|
2025072_88
<br />(a) Lender may, at its option: (i) in its own name appear in or prosecute any action or proceeding to
<br />enforce any cause of action based on warranty, or for damage, injury or loss to all or part of the Property, and Lender
<br />may make any compromise or settlement of the action or proceeding; (ii) participate in any action or proceeding relating
<br />to any Award; and (iii) join Grantor in adjusting any Insurance Claim.
<br />(b) All Insurance Proceeds and Awards which Grantor may receive or be entitled to must be paid to
<br />Lender. Lender may apply those proceeds first toward reimbursement of all of Lender's Costs and Expenses, incurred
<br />in connection with such recovery. The balance shall, at Lender's option, be applied to pay or prepay some or all of the
<br />Secured Obligations in such order as determined by Lender, in Lender's sole discretion. GRANTOR HEREBY
<br />SPECIFICALLY, UNCONDITIONALLY AND IRREVOCABLY WAIVES ALL RIGHTS OF A PROPERTY
<br />OWNER GRANTED UNDER APPLICABLE LAW PROVIDING FOR ALLOCATION OF AWARDS BETWEEN
<br />A PROPERTY OWNER AND A LIENHOLDER.
<br />(c) In the event of a total taking, destruction, or Toss in value of the Property, the Insurance Proceeds or
<br />Awards received as a result thereof shall be applied to the Loan, whether or not then due, with the remainder of the
<br />Loan and all other Secured Obligations becoming due and payable upon demand by Lender.
<br />(d) If the Property is damaged, and, in Lender's sole judgement, the restoration or repair of the Property
<br />is economically feasible and will not result in a lessening of Lender's relative security for the Secured Obligations,
<br />Grantor may request that Lender permit all Insurance Proceeds and Awards received by Lender on the basis of such
<br />damage ("Restoration Funds") to be applied to the cost of restoration or repair of the Property. Lender shall have the
<br />right to hold the Restoration Funds until Lender has had a reasonable opportunity to inspect such Property to ensure
<br />the restoration and repair work (the "Work") has been completed to Lender's satisfaction. Lender may make the
<br />Restoration Funds (or so much thereof required to complete the Work) available to Grantor in a single disbursement or
<br />in a series of progress payments as the Work is completed. If the projected cost of the Work is greater than the
<br />Restoration Funds available, Grantor must demonstrate to Lender's satisfaction that Grantor is able to pay the excess
<br />amount, and, at Lender's option, deposit a sum equal to the excess amount with Lender for payment of the Work prior
<br />to any Restoration Funds being made available to Grantor.
<br />17. Protection of Lender's Interest in the Property and Rights Under this instrument. If (a)
<br />Grantor fails to perform the covenants and agreements contained in this instrument, (b) there is a legal proceeding
<br />that might significantly affect Lender's interest in the Property and/or rights under this instrument (such as a
<br />proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority
<br />over this instrument or to enforce laws or regulations), or (c) Grantor has abandoned the Property, then Lender may
<br />do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this
<br />instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property.
<br />Lender's actions can include, but are not limited to: (i) paying any sums secured by a lien which has priority over this
<br />instrument; (ii) appearing in court; (iii) paying reasonable attorneys' fees to protect its interest in the Property and/or
<br />rights under this instrument, including its secured position in a bankruptcy proceeding, (iv) performing any farming
<br />operations related to the planting, growing, maintenance, and harvesting of crops located on the Property, and (v)
<br />performing any ranching operations related to any animals located on the Property. Securing the Property includes,
<br />but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows,
<br />drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned
<br />on or off. Although Lender may take action under this section, Lender does not have to do so and is not under any
<br />duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under
<br />this section. Lender may perform these or any other actions it deems necessary in Lender's sole discretion to preserve
<br />the value of the Property, and/or assign to others the right to do same on behalf of Lender. Lender may make advances
<br />under this instrument or other instrument providing security for the Note, to protect Lender's interest in this instrument
<br />or other instrument providing security for the Note from loss of value or damage. Any money so advanced (including
<br />associated Costs and Expenses) plus interest at the Default Rate indicated in the Note shall become an obligation due
<br />and owing under the terms of the Note immediately upon the date advanced by Lender and is an obligation of the
<br />Grantor secured by this instrument or other instrument providing security for the Note.
<br />Nebraska - Deed of Trust
<br />PAW Loan No. 40011414
<br />Originator Loan No. 40011414
<br />9 ©Federal Agricultural Mortgage Corporation
<br />251418521221 [Doc Id 2101 M 12092025 1
<br />
|