|
200406180
<br />E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to
<br />Trustor in connection with any condemnation or other taking of all or any part of the Property, whether
<br />of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by
<br />the Security Instrument as provided in Section 18.
<br />F. Lender's Prior Consent. Trustor shall not, except after notice to Lender and with Lender's prior written
<br />consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of
<br />the Condominium Project or PUD, except for abandonment or termination required by law in the case
<br />of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent
<br />domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the
<br />express benefit of Lender; (iii) termination of professional management and assumption of self -
<br />management by the Owners Association; or (iv) any action which would have the effect of rendering the
<br />public liability insurance coverage maintained by the Owners Association unacceptable to Lender.
<br />G. Remedies. If Trustor does not pay condominium or PUD dues and assessments when due, then Lender
<br />may pay them. Any amount disbursed by Lender under this section shall become additional debt of
<br />Trustor secured by this Security Instrument. Unless Trustor and Lender agree to other terms of
<br />payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and
<br />shall be payable, with interest, upon notice from Lender to Trustor requesting payment.
<br />14. DEFAULT. Trustor will be in default if any party obligated on the Secured Debt fails to make payment when
<br />due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or any other
<br />document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by
<br />Beneficiary that Beneficiary at any time is insecure with respect to any person or entity obligated on the Secured
<br />Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of
<br />default.
<br />15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Beneficiary to provide
<br />Trustor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions.
<br />Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security
<br />Instrument in a manner provided by law if Trustor is in default.
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall
<br />become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or
<br />anytime thereafter. In addition, Beneficiary shall be entitled to all the remedies provided by law, the terms of
<br />the Secured Debt, this Security Instrument and any related documents, including without limitation, the power
<br />to sell the Property.
<br />If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary,
<br />advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash
<br />and convey absolute title free and clear of all right, title and interest of Trustor at such time and place as Trustee
<br />designates. Trustee shall give notice of sale including the time, terms and place of sale and a description of the
<br />property to be sold as required by the applicable law in effect at the time of the proposed sale.
<br />Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the
<br />Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs,
<br />shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior
<br />encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if
<br />any, to Trustor. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be prima
<br />facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the
<br />Beneficiary is entitled to all remedies provided at law or equity, whether or not expressly set forth. The
<br />acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance is
<br />due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's
<br />right to require complete cure of any existing default. By not exercising any remedy on Trustor's default,
<br />Beneficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens
<br />again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except
<br />when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in
<br />this Security Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring,
<br />inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest. These expenses
<br />will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in
<br />the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting,
<br />enforcing or protecting Beneficiarys' rights and remedies under this Security Instrument. This amount may
<br />NEBRASKA -DEED OF TRUST
<br />EQ127D (03/2004)
<br />
|