|
' � � .��� '� � � �99
<br /> DEED OF TRUST Page 3
<br /> (Continued)
<br /> whether fee title to the leasehold premises,the Ieasehoid estate,or any subleasehold estate,will merge without Lender's express written consent;rather
<br /> these estaies will remain separate and distinct, even if there is a union of these estates in the Iandlord, Grantor, or a third party who purchases or
<br /> otherwise acquires the estates. Grantor further agrees that if Grantor acquires all or a portion of the fee simple fitle, or a�y other Ieasehold or
<br /> subleasehdd title to the Properfy, that title will, at Lender's option, immediately become subjeCt to the terms of this Deed of Trust, and Grantor will
<br /> execute,deliver and record ell 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 Grantor's obligations under any home rehabilitation,improvement,repair,or other
<br /> toan agreement which Grantor may enter into with Lender. Lender,at Lender's option, may require Grantor to execute and deliver to Lender,in a torm
<br /> aCCeptable to Lender,an assignment of any nghts,claims or defenses which Grantor may have against parties who supply Iabor, materials or services
<br /> in conneCtion with improvemenis made to the Property.
<br /> 7. DUE ON SALE-CONSENT BY LENDER. Lender may,at its option, have the right to accelerate,that is, declare immediately due and payable all
<br /> sums secured by this Deed of Trust upon the sate or transfer,without the Lender's prior written consent,of all w any paA of the Real Property,or any
<br /> interest in the Real Property. If Grantor sells or transfers the Real Property without the written consent of Lender,then,prior to aCCelereHon Lender shall
<br /> give notice to Grantor. The notice shall provide a period oi 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 o(Real Property or any right,tifle or interest therein;
<br /> whether legal or equitable;whether voluntary or involuntary;whether by outright sale,deed,installment sale contract,land contract,contract for deed,
<br /> leasehdd interest with a term greater than three(3)years,lease-option contrect,or by sale,assignment,or transfer of any beneficial interest in or to any
<br /> land trust holding title to the Real Property,or by any other method of conveyance of Real Property interest. However,this option shall not be exercised
<br /> by Lender if such exercise is prohibited by federal law or by Nebraska law.
<br /> a. TRANSFER OF PROPERTY. The following provisions relating to the transfer o(the Real Property are a pa�t of ths 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 of all or part of the PropeRy
<br /> or any rights in the Real Property. Any person to whom all or paR 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 Trensfer. All amounts advanced under the LOANLINER� Home Equity Plan Credit Agreement, up to the Gedit Limit, are
<br /> secured by this Deed of Trust, whether advanced before or after sale or transfer of the Real Property, except any amounis which may be
<br /> advanced by Lender more then 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 obligated under the Credit Agreement and this Deed of Trust unless 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 may
<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 /> Payment. Grantor shall pay when due(and in all events prior to delinquency)all texes,special taxes,assessments,charges(including water and
<br /> sewer), fines and impositions levied egeinst or on account of the Property, and shall 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 alI liens having priority over or equal to the interest of
<br /> Lender under this Deed of 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 /> Rl�ht To ConteSt. GrantOr may withhold payment of any tax,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 shelt within fifteen
<br /> (15)days aNer the lien arises w,if a lien is filed,within fifteen(15)days affer Grantor has notice of the filing,secure the discharge of the lien,or if
<br /> requested by Lender,deposit with Lender C&sh or a su�cient corporate surety bond or other security satisfactory to Lender in en amount sutficient
<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,Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Properly. Grentor shall
<br /> name Lender as en additional obligee under any surety bond furnished in the contest proceedings.
<br /> Evidence of 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 /> NotlCe of ConstruCtfon. Grantor shall notify Lender at least fifteen (15)days before any work is commenced, any servit�s are fumished,or any
<br /> materials are supplied to the Prope�ty,if any meChenic's lien, matenalmen's lien,or other lien could be asserted on account of the work,services,
<br /> or materials and the cost exceeds 510,000.00. Granfor 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 insuring the Property are a part of this Deed of Trust.
<br /> Malntenance of Insuranct. 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 Prope�ty in an amount sufficient to avad appliCa6on of any
<br /> coinsurance 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 Management Agency as a
<br /> special flood hazard ares, Grantor agrees to obtain Federal Flood tnsurance to the extent such insurance is required and is available. Pdicies
<br /> shall be written in form, amounts, coverages and basis reasonabty acceplable to Lender and issued by a company or comparru�es reasonably
<br /> acxeptable to Lender. Grantor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurence in form
<br /> satisfactory to Lender,including stipulations that coverages will not be cancelled or diminished without at least ten(10)days'prior written notic:e to
<br /> Lender.
<br /> AppliCetfon of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the PropeAy if the estimated cost of repair or
<br /> �,: , replacement exceeds 310,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) day5 of the casualty. Ii,in Lenders
<br /> judgment, the restoration or repair is economically feasible and Lender's security is not lessened, insurance prooeeds shall be applied to
<br /> restoration or repair of the damaged Property. If the restoration or repair is not eCOnomically feasible or Lender's secunty would be lessened,the
<br /> insurance proc�eeds shelt 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,pr does not answer within thirty(30) days a notice from Lender that the insurance camer has of(ered to settle a
<br /> Gaim,then Lender may cdlect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pey sums seCUred by
<br /> this Deed of Trust,whether or not then due. If Lender holds any proceeds arier payment in full of the Indebtedness,such proceeds shall be paid
<br /> to Grantor as Grantors interests may appear.
<br /> Unexptred InsuronCe at Ssle. Any unexpired insurance shell inure to the benefit of, and pass to, the purchaser of the Property covered by this
<br /> Deed of Trust at any trustee's 5ale or other 581e held under the provisions of this Deed of Trust, or at any foreclosure sale of such Property.
<br />
|