|
200011176
<br />fees incurred in connection with collection of such amounts, and (b) the balance against the
<br />Indebtedness; provided, however, that if (i) no Event of Default shall have occurred and be
<br />continuing hereunder, (ii) Borrower provides evidence satisfactory to Lender of its ability to pay
<br />all amounts becoming due under the Note during the pendency of any restoration or repairs to or
<br />replacement of the Property, (iii) Lender determines, in its sole discretion, that the proceeds of
<br />such award are sufficient to restore, repair, replace and rebuild the Property as nearly as possible
<br />to its value, condition and character immediately prior to such taking (or, if the proceeds of such
<br />award are insufficient for such purpose, if Borrower provides additional sums to Lender's
<br />satisfaction so that the aggregate of such sums and the proceeds of such award will be sufficient
<br />for such purpose), and (iv) Borrower provides evidence satisfactory to Lender that none of the
<br />tenants of the Property will terminate its Lease as a result of either the condemnation or taking or
<br />the repairs to or replacement of the Property, the proceeds of such award, together with
<br />additional sums provided by Borrower, shall be placed in a separate account for the benefit of
<br />Lender and Borrower to be used to restore, repair, replace and rebuild the Property as nearly as
<br />possible to its value, condition and character immediately prior to such taking. All work to be
<br />performed in connection therewith shall be pursuant to a written contract therefor, which contract
<br />shall be subject to the prior approval of Lender, which approval shall not be unreasonably
<br />withheld. To the extent that any funds remain after the Property has been so restored and
<br />repaired, the same shall be applied against the Indebtedness in such order as Lender may elect.
<br />To enforce its rights hereunder, Lender shall be entitled to participate in and, if an Event of
<br />Default shall have occurred and be continuing, control any condemnation proceedings and to be
<br />represented therein by counsel of its own choice, and Borrower will deliver, or cause to be
<br />delivered to Lender such instruments as may be requested by it from time to time to permit such
<br />participation. In the event Lender, as a result of any such judgment, decree or award, has reason
<br />to believe that the payment or performance of any of the Indebtedness is impaired, Lender may
<br />declare all of the Indebtedness immediately due and payable.
<br />12. BORROWER AND LIEN NOT RELEASED. From time to time, Lender
<br />may, at Lender's option, without giving notice to or obtaining the consent of Borrower,
<br />Borrower's successors or assigns or of any junior lienholder or guarantors, without liability on
<br />Lender's part and notwithstanding he occurrence of an Event of Default, extend the time for
<br />payment of the Indebtedness or any part thereof, reduce the payments thereon, release anyone
<br />liable on any of the Indebtedness, accept an extension or modification or renewal note or notes
<br />therefor, modify the terms and time of payment of the Indebtedness, release from the lien of this
<br />Instrument any part of the Property, take or release other or additional security, reconvey any
<br />part of the Property, consent to any map or plan of the Property, consent to the granting of any
<br />easement, join in any extension or subordination agreement, and agree in writing with Borrower
<br />to modify the rate of interest or period of amortization of the Note or change the amount of the
<br />monthly installments payable thereunder. Any actions taken by Lender pursuant to the terms of
<br />this Section 12 shall not affect the obligation of Borrower or Borrower's successors or assigns to
<br />pay the sums secured by this Instrument and to observe the covenants of Borrower contained
<br />herein, shall not affect the guaranty of any person, corporation, partnership or other entity for
<br />payment of the Indebtedness, and shall not affect the lien or priority of the lien hereof on the
<br />Property. Borrower shall pay Lender a reasonable service charge, together with such title
<br />insurance premiums and attorneys' fees as may be incurred at Lender's option, for any such
<br />action if taken at Borrower's request.
<br />10
<br />01- 288814.04
<br />Grand Island, NE
<br />
|