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200407144
<br />actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected
<br />with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered
<br />payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to
<br />the terms of any prior mortgage, deed of trust, security agreement or other lien document.
<br />Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards and risks
<br />reasonably associated with the Property due to its type and location. This insurance shall be maintained in the
<br />amounts and for the periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding two
<br />sentences can change during the term of the loan. The insurance carrier providing the insurance shall be chosen
<br />by Trustor subject to Beneficiary's approval, which shall riot be unreasonably withheld. If Trustor fails to
<br />maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect
<br />Beneficiary's rights in the Property according to the terms of this Security Instrument.
<br />All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage
<br />clause" and, where applicable, "loss payee clause." Trustor shall immediately notify Beneficiary of cancellation
<br />or termination of the insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary
<br />requires, Trustor shall immediately give to Beneficiary all receipts of paid premiums and renewal notices. Upon
<br />loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof
<br />of loss if not made immediately by Trustor.
<br />Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the
<br />Property or to the Secured Debt, whether or not then due, at Beneficiary's option. Any application of proceeds
<br />to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any
<br />payment. Any excess will be paid to the Trustor. If the Property is acquired by Beneficiary, Trustor's right to
<br />any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to
<br />Beneficiary to the extent of the Secured Debt immediately before the acquisition.
<br />Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any
<br />financial statement or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver,
<br />and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue,
<br />and preserve Trustor's obligations under this Security Instrument and Beneficiary's lien status on the Property.
<br />6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by
<br />this Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, is trust,
<br />with power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of
<br />record.
<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be
<br />immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the
<br />Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable.
<br />8. DEFAULT. Trustor will be in default if any of the following occur:
<br />Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the
<br />Secured Debt that is an open end home equity plan.
<br />Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a
<br />payment when due.
<br />Property. Any action or inaction by the Borrower or Trustor occurs that adversely affects the Property or
<br />Beneficiary's rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to
<br />maintain required insurance on the Property; (b) Trustor transfers the Property; (c) Trustor commits waste or
<br />otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects
<br />Beneficiary's security; (d) Trustor fails to pay taxes on the Property or otherwise fails to act and thereby causes
<br />a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole Trustor dies;
<br />(f) if more than one Trustor, any Trustor dies and Beneficiary's security is adversely affected; (g) the Property
<br />is taken through eminent domain; (h) a judgment is filed against Trustor and subjects Trustor and the Property
<br />to action that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses on the Property and as a
<br />result, Beneficiary's interest is adversely affected.
<br />Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower
<br />becomes indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted
<br />under federal laws and regulations.
<br />9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security
<br />Instrument, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br />provided by law if Trustor is in default. In some instances, federal and state law will require Beneficiary to
<br />provide Trustor with notice of the right to cure, or other notices and may establish time schedules for
<br />foreclosure actions. Each Trustor requires a copy of any notice of default and any notice for sale thereunder be
<br />mailed to each Trustor at the address provided in Section 1 above.
<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.
<br />If there is a default, Trustee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or
<br />in separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all
<br />AU #: 62590
<br />NEBRASKA - HOME EQUITY LINE OF CREDIT DEED OF TRUST (NOT FOR FNMA, FHI-h4PC, FHA, E)
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<br />1/31/2003 Borrower's Initials: �(/ Y
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