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06-�5-1999 DEED OF TRUST �" ` �g: �(���39 Page 3
<br /> I,oar� No 764177 (Continued)
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<br /> � becomes liable for cleanup or other costs under any such laws, and (b)agrees to indemnify and hold harmless Lender against any and all
<br /> claims and losses resulting from a breach of this paragraph of the Deed of Trust. This obligation to indemnify shall survive the payment of the
<br /> Indebtedness and the satisfaction of this Deed of Trust.
<br /> Nuisance,Waste. Trustor shall not cause,conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the �
<br /> Property or any portion of the Property. Without limiting the generality of the foregoing,Trustor will not remove, or grant to any other party the
<br /> right to remove,any timber,minerals(including oil and gas),soil,gravel or rock products without the prior written consent of Lender.
<br /> DUE ON SALE—CONSENT BY LENDER. Lender may,at its option, declare immediately due and payable all sums secured by this Deed of Trust
<br /> upon the sale or transfer, without the Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A
<br /> "sale or transfer"means the conveyance of Real Property or any right,title or interest therein;whether legal,beneficial or equitable;whether voluntary
<br /> or involuntary; whether by outright sale, deed, installment sale contract, land contract,contract for deed, leasehold interest with a term greater than
<br /> three (3) years, lease—option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real
<br /> Property, or by any other method of conveyance of Real Property interest. If any Trustor is a corporation, partnership or limited liability company,
<br /> transfer also includes any change in ownership of more than twenty—five percent (25%) of the voting stock, partnership interests or limited liability
<br /> company interests, as the case may be, of Trustor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal
<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 Property, 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. Th2 foll�wing provisions relating to insuring the Property are a part of this Deed of Trust.
<br /> Maintena�ce 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 otherwise required 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 shall 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 /> DCPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, 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 doing 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 /> deliver this Deed of Trust to Lender.
<br /> Defense of Title. Subject to the exception in the paragraph above,Trustor warrants and will forever defend the title to the Property against the
<br /> lawful claims of ali persons.
<br /> DEFAULT. Each of the following,at the option of Lender,shall constitute an event of default("Event of DefaulY')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.
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