|
2021.0238g
<br />LOAN #: 001879056
<br />satisfactory to Beneficiary. So long as the Property is secured by a first deed of trust or mortgage,
<br />compliance with the insurance requirements of the First Deed of Trust or mortgage shall be sufficient to
<br />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
<br />ordinary wear and tear, the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste
<br />on or to the Trust Estate, or commit, suffer or permit any act to be done in or upon the Trust Estate in
<br />violation of any law, ordinance or regulation. Trustor shall pay and promptly discharge at Trustor's cost
<br />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
<br />purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay
<br />all costs and expenses, including cost of evidence of title and attorneys' fees, in any such action or
<br />proceeding in which Beneficiary or Trustee may appear. If Trustor fails to make any payment or to do
<br />any act as and in the manner provided in any of the Loan Instruments, Beneficiary and/or Trustee, each
<br />in their own discretion, without obligation so to do and without notice to or demand upon Trustor and
<br />without releasing Trustor from any obligation, may make or do the same in such manner and to such
<br />extent as either may deem necessary to protect the security hereof. Trustor shall, immediately upon
<br />demand therefor by Beneficiary, pay all costs and expenses incurred by Beneficiary in connection with
<br />the exercise by Beneficiary of the foregoing rights, including without limitation costs of evidence of title,
<br />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
<br />by reason of any public improvement or condemnation proceeding, or in any other manner including
<br />deed in lieu thereof ("Condemnation"), or if Trustor receives any notice or other information regarding
<br />such proceeding, Trustor shall give prompt written notice thereof to Beneficiary. Trustor shall be entitled
<br />to all compensation, awards and other payments or relief thereof and shall be entitled at its option to
<br />commence, appear in and prosecute in its own name any action or proceedings. Trustor shall also be
<br />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
<br />executed and acknowledged by Beneficiary, mailed to Trustor and recorded in the County in which the
<br />Trust Estate is located and by otherwise complying with the provisions of the applicable law of the State
<br />of Nebraska substitute a successor or successors to the Trustee named herein or acting hereunder.
<br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of
<br />and binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors
<br />and assigns. The term "Beneficiary" shall mean the owner and holder of any promissory note given
<br />to beneficiary.
<br />8. Merger, Consolidation, Sales or Transfers. Trustor covenants that Trustor will not sell, transfer
<br />or otherwise dispose of any of the Trust Estate. In the event that Trustor sells, transfers or otherwise
<br />disposes of any part of the Trust Estate, Beneficiary may at its option declare the Indebtedness secured
<br />hereby immediately due and payable without any presentment, demand, protest or notice of any kind,
<br />whether or not any default exists. Beneficiary shall consent to a transfer of the Trust Estate to a third
<br />party to the extent such third party meets the requirements contained in, and assumes the obligations
<br />set forth in the First Deed of Trust. The covenants contained herein shall run with the Property and shall
<br />remain in full force and effect until the Indebtedness is paid in full.
<br />9. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) default shall be made in the payment of the Indebtedness or any other sum secured hereby
<br />when due; or
<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
<br />filed against Trustor seeking any reorganization, dissolution or similar relief under any present or
<br />future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other
<br />relief for debtors, and such order, judgment or decree shall remain unvacated and unstayed for an
<br />aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof; or
<br />any trustee, receiver or liquidator or Trustor or of all or any part of the Trust Estate, or of any or all
<br />of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent
<br />NIFA HBA Loan/Form H
<br />(10/2015)4826-5279-3871.2
<br />Ellie Mae, Inc.
<br />Page 3 of 6 I1052NEDE 0915
<br />I1052NEDE (CLS)
<br />
|