200203298 - Laserfiche WebLink

Browse

notes secured hereby, and shall name the Beneficiary as an additional insured thereunder. D. Pay all taxes and assessments against the above - described real estate prior to delinquency. E. Trustor shall pay to Beneficiary each month such amount as is determined by the Beneficiary to be necessary to enable the Beneficiary to have sufficient funds on hand to satisfy the Trustor's obligation for insurance premiums, taxes, and assessments, unless the Beneficiary advises the Trustor in writing that payment of such obligations may be made directly by the Trustor. 4. Default: Trustor covenants and agrees that its failure to make any payment of either principal or interest on the Promissory Note secured hereby when due and payable, or of its failure to comply with any of the covenants and agreements herein, shall cause the whole sum of money hereby secured to become due and collectible at once at the option of the Beneficiary, and the Beneficiary shall have the right to cause Notice of Default to be given and the premises sold as provided herein. 5. It is Mutually Agreed That: A. Trustee's Ordinary Duties: At any time and from time to time, upon written request of the Beneficiary, payment of fees and presentation of this Deed of Trust and the Promissory Note for endorsement (in case of full reconveyance, for cancellation and retention), without affecting the liability of any person for the payment of this indebtedness, Trustee shall (a) consent to the making of any map or plat of said property; (b) join in granting any easement or creating any restriction thereof, (c) join in any subordination or other agreement affecting this Deed of Trust or the lien or charge thereto; (d) reconvey, without warranty, all or any part of said property. B. Reconveyance: When the obligation secured by this Deed of Trust has been satisfied, the Trustee shall, upon written request by the Beneficiary, reconvey the trust property. The Grantee in any reconveyance shall be the Trustor or its successor in interest. The Beneficiary shall deliver to the Trustor the Deed of Trust and the Promissory Note shown as satisfied and paid in full. In the event the Beneficiary improperly refuses to request a reconveyance from the Trustee, the Trustor shall have the rights and remedies as set forth in Section 76 -1014 of the Nebraska Statutes as the same are constituted at the time this Deed of Trust is executed. C. Default and Deficiency Judgment Procedure: Upon default by Trustor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of a written declaration of default. If Beneficiary desires said property be sold, it shall deposit with Trustee this Deed of Trust and all Promissory Notes and documents evidencing expenditures secured hereby, and shall deliver to Trustee a written Notice of Default and election to cause said property to be sold in the form required by law, which shall be duly filed for record by the Trustee. Sale and distribution procedure shall be as follows: (1) After the lapse of such time as may be required by law following the recordation of said Notice of Default, and Notice of Sale having been given as required by law, Trustee, without demand on Trustor, shall sell said property on the date and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price to be payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any cause he deems 2of5