|
�1-12-�999 DEED OF TRUST Page 3
<br /> - Loan No 1043066 (Continued) 9 9 1110 S 5
<br /> or involuntary;whether by outright sale,deed,iristaliment sale contract,Iand contract,contract for deed,leasehdd interest wffh a term greater than
<br /> three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust hdding tltle to the Real
<br /> Property, or by any other method of conveyance of Real Property interest. If any Trustor is a corporaUon,partnershfp or Iimited liability company,
<br /> hansfer also includes any change in ownership of more than twenty-flve percent(2596) of the voting stock, partnership interests or limited IiabilNy
<br /> company interests, as the case may be,of Trustor. However,this option shall not be exerdsed by Lender if such exercise is prohibited by tederal
<br /> law or by Nebraske law.
<br /> TAXES AND LIENS. The following provisions relating to the taxes and liens on the Properiy are a part of th�Deed of Trust.
<br /> Payment. Trustor shall pay when due(and in all events prior to delinquency)all taxes,speciel te�ces,assessmenis,charyes(includirp water
<br /> and sewer), fines and imposidons levied against or on account of the Prope�ty, and shaN pay when due aN daims for work done on or for
<br /> servk�s rendered or material fumished to the Property. Trustor shall maintain the Property iree of aN Uens havirp priority over or equal to the
<br /> interest of Lender under this Deed of Trust,except for the Nen of taxes and assessments not due,except for the e�dsUrq indebtedness referred
<br /> to below,and except as otherwise provided in this Deed of Trust.
<br /> Ri�ht To Contest. Trustor may withhdd payment of any tax,ass�sment,or claim fn connectlon with a good faith dfspute over the oblipadon
<br /> to pay,so long as Lender's interest in the Properiy is not jeopardi�ed. If a lien arises or is fNed as a resutt of nonpayment,Trustor shaH within
<br /> fitteen(15)days after the lien arises or,H a lien is flled,within fiRReen(15)days after Trustor has noike of the flNng,secure the discharye of the
<br /> lien, or if requested by Lender, deposit with Lender cash or a su(8cient corporate sureiy bond or other securfty satlsfactory to Lender in an
<br /> amount su(ficient to discharge the lien plus any caats and attomeys'fees or other charges that could accxue as a resutt of a foreclosure or sale
<br /> under the lien. In any contest,Trustor sheil defend itself and Lender and shall satisy any adverse judgment before enforoement against the
<br /> Property. Trustor shall name Lender as an eddiHonal oblpee under any surety bond furnished in the contest proceedings.
<br /> Evidence of Payment. Trustor shall upon demand furnish to Lender satlsfactory evidence of payment of the texes or assessments and shall
<br /> authorize the appropriate govemmental oHicial to deliver to Lender at any time a w►itten statement of the taxas and assessments against the
<br /> Property.
<br /> Notice of Construction. Trustor shall nody Lender at least fifteen(15)days before any work is commenced,any services are furnished,or any
<br /> materisls are supplied to the Property, ff any mechanic's lien, materialmen's lien, or other lien could be asserted on axount of the work,
<br /> services,w materials. Trustw wili upon request of Lender fumish to lender advance assurar�ces satlsfactory to Lender that Trustor can and will
<br /> pay the cost of such improvements.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions reiatlng to insuring the Properry are a part of this Deed of Trust.
<br /> MalMenance of Insurance. Trustor shall pracure and maintain pdicies 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 suifldent to avoid applicaHon of any
<br /> cansurance clause,and with a standard mortgagee clause in favor of Lender,topether with such other hazard and liability insurance as Lender
<br /> may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lender and issued by a
<br /> company or companies reasonably acxeptable to Lender. Trustor,upon request of Lender,will deliver to Lender trom time to Hme the pdicies
<br /> or certificates of insurance in form satisfactory to Lender, induding stlpulations that coverages wiH not be cancelled or diminished without at
<br /> least ten(10)days'prior written notice to Lender. Each insurance pd�y siso shall include an endorsement providirp that coverage in favor of
<br /> Lender will not be impaired in any way by any act,omission or defautt of Tnutor or any other person. Should the Real Property at any 8me
<br /> become located in an area designated by the Director of the Federal Emergency Mana�ement Aeency as a special 11ood hazard area,Trustor
<br /> agrees to obtain and maintain Federal Flood Insurance for the fWl unpaid principel balance of the loan and any prior liens on the property
<br /> securing the loan,up to the ma�dmum pdicy�mits set undar tFw Natlonal Flood Insurance Propram,or as otherwise reqWred by Lender,and to
<br /> maintain such insurance for the term of the loan.
<br /> Application of Proceeds. Trustor shall prompUy notly Lender of any loss or damege to the Property. Lender may make proof of loss if Trustor
<br /> fails to do so within fifteen(15)days of the casualty. Whether or not Lender's security is impafred,Lender may,at its electlon,receive and retain
<br /> the proceeds of any insurance and appiy the proceeds to the reduction of the I�debtedness,payment of any lien affectinp the Property,or the
<br /> restoration and repair of the Property. If Lender elecis to epply the proceeds to restoration and repair, Trustor shaN repair or replace the
<br /> damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or
<br /> reimburse Trustor from the proceeds for the reasonable cost of repair or restoraHon H Tr�tor is not in defaufl under this Deed of Trust. Any
<br /> proceeds which have not been disbursed within 180 days atter their rec�ipt and which Lender has not committed to the repair or restoratlon of
<br /> the Property shall be used first to pay any amount owing to Lender under this Deed of Trust,then to pay accrued interest,and the remeinder,if
<br /> any,shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds a(ter payment in full of the Indebtedness,such
<br /> proceeds shall be paid to Trustor as Trustor's interests mey eppear.
