|
in favor of Beneficiary (the "Promissory Note "); and
<br />B. Payment of all sums advanced by Beneficiary to protect the Trust Estate.
<br />The indebtedness described in paragraphs A and B above is referred to as the "Indebtedness."
<br />201800 I6
<br />A. Payment of indebtedness evidenced by the Second Promissory Note of Trustor in the amount of $ 3,250.00
<br />This Second Deed of Trust, the Promissory Note of Trustor in favor of Beneficiary and any other instrument given to
<br />evidence or further secure the payment and performance of any obligation secured hereby are referred to collectively as the
<br />"Loan Instruments ".
<br />Trustor covenants that (i) Trustor holds title to the Trust Estate and has lawful authority to encumber the Trust Estate,
<br />(ii) the Trust Estate is free and clear of all liens and encumbrances except for easements, restrictions and covenants of record and
<br />the Deed of Trust from Trustor encumbering the Property dated on or about the date hereof (the "First Deed of Trust "), and
<br />(iii) Trustor will defend the Trust Estate against the lawful claims of any person.
<br />To Protect the Security of this Second Deed of Trust:
<br />1. Payment of indebtedness Trustor shall pay when due the principal of, and the interest on, the Indebtedness
<br />and all other sums as provided in the Loan Instruments.
<br />2. 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
<br />Improvements constituting part of the Trust Estate for such amounts and on such terms reasonably satisfactory to Beneficiary. So
<br />long as the Property is secured by a first deed of trust or mortgage, compliance with the insurance requirements of the First Deed
<br />of Trust or mortgage shall be sufficient to satisfy the requirements of this paragraph 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 not 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
<br />promptly discharge at Trustor's cost and expense all liens, encumbrances and charges levied, imposed or assessed against the
<br />Trust Estate or any part thereof.
<br />4. Actions Affecting T•usr Estate. Trustor shall appear in and contest any action or proceeding purporting to
<br />affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of
<br />evidence of title and attorneys' fees, in any such action or proceeding in which Beneficiary or Trustee may appear. If Trustor
<br />fails to make any payment or to do any act as and in the manner provided in any of the Loan Instruments, Beneficiary and/or
<br />Trustee, each in their own discretion, without obligation so to do and without notice to or demand upon Trustor and without
<br />releasing Trustor from any obligation, may make or do the same in such manner and to such extent as either may deem necessary
<br />to protect the security hereof. Trustor shall, immediately upon demand therefor by Beneficiary, pay all costs and expenses
<br />incurred by Beneficiary in connection with the exercise by Beneficiary of the foregoing rights, including without limitation costs
<br />of evidence of title, court costs, appraisals, surveys and attorneys' fees.
<br />5. Eminent Domain. If the Trust Estate, or any part thereof or interest therein, be taken or damaged by reason
<br />of any public improvement or condemnation proceeding, or in any other manner including deed in lieu thereof
<br />( "Condemnation "), or if Trustor receives any notice or other information regarding such proceeding, Trustor shall give prompt
<br />written notice thereof to Beneficiary. Trustor shall be entitled to all compensation, awards and other payments or relief thereof
<br />and shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings. Trustor shall
<br />also be entitled to make any compromise or settlement in connection with such taking or damage.
<br />6. Appointment of Successor Trustee. Beneficiary may, from time to time, by a written instrument executed
<br />and acknowledged by Beneficiary, mailed to Trustor and recorded in the County in which the Trust Estate is located and by
<br />otherwise complying with the provisions of the applicable law of the State of Nebraska substitute a successor or successors to the
<br />Trustee 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
<br />hereto, their heirs, legatees, devisees, personal representatives, successors and assigns. The term "Beneficiary" shall mean the
<br />owner and holder of any promissory note given to beneficiary.
<br />8. Merger, Consolidation, Sales or Transfers. Trustor covenants that Trustor will not sell, transfer or
<br />otherwise dispose of any of the Trust Estate. In the event that Trustor sells, transfers or otherwise disposes of any part of the
<br />4826 -5279- 3871.2
<br />2
<br />NIFA HBA Loan/Form H
<br />(10/2015)
<br />
|