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200009893 course) an arc distance of 82.12 feet; thence running northwesterly along the final tangent of the preceding course produced, a distance of 72.0 feet to a point of curvature; thence northwesterly along the arc of a curve whose radius is 331.88 feet (the initial tangent of which coincides with the preceding course produced), an arc distance of 121.53 feet to the actual place of beginning (commonly known as 3205 South Locust Street, Grand Island, Nebraska), together with all improvements now or hereafter erected on such real estate, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights, all profits and proceeds therefrom. The foregoing collectively referred to in this Deed of Trust as the "Premises ". Trustor covenants that Trustor is lawfully seised of Premises and has the right to grant and convey Premises and that Premises is free from any encumbrances, except for encumbrances of record. Trustor warrants and will defend title to Premises against all lawful claims of any person. Trustor and Beneficiary covenant and agree as follows: Payment of Debt. Trustor shall pay when due the principal of, and interest on, the debt evidenced by a promissory note of even date herewith (herein referred to as the "Note "), the last installment of which is due January 15, 2003, any renewals, extensions, modifications or refinancing thereof and any promissory notes issued in substitution thereof; and all other sums advanced by Beneficiary to protect the Premises, with interest thereon at the default rate provided in the Note. The foregoing collectively referred to in this Deed of Trust as the "Obligations ". 2. Taxes and Assessments. Trustor shall pay all real estate taxes, special assessments and other charges levied or to be levied on the Premises, including any tax levied on the debt secured hereby, when they become due and before they become delinquent. 3. Insurance. Trustor shall maintain insurance on the Premises against loss by fire, extended coverage peril and such other hazards as Beneficiary may from time to time require, with the amount of the insurance equal to the balance of the Obligations or the full replacement value of the improvements on the Premises, whichever is less. All insurance policies and renewals thereof maintained by Trustor shall be written by an insurance carrier satisfactory to Beneficiary, contain a mortgage clause providing loss payable to the parties as their respective interests may appear, contain an agreement of the insurer that it will not amend, modify or cancel the policy except after thirty (30) days prior written notice to Beneficiary, and be reasonably satisfactory to Beneficiary in all other respects. Trustor, upon the written request of Beneficiary, shall deliver to Beneficiary the original policy(ies) evidencing the insurance required under this Deed of Trust. At least ten (10) days prior to the expiration date of a required policy, Trustor shall deliver to Beneficiary proof of a renewal policy(ies) satisfactory to Beneficiary. Trustor hereby assigns all insurance proceeds to Beneficiary and in case of loss under any policy, Beneficiary is authorized to adjust, collect and compromise all claims thereunder and Beneficiary, in its sole discretion, shall have the option of applying all or part of the insurance proceeds, (i) to the Obligations, (ii) to be used for the repair or restoration of the Premises, or (iii) for any other purpose or object appropriate under this Deed of Trust without affecting the lien hereof for 2