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2� 15�8�42
<br /> �EE� �� -r�u�T
<br /> Loan 1V�: 1�7�91'I 37 ���ntlnued� 1Page 3
<br /> Property. H�w��er. this �ptian shall nat be exe�-cised by Lend�r i� such exercis� is pr�hibited by fede�al law or by
<br /> �lebraska lavv.
<br /> TA�CES AND LIENS, The following prv�is�ons rela�ing ta the taxes and liens on the Prope�ty a�-e part af this a�e�l o�
<br /> Trust:
<br /> Payment. Trustar shall pay wh�n due �and in all eWen�s prior to delinquency� all taxes, sp�cial taxes, assessments,
<br /> charges {in�luding water and sew�r�, fines and impositivns le�ied against vr on accoun� of the Pr�pe�ty, and shall
<br /> pay when due all claims fflr wark done on o� for services rendered or materia� furnish�d ta �he Praperty. Trust�r
<br /> shall maintain the Prvperty�r�e of all liens ha�ing priority o�er�r equal to the in�erest o�L�nder under�his ❑ee�l a�F
<br /> Trust, excep� fior �th� lien Q� taxes and assessments no� due, except for the Existing Indebtedness �eferr�d �o
<br /> be[ow, and except as otherwise proWided in this Deed of T�ust.
<br /> Right tv Contes�. Trustar may withhold paym�nt�f any tax. ass�ssmen�, ar claim in conne�tion with a gvad faith
<br /> dispute o�er�he obligation to pay. so lang as Lender's interest in the Property is not jeopardized. [f a lien arises �r
<br /> is �iled as a result of nonpayment, Trustor sha11 within fifteen {15} days a��er the lien artses ar, if a lien is fiiled,
<br /> within fif�een �15} days after Trustor has notice af the �i[ing, secur� the discharge of the lien, or if r�quested by
<br /> Lender, de�osit wifih L�nder cash ar a su�fficien�corpvrate surety bond vr Q�her securi�ty satisfactary�o Lender in an
<br /> amaunt sufficient to discharge the lien plus any casts and at�arneys' fees, ❑r other charges that could accrue as a
<br /> result❑f a �areclosure or sale under the fien. In any contes�, Trustar shall d�f�nd itsel-F and L�nder and shall sa�isfy
<br /> any ad�erse judgmen�befare en��rcemen�against the Pr�perty. Trusfior shall name Lender as an addifiional abligee
<br /> und�r any sure�y band furnished in the cont�st proceed�ngs.
<br /> EW�dence o�Payment. Trus�or shal[ upon demand furnish to L�nder satisfactary e�iden�e o� payment a#th�taxes
<br /> or ass�ssments and shall authari�e the appropriate governmental �fficial to deli�er t❑ Lender at any time a wrif�en
<br /> s�atement afi the taxes and assessments agains�the Praperty.
<br /> Nati�e of Construction. Trustor shall notify Lender at leas�t fifteen {15} days befare any wark is commenced, any
<br /> ser�iGes are furnished, or any mat�rials ar� supplied t� the Property, if any mechanic's lien, mat�rialm�n's li�n, vr
<br /> other lien could be asserted an acGount of the v►rark, servic�s, or materials. Trustor will upon reques� ❑f Lender
<br /> �urnish to Lender advance assurances satis#actory t� Lender that Trus�or �an and wi11 pay the cos� of such
<br /> impra�ements.
<br /> PF��PERTY DAMAGE INSURANCE. The �olfvwing provisi�ns relating to insuring the Property are a par� of this Deed af
<br /> Trust.
<br /> Maintenan�e of �nsurance. Trus�kar shal� procur� and mainfiain policies �f fire insurance with standard extsnded
<br /> co��rag� endorsem�n�s on a fair �alue basis for �he full insurable value covering all Improvem�nts on the Real
<br /> Prop�rty in an amount sufficient �o a�oid ap�lica�ion of any coinsurance clause, and w�th a standard m�r�gagee
<br /> clause in favor of L�nder, togeth�r with such other hazard and lia�ility insurance as Lend�r may reasonabfy require.
