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<br /> 07-23-1999 MORTGAGE k+�. �" � r Pa e 3
<br /> Loan No 764553 (Continued) � #�r��� i•fl�8 Q�Q g
<br /> of Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to
<br /> replace such Improvements with Improvements of at least equal value.
<br /> Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Property at all reasonable times to attend to
<br /> Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
<br /> Compliance with Govemmental Requirements. Grantor shall prompNy comply with all'laws,ordinances,and regulations, now or hereafter in
<br /> effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law,
<br /> ordinance,or regulation and withhold compliance during any proceeding,including appropriate appeals,so long as Grantor has notified Lender
<br /> in wriHng prior to doing so and so long as,in Lender's sole opinion,Lender's interests in the Property are not jeopardized. Lendc�r may require
<br /> Grantor to post adequate security or a surety bond,reasonably satisfactory to Lender,to protect Lender's interest.
<br /> �uty to Protect. Grantor agrees neither to abandon nor leave unattended the Property. Grantor shall do all other acts,in addition to those acts
<br /> set forth above in this section,which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
<br /> DUE ON SALE-CONSENT BY LENDER. Lender may,at its option,declare immediately due and payable all sums secured by this Mortgage upon
<br /> 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"sale or
<br /> transfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or
<br /> 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 beneflcial 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 Grantor is a corporation,partnership or limited liability company,
<br /> transfer also includes any change in ownership of more than iwenly-five percent (25%)of the voting stock, partnership interests or limited liabiliiy
<br /> company interests,as the case may be,of Grantor. However,this option shall not be exercised by Lender if such exercise is prohibited by federal
<br /> Iaw 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 Mortgage.
<br /> Payment. Grantor shall pay when due(and in all events prior to delinquency)all taxes,payroll taxes,special taxes,assessments,water charges
<br /> and sewer senrice charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
<br /> rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the interest of
<br /> Lender under this Mortgage,except for tfte lien of texes and assessments not due,except for the Existing Indebtedness referred to below,and
<br /> except as otherwise provided in the following paragraph.
<br /> Rlght To Contest. Grantor may withhold payment of any tax,assessment,or claim in connection with a good faith dispute over the obligation
<br /> to pay,so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,Grantor shall within
<br /> flfteen(15)days after the lien arises or,if a I(en is filed,within fifteen(15)days after Grantor has notice of the flling,secure the discharge of the
<br /> lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lendor in an
<br /> amount suificient to discharge the lien plus any cosis and attorneys'fees or other charges that could accrue as a result of a foreclosure or sale
<br /> under the lien. In any contest, Grantor shall defend itself and Lender and shall satisiy any adverse judgment before enforcement against the
<br /> Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
<br /> Evidence of Ptryment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br /> authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
<br /> Property.
<br /> N�tice of ConstruCtion. Grantor shall notify Lender at least fifteen(15)days before any worlc is commenced,any services are furnished,or any
<br /> materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the worko
<br /> services,or materials. Grantor will upon request of Lender furnish to Lender advance assurances sa6sfactory to Lender that Grantor can and
<br /> will pay the cost of such improvements.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage.
<br /> Malntenance of Insurence. Grantor 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. Policies shall be writtan by such insurance companies and in
<br /> such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage nom each insurer containing a
<br /> stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not
<br /> contsining any d'ssclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement
<br /> providing that coverage in favor of Lender wiil not be impaired in any way by any act, omission or default of Grantor or any other person. The
<br /> Real Property is located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area.
<br /> Grantor agrees to obtain and maintain Federal Flood Insurance for the full unpaid principal balance of the loan, up to the maximum policy limits
<br /> set under the National Flood Insurance Program,or as otherwise required by Lender,and to maintain such insurance for the term of the loan.
<br /> Appllcation of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Properfy. Lender may make proof of loss if
<br /> Grantor fails to do so within fifteen(15)days of the casualiy. Whether or not Lender's securiiy is impaired,Lender may,at its election,apply the
<br /> proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If
<br /> Lender elects to apply the proceeds to restoration and repair, Grantor shall repalr or replace the damaged or destroyed Improvements in a
<br /> manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the
<br /> reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within
<br /> 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any
<br /> amount owing to Lender under this Mo�tgage,then to pay accrued interest,and the remainder,if any,shall be applied to the principal balance
<br /> of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness,such proceeds shall be paid to Grantor.
<br /> Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of,and pass to,the purchaser of the Property covered by this
<br /> Mortgage at any trustee's sale or other sale held under the provisions of this Mortgage,or at any foreclosure sale of such Property.
<br /> Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect,compliance with
<br /> tne insurance provisions contained in the instrument evidencing such F�dsting Indebtedness shall constitute compliance with the insurance
<br /> �irovisions under this Mortgage, to the extent compliance with the terms of this Mortgage would constitute a duplication of insurance
<br /> requirement. If any proceeds from the insurance become payable on loss,the provisions in this Mortgage for division of proceeds shall apply
<br /> only to that portion of the proceeds not payable to the holder of the Existing Indebtedness.
<br /> D(PENDITURES BY LENDER. If Grantor fails to comply with any provision of this Mortgage, fncluding any obligation to maintain Existing
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