200304654 - Laserfiche WebLink

Browse

DEED OF TRUST 200304659 Page (Continued) whether fee this to the li eaehold premises, the household estate, or any suble lwhdd estate, will merge without Lenders express written Consent rather these estates will remain separate and destinct, even if there is a union of these estates in the landlord, Grantor, or a third parry who purchases or otherwise acquires the estates. Grantor further agrees that If Grantor acquires all or a portion of the tea simple title, or any other leasehold or subL a hdd title to the PropeM, that title will, at Lender's option, immediately become subject to the terms of this Dead of Trust, and Grantor will execute, deliver and record all document necessary or appropriate to assure that such title is secured by this Deed of Trust. 6. REHABILITATION LOAN AGREEMENT. Grantor shall fulfill all of Grantors obligations under any home rehabilitation, improvement, repair, or other loan agreement which Grantor may enter into with Lander. Lentler, at Lenders option, may require Grantor to execute and aeliver to lender, in a form acceptable to Lender, an essignmod of any right, claims or defenses which Grantor may have against parties who supply labor, materials or sennaes in connection with iir{provement made to the Prop". T. DUE ON SALE - CONSENT BY LENDER. Lander may, at Its option, have the right to l ocaions, that t, declare immediately due and payable all sums secured by this Deed of Trust upon the sale or transfer, without the Lenders prior written consent, of all or any part of the Reel Property, or any interest in the Real Property. If Grantor salts or transfers the Real Property without the written consent of Lender, then, pnor to accelerated Lender shall give notice to Grantor. The notice shall provide a period of not less than ten (10) days ham the dale of the notice within which Grantor may pay the sums declared due. if Grantor falls to pay these sums prior to the expiration of such period, Lender may, without funkier notes or demand on Grantor, invoke any remedies permitted in this Deed of Trust. A "sale or transfer means the conveyance of Real Property or any right, title or interest therein', weather legal or equAll whether voluntary or Involuntary; weather by outright sale, deed. Installment sale contract, land Genteel, contact fa deed, leasohdd interest wee a term greater than the" (3) years, lease -option contract, or by sale, essignna 1, an transfer of any beneficial interest in or to any land trust holding title to the Real PropeM, or by any other method of conveyance of Real Properly interest. However, this option shall not be exercised by Lender it such exercise is prohibited by federal few or by Nebraska Law. a. TRANSFER OF PROPERTY. The following provisions relating to the transfer of the Real Properly are a pad of this Dead of Trust! Noll" 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 Property or any rights in the Real Property. Any person to whom all or part of the Real Property is sold or transferred also shall be obligated to give notice to Lender, as provided in this Deed of Trust, promptly after such transfer. Advances After Transfer. All amounts advanced under the LOANLINER® Home Equity Plan Credit Agreement, up to the Credit Limit, are secured by this Dead of Trust, whelher advanced before or after sale or transfer of the Real Properly, except any amount which may be advanced by Lender more than five (5) days after notice to Lender, as provided in this Deed of Trust, that such former or all kiss occurred. Even if Grantor transfers the Real Property, Grantor will continue to be obligated under the Credit Agreement and this Deed of Trust unless Lender releases Grantor in writing. As a condition to Lender's consent to any proposed transfer or as a condition to the release of Grantor, Lander may require that the person to whom the Real Property Is transferred sign an assumption agreement satisfactory to Lender and Lender may impose an assumption fee. The assumption agreement will not al lle the person signing it to receive advances under the Credit Agreement. a. TAXES AND LIENS. The fallowing provisions relating to the taxes and liens on the Property are a part of this Dead of Trust. Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessment, charges (including water and sewer), fines and impositions levied against an on account of the Property, and shall pay when due all claims for week done on or for samoss, rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having pnonty, over or equal to the interest of 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 except as otherwise provided in this Dead of Trust. Right To Contest. Grantor may withhold payment of any lax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized. If alien arises or is filed as a result of nonpayment. Grantor shall within I ficen (15) days after the lien wises or if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the disclHrge of the lien, or If requested by Lender, depose with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient 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 any contest. Grantor shall defend dealt and Lender and shall satisy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obliges under any surety bond furnished In the contest prooramm's. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the faxes or asssssrnents and shall allthorLe the appropriate governmental official to deliver to Lender at any time a writer, statement of the taxes and assessment against the Property. Nonce of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any semces are furnished, m any materials are supplied to the PropeM, if any mechanic's lien, matenalmen's lien, or other lien could be asserted on account of the work, semces. or materials and the cost exceeds $10,100.00. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lander that Grantor can and will pay the cost of such improvement. 10. PROPERTY INSURANCE The following provisions relating to insuring the Property are a pad of this Deed of Trust. Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsement on a replacement basis for the full insurable value covering all Improvement on the Real Property in an amount sufficient to avoid application of any cofesaance clause. and with a standard mortgages clause in favor of Lender, together with such other hapard and liability imudmom as Lender may reasonably require. If the Real Property is located in an area designated by the Director of the Federal Emergency Management Agency as a special flood haeard area, Grantor agrees to obtain Federal Flood Insurance to the extent such insurance is required and is available. Policies shall be written in form, amount, coverages and basis reasonably acceptable to Lender and issued by a company a companies reasonably acceptable to Lender. Grantor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in tam satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at out ten (10) days' prior wntlen notice to Lentler. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property If the estimated cost of repair or replacement exceeds $10.00000. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. If, in Lenders judgment, the restoration or repair is economically feasible and Lenders security is not lessened, insurance proceeds shall be applied to restoration or repair of the damaged Property. If IN restoration or repair is not economically feasible or Lenders security would be lessened, the insurance proceeds shall be applied to the sums secured by this Deed of Trust whether or not then due, with any excess paid to Grantor. If Grantor abandons the Property, or does not answer within thirty (30) days a notice from Lender that the insurance canter has aferad to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Dead of Trml, whether or not then due. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shalt be paid to Grantor as Grantor's interest may appear.