|
200205978
<br />DEED OF TRUST
<br />Loan No: 34412 (Continued) Page 2
<br />representations and warranties contained herein are based oa Trustee's due dlllgence in investigating the Property for Hazardous
<br />Substances. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Truster
<br />becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all
<br />claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or Indirectly sustain or suffer resulting from a breach
<br />of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened
<br />release occurring prior to Trustor s ownership or interest In the Property, whether or not the same was or should have been known to Trustor.
<br />The provisions of this section of the Deed of Trust, including the obligation to indemnify, shall survive the payment of the Indebtedness and
<br />the satisfaction and reconveyance of the lien of this Dead 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 net cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to
<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, scone, 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, Lander 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 PropeM 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. Truster 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, in Lender's sole opinion, Lender's Interests in the Property are not jeopardized. Lender
<br />may require Trustor to post adequate security or a surety bend, reasonably satisfactory to Lentler, to protect Lender's interest.
<br />Duty to Protect. Trustor agrees neither to abandon or leave unattended the Properly. 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 kinder 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. Lander may require, among
<br />other things, that disbursement requests be supported by receipted bills, expense affidavits, waivers of liens, construction progress reports,
<br />and such other documentation es 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 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 Properly or any right, thlle 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 taes, 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 Pre Real Property. However, this option shall not he
<br />exercised by Lender If such exercise is prohibited by federal law or by Nebraska law.
<br />TAXES AND LIENS. The following provisions relating to Pre taxes and liens on the Prop" are pad of this Dead of Trust:
<br />Payment. Trustor shall pay when due (and in all events prier to delinquency) all taxes, special taxes, assessments, charges (including water
<br />and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done on or for
<br />servlees 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 Rre 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 fling, secure the discharge of the
<br />lien, or if requested by Lender, deposit with Lender cash or Sufficient corporate surety bond or other security satisfactory to Lender In an
<br />amount sufficient to discharge the lien plus any costs and anorneys' 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 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 commencer, any services are furnished, or
<br />any materials are supplied to the Property, If any mechanic's Ilan, materials es's lien, or other lien could be assorted on account of the worn,
<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 provielons 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 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 candidates of insurance In form satisfactory to Lender, Including stipulations that coverages will not be 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 Trustor or any other person, Shauld the Real
<br />Property So located in an area designated by the Director of the Federal Emergancy Management Agency as a special flood hazard area,
<br />Trustor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days shot 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 lean.
<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 impairetl, Lender may, at Lender's election,
<br />receive and retain the proceeds of any insurance and apply the proceetls to the reduction of the Indebtedness, payment of any lien affecting
<br />the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall
<br />repair or replace the damaged or destroyed Improvements in a mariner satisfactory to Lentler. Lender shall, upon satisfactory proof of such
<br />expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if Truster is not in default under this
<br />Dead 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, if 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 proceeds shall be paid to Trustor as Truster's interests may appear.
<br />LENDER'S EXPENDITURES. If Trustor fails (A) to keep the 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 />
|