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200011176
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Last modified
10/13/2011 11:00:59 PM
Creation date
10/20/2005 10:48:03 PM
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DEEDS
Inst Number
200011176
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200011176 <br />29. USE OF PROPERTY. The Property is not currently used for agricultural, <br />farming, timber or grazing purposes. Borrower warrants that this Instrument is and will at all <br />times constitute a commercial trust deed, as defined under appropriate state law. <br />30. FUTURE ADVANCES. Upon request of Borrower, Lender, at Lender's <br />option so long as this Instrument secures Indebtedness held by Lender, may make Future <br />Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this <br />Instrument when evidenced by promissory notes stating that said notes are secured hereby. <br />31. IMPOSITION OF TAX BY STATE. <br />31.1 State Taxes Covered. The following constitute state taxes to which this Section <br />applies: <br />(a) A specific tax upon trust deeds or upon all or any part of the indebtedness <br />secured by a trust deed. <br />(b) A specific tax on a grantor which the taxpayer is authorized or required to <br />deduct from payments on the indebtedness secured by a trust deed. <br />(c) A tax on a trust deed chargeable against the beneficiary or the holder of <br />the note secured. <br />(d) A specific tax on all or any portion of the indebtedness or on payments of <br />principal and interest made by a grantor. <br />31.2 Remedies. If any state tax to which this Section applies is enacted subsequent to <br />the date of this Instrument, this shall have the same effect as an Event of Default, and Lender <br />may exercise any or all of the remedies available to it unless the following conditions are met: <br />(a) Borrower may lawfully pay the tax or charge imposed by state tax; and <br />(b) Borrower pays the tax or charge within thirty (30) days after notice from <br />Lender that the tax has been levied. <br />32. ATTORNEYS' FEES. In the event suit or action is instituted to enforce <br />or interpret any of the terms of this Instrument (including without limitation efforts to modify or <br />vacate any automatic stay or injunction), the prevailing party shall be entitled to recover all <br />expenses reasonably incurred at, before and after trial and on appeal whether or not taxable as <br />costs, or in any bankruptcy proceeding including, without limitation, attorneys' fees, witness fees <br />(expert and otherwise), deposition costs, copying charges and other expenses. Whether or not <br />any court action is involved, all reasonable expenses, including but not limited to the costs of <br />searching records, obtaining title reports, surveyor reports, title insurance, trustee fees, and other <br />attorney fees, incurred by Lender that are necessary at any time in Lender's opinion for the <br />protection of its interest or enforcement of its rights shall become a part of the Indebtedness <br />payable on demand and shall bear interest from the date of expenditure until repaid at the interest <br />rate as provided in the Note. The term "attorneys' fees" as used in the Loan Documents shall be <br />deemed to mean such fees as are reasonable and are actually incurred. <br />25 <br />01- 288814.04 <br />Grand Island, NE <br />
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