|
DEED OF TRUST
<br />Loan No: 1186759 200205256 (Continued) Page 2
<br />ry r V _nit {rj
<br />the satisfaction and reconveyance . of the lien of this Deed of Trust and shall not be affected by Lender's, acquisition of any interest in the
<br />Property; whether by foreclosure or otherwise. -
<br />`Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor -commit, permit, or suffer any stripping of rawest, any or other
<br />- the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to any other
<br />party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
<br />written consent.
<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
<br />consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactory to Lender to
<br />replace such Improvements with Improvements of at least equal value.
<br />Lender's Right to Enter. Lender and Lenders agents and representatives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of this Deed
<br />of Trust.
<br />Compliance with Govemmental Requirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
<br />in effect, of all governmental authorities applicable to the use or occupancy of the Property. Trustor may contest in good faith any such law,
<br />ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Trustor has notified
<br />Lender in writing prior to doing so and so long as,J0. Leader's sole opidoi:, Lender's interests in the Property are not jeopardized. Lender
<br />may require Trustor to post adequate security or surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
<br />Duty to Protect. Trustor agrees neither to abandon or leave unattended the Property. Trustor shall do all other acts, in addition to those
<br />acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
<br />Property.
<br />DUE ON SALE — CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Deed
<br />of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property -
<br />A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equitable;
<br />whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with
<br />a term greater than three (3) years, lease— option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust
<br />holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be
<br />exercised by Lender if such exercise is prohibited try federal law or by Nebraska law.
<br />TAXES AND LIENS. The following provislons relating to'the taxes and Hens bn the Property are part of thisDeed of Trust
<br />r::
<br />PaymenC Trustor shall pay when, due (and 1n all events prior to delinquency) all taxes, special taxes,. assessments, charges (including water
<br />and sewer), fines and impositions levied'against.'or on account of �1'he Property, and shall -pay when due all claims for work done on or for
<br />services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the
<br />interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due and except as otherwise provided in this
<br />Deed of Trust.
<br />Right to Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation
<br />to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Trustor shall within
<br />fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the
<br />lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an
<br />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
<br />sale under the lien. In any contest, Trustor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against
<br />the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
<br />Evidence of Payment. Trustor shall upon demand furnish. to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br />authorize the appropriate governmental official to deliver to Lender at any three written statement of the taxes and assessments against the
<br />Property.
<br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
<br />any services, orlmaterials and the cnostexceeds I$1 any 000.00 mechanic's Trustor will upon) request lien,
<br />of Lender furnish to asserted on
<br />assurances t of the work,
<br />satisfactory
<br />to Lender that Trustor can and will pay the cost of such improvements.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
<br />a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of
<br />any coinsurance clause, and with a standard mortgagee clause In favor of Lender, together with such other hazard and liability insurance as
<br />Lender may reasonably, require.: Policies shall be,written in form, amounts, coverages and basis- reasonably, acceptable to tender and issued
<br />by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the
<br />policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished
<br />without it leastlen (10) days prior, written notice to,Lender. Each. insurance,poligy, also'shall �include_an endorsement providing that
<br />coverage in favor of Lender will not be Impaired in any way by any act, omission or default of Trustor or any other person. Should the Real
<br />Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard. area,
<br />Trustor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Property is
<br />located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan,
<br />up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such
<br />insurance for the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
<br />replacement exceeds $1,000.00. Lender may make proof of loss it Trustor fails to do so within fifteen (15) days of the casuatyWhether or
<br />not Lender's security is impaired, Lender may, at Lender's election, receive. and retain the proceeds of any Insurance and apply he y proceeds
<br />to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects
<br />to apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner
<br />satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the
<br />reasonable cost of repair or restorntstn if Trustor is rat In default ender this Deed of Trust. Any proceeds whim have not been disbursed
<br />within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used to
<br />to pay
<br />any amount owing to Lender under this Deed of Trust, then to pay accrued interest, and the remainder, if any, shall be app lied
<br />principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid
<br />to Trustor as Trustor's interests may appear.
<br />TAX AND INSURANCE RESERVES. Subject to any limitations set by applicable law, Lender may require Trustor to maintain with Lender
<br />reserves for payment of annual taxes, assessments, and insurance premiums, which reserves shall be created by advance payment or monthly
<br />payments of a sum estimated by Lender to be sufficient to produce, amounts at least equal to the taxes, assessments, and insurance premiums to
<br />be paid. The reserve funds shall be held by Lender as general deposit from Trustor, which Lender may satisfy by payment of the taxes,
<br />assessments, and insurance premiums required to be paid by Trustor as they become due. Lender shall have the right to draw upon the reserve
<br />funds to pay such items, and Lender shall not be required to determine the validity or accuracy of any item before paying it. Nothing in the Deed
<br />of Trust shall be construed as requiring Lender to advance other monies for such purposes, and Lender shall not incur any liability for anything it
<br />may do or omit to do with respect to the reserve account.. Subject to any limitations set by applicable law, if the reserve funds disclosea shortage
<br />or deficiency, Trustor shall pay such shortage or deficiency as required:by.Lende% . AN amounts fmthe reserve: account are hereby pledged to
<br />further secure the Indebtedness, and Lender is hereby authorized to withdraw and apply sucbamounts on the Indebtedness upon the occurrence
<br />of an -Event of Default._ Lender shall pot be required to pay any . interest. or earnings on the reserve funds unless required by law or agreed to. by
<br />Lender in writing: Lender does not hold the reserve.. funds in trust for Trustor,: and Lender is not Trustor's agent for payment of the taxes and
<br />assessments required to be paid by Trustor. .. ... -
<br />LENDER'S EXPENDITURES. If Trustor fails (A) to keep the Property make repairs o liens, Property them Lender encumbrances, and of rr alai or
<br />(B) to provide any required insurance on the Property, or (C) P
<br />
|