|
2000U164;77-0
<br />Z. Taxes. Trustor shall pay each installment of all taxes and special assessments of every kind, now or hereafter
<br />levied against the Trust Estate or any part thereof, before delinquency, without notice or demand.
<br />3• Insurance and Repairs. Trustor shall maintain fire and extended coverage insurance insuring the Improvements
<br />constituting part of the Trust Estate for such amounts and on such terms reasonably satisfactory to Beneficiary. So long as the
<br />Property is secured by a first deed of trust or mortgage, compliance with the insurance requirements of the first deed of trust or
<br />mortgage shall be sufficient to satisfy the requirements of this paraurapli'.3 relating to insurance.
<br />Trustor shall promptly repair and replace the Trust Estate or any part thereof so that, except for ordinary wear and tear,
<br />the Trust Estate shall riot deteriorate. In no event shall the Trustor commit waste on or to the Trust Estate, or commit, suffer or
<br />permit any act to be done in or upon the Trust Estate in violation of any law, ordinance or regulation. Trustor shall pay and promptly
<br />discharge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or assessed against the Trust Estate
<br />or any part thereof.
<br />4• Actions Affecting Trust Estate. Trustor shall appear in and contest any action or proceeding purporting to affect
<br />the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of evidence
<br />of title and attorneys' fees, in any such action or proceeding in which Beneficiary or Trustee may appear.
<br />any payment or to do any act as and in the manner provided in any of the Loan Instruments, B nefic ary and/orsTrustee,te chin
<br />their own discretion, without obligation so to do anti without nolire to or demand upon Trustor and without releasing Trustor Irom
<br />any obligation, may make or do the same in such manner and to such extent as either may deem necessary to protect the security
<br />hereof. Trustor shall, immediately upon demand therefor by Beneliciar y
<br />connection with the exercise by Beneficiary of (Ire foregoing rights, includng0 wiltli<o�l costs nit tior� co is of evidence of title, court
<br />costs, appraisals, surveys and attorney;;' fees.
<br />5, Eminent Domain. If the Trust Estate, or any part thereof or interest therein, be taken or damaged by reason of
<br />any public improvement or condemnation proceeding, or in any other manner including deed in lieu thereof ( "Condemnation "), or
<br />if Trustor receives any notice or other information regarding such proceeding, Trustor shall give prompt written notice thereof to
<br />Beneficiary. Trustor shall be entitled to all compensation, awards and other payments or relief thereof and shall be entitled at its
<br />option to commence, appear in and prosecute in its own name any action or proceedings. Trustor shall also be entitled to make
<br />any compromise or settlement in connection with such taking or damage.
<br />6• Appolnlment of Successor Trustee. Beneficiary -ay, from time to time, by a written instrument executed and
<br />acknowledged by Beneficiary, mailed to Trustor and recorded in the County in which the Trust Estate is located and by otherwise
<br />complying with the provisions of the applicable law of the State of Nebraska substitute a successor or successors to the Trustee
<br />named herein or acting hereunder.
<br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of and binds all parties hereto,
<br />their heirs, legatees, devisees, personal representatives, successors and assigns. The term "Beneficiary" shall mean the owner and
<br />holder of any promissory note given to beneficiary, (whether or no( named as Beneficiary herein(.
<br />8. Merger, Consolidation, Sales or Leases. Trustor covenants that Trustor will not sell, lease or otherwise dispose
<br />of any of the Trust Estate. In the event that Trustor sells, leases or otherwise disposes of an y part of the Trust Estate, Beneficiary
<br />may at its option declare the Indebtedness secured hereby immediately due and payable, whether or not any default exists.
<br />Beneficiary shall consent to a transfer of the Trust Estate to a third party to the extent such third party meets the requirements
<br />contained in, and assumes the obligations set forth in the First Deed of Trust. The covenants contained herein shall run with the
<br />Property and shall remain in full force and effect until the Indebtedness is paid in full.
<br />U. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />or (a) default shall be made in the payment of tire Indebtedness or any other sum secured hereby when due;
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed against
<br />Trustor seeking any reorganization, dissolution or similar relief under any present or future federal, state or other statute,
<br />law or regulation relating to bankruptcy, Insolvency or other relief for debtors, and such order, judgment or decree shall
<br />remain unvacated and unstayed for an aggregate of sixty (GUI days (whether or not consecutive) from the first date of entry
<br />thereof; or any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, or of any or all of the
<br />royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or acquiescence of Trustor and
<br />such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive);
<br />or
<br />11BA -7
<br />J
<br />
|