|
� +'
<br /> 9 9 110 8 4 2 DEED OF TRUST :@ � _ , i '' , . Page 3
<br /> (Continued)
<br /> whether fee title to the leasehold premises,the leasehold estate,or any subleasehold estate,will merge without Lender's express written consent;rather
<br /> these estetes wifl remain separate and distinct, even if there is a union of these estates in the landlord, Grantor, or a third party who purchases or
<br /> otherwise acquires the estates. Grantor fuRher agrees that if Grantor acquires all or a portion of the fee simple title, or any other leasehold or
<br /> subleasehdd title to the Properfy, that title will, at Lenders option, immediately become subject to the terms of this Deed of Trust, and Grentor will
<br /> execute,deliver and record all documents necessary or appropriate to assure that such title is secured by this Deed of Trust.
<br /> 6. REHABILITATION LOAN AGREEMENT. Grantor shall fulfill all of Caranfor's obligations under any home rehabilitation,improveme�t,repair,or other
<br /> loan agreement which Grantor may enter into with Lender. Lender,at Lender's option, may require Granior to execute and deliver to Lender,in a twm
<br /> ecceptable to Lender,an assignment ot any rights,claims or defenses which Grantor may have against parties who supply labor, materials or servic�s
<br /> in connection with improvements made to the Property.
<br /> 7. DUE ON SALE—CONSENT BY LENDER. Lender may,at its option, have the right to eccelerate,that is, declare immediately due and payable ell
<br /> sums secured by this Deed of Trust upon the sale or transfer,without the Lender's prior written consent,of all or any paA oi the Real Property,or any
<br /> interest in the Real Property. If Grantor sells or transfers the Real Property without the writlen consent of Lender,then,prior to accelereHon Lender shall
<br /> give notice to Grantor. The notice shall provide a period of not less than ten (10)days from the date oi the notice within which Grantor may pay the
<br /> sums declared due. If Grantor fails to pay those sums prior to the expiration of such period,Lender may,without further notice or demand on Grantor,
<br /> invoke any remedies permitted in this Deed of Trust. A"sale or transfe�' means the conveyanCe of Real Property or any right, title or interest therein;
<br /> whether legal or equitable;whether voluntary or involuntary;whether by outright sale, deed,instellment sale contract,land contract,conttact for deed,
<br /> leasehdd interest with a term greater than three(3)years,lease-option contract,or by S81e,essignment,or transfer of any beneficial interest in or to any
<br /> land trust hdding title to the Real Property,or by any other method of conveyance of Real Properfy interest. However,this option shall not be exercised
<br /> by Lender if such exercise is prohibited by federal law or by Nebraska law.
<br /> 8. TRANSFER OF PROPER7Y. i ne foifowing provisions relating to the ttansfer of the Re9i Property are a parf or tnis Deed of Trust:
<br /> Notice of Transfer. Grantor shall give notice to Lender,as provided in this Deed of Trust,prior to any sale or transfer ot all or pa�t of the Property
<br /> or any rights in the Real Property. Any person to whom all or part of the Real Property is sold or transferred also shall be obligated to give notice
<br /> to Lender,as provided in this Deed of Trust,promptly after such transfer.
<br /> Advances After Tronsfer. All amounts advanced under the LOANLINER� Home Equity Plan Credit Agreement, up to the Credit Limit, are
<br /> secured by this Deed of Trust, whether advanced before or after sale or transfer of the Real Property, except any amounls which may be
<br /> advanoed by Lender more than five (5) days after notice to Lender, as provided in this Deed of Trust, that such transfer or sale has occurred.
<br /> Even if Grantor transfers the Real Property,Grantor will continue to be obligaied under the Credit Agreement and this Deed of Trust un{ess Lender
<br /> releases Grantor in writing. As a condition to Lender's consent to any proposed transfer or as a condition to the release of Grantor,Lender mey
<br /> require that the person to whom the Real Property is transferred sign an assumption agreement satisfactory to Lender and Lender may impose an
<br /> assumption fee. The assumption agreement will not entitle the person signing it to receive advances under the Credit Agreement.
<br /> 9. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are a part of this Deed of Trust.
