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202500424
<br />DEED OF TRUST
<br />(Continued) Page 7
<br />note.
<br />Jurisdiction. If litigation is required in state court, Borrower agrees to submit to the jurisdiction of the courts of
<br />Yankton County, State of South Dakota and venue, at Lender's discretion shall be proper there. If litigation is required
<br />in federal court, Borrower agreed to submit to the jurisdiction of the federal court in Sioux Falls, South Dakota. All
<br />parties to this Mortgage, Deed of Trust, or Security Agreement hereby waive the right to any jury trial in any action,
<br />proceeding, or counterclaim brought by any party against any other party. .
<br />LOAN PROVISIONS. Hazard Insurance. Borrower must maintain and provide evidence of hazard insurance coverage on
<br />all insurable assets given value by the Appraiser in the Appraisal that supports the Loan for the life of the loan. The
<br />amount of coverage will be at least equal to the appraised (contributory) value of the asset, but does not need to
<br />exceed the loan amount. The deductible for hazard insurance may not exceed $10,000 or two (2) percent of the
<br />applicable amount of coverage (whichever is less). Failure to maintain the required insurance coverage constitutes an
<br />event of default under the Mortgage.
<br />Dissemination of Information. If the Lender determines at any time to sell, transfer or assign the Note, this Security
<br />Instrument and any other security instruments, and any or all servicing rights with respect thereto, or to grant
<br />participations therein ("Participations") or issue, in a public offering or private placement, mortgage passthrough
<br />certificates or other securities evidencing a beneficial interest in the loan ("Securities"), Lender may forward to each
<br />purchaser, transferee, assignee, servicer, participant, investor, or their respective successors in such Participations
<br />and/or Securities ("collectively, the "investor"), any rating agency rating such Securities and each prospective Investor,
<br />all documents and information which Lender now has or may hereafter acquire relating to the Indebtedness and to the
<br />Borrower, any Guarantor, any Indemnitors and the Mortgaged Property, which shall have been furnished by Borrower,
<br />any Guarantor or any Indemnitors, as Lender determines necessary or desirable.
<br />Annual Financial Statements. Borrower shall from time to time provide such information regarding the business,
<br />operation and/or financial condition of Borrower as Lender may reasonably request. Notwithstanding the foregoing,
<br />Borrower shall furnish to Lender, by May 1, and each May 1 thereafter for the Borrower and all entities in which
<br />Borrower has an ownership interest, financial statements consisting of a written signed balance sheet as of the close of
<br />the most recent fiscal year-end and a written statement of profit and Toss for the same period and copies of the most
<br />recent year-end tax returns.
<br />The failure of Borrower to provide annual financial statements or other requested reports within a reasonable time may
<br />be declared to be a default of this note by the Lender and Lender may exercise all remedies under the provision in this
<br />note captioned "Default" or as provided elsewhere in this document.
<br />NOTICE TO GRANTOR/TRUSTOR. THE NOTE CONTAINS A VARIABLE INTEREST RATE.
<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. With respect to procedural matters related to the perfection and enforcement of Lender's rights
<br />against the Property, 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. In all other respects, this Deed of Trust will be
<br />governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the
<br />State of South Dakota without regard to its conflicts of law provisions. However, if there ever is a question about
<br />whether any provision of this Deed of Trust is valid or enforceable, the provision that is questioned will be
<br />governed by whichever state or federal law would find the provision to be valid and enforceable. The loan
<br />transaction that is evidenced by the Note and this Deed of Trust has been applied for, considered, approved and
<br />made, and all necessary loan documents have been accepted by Lender in the State of South Dakota.
<br />Joint and Several Liability. All obligations of Borrower and Trustor under this Deed of Trust shall be joint and
<br />several, and all references to Trustor shall mean each and every Trustor, and all references to Borrower shall mean
<br />each and every Borrower. This means that each Trustor signing below is responsible for all obligations in this Deed
<br />of Trust.
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Deed of Trust unless such
<br />waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right
<br />shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Deed of Trust
<br />shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that
<br />provision or any other provision of this Deed of Trust. No prior waiver by Lender, nor any course of dealing
<br />between Lender and Trustor, shall constitute a waiver of any of Lender's rights or of any of Trustor's obligations
<br />as to any future transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting
<br />of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where
<br />such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or
<br />unenforceable as to any person or circumstance, that finding shall not make the offending provision illegal, invalid,
<br />or unenforceable as to any other person or circumstance. If feasible, the offending provision shall be considered
<br />modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall
<br />be considered deleted from this Deed of Trust. Unless otherwise required by law, the illegality, invalidity, or
<br />unenforceability of any provision of this Deed of Trust shall not affect the legality, validity or enforceability of any
<br />other provision of this Deed of Trust.
<br />Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest,
<br />this Deed of Trust shall be binding upon and inure to the benefit of the parties, their successors and assigns. If
<br />ownership of the Property becomes vested in a person other than Trustor, Lender, without notice to Trustor, may
<br />deal with Trustor's successors with reference to this Deed of Trust and the Indebtedness by way of forbearance or
<br />extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Deed of Trust.
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