|
202400572
<br />DEED OF TRUST
<br />(Continued) Page 6
<br />Trustor also will pay any court costs, in addition to all other sums provided by law.
<br />Rights of Trustee. Trustee shall have all of the rights and duties of Lender as set forth in this section.
<br />POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee
<br />are part of this Deed of Trust:
<br />Powers of Trustee. In addition to all powers of Trustee arising as a matter of law, Trustee shall have the power to
<br />take the following actions with respect to the Property upon the written request of Lender and Trustor: (a) join in
<br />preparing and filing a map or plat of the Real Property, including the dedication of streets or other rights to the
<br />public; (b) join in granting any easement or creating any restriction on the Real Property; and (c) join in any
<br />subordination or other agreement affecting this Deed of Trust or the interest of Lender under this Deed of Trust.
<br />Trustee. Trustee shall meet all qualifications required for Trustee under applicable law. In addition to the rights
<br />and remedies set forth above, with respect to all or any part of the Property, the Trustee shall have the right to
<br />foreclose by notice and sale, and Lender shall have the right to foreclose by judicial foreclosure, in either case in
<br />accordance with and to the full extent provided by applicable law.
<br />Successor Trustee. Lender, at Lender's option, may from time to time appoint a successor Trustee to any Trustee
<br />appointed under this Deed of Trust by an instrument executed and acknowledged by Lender and recorded in the
<br />office of the recorder of Hall County, State of Nebraska. The instrument shall contain, in addition to all other
<br />matters required by state law, the names of the original Lender, Trustee, and Trustor, the book and page (or
<br />computer system reference) where this Deed of Trust is recorded, and the name and address of the successor
<br />trustee, and the instrument shall be executed and acknowledged by all the beneficiaries under this Deed of Trust or
<br />their successors in interest. The successor trustee, without conveyance of the Property, shall succeed to all the
<br />title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable law. This procedure for
<br />substitution of Trustee shall govern to the exclusion of all other provisions for substitution.
<br />NOTICES. Any notice required to be given under this Deed of Trust, including without limitation any notice of default
<br />and any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received
<br />by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if
<br />mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to
<br />the addresses shown near the beginning of this Deed of Trust. All copies of notices of foreclosure from the holder of
<br />any lien which has priority over this Deed of Trust shall be sent to Lender's address, as shown near the beginning of
<br />this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal written
<br />notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice
<br />purposes, Trustor agrees to keep Lender informed at all times of Trustor's current address. Unless otherwise provided
<br />or required by law, if there is more than one Trustor, any notice given by Lender to any Trustor is deemed to be notice
<br />given to all Trustors.
<br />ADDITIONAL PROVISIONS. SouthState Bank, N.A. d/b/a ARC Fixed Rate Provider (including its successors and assigns)
<br />("Fixed Rate Provider"), is an additional secured party under this Deed of Trust. Any of the terms Mortgagee,
<br />Beneficiary, Secured Party or other term intended to reference the entity benefiting from the security interest or lien
<br />created hereunder to secure Borrower's/Grantor's obligations is deemed to include Fixed Rate Provider. Any of the
<br />terms Obligations, Secured Obligations, Debt, Secured Debt or other terms intended to reference Borrower's/Grantor's
<br />obligations secured hereunder is deemed to include obligations owed by Borrower/Grantor to Fixed Rate Provider under
<br />the Rate Conversion Agreement between Fixed Rate Provider and Borrower/Grantor, dated on or about the date hereof
<br />(such agreement, as the same may be amended or modified, the "Rate Conversion Agreement").
<br />Bank and Fixed Rate Provider have previously entered into a Master Servicing Agreement specifying, among other
<br />things, circumstances under which Fixed Rate Provider may take over Bank's rights under the Loan, Loan Agreement or
<br />Note and with respect to collateral for Borrower's/Grantor's obligations thereunder and under the Rate Conversion
<br />Agreement. Until Borrower's/Grantor's receipt of written notice from Fixed Rate Provider, Bank will be entitled to
<br />exercise all rights of Bank and Fixed Rate Provider hereunder and all rights of Bank under the Loan, Loan Agreement or
<br />Note. Upon and after written notice from Fixed Rate Provider to Borrower/Grantor that Fixed Rate Provider is entitled to
<br />act with respect to the Loan, Loan Agreement or Note and the property pledged hereunder, (i) Fixed Rate Provider will
<br />be entitled to exercise all rights of Bank and Fixed Rate Provider hereunder and all rights of Bank under the Loan, Loan
<br />Agreement or Note and (ii) Borrower/Grantor will comply with instructions, notices and other communications solely
<br />from Fixed Rate Provider with respect to rights of Bank and Fixed Rate Provider hereunder and rights of Bank under the
<br />Loan, Loan Agreement or Note. The relative rights and priorities as between Fixed Rate Provider and Bank with respect
<br />to the rights referred to in this paragraph will be governed by the Master Servicing Agreement.
<br />As additional security for Borrower's/Grantor's obligations to Bank secured hereunder, Borrower/Grantor pledges to
<br />Bank and grants Bank a first priority lien and security interest in any Early Unwind Amount (as defined in the Rate
<br />Conversion Agreement) owed to Borrower/Grantor under the Rate Conversion Agreement. In the event of a default by
<br />Borrower/Grantor under the Loan, Loan Agreement or Note, Borrower/Grantor assigns to Bank payment of any such
<br />Early Unwind Amount. Upon written notice from Bank to Fixed Rate Provider that a default has occurred under the
<br />Loan, Loan Agreement or Note, Fixed Rate Provider will be authorized to pay such Early Unwind Amount to Bank
<br />without liability to Borrower/Grantor. Any dispute on Borrower's/Grantor's part regarding the appropriateness of Bank's
<br />notice of default or Fixed Rate Provider's payment of the Early Unwind Amount to Bank will be addressed by
<br />Borrower/Grantor to Bank, and Borrower/Grantor will not seek legal or other recourse or remedy from or with respect to
<br />Fixed Rate Provider.
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br />Amendments. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and
<br />agreement of the parties as to the matters set forth in this Deed of Trust. No alteration of or amendment to this
<br />Deed of Trust shall be effective unless given in writing and signed by the party or parties sought to be charged or
<br />bound by the alteration or amendment.
<br />Annual Reports. If the Property is used for purposes other than Trustor's residence, Trustor shall furnish to
<br />Lender, upon request, a certified statement of net operating income received from the Property during Trustor's
<br />previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all cash
<br />receipts from the Property less all cash expenditures made in connection with the operation of the Property.
<br />Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be
<br />used to interpret or define the provisions of this Deed of Trust.
<br />Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or
<br />estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent
<br />of Lender.
<br />Governing Law. This Deed of Trust will be governed by federal law applicable to Lender and, to the extent not
<br />preempted by federal law, the laws of the State of Nebraska without regard to its conflicts of law provisions. This
<br />Deed of Trust has been accepted by Lender in the State of Nebraska.
<br />Choice of Venue. If there is a lawsuit, Trustor agrees upon Lender's request to submit to the jurisdiction of the
<br />courts of Hall County, State of Nebraska.
<br />
|