<br /> Piryment. Grantor shall pey when due(and in all events prior to delinquency)811 taxes,special taxes,assessments,charges(including water and
<br /> sewer), fines and impositions levied against or on account of the Property, and shalt pay when due all claims for work done on or for services
<br /> rendered w material furnished to the Property. Grantor shall maintain the Property free of all Iiens having priority over or equal to the interest of
<br /> Lender under this Deed oi Trust,except for the lien of taxes and assessments not due,except for the existing indebtedness referred to below,and
<br /> except as otherwise provided in this Deed of Trust.
<br /> Ripht To Contest. Grantor may withhold payment of any ta�c,assessment, or claim in connection with a good faith dispute over the obligation to
<br /> 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 fifteen
<br /> (15)days after the lien arises or,if a lien is filed,within flfteen (15)days after Grantor has notice.of the filing,secure the discharge of the lien,or if
<br /> requested by Lender,deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
<br /> to discharge the lien plus any costs and attorneys'fees or other charges that could accrue as a result of a foreclosure or sale under the lien. In
<br /> any contest,Grantw shell defend itself and Lender and shall satisfy any adverse judgment before enforcement against the PropeAy. Grantor shall
<br /> name Lender as an additionsl obligee under any surety bond furnished in the contest proceedings.
<br /> Evidence o( Payment. 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 /> - FiotfCe Ot COnstruCtion. Carantor sheil nptify Lender srt leasi fineerr(i5'�days baiore any work is commenced,any ser�it�are fJrrsishe�,pr any
<br /> meterials are supplied to tfie Property,H any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work,servic�s,
<br /> or materials and the cost exceeds 310,000.00. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender
<br /> that Grantor can and will pay the cost of such improvements.
<br /> 10. PROPERTY INSURANCE The following provisions relating to insunng the Property are a part of this Deed of Trust.
<br /> Malntenance of Insurance. Grantor shall procure and mainlain policies of fire insurance with standard extended coverage endorsements on a
<br /> replecement basis for the full insurable value covering all Improvements on the Real Prope�ty in an amount sufficient to avad application of any
<br /> cansurance clause, and with a standard mortgagee clause in favor of Lender, together with such other hazard and liability insurence as Lender
<br /> may reasonably require. If the Real Property is located in an area designated by the Director of the Federal Emergency Manegement Apency as a
<br /> special flood hazard area, Grantor agrees to obt8in Federal Flood Insurance to the extent such insurance is required and is available. Pdicies
<br /> shall be written in form, amounts, coverages and basis reasonably acceplable to Lender and issued by a company or comparaes reasonably
<br /> acxeptable to Lender. 6rantor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form
<br /> satisfactory to Lender,including stipulations that coverages will not be cancelled or dimirnshed without at least ten(10)days'pnor written notic;e to
<br /> Lender.
<br /> Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimeted cast of repair or
<br /> •� repl�oement exceeds E10,000.00. Lender may make proof of loss if Grantor fails to do so within fiHeen (15) days of the casu8lty: If,in Lender's
<br /> judgment, the restoration or repair is economicelly feasible and Lender's security is not lessened, insurance proceeds shatl be applied to
<br /> restoration or repair of the damaged Property. If the restoration or repair is not economically teasible or Lender's seCUrity would be lessened,the
<br /> insurance proceeds shfll� be applied to the sums secured by this Deed of Trust whether or not then due, with any excess paid to Grantor. If
<br /> Grantor abandons the Property,or does not answer within thirty(30) days a notice from Lender that the insurance carrier has olfered tp settle e
<br /> Gaim,then Lender may cdlect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by
<br /> this Deed of Trust,whether or not then due. If Lender holds any proceeds afler payment in full of the Indebtedness,such proceeds sh811 be paid
<br /> to Grantor as Grantor's interests may appear.
<br /> Unexpfred Insuronce at Ssle. Any unexpired insurance shell inure to the benefit of, and pass to, the purchaser of the Properly covered by this
<br /> Deed of Trust at any trustee's sale or other sale held under the provisions of this Deed of Trust, or at any foreclosure sale of such Property,
<br /> —_ �_
<br />
|