|
To Protect the Security of this Second Deed of Trust 200202125
<br />1. Payment of Indebtedness. Trustor shall pay when due the principal of, and the interest on, the
<br />indebtedness and all other sums as provided in the Loan Instruments.
<br />2. Taxes. Trustor shall pay each installment of all taxes and special assessments of every kind, now or
<br />hereafter levied against the Trust Estate or any part thereof, before delinquency, without notice or demand.
<br />3. Insurance and Repairs. Trustor shall maintain fire and extended coverage insurance insuring the
<br />improvements constituting part of the Trust Estate for such amounts and on such terms reasonably
<br />satisfactory to Beneficiary. So long as the Property is secured by a first deed of trust or mortgage,
<br />compliance with the insurance requirements of the first deed of trust or mortgage shall be sufficient to satisfy
<br />the requirements of this paragraph 3 relating to insurance.
<br />Trustor shall promptly repair and replace the Trust Estate or any part thereof so that, except for ordinary
<br />wear and tear, the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste on or to the
<br />Trust Estate, or commit, suffer or permit any act to be done in or upon the Trust Estate in violation of any
<br />law, ordinance or regulation. Trustor shall pay and promptly discharge at Trustor's cost and expense all
<br />liens, encumbrances and charges levied, imposed or assessed against the Trust Estate or any part thereof.
<br />4. Actions Affecting Trust Estate. Trustor shall appear in and contest any action or proceeding
<br />purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all
<br />costs and expenses, including cost of evidence of title and attorneys' fees, in any such action or proceeding
<br />in which Beneficiary or Trustee may appear. If Trustor fails to make a payment or to do any act as and in the
<br />manner provided in any of the Loan Instruments, Beneficiary and /or Trustee, each in their own discretion,
<br />without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from
<br />any obligation, may make or do the same in such manner and to such extent as either may deem necessary
<br />to protect the security hereof. Trustor shall, immediately upon demand therefore by Beneficiary, pay all
<br />costs and expenses incurred by Beneficiary in connection with the exercise by Beneficiary of the foregoing
<br />rights, including without limitation costs of evidence of title, court costs, appraisals, surveys and attorneys'
<br />fees.
<br />5. Eminent Domain. If the Trust Estate, or any part thereof or interest therein, be taken or damaged by
<br />reason of any public improvement or condemnation proceeding, or in any other manner including deed in lieu
<br />thereof ( "Condemnation "), or if Trustor receives any notice or other information regarding such proceeding,
<br />Trustor shall give prompt written notice thereof to Beneficiary. Trustor shall be entitled to all compensation,
<br />awards and other payments or relief thereof and shall be entitled at its option to commence, appear in and
<br />prosecute in its own name any action or proceedings. Trustor shall also be entitled to make any compromise
<br />or settlement in connection with such taking or damage.
<br />6. Appointment of Successor Trustee. Beneficiary may, from time to time, by a written instrument
<br />executed and acknowledged by Beneficiary, mailed to Trustor and recorded in the County in which the Trust
<br />Estate is located and by otherwise complying with the provisions of the applicable law of the State of
<br />Nebraska substitute a successor or successors to the Trustee named herein or acting hereunder.
<br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of and binds
<br />all parties hereto, their heirs, legatees, devisees, personal representatives, successors and assigns. The
<br />term "Beneficiary" shall mean the owner and holder of any promissory note given to beneficiary, [whether or
<br />not named as Beneficiary herein].
<br />8. Merger, Consolidation, Sales or Leases. Trustor covenants that Trustor will not sell, lease or
<br />otherwise dispose of any of the Trust Estate. In the event that Trustor sells, leases or otherwise disposes of
<br />any part of the Trust Estate, Beneficiary may at its option declare the indebtedness secured hereby
<br />immediately due and payable, whether or not any default exists. Beneficiary shall consent to a transfer of
<br />the Trust Estate to a third party to the extent such third party meets the requirements contained in, and
<br />assumes the obligations set forth in the First Deed of Trust. The covenants contained herein shall run with
<br />the Property and shall remain in full force and effect until the indebtedness is paid in full.
<br />9. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) default shall be made in the payment of the indebtedness or any other sum secured hereby when
<br />due; or
<br />(b) Trustor shall perform any act in bankruptcy; or
<br />(c) a court or competent jurisdiction shall enter an order, judgment or decree approving a petition filed
<br />against Trustor seeking any reorganization, dissolution or similar relief under any present or future
<br />federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for
<br />debtors, and such order, judgment or decree shall remain unvacated and unstayed for an aggregate of
<br />sixty (60) days (whether or not consecutive) from the first date of entry thereof; or any trustee,
<br />receiver or liquidator or Trustor or of all or any part of the Trust Estate, or of any or all of the royalties,
<br />revenues, rents, issues or profits thereof, shall be appointed without the consent or acquiescence of
<br />Trustor and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60)
<br />days (whether or not consecutive), or
<br />FM661 P2.uff 06/200 Page 2 of 5
<br />
|