200305463 - Laserfiche WebLink

Browse

200305463 11. AUTHORITY TO PERFORM. If Truster fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. Truster appoints Beneficiary as allorey in fact to sign Truslor's name or pay any amount necessary for performance. Beneficiary's right to perform for '1'nlster shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Truster irrevocably grants, bargains and sells to Trustee, in trust for the benefit of Beneficiary, as additional security all the right, title and interest in and to any and all existing or future leases, subleases, and any other written br verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases ") and rents, issues and profits (all referred to as "Rents "). 'Truster will promptly provide Beneficiary with Ire and correct copies of all existing and future Leases. Truster may collect, receive, enjoy and use the Rents so long as Tmstor is not in default under the terms of this Security Instrument. 'rrustor acknowledges that this assignment is perfected upon the recording of this Deed of Trust and that Beneficiary is entitled to notify any of'I'rustor's tenants to make payment of Rents due or to become due to Beneficiary. However, Beneficiary agrees that only on default will Beneficiary notify Truster and Trustee's tenants and make demand that all future Rents be paid directly to Beneficiary. On receiving notice of default, Toaster will endorse and deliver to Beneficiary any payment of Rents in 'I'rasier's possession and will receive any Rents in trust for Beneficiary mid will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Insln ment. Truster warrants that no default exists under the Leases or any applicable landlord/tenant law. Truster also agrees to maintain and require any tenant to comply with the terns of the Leases and applicable law. 13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Toaster agrees to comply with the provisions of any lease if this Security instrument is on a leasehold. If the property is a war in a Condominium Project or is part of a Planned Unit Development (`PUD "), Truster agrees to the following. A. Obligations- Truster shall perform all of Truster's obligations under the Constituent Documents. The "Constituent Documents" are the (i) DMIaration or any other document which creates the Condominium Projects or PIT) mid any homeowners association or equivalent entity ( "Owners Association "); (it) by -laws, (in) code of regulations; mud (iv) other equivalent documents . Truster shall promptly pay, when due, all dues and assessments imposed pursuant to the Constilnem Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is Satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the tern "estended coverage -" then Trustee's obligation under Section 19 to maintain hazard insurance coverage on the Property is leaned satisfied to the extent that the required coverage is provided by the Owner's Association policy. Truster shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance pro xxxis in lieu of restoration or repair following a loss to Property, whether to the unit or to common elements, any proceeds payable In Truster are hereby assigned and shall be paid to Lender for application to The sums secured by this Security Instrwnent, with mry excess paid to Toaster. C. Flood Insurance Tmstor agrees to maintain Hood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Truster shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Leader. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Truster in connection with any condemnation or other taking of all or any put of the Properly, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Leader to the sums secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Tne for shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Properly or consent to: (i) the abandonment or Icnuination of the Condominium Project or PUD. except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; fit any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender, (iit) termination of professional management and assumption of self - management by the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lcndcr. G. Remedies. If Truster does not pry condoninimmm or PUD dues and assessments when due, then Lender may pay thou. Any amount disbursed by Leader under this section shall become additional debt of 'I'rustor secured by this Sccurily Instrument Unless Trustor and Lcndcr agree to other terms of payment, these amounts shall bear interest from the dale of NEBRASKA DEED OF TRUST EQ127C(06 /2002)