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200011176
<br />deposit was required to augment a shortfall in proceeds, and thereafter shall be applied to the
<br />Indebtedness in such order as Lender may elect.
<br />In the event that insurance proceeds shall be made available for the repair, replacement,
<br />and/or reconstruction of the Property, Lender may require that such proceeds be disbursed
<br />through an escrow with a title insurance company acceptable to Lender, against Borrower's
<br />furnishing to Lender such construction contracts, plans, building permits, lien waivers,
<br />contractor's affidavits, endorsements to Lender's policy of title insurance, builder's risk
<br />insurance, and other documents, instruments, and information as Lender may reasonably require
<br />in accordance with standard construction- lending practices.
<br />Borrower waives any and all right to claim or recover against Lender or its officers,
<br />employees, agents and representatives, for loss of or damage to Borrower, the Property,
<br />Borrower's property or the property of others under Borrower's control from any cause insured
<br />against or required to be insured against under this Section 5.
<br />6. PRESERVATION AND MAINTENANCE OF PROPERTY;
<br />LEASEHOLDS. Borrower (a) shall not commit waste or permit impairment or deterioration of
<br />the Property, (b) shall not abandon the Property, (c) shall restore or repair promptly and in a
<br />good and workmanlike manner all or any part of the Property to the equivalent of its original
<br />condition, or such other condition as Lender may approve in writing, in the event of any damage,
<br />injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part
<br />the costs of such restoration or repair, (d) shall keep the Property, including all Improvements
<br />thereon, in good repair and shall replace fixtures, equipment, machinery and appliances on the
<br />Property when necessary to keep such items in good repair, (e) shall comply with all laws,
<br />ordinances, regulations and requirements of any governmental body applicable to the Property,
<br />(f) if all or part of the Property is for rent or lease, then Lender, at its option after the occurrence
<br />of an Event of Default, may require Borrower to provide for professional management of the
<br />Property by a property manager satisfactory to Lender pursuant to a contract approved by Lender
<br />in writing, unless such requirement shall be waived by Lender in writing, and (g) shall give
<br />notice in writing to Lender of and, unless otherwise directed in writing by Lender, appear in and
<br />defend any action or proceeding purporting to affect the Property, the security of this Instrument
<br />or the rights or powers of Lender hereunder. Neither Borrower nor any tenant or other person,
<br />without the written approval of Lender, shall remove, demolish or alter any Improvement now
<br />existing or hereafter erected on the Premises or any Property, except when incident to the
<br />replacement of fixtures, equipment, machinery and appliances with items of like kind.
<br />Borrower represents, warrants and covenants that the Property is and shall be in
<br />substantial compliance with the Americans with Disabilities Act of 1990 and all of the
<br />regulations promulgated thereunder, as the same may be amended from time to time.
<br />7. USE OF PROPERTY. Unless required by applicable law or unless
<br />Lender has otherwise agreed in writing, Borrower shall not allow changes in the use for which
<br />all or any part of the Property was intended at the time this Instrument was executed. Borrower
<br />shall not, without Lender's prior written consent, (i) initiate or acquiesce in a change in the
<br />zoning classification (including any variance under any existing zoning ordinance applicable to
<br />the Property), (ii) permit the use of the Property to become a non - conforming use under
<br />01- 288814.04
<br />Grand Island, NE
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