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��-12-1999 �9 1110� 1 DEED OF TRUST _ , , Page 3
<br /> Loan No 456092 (Continued) :' , �
<br /> transfer also includes any change in ownership of more than twenty—flve 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 /> 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 Deed of Trust.
<br /> Payment. Trustor shall pay when due (and in all events prior to delinquency)all taues, 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,except for the existing indebtedness referred
<br /> to below,and except as otherwise provided in this Deed 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 sufflcient to avoid application of any
<br /> coinsurance clause,and with a standard mortgagee clause in favor of Lender,together with such other hezard 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 acceptable to Lender. Trustor, upon request of Lender,will deliver to Lender from time to time the policies
<br /> or certificates of insurance in form satisfactory to Lender, including stipula6ons that coverages will not be cancelled or diminished without at
<br /> least ten (10)days'prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of
<br /> Lender will not be impaired in any way by any act, omission or default of Trustor or any other person. The Real Property is located in an area
<br /> designated by the Director of the Federal Emergency Management Agency as a special flood hezard area. Trustor agrees to obtain and
<br /> maintain Federal Flood Insurance for the full unpaid principal balance of the loan and any prior liens on the property securing the loan,up to the
<br /> maximum policy limits set under the Nationaf Ffood Insurance Program,or as othervvise required by Lender,and to maintain such insurance for
<br /> the term of the loan.
<br /> D(PENDITURES BY LENDER. If Trustor fails to comply with any provision of this Deed of Trust, including any obligation to maintain Existing
<br /> Indebtedness in good standing as required below,or if any action or proceeding is commenced that would materially affect Lender's interests in the
<br /> Property, Lender on Trustor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender
<br /> expends in so doing will bear interest at the rate provided for in the Credit Agreement from the date incurred or paid by Lender to the date of
<br /> repayment by Trustor. All such expenses,at Lender's option,will (a)be payable on demand, (b)be added to the balance of the credit line and be
<br /> apportioned among and be payable with any installment payments to become due during either (i)the term of any applicable insurance policy or (ii)
<br /> the remaining term of the Credit Agreement, or (c) be treated as a balloon payment which will be due and payable at the Credit AgreemenYs
<br /> maturity. This Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in addition to any other
<br /> rights or any remedies to which Lender may be entitled on account of the default. Any such action by Lender shall not be construed as curing the
<br /> default so as to 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 the Existing Indebtedness section below or in any tide insurance
<br /> policy,title report,or final title opinion issued in favor of,and accepted by,Lender in connection with this Deed of Trust,and (b)Trustor has the
<br /> full right,power,and authority to execute and deliver this Deed of Trust to Lender.
<br /> Defense of Title. 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 /> IXISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the "Existing Indebtedness") are a part of this Deed of
<br /> Trust.
<br /> Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to the lien securing payment of an
<br /> existing obligation with an account number of 3117380493 to Chase Manhattan Mortgage Corp. The existing obligation has a current principal
<br /> balance of approximately$29,848.00 and is in the original principal amount of$50,000.00. The obligation has the following payment terms: 15
<br /> year loan. Trustor expressly covenants and agrees to pay, or see to the payment of,the Existing Indebtedness and to prevent any default on
<br /> such indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such
<br /> indebtedness.
<br /> DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default ("Event ot Default") under this Deed of Trust: (a)
<br /> Trustor commits fraud or makes a material misrepresentation at any time in connection with the Credit Agreement. This can include,for example,a
<br /> false statement about Trustor's income, assets, liabilities, or any other aspects of Trustor's financial condition. (b) Trustor does not meet the
<br /> repayment terms of the Credit Agreement. (c)Trustor's action or inaction adversely affects the collateral for the Credit Agreement or Lender's rights
<br /> in the collateral. This can include,for example,failure to maintain required insurance,waste or destructive use of the dwelling,failure to pay texes,
<br /> death of all persons liable on the account,transfer of title or sale of the dwelling,creation of a lien on the dwelling without our permission,foreclosure
<br /> by the holder of another lien,or the use of funds or the dwelling for prohibited purposes.
<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 /> Acceleratlon upon Default; Additional Remedies. If any event of default occurs as per the terms of the Credit Agreement secured hereby,
<br /> Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and the same shall thereupon become due and
<br /> payable without 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 Property,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
<br /> taking possession of the Property,sue for or otherwise collect the rents,issues and proflts of the Property, including those past due and
<br /> unpaid,and apply the same,less costs and expenses of operation and collection,including attorneys'fees,to any indebtedness secured
<br /> by this Deed of Trust,all in such order as Lender may determine. The entering upon and taking possession of the Property,the collection
<br /> of such rents,issues and profits,and the application thereof shall not cure or waive any default or notice of default under this Deed of Trust
<br /> or invalidate any act done in response to such default or pursuant to such notice of default; and, notwithstanding the continuance in
<br /> possession of the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall be entitled to
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