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� 07-27-1999 ,. ,.,.. �;-N. " 'r, ,. DEED OF TRUST 9 9 �O ri r,�q� Page 3
<br /> Loan No 764347 �?�� � '�A � ' < < �G
<br /> (Continued)
<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. 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 wiil not be impaired in any way by any act, omission or default of Trustor or any other person. Should the Real
<br /> Property at any time become located in an area designated by the Director of the Federal Emergency Management Agency as a special flood
<br /> hazard area,Trustor agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum
<br /> policy limits set under the National Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of
<br /> the loan.
<br /> EXPENDITURES 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 wil�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. Alf 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 wiil 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 Ti11e. 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 all 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.
<br /> Compliance Default. Failure of Trustor to comply 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 /> collaterai documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Insolvency. The dissolution or termination of the Trust, the insolvency of Trustor, the appointment of a receiver for any part of Trustor's
<br /> property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
<br /> bankruptcy or insolvency laws by or against Trustor.
<br /> Events Affecting Guarantor. Any of 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 /> 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.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter,Trustee or Lender,at its option,
<br /> may exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Acceleration upon Default; Additional Remedies. If any event of default occurs as per the terms of the Note secured hereby, Lender may
<br /> declare all Indebtedness secured by this Deed ot Trust to be due and payable and the same shall thereupon become due and payable without
<br /> any presentment,demand,protest or notice of any kind. Thereafter,Lender may:
<br /> (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without
<br /> regard to the adequacy of its security,enter upon and take possession of the Properfy,or any part thereof,in its own name or in the name
<br /> of Trustee,and do any acts which it deems necessary or desirable to preserve the value,marketability or rentability of the Property,or part
<br /> of the Property or interest in the Property;increase the income from the Property or protect the security of the Property;and,with or without
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