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200403558
<br />11. AUTHORIT`t' '10* f ,yr; FORM. If Trustor fails to perform any duty, or any .of the covenants contained in this Security
<br />Instrument. Bencr ;.r «r• may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as attorney in
<br />fact to sign Trustor s ;rmc: Ur " ;ay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not
<br />create an obligatio:, +;� pe- forin, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of
<br />Beneficiary's ot'1,�.7 rir;hts under the law or this Security Instrument. If any construction on the Property is discontinued or not
<br />carried on in a rc: sonabl- ;inner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the
<br />Property, includint completic.i of the construction.
<br />12. ASSIGNMENT t b V -AT .Lc, F S AND RENTS. Trustor irrevocably grants, bargains and sells to Trustee, in trust for the benefit of
<br />Beneficiary, as i 1: m -::;c,irity all the right, title and interest in and to any and all existing or future leases, subleases, and any
<br />other written c ,-,,ib, ;4; , : �rocats for the use and occupancy of any portion of the Property, including any extensions, renewals,
<br />modifications cr itv it-ns of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as
<br />"Rents "). Tnrs ±or , " promptly provide Beneficiary with true and correct copies of all existing and future Leases. Trustor may
<br />collect, receiv-:. e; ase il•e Rents so long as Trustor is not in default under the terms of this Security Instrument.
<br />Trustor ackno.v,c,.,,:;,.z h: this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to
<br />notify any of "i i--, �wr i to make payment of Rents due er to become due to Beneficiary. However, Beneficiary agrees that
<br />only on default y,i,. E,;rca ia: notify Trustor and Trustor's tenants and make demand that all future Rents be paid directly to
<br />Beneficiary. On accLvhig ,.ot:ce of default, Trustor will endorse and deliver to 3euc;ficiary any payment of Rents in Trustor's
<br />possession and W;- rc,:;cr,e i.,,y Rents in trust for Beneficiary and will not commingle the Rents with any other funds. Any
<br />amounts collected ,, J1 ia, ai;;;. ed as provided in this Security Instrument. Trustor warrants that no default exists under the Leases
<br />or any apphcablc ---tint la%v. Trustor also agrees to maintain and require any tenant to comply with the terms of the
<br />Leases and appli_ a.,
<br />13. LEASEHOLIVS, t: t:.L' l ;; _AIII NUS; PLANNED UNIT DEVELOPMENTS. Trustor agrees to comply with the provisions of
<br />any lease if ti s 1 - -.. Ly ir.)awnent is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned
<br />Unit Develop; ncr: i i! ?' Trustor agrees to the following:
<br />A. ::bfigati ::, l . cstor ::.hall perform all of Trustor's obligations tinder the Constituent Documents. The "Constituent
<br />Docunu !, t., cliz: ;i) ijeclaration or any other document which creates the Condominium Projects or PUD and any
<br />homeow.,ie.s or equivalent entity ( "Owners Association "); (it) bv- -iaws; (iii) code of regulations; and (iv) other
<br />equivatc; rl ctc ,untt.n ,; Trustor shall promptly pay, when due, all dues and assessments imposed pursuant to the
<br />Constituc;.a 1 )O-C..X -. TS.
<br />B. Lazard ,:) io.,g as the Owners Association maintains, with a generally accepted insurance carrier, a "master"
<br />or po, ?? .� ;,n the Condominium Project or PLTD which is satisfactory to Lender and which provides insurance
<br />caveragk: ,r i.,c :,r:.;; ,,,ts, for the periods, and against the hazards Lender requires, including fire and hazards included
<br />within i;, ! nr xteaded coverage," then Trustor's obligation under Section 19 to maintain hazard insurance coverage
<br />on thc: V,'0 J: tv l, "; med satisfied to the extent that the required coverage is provided by the Owner's Association policy.
<br />Trustor sr.,a: _ _� ; end:r prompt notice of any lapse in required ;razard insurance coverage. In the event of a distribution
<br />of Y agar r prcc::cds in lieu of restoration or repair following a loss to Property, whether to the unit or to common
<br />vcee& oa ✓able to Trustor are herebv assigned and shall be paid to Lender for application to the sums
<br />secweu rlt , :n,:;urit3 inst;uruent, with any excess paid to Trustor.
<br />C. rlooa tr:;urz ; :;, Tut ,_or agrees to maintain flood insurance for the life of tl -te Secured Debt which is acceptable, as to
<br />form, ar, i,—it of coverage to Lender.
<br />D. Publi i ?.ice. Trustor shall take such actions as may be reasonable to insure that the Owners Association
<br />mwittair:F. a pub' c ' =r10lity i. surance policy acceptable is form, amount, and extent of coverage to Lender.
<br />E. Condcnt.t .icr, proceeds of any award or claim for damages, direct or consequential, payable to Trustor in
<br />conr-reC!,c 1 rm
<br />=! , ,,r , Ulderation or other taking of all or any part of tine Property, whether of the unit or of the common
<br />clenr; n. `; c,r ; :� .vcyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds
<br />i _ ndcr to the sums secured by the Security lnstrurnent as provided in Section 18.
<br />F. Lendtn'= P; ,scut. 'Trustor shall not, except after notice to Leader and with Lender's prior written consent, either
<br />paiwiva t 'i, isle c Property or consent to: (i) the abandonment or temrination of the Condominium Project or
<br />PUI:..:1 :, ,bat- .icutitct,t or termination required by taw in d-ic case of substantial destruction by fire or other
<br />casuali ,r 0: 0',1 taking by condemnation or emirncnt domain; ('i) any amendment to any provision of the
<br />L' i J, provision is for the expr: ss bcnefrt of Lender; (:ii) termination of professional management
<br />and ass u, _ . i:- rna:aagement by the Owners Association; or (iv) any action which would have the effect of
<br />rentierir,f? :nc publi,, .:)ility insurance coverage mair,tair ~.ed by the Owners Association unacceptable to Lender.
<br />G. ;3erretlic; li ' n: a.ocs rot pay condominium or PUD dues and assessments when due, then Lender may pay them.
<br />Any a.rtr ,..i cli;act .•.,r' by Lender under this section shall become additional debt of Trustor secured by this Security
<br />h- .strum ;;,i i ustor and Lender agree to other ternrs of payment, these amounts shall bear interest from the date of
<br />NEBRASKA -DE"Fi f ; r " 1
<br />EQ127C (06/2002;
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