<br /> Unexpired Insurance at Sde. Any unexpired insurance shail inure to the beneflt of,and pass to,the purchaser of the Ptoperty 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 foredosure sale of such Property.
<br /> Complitu�ce with Exlstinp Indebtedness. During the period in which any F�dstinp Indebtedr�ess described below is in effect,compliance with
<br /> the insurance provisions contained in the instrument evidencing such Exlsting Indebtedness shall consUtute compliance with the insurance
<br /> provisions under this Deed of Trust,to the entent compliance with the terms of this Deed of Trust would constitute a duplication of insuranoe
<br /> requirement. If any proceeds irom the insurance become payable on loss,the provisions in this Deed of Trust for division of proceeds shail
<br /> apply only to thet portion of the proceeds not payable to the holder of the E�osting Indebtedness.
<br /> DCPENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, induding any obligaBon to maintain F�dsdng
<br /> Indebtedness in good standing as required below,or if any action or procc�edirp is comme�that would materially affect Lender's interesls in the
<br /> Property, Lender on Trustor's behaM may, but shall not be required to, take any actlon that Lender deems approprfete. Any amount that Lender
<br /> e�cpends in so doing will bear inferest at the rate provided for in the Nota irom the date i�curred or paid by Lender to the date of repayment by
<br /> Trustor. All such expenses,at Lender's optlon,wfll (a)be payable on demand, (b)be added to the balance of the Note and be apportioned among
<br /> and be payable with any installment payments to become due durinp either (i)the term of any eppNcable ir�urance policy or (ii)the remainin�term
<br /> of the Note, or (c) be treated as a balloon payment which wiH be due and payable at the Note's maturity. This Deed of Trust also will secure
<br /> payment of these amounts. The rights provided for in this paragraph shaH be in addition to any other riphts or any remedies to wh�h Lender may be
<br /> entitled on axount of the defauft. Any such action by Lender shall not be construed as curinfl the defauft so as to bar Lender irom any remedy that
<br /> it otherwise would have had.
<br /> WARRAN7Y;DEFENSE OF TITLE. The followinp provisions relatlrp to ownership of the Property are a part of this Deed of Trust.
<br /> Title. Trustor warranis that: (a)Trustor hdds good and marketable tlUe of record to the Property in fee simple,(ree and dear of all Ifens and
<br /> encumbrances other than those set forth in the Real Property descripUon or in the F�clsting Indebtedness sectlon below or in any tiBe insurance
<br /> policy,tiHe report,or flnal Ude opinion iss�d in favor of,and accep�d by,Lender in connection with this Deed of Tn�st,and (b)Trustor has fhe
<br /> full right,power,and authority to execute and deliver this Deed of Trust to Lender.
<br /> Defenae of Titk. Subject to the exceptlon in the paragraph above,Trustor warrants and will forever defend the Ulle to the Property against the
<br /> lawful claims of ail persons. In the event any action or praceedinq is commerx:ed that quesdons Tn�stor's tltle or the interest of Trustee or
<br /> Lender under this Deed of Trust,Trustor shell defend the action at Trustor's e�er�e. Trustor may be the nominal party in such proceeding,but
<br /> Lender shgN be entitled to parlicipate in the proceeding and to be represented in the proceedinp by counsel of Lender's own chok;e,and
<br /> Trustor will deliver,or cause to be delivered,to Lender such instruments as Lender may request from tlme to time to permit such pardcipation.
<br /> Complim�ce With Lawa Trustor warrants that the Property and Trustor's �ue of the Property complies wfth all exisHng appliceble taws,
<br /> ordinances,and reguladons of governmental suthorities.
<br /> DCISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the 'F�dsting Indebtedness'� are a part of this Deed of
<br /> Trust.
<br /> Existin�Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an e�xfstlng Uen. Trustor expra5sly
<br /> covenanls and agrees to pay,or see to the payment of,the Exlsting Indebtedness and to prevent any default on such indebtedness,any default
<br /> under the instrumenls evidencing such ind�tedness,or any defauft under any security dxumeMs for such indebtedness.
<br /> Default. If the payment of any installment of principal or any interest on the E�asang Ind�tedness is not made within the dme required by the
<br /> note evidencin�such indebtedness,or should a default occur uncler tha inshumant securin�such indebtedness and not be cured durinfl any
<br /> applicable grace period thereln, then,at the optlon of Lender,the Indebtedness secured by this Deed of Trust shell become immediately due
<br /> and payable,and this Deed of Trust shall be in default.
<br /> No ModificMion. Tr�tor shaN not enter into any aflreement with the hdder of any mortgaye,deed of trust,or qther security agreement which
<br /> has p�ioriy over thls Deed of Tnist by which thaf egreement is modifled,amended,extended,or renewed without ths prior w�itbn consent of
<br /> Lender. Trustor shall neither request nor ac�cept any future advances under eny such security agreemeM without the prior written consent of
<br /> 'r . �' s''Y � _._ . �
<br />
|