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� ��-22-1999 DEED OF TRUST 9 9 �� � ��� Page 3
<br /> Loan No 1044924 (Continued)
<br /> three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any Iand trust holding title to the Real
<br /> Properiy, w by any other method of conveyance of Real Property interest. If any Trustor is a corporation,partnership or limited liability company,
<br /> transfer also includes any change in ownership of more than iwenty-tive percent(2596)of the voting stock, partnership interests or limited liabiliiy
<br /> company interests,as the case may be, of Trustor. However,this optlon shall not be exercised by Lender if such exercise is prohibited by federal
<br /> law 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)aH taxes,speciel taxas,assessments,charpes(indudinp water
<br /> and sewer), flnes and imposition.s levied against or on eocount of the Properiy, and shall pay when due all daims for work done on or for
<br /> services rendered or material furnished to the Property. Tn�stor shall maintain the Property iree of all liens having pria�ity ov�or equal to the
<br /> interest of Lender under this Oeed of Trust,except for the Aen of texes and assessments not due and except as otherwise provided in this Deed
<br /> of Trust.
<br /> Rl�ht To Contest. Trustor may withhdd payment of any tax,assessment,or daim in conneclion with a good faith dispute over the obligation
<br /> to pay,so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a resuft of nonpayment,Trustor shall within
<br /> fifteen(15)days after the lien arises or,ff a lien is filed,witMn fiReen(15)days aRer Trustor has notice of the Rling,secure the discharge of the
<br /> lien, or if requested by Lender, deposit with Lender cash or a su(ficient corporate surety bond or other security sadsfactory to Lender in an
<br /> amount suificient to discharge the lien plus any costs and attorneys'tees or other charges that could aaxue as a resuft of a foredosure or sale
<br /> under the lien. In any contest,Trustor shaN defend itself and Lender and shall satisy any adverse judpment before enforcement apainst the
<br /> Property. Trustor shall name Lender as a�additional obligee under any sureiy bond furnished in the contest proceedlnps.
<br /> EvidenCe of Payment. Trustor shell upon demand fumish b Lender saUsfactory evidencs of payment of the taxes or assessments and shall
<br /> authorize the appropriate governmental otBcial to deliver b Lender at any dme a written statement of the taxes and assessments apelnst the
<br /> Property.
<br /> Notke of Construction. Trustor shall notify Lender at lesst fifteen(15)days before any wortc is commenced,any servk�ss are fumished,or any
<br /> materials are supplied to the Property, ff any mechanic's lien, meterialmen's Hen, or other Ilen coWd be asserted on axount of the work,
<br /> services,or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Tn,istor can and will
<br /> pay the cost of such improvements.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br /> Maintenance ot Insurence. Trustor shall procure and maintaln 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 sufficient to avoid applicadon of any
<br /> coinsurance clause,and with a standard mortgagee clause in favor of Lender. Trustor shail also procure and maintain comprehensive general
<br /> liability insurance in such coverage amounts as Lender may request with trustee and Lender being named as addi�onat insureds in such liabiliiy
<br /> insurance policies. Additionally, Trustor shall maintain such other insurance, induding but not limited to hazard, business interruptlon, and
<br /> baler insurance,as Lender may reasonably require. Pdicies shaN be written in torm,amounts,coverages and basis reasonably acx�ptable to
<br /> Lender and issued by a company or companies reasonably acxeptable to Lender. Trustor,upon request of Lender,will deliver to Lender lrom
<br /> tlme to tlme the policies or certiflcates of insurance in form satisfactory to Lender,induding stlpulaHons that cov�aAes will not be cancelled or
<br /> diminished without at least ten(10)days'p�ior written noHce to Lend�. Each insurance pdicy also shall indude an endorsement providing that
<br /> coverage in favor of Lender will nof be impaired in any way by any act, omission or defauR of Trustor or any other person. Should the Real
<br /> Properfy at any time become located in an area desiqnated by the Director of the Federal Emergency Management Aqency as a special Ilood
<br /> hezard area,Trustor agre�to obtefn and maintain Federal Flood Insura�e for the full unpaid principal balance of the loan and any p�ior Ilens
<br /> on the property securing the loan,up to the ma�dmum pdicy limits set under the National Flood Insurance Program,or as otherwise required by
<br /> Lender,and to maintafn such insurance for the term of the loen.
<br /> Application ot Proceeds. Trustor shall promptly notity Lender of any loss or damage to the Property. Lend�may make proof of loss if Trustor
<br /> faiis to do so within fifteen(15)days of the casualty. WhetF�er or not Lenders securily is impaked,Lender may,at iis electlon,receive and retain
<br /> the proceeds of any insurance and apply the proceeds to the redur.tion o(the Indebtedness,payment of any Nen affecNng the Property,or the
<br /> restoration and repair of the Property. 1f Lender elects to apply the proceeds to restorallon and repair, Trustor shall repair or replac:e the
<br /> damaged or destroyed Improvements in a manner satisfactory to Lend�. Lender shall, upon satisfactory proof of such expenditure, pay or
<br /> � reimburse Trustor hom the proceeds for the reasonable cc�t ofi r�air or r�Earation if 7rustor is not in defauft under this Deed of Trust. My
<br /> proceeds wh�h have not been disbursed witMn 180 days after their reoefpt and wMch Lender has not committed to tha repair or restoreHon of
<br /> the Property shall be used first to pay any amount owiny to Lender�under this Deed of Trust,then to pay aocxued interest,and the remainder,if
<br /> any,shall be applied to the p�incfpal balance of the Indebted�. If Lender hdds any proceeds afte►payment i�full of the Indebtedness,such
<br /> proceeds shall be paid to Trustor as Trustor's interesls may appear.