<br /> Poli�ies shall b� writter� in form, amaunfis, covera�es and basis r�asanably a�ceptable �❑ Lender and issued �y a
<br /> company vr �ompanies reasonably a�ceptahle tQ L�nder. Trust�r, upan request a� L�nder, will deliWe� tv Lender
<br /> �From �t�m� to time the policies or cer�ificates af insurance in form sa�isfactory ta Lend�r, incfuding stipulations that
<br /> co�era�es will n�t be cance�fed ar diminished withou� at least �en �14} days prior written notice ta Lender. Each
<br /> insurance policy alsa shall include an endarsement proUiding �hat �o�erage in favar ❑f Lender will not be �mpaired
<br /> in any way hy any act, omission or d�faul�o�Trus�or �r any nther pers�n. 5h�uld the Rea! Property be locat�d in
<br /> an area designated by�he Administrafi�r af the Federal Emergency Management Agency as a special floo� hazard
<br /> area, Trustor agrees tv obtain and maintain Federal Flvad lnsurance, if availa�le, within-45 days after notice is
<br /> gi�en by Lender �that the Property is l�cated in a special �Iood hazard area, �`�r the full unpaid principal balan�e o�
<br /> �he �oan and any prior liens �n the property securing �he I�an, up ta the maximum paiicy limits s�t under the
<br /> National Flo�d lnsurance Program, ar as otherwise required by Lender, and to maintain such insurancs fQr the term
<br /> of the �oan.
<br /> Applica�tion of Proceeds. Trus�or shall prvmptl}� nv�ify Lend�r of any Ioss o� damag� t� the Proper�y. Lend�r may
<br /> mak� proo� o� loss if Trus�or �ails to do s� within fifiteen �15� days of �he casual�y. Whether ar not Lender's
<br /> security is impaired, Lend�� may, at Lender's �l�ctian, recei�e and retain the proceeds of any insurance and apply
<br /> the proc�eds tv the reductian of �he Indehtedness, payment of any lien af�Fecting the Property, or th� restoratiQn
<br /> an� repair af�he Pr�perty. If Lender elec�s �� apply the proceeds to res�orat�on and repa�r, Trustor shall repair or
<br /> replace the damaged or destroyed Impra�ements in a manner sa�tisfactory ta Len�er, Lender shall� upan
<br /> satisfactory pro�f of such exp�ndi�ure, pay vr r�imburs� Trustar from th� pra�eeds ��r the r�asonable cost af
<br /> repair or r�storatian if Trus�or is not in defaul� under this ❑eed af Trust. Any praceeds which ha�e not heen
<br /> dEsbursed within �84 days after �heir receip� and which Lender has not comm�tted �� the repair ar r�s�aratian of
<br /> fihe Property shal� be us�d first�o pay any amount awing to Lender under fihis aee� of Trust, then to pay accrued
<br /> in�erest, and the r�mainder, if any, shall be appli�d t❑ the principal balance of�he Endebtedness. If Lender holds
<br /> any praceeds a�fter payment in full of the lndebtedness, such proc�eds shall he paid to Trus�or as Trustor's
<br /> interests may appear.
<br /> Compliance wi�h Exis�ing indeh�edness, During the period in wh�ch any Exis�ing Indeb�edness des�ribed b�low is
<br /> in e�Ffect, c�mpliance with the insuranc� proWis�ons contained in the instrument e�idencing su�h Existing
<br /> Indebtedness shall constitute compliance with th� insurance provisi�ns under this Deed of Trust, to �he extent
<br /> compEian�e vui�h the terms of this Deed o�Trust v►rould �ons�itu�e a duplica�ian ❑f insurance requirement. 1f any
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