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<br />payment of same. Trustor shall pay all taxes and assessments which may be levied upon
<br />Beneficiary's interest herein or upon this Deed of Trust or the debt secured hereby, without
<br />regard to any law that may be enacted imposing payment of the whole or any part thereof upon
<br />the Beneficiary.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage
<br />insurance insuring the improvements and buildings constituting part of the Trust Estate for an
<br />amount no less than the amount of the unpaid principal balance of the Note (co- insurance not
<br />exceeding 80% permitted). Such insurance policy shall contain a standard mortgage clause in
<br />favor of Beneficiary and shall not be cancelable, terminable, or modifiable without ten (10) days
<br />prior written notice to Beneficiary. Trustor shall promptly repair, maintain and replace the Trust
<br />Estate or any part thereof so that, except for ordinary wear and tear, the Trust Estate shall not
<br />deteriorate. In no event shall the Trustor commit waste on or to the Trust Estate.
<br />4. ACTIONS AFFECTING TRUST ESTATE. Trustor shall appear in and contest any
<br />action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary
<br />or Trustee, and shall pay all costs and expenses, including cost of evidence of title and attorney's
<br />fees, in any such action or proceeding in which Beneficiary or Trustee may appear. Should
<br />Trustor fail to make any payment or to do any act as and in the manner provided in any of the
<br />Grant Instruments, Beneficiary and /or Trustee, each in its own discretion, without obligation, may
<br />make or do the same in such manner and to such extent as either may deem necessary to
<br />protect the security hereof. Trustor shall, immediately upon demand therefore by Beneficiary, pay
<br />all costs and expenses incurred by Beneficiary in connection with the exercise by Beneficiary of
<br />the foregoing rights, including, without limitation, costs of evidence of title, court costs, appraisals,
<br />surveys and attorney's fees. Any such costs and expenses not paid within ten (10) days of
<br />written demand be added to the Principal.
<br />5. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest therein,
<br />be taken or damaged by reason of any public improvement or condemnation proceeding, or in
<br />any other manner including deed in lieu of Condemnation ("Condemnation"), or should Trustor
<br />receive any notice or other information regarding such proceeding, Trustor shall give prompt
<br />written notice thereof to Beneficiary. Beneficiary shall be entitled to all compensation awards and
<br />other payments or relief therefore, and shall be entitled to make any compromise or settlement in
<br />connection with such taking or damage. All such compensation, awards, damages, rights of
<br />action and proceeds awarded to Trustor (the "Proceeds ") are hereby assigned to Beneficiary; and
<br />Trustor agrees to execute such further assignments of the Proceeds as Beneficiary or Trustee
<br />may require.
<br />6. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to time, by
<br />a written instrument and by otherwise complying with the provisions of the applicable law of the
<br />State of Nebraska substitute a successor or successors to the Trustee named herein or acting
<br />hereunder.
<br />7. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of
<br />and binds all parties hereto, their successors and assigns. The term "Beneficiary" shall mean the
<br />owner and holder of the Note, whether or not named as Beneficiary herein.
<br />8. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trustee Estate for the
<br />purpose of inspecting the same and for the purpose of performing any of the acts it is authorized
<br />to perform under the terms of any Instruments.
<br />9. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of
<br />default hereunder:
<br />(a) Trustor shall have failed to own, occupy and use the "Property" as the Grand Island
<br />Christian School for ten (10) consecutive years from date hereof; or,
<br />(b) There has occurred a breach of default under any term, covenant, agreement,
<br />condition, provision, representation, or warranty contained in the Note of this Deed of Trust.
<br />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event of
<br />default occur, Beneficiary may declare all indebtedness secured hereby to be due and payable,
<br />and the same shall thereupon become due and payable without any presentment, demand,
<br />protest, or notice of any kind. Thereafter the Beneficiary may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by
<br />a receiver appointed by a Court and without regard to the adequacy of its security, enter upon
<br />and take possession of the Trust Estate, or any part thereof, in its own name or in the name of
<br />Trustee, and do any acts which it deems necessary or desirable to preserve the value,
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