<br /> Unexpired Insurance at Sak. Any une�ired tnsurance shall inure to the benefit of,a�d pass to,the purchaser of the PropeAy 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 /> Trustor's Report on Insurance. Upon request of Lender,however not more than once a year,Trustor shall furnish to Lender a report on each
<br /> existlng policy of insurance showing: (a)the neme of the insurer; (b)the risks insured; (c)the amount of the policy; (d)the property insured,
<br /> the then current replacement value of such property, and the manner of determining that value; and (e) the expiration date of the policy.
<br /> Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the
<br /> Property.
<br /> IXPENDITURES BY LENDER. If Trustor fails to comp�y with any provision of this Deed of Trust,or ff any action or proc�eding is commenced that
<br /> would materially affect Lender's interests in the Property, Lender on Trustor's behalf may,but shall not be required to,take any action that Lender
<br /> deems appropriate. Any amount that Lender expends in so dang wiN bear interest at the rate provided for in the Note trom the date incurred or paid
<br /> by Lender to the date of repayment by Trustor. All such expenses,at Lender's option,wiN (a)be payable on demand, (b)be added to the balance
<br /> of the Note and be appationed among and be payabie with any installment paymenls to become due during either (i)the term of any eppliceble
<br /> insurance poBcy or (ii)the remeining term of the Note,w (c)be treated as a balloon payment which will be due and payable at the Note's maturky.
<br /> This Deed of Trust also wili secure payment of these amounts. The rights provided for in this paragraph shall be in additlon fo any other rights or any
<br /> remedies to which Lender may be enHded on account of the default. Any such action by Lender shall not be construed as curing the default so as to
<br /> bar Lender hom any remedy thet it otherwise would have had.
<br /> WARRANTY;DEFENSE OF TITLE. The fdlowing provisions releting to ownership of the Property are a part of this Deed of Trust.
<br /> Title. Trustor warrants that: (a)Trustor hdds good and marketable tlde of record to the Properiy in fee simple,iree and cleer of all liens and
<br /> encumbranc�s other than those set forth in the Real Property descripaon or in any title insurarxe policy,title repat,or flnel Htle opinion issued in
<br /> favor of,and accspted by,Lender fn connection with this Deed of Trust,and (b)Trustor has the full ri�ht,power,and authority to execute and
<br /> deliv�this Deed of Trust to Lender.
<br /> Defenae of Tltle. Subject to the excepHon in the paragraph ebove,Trustor warrants and will forever defend the tNle to the Property against the
<br /> lawful claims of all persons. In the event any action or procseding is commenced that questions Trusta's tide or the fnterest of Trustee w
<br /> Lender under this Deed of Trust,Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,bW
<br /> Lender shall be enHtled to pariicipate in the procc�eding and to be represented in the proceedinq by counsel of Lender's own chdce, and
<br /> Trustor will deliver,or cause to be delivered,to Lender such i�trumenis as Lender may request from time to dme to permR such participatlon.
<br /> Compllance With Laws. Trustor warrants that the Properiy and Trustor's use of the Property complies with all exisUny appl�able laws,
<br /> ordinances,and regulaHons of govemmental authorities.
<br /> CONDEMNATION. The following provisior�s relatlng to condemnaHon proceedirps are a part of this Deed of Trust.
<br /> Applicatlon of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedinps or by any proceeding or
<br /> purchase in lieu of condemnaHon,Lender may at ffs elecNon require that aN or any portion of the net proceeds of the award be applied to the
<br /> Indebtedness or the repair or restoration of the Propeity. The nef proceeds of the awerd shaN mean the award after payment of all reasonable
<br /> cosls,expenses,and attorneys'feas incurred by Trustee or Lender in connection with the condemnation.
<br /> Proceedinps. If any proceeding in condemnation is filed,Trustor shall promptly notify Lender in writlng,and Trustor shall promptly take such
<br /> steps as may be necessary to defend the acfipn and obte►in the awe�d. Trusta may ba the nomi�al party in such p�aavodi�y,but Lender stwll
<br /> be entitled to paRicipate in the proc�edirp and to be represented in the proceeding by counsel of lis own ohoice,and Trustor will deliver a
<br /> cause to be dekvered to Lender such instruments as may be requested by it from time to time to p�m(t such.participation.
<br /> IMPOSITION OF TAX�S,�:S AND CHARGES BY GOVERNMENTAL AtlTHORITIES. The followtnp provislon5 relatlrp to�ovemmental taxes,
<br /> fees and charges are a pa�i ol this Deed of Trust: �
<br /> Curreni Taxes,Fees and Cheryes. Upon request by Lender,Trustor shall execute such dxuments In additiion to this Deed of Trust and take
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