|
202404866
<br />2. REAL ESTATE TAXES/INSURANCE. Trustors shall pay the annual real
<br />estate taxes to the Hall County Treasurer before the taxes become delinquent and shall furnish
<br />tax receipts to Beneficiary on or before May 1st and September 1st each year. Furthermore,
<br />Trustors shall secure adequate property/casualty insurance coverage securing the property in an
<br />adequate amount to cover the outstanding balance of the Note referenced herein. Trustors shall
<br />provide Beneficiary with an annual declaration of insurance coverage naming the Beneficiary
<br />primary loss payee. In the event that either real estate taxes or insurance coverage are not paid
<br />by the Trustor, Beneficiary shall pay said costs at their sole discretion and the costs thereof shall be
<br />reimbursed in full by the Trustors.
<br />3. ACTIONS AFFECTING TRUST ESTATE. Trustors shall appear in and
<br />contest any action or proceeding purporting to affect the security hereof or the rights or powers
<br />of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of evidence of title
<br />and attorney's fees, in any such action or proceeding in which Beneficiary or Trustee may
<br />appear. Should Trustors fail to make any payment or to do any act as and in the manner
<br />provided in any of the Loan Instruments, Beneficiary and or Trustee, each in its own discretion,
<br />without obligation, may make or do the same in such manner and to such extent as either may
<br />deem necessary to protect the security hereof. Trustors shall, immediately upon demand
<br />therefore by Beneficiary, pay all costs and expenses incurred by Beneficiary in connection with
<br />the exercise by Beneficiary of the foregoing rights, including, without limitation, costs of
<br />evidence of title, court costs, appraisals, surveys and attorney's fees. Any such costs and
<br />expenses not paid within ten (10) days of written demand shall draw interest at the default rate
<br />provided in the Note.
<br />4. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest
<br />therein, be taken or damaged by reason of any public improvement or condemnation proceeding,
<br />or in any other manner including deed in lieu of Condemnation ("Condemnation"), or should
<br />Trustors receive any notice or other information regarding such proceeding, Trustors shall give
<br />prompt written notice thereof to Beneficiary. Beneficiary shall be entitled to all compensation
<br />and condemnation awards and other payments or relief therefore, and shall be entitled to make
<br />any compromise or settlement in connection with such taking or damage. All such
<br />compensation and condemnation, awards, damages, rights of action and proceeds awarded to
<br />Trustors (the "Proceeds") are hereby assigned to Beneficiary; and Trustors agree to execute such
<br />further assignments of the Proceeds as Beneficiary or Trustee may require.
<br />5. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from
<br />time to time, by a written instrument executed and acknowledged by Beneficiary, mailed to
<br />Trustors and recorded in the County in which the Trust Estate is located and by otherwise
<br />complying withthe provisions of the applicable law of the State of Nebraska, substitute a
<br />successor or successorsto the Trustee named herein or acting hereunder.
<br />6. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal representatives,
<br />successors and assigns. The term "Beneficiary" shall mean the owner and holder of the Note,
<br />whether or not named as Beneficiary herein.
<br />7. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are
<br />authorized to enter at any reasonable time upon or in any part of the Trust Estate for the purpose
<br />of inspecting the same and for the purpose of performing any of the acts it is authorized to
<br />perform under the terms of any of the Loan Instruments.
<br />8. EVENTS OF DEFAULT. Any of the following events shall be deemed an
<br />event of default hereunder:
<br />(a) Trustors shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach or default under any term, covenant,
<br />agreement, condition, provision, representation, or warranty contained in any of
<br />the Loan Instruments.
<br />Page 2 of 5
<br />
|