|
200205595 DEED OF TRUST
<br />Loan No: 68801 (Continued) Page 2
<br />written consent.
<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from fine 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 Lender's 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 Governmental 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 />Lander In writing prior to doing so and so loop as, In Lender's sole opinion, Lenders Interests In the Property are not jeopardized, Lender
<br />may require Trustor to post adequate security or a surety bond, reasonably satisfactory to Lentler, 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 />Construction Loan. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete
<br />construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note (or such
<br />earlier date as Lender may reasonably establish) and Trustor shall pay in full all costs and expenses in connection with the work. Lender will
<br />disburse loan proceeds under such terms and conditions as Lender may deem reasonably necessary to Insure that the interest created by
<br />this Deed of Trust shall have priority over all possible liens, Including those of material suppliers and workmen. Lender may require, among
<br />other things, that disbursement requests be supported by receipfed bills, expense affidavits, waivers of liens, construction progress reports,
<br />and such other documentation as Lender may reasonably request.
<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 Lenders 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, deal 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 dinner, shall not be
<br />examises by Lender it such exercise is prohibited by federal law or by Nebraska law.
<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on Ore Property are pad of this Dead of Trust:
<br />Payment. Trustor shall pay when due (and In all events prior to delinquency) all taxes, special taxes, assessments, charges (including water
<br />and sewer), fines and impositions avied against or on account of the Prop", 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 hens having priority over or equal to the
<br />interest of Lender under this Dead of Trust, except for the lien of taxes and assessments net due and except as otherwise provided in this
<br />OasesalT 1,
<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 fled, within fifteen (15) days after Trustor has notloe 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 foreclosure or
<br />sale under the lien. In any contest, Trustor shell defend itself and Lander antl shall satisfy any adverse lodgment before enforcement against
<br />the Property. Trustor shall name Lender as an emotional obligee under any surety bond furnished in the corxest procary logs.
<br />Evidence of Payment. Trustor shall upon demand human 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 time a 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 materials are supplied to the Property, if any mechanic's lien, materiaimen s lien, or other lien could be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and
<br />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 wish 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 farm, amounts, coverages and basis reasonably acceptable to Lender 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 es cancelled or diminished
<br />without at least ten (10) days prior written notice to Lender. Each insurance policy 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 TruShn or any other person. The Real Property
<br />is or will be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area.
<br />Trustor agrees in obtain and maintain Federal Flood Insurance, if available, for fine full unpaid principal balance of the loan and any prior
<br />(lens on the property securing the lose, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise
<br />required by Lender, and to maintain such insurance for the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property . Lender may make proof of loss if
<br />Trustor falls to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election,
<br />receive and retain the proceeds of any Insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting
<br />the Property, or the restoration and repair of the Property . If Lender alects to apply the proceeds to restoration and repair, Trustor shall
<br />repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lentler. Lender shall, upon satisfactory proof of such
<br />expenditure, pay or mimhuree Trustor from the proceeds for the reasonable cost of repair or restoration If Trustor Is not In default under this
<br />Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the
<br />repair or restoration of the Property shall be used first to pay any amount awing to Lender under this Deed of Trust, then to pay accrued
<br />Interest, and the remainder, it any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment
<br />in full of the Indebtedness, such proceetls shall be paid to Trustor as Trustors interests may appear.
<br />LENDER'S EXPENDITURES. If Truster fails (A) to keep Me Property free of all taxes, liens, security Interests, encumbrances, and other claims,
<br />(B) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or
<br />proceeding is commenced that would materially affect Lenders interests in the Property, then Lender on Trustor's behalf may, but is not required
<br />to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such
<br />purposes will fhen bear interest at the rate charged under the Note from the date incurred or said by Lender to the date of repayment by Truster.
<br />All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) he payable on demand; (B) be added to the balance
<br />of the Note and be apportioned among and be payable with any Installment payments to become due during either (1) the term of any
<br />applicable Insurance policy; or (2) the remaining term of the Note; or (D) be treated as a balloon payment which will be due and payable at the
<br />Note's maturity. The Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be In addition to
<br />any other rights or any remedies to which Lender may be entitled on account of any tlefauit. Any such action by Lender shall not be construed es'
<br />curing the default So as to bar Lender from any remedy that it otherwise would have had.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Dees of Trust
<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
<br />encumbrances other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
<br />
|