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06-08-1999 •.., �,. DEED OF TRUST gg Page 3
<br /> LQ,ars No 764124 � . ,�..:,�.�+ � (Continued) �.�5922
<br /> law or by Nebraska law.
<br /> TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are a part of this Deed of Trust.
<br /> Payment. Trustor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (including water
<br /> and sewer), fines and impositions levied against or on account of the Properfy, and shall pay when due all claims for work done on or for
<br /> services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the
<br /> interest of Lender under this Deed of Trust,except for the lien of taxes and assessments not due and except as otherwise provided in this Deed
<br /> of Trust.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br /> Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
<br /> replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
<br /> coinsurance clause,and with a standard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive general
<br /> liability insurance in such coverage amounts as Lender may request with trustee and Lender being named as additional insureds in such liability
<br /> insurance policies. Additionally, Trustor shall maintain such other insurance, including but not limited to hazard, business interruption, and
<br /> boiler insurance,as Lender may reasonably require. Policies shall be written in form,amounts,coverages and basis reasonably acceptable to
<br /> Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender,will deliver to Lender from
<br /> time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or
<br /> diminished without at least ten (10)days'prior written notice to Lender. Each insurance policy also shall include an endorsement providing that
<br /> coverage in favor of Lender will not be impaired in any way by any act, omission or default of Trustor or any other person. The Real Property is
<br /> located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area. Trustor agrees to
<br /> obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum policy limits set under the
<br /> National Flood Insurance Program,or as othen,viSe reGuired by Lender,and to maintain such insurance for the term of the loan.
<br /> TAX AND INSURANCE RESERVES. Subject to any limitations set by applicable law,Lender may require Trustor to maintain with Lender reserves
<br /> for payment of annual taxes,assessments,and insurance premiums,which reserves shall be created by advance payment or monthly payments of a
<br /> sum estimated by Lender to be sufficient to produce amounts at least equal to the taxes, assessments, and insurance premiums to be paid. The
<br /> reserve funds shall be held by Lender as a general deposit from Trustor, which Lender may satisfy by payment of the taxes, assessments, and
<br /> insurance premiums required to be paid by Trustor as they become due. Lender shall have the right to draw upon the reserve funds to pay such
<br /> items, and Lender shall not be required to determine the validity or accuracy of any item before paying it. Nothing in the Deed of Trust shali be
<br /> construed as requiring Lender to advance other monies for such purposes,and Lender shall not incur any liability for anything it may do or omit to
<br /> do with respect to the reserve account. Subject to any limitations set by applicable law,if the reserve funds disclose a shortage or deficiency,Trustor
<br /> shall pay such shortage or deficiency as required by Lender. All amounts in the reserve account are hereby pledged to further secure the
<br /> Indebtedness, and Lender is hereby authorized to withdraw and apply such amounts on the Indebtedness upon the occurrence of an Event of
<br /> Default. Lender shall not be required to pay any interest or earnings on the reserve funds unless required by law or agreed to by Lender in writing.
<br /> Lender does not hold the reserve funds in trust for Trustor,and Lender is not Trustor's agent for payment of the taxes and assessments required to
<br /> be paid by Trustor.
<br /> E�(PENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trusf, or if any action or proceeding is commenced that
<br /> would materially affect Lender's interests in the Property, Lender on Trustor's behalf may, but shall not be required to,take any action that Lender
<br /> deems appropriate. Any amount that Lender expends in so dang will bear interest at the rate provided for in the Note from the date incurred or paid
<br /> by Lender to the date of repayment by Trustor. All such expenses,at Lender's option,will (a)be payable on demand, (b)be added to the balance
<br /> of the Note and be apportioned among and be payable with any installment payments to become due during either (i)the term of any applicable
<br /> insurance policy or (ii)the remaining term of the Note,or (c)be treated as a balloon payment which will be due and payable at the Note's maturity.
<br /> This Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other rights or any
<br /> remedies to which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the default so as to
<br /> bar Lender from any remedy that it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust.
<br /> Title. Trustor warrants that: (a)Trustor holds good and marketable title of record to the Property in fee simple,free and clear of all liens and
<br /> encumbrances other than those set forth in the Real Property description or in any title insurance policy,title report,or final title opinion issued in
<br /> favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the full right,power,and authority to execute and
<br /> deiiver this Deed of Trust to Lender.
<br /> Defense of Title. Subject to the exception in the paragraph above,Trustor warrant�and will forever defend the title to the Property against th2
<br /> lawful claims of all persons.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of Default")under this Deed of Trust:
<br /> Default on Indebtedness. Failure of Trustor to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Trustor within the time required by this Deed of Trust to make any payment for taxes or insurance, or
<br /> any other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> CompOance Default. Failure of Trustor to compiy with any other term, obligation, covenant or condition contained in this Deed of Trust, the
<br /> Note or in any of the Related Documents.
<br /> Defective Collateralization. This Deed of Trust or any of the Related Documents ceases to be in full force and effect(including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Trustor or the dissolution or termination of Trustor's existence as a going business, the insolvency of
<br /> Trustor,the appointment ot a receiver for any part af Trustor's property,any assignment for the benefit of creditors,any type of creditor workout,
<br /> or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br /> Events Affecting Guarantor. Any bf the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> dies or becomes incompetent,or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness.
<br /> Events Affecting Co-Borrowers. Any of the preceding events occurs with respect to any co-borrower of any of the Indebtedness or any
<br /> co-borrower dies or becomes incompetent,or revokes or disputes the validity of,or liability under,any of the indebtedness.
<br /> Adverse Change. A material adverse change occurs in Trustor's financial condition, or Lender believes the prospect of payment or
<br /> performance of the Indebtedness is impaired.
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