the Secured Debts, Grantor does
<br />so only to convey Grantor's interest in the Property to secure payment of the Secured Debts and Grantor does
<br />not agree to be personally liable on the Secured Debts. If this Security Instrument secures a guaranty between
<br />Lender and Grantor, Grantor agrees to waive any rights that may prevent Lender from bringing any action��r
<br />CLARENCE L COLFACK V
<br />Nebraska Deed Of Trust Initia
<br />NE /2rotza 05FB000000000000001 Co000001 D n 5 01996 Bankers Systems, Inc., St. Cloud, MN age 3
<br />
|