|
. �
<br /> �� � 0 � �� 6
<br /> 4. Insurance.
<br /> 4.1 Trustor shall keep the security insured against loss by fire, lightning, tornado, windstorm, hail,
<br /> explosion, riot, riot attending a strike, civil corrimotion, aircraft, vehicles, smoke and other hazards and perils
<br /> covered by standard extended coverage endorsement, in an amount equal to one hundred percent (100%) of the full
<br /> replacement value of the security without deduction for depreciation. Trustor shall keep other insurance normal
<br /> and customary for owners and operators of similar property. Further, Beneficiary may require fire and other
<br /> reasonable insurance to protect the security. All insurance shall be paid for by the Trustor, shall be in form and by
<br /> company approved by the Beneficiary, shall insure the Beneficiary, Trustee, and Trustor as their interests appear,
<br /> and shall provide that the insurance company shall notify the Beneficiary in writing at lease thirty (30) days before
<br /> any cancellation or termination becomes effective as to the Beneficiary.
<br /> 4.2. Trustor shall provide the Beneficiary proof of the insurance required by this Agreement at least fifteen
<br /> (15) days before advancement of funds under the note. Trustor shall provide proof of renewal policies at least
<br /> fifteen (15) days before expiration of any policy. If the Trustor fails to provide insurance, the Beneficiary may
<br /> declare the loan and Deed of Trust in default. Beneficiary may purchase such insurance as necessary to protect the
<br /> security. The cost of the insurance so purchased with interest shall be deemed an advancement to protect the
<br /> security.
<br /> 5. T�es, Assessments and Char�e�
<br /> 5.1 Trustor shall pay all taxes, assessments, liens and other charges including utility charges which may
<br /> affect the security as they are due and before they are delinquent. Upon request, Trustor shall show Beneficiary
<br /> proof of payment. Trustor shall pay all ta�ces and assessments which may be levied upon Beneficiary's interest
<br /> herein or upon this Deed of Trust without regard to any law that may be enacted imposing payment of the whole or
<br /> any part therefore upon the Beneficiary.
<br /> 5.2 Trustor, at the option of Beneficiary, shall pay monthly to Beneficiary an amount equal to one-twelfth
<br /> (1/12th) of the estimated yearly real estate ta�ces for the premises. Such amount sha11 be held in escrow by
<br /> Beneficiary and may be used by the Beneficiary for the payment of such real estate t�es. Election by the
<br /> Beneficiary to require a payment to escrow for taxes shall not relieve the Trustor of liability under Paragraph 5.1
<br /> above.
<br /> 5.3 If Trustor fails to make the payments required herein, the Beneficiary may declare the loan and Deed of
<br /> Trust in default. Beneficiary may pay such amounts necessary to protect the security. The amount of such
<br /> payment with interest shall be deemed an advancement to protect the security.
<br /> 6. Condemnation. Condemnation under this Deed of Trust shall include any damage or taking by any
<br /> governmental authority and any transfer by private sale in lieu thereof. On condemnation, the Beneficiary may
<br /> declare the entire indebtedness secured by the Deed of Trust due and payable. The Trustor assigns all rights to
<br /> compensation or relief for condemnation to the Beneficiary, who may proceed for just compensation in the name of
<br /> the Trustor or Beneficiary. The proceeds recovered hereunder first apply to the expenses of such recovery
<br /> including attorney fees, then at the option of the Beneficiary to restoration of the security or payment of the
<br /> indebtedness secured by this Deed of Trust, then to the Trustor The Trustor agrees to make such further
<br /> assignments as necessary to give this provision effect.
<br /> 7. Additional Liens and Protection of Securitv and Subrogation
<br /> 7.1 Beneficiary in its sole discretion may make any payment, expend or advance any funds it deems
<br /> necessary to protect the security of this Deed of Trust. Such payment, expenditures or advancements with interest
<br /> shall become secured hereby.
<br /> 7.2 Beneficiary is subrogated to the claims and liens of all parties whose claims and liens are discharged or
<br /> paid with the proceeds of the indebtedness secured hereby. The Beneficiary is further subrogated to the Trustor for
<br /> all insurance proceeds, claims or damages to the security.
<br /> 7.3 It is the intention of the parties that this Deed of Trust shall not merge with any other interest now held
<br /> by the Beneficiary in the real estate described herein.
<br /> 8. Default. Remedies, Acceleration. Sale.
<br /> 8.1 If the Trustor does not: (1) make payment according to the terms of the note or any extensions,
<br /> modifications or renewals thereof; (2) make payment of any other indebtedness secured by the Deed of Trust; (3)
<br /> perform any of the covenants of the Deed of Trust; or (4) performance of any obligation of the Trustor(s) secured
<br /> by this Deed of Trust; or (5) if the Beneficiary has to expend sums to protect the security, then Trustor has
<br /> breached this agreement, is in default and the Beneficiary may declare default and may declare all sums secured
<br /> hereby immediately due and payable and such sums immediately become due and payable without presentment,
<br /> demand, protest or notice of any kind except as may be provided in the Deed of Trust Note. In addition or in the
<br /> alternative, Beneficiary may deliver to Trustee a written declaration of default and demand for sale. Trustor agrees
<br /> and hereby grants that the Trustee shall have the power of sale of the property and if the Beneficiary decides the
<br /> property is to be sold, Beneficiary shall deposit with Trustee this Deed of Trust and the note or notes and any other
<br /> document evidencing expenditures secured hereby, and sha11 deliver to Trustee a written notice of default and
<br /> election to cause the property to be sold, and Trustee, in turn, shall prepare a similar notice in the form required by
<br /> law, which shall be duly filed for record by the Trustee.
<br /> A. The Trustee shall proceed to sell the property complying with the Nebraska Trust Deeds Act in regard to
<br /> notice, time and manner of sale. The Trustee may sell the property in one or more parcels and in such order as the
<br /> Trustee may designate, at public auction to the highest bidder, purchase price payable in cash or as otherwise
<br /> suitable to the Trustee at the time of sale. The Trustee may postpone the sale from time to time. The Trustee shall
<br /> execute and deliver to the purchaser a Trustee's Deed conveying the property so sold, but without any covenant
<br /> or warranty, express or implied. The recitals in the deed of any matters or facts shall be conclusive proof of the
<br /> truthfulness thereof. Any person, including without limitation, Beneficiary or Trustee, any purchase at the sale.
<br /> B. When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of the sale to the
<br /> payment and the costs and expenses of exercising the power of sale and of the sale, including, without limitation,
<br /> the payment of the Trustee's fees incurred. Trustee's fees hereunder may be, and shall be deemed reasonable if
<br /> they are no greater than °o of the balance of the original amount secured hereby, plus all costs and expenses of the
<br /> Trustee in performance of his duties, including attorney fees, not otherwise paid as costs, and expenses of
<br /> exercising the power of sale and of the sale, and Trustee's fees sha11 not exceed such amount. After the payment
<br /> of Trustee's fees, if the sale is by a Trustee, or the proper court and other costs of foreclosure and sale pursuant to
<br /> judicial foreclosure, the proceeds of sale shall be applied in the order stated below to the payment of:
<br />
|