|
200112,76
<br />demand, and shall provide Beneficiary with evidence of the payment of same. Truster shall pay all taxes
<br />and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or
<br />any part thereof upon the Beneficiary.
<br />3. INSURANCE AND REPAIRS Truster shall maintain fire and extended coverage insurance
<br />insuring the improvements and buildings constituting part of the Trust Estate for an amount no less than
<br />the amount of the unpaid principal balance of the Note (co- insurance not exceeding 80% permitted).
<br />Such insurance policy shall contain a standard mortgage clause in favor of Beneficiary and shall not be
<br />cancelable, terminable, or modifiable without ten (10) days prior written notice to Beneficiary. Truster shall
<br />promptly repair, maintain and replace the Trust Estate or any part thereof so that, except for ordinary wear
<br />and tear, the Trust Estate shall not deteriorate. In no event shall the Truster commit waste on or to the
<br />Trust Estate.
<br />4. ACTIONS AFFECTING TRUST ESTATE Truster shall appear in and contest any action or
<br />proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and
<br />shall pay all costs and expenses, including cost of evidence of title and attorney's fees, in any such action
<br />or proceeding in which Beneficiary or Trustee may appear. Should Truster fail to make any payment or to
<br />do any act as and in the manner provided in any of the Loan Instruments, Beneficiary and /or Trustee,
<br />each in its own discretion, without obligation, may make or do the same in such manner and to such
<br />extent as either may deem necessary to protect the security hereof. Truster shall, immediately upon
<br />demand therefor by Beneficiary, pay all costs and expenses incurred by Beneficiary in connection with the
<br />exercise by Beneficiary of the foregoing rights, including, without limitation, costs of evidence of title, court
<br />costs, appraisals, surveys and attorney's fees. Any such costs and expenses not paid within ten (10) days
<br />of written demand shall draw interest at the default rate provided in the Note.
<br />5. EMINENT DOMAIN Should the Trust Estate, or any part thereof or interest therein, be taken
<br />or damaged by reason of any public improvement or condemnation proceeding, or in any other manner
<br />including deed in lieu of Condemnation ( "Condemnation "), or should Truster receive any notice or other
<br />information regarding such proceeding, Truster shall give prompt written notice thereof to Beneficiary.
<br />Beneficiary shall be entitled to all compensation awards and other payments or relief therefor, and shall be
<br />entitled to make any compromise or settlement in connection with such taking or damage. All such
<br />compensation, awards, damages, rights of action and proceeds awarded to Truster (the "Proceeds ") are
<br />hereby assigned to Beneficiary; and Truster agrees to execute such further assignments of the Proceeds
<br />as Beneficiary or Trustee may require.
<br />6. APPOINTMENT OF SUCCESSOR TRUSTEE Beneficiary may, from time to time, by a
<br />written instrument executed and acknowledged by Beneficiary, mailed to Truster and recorded in the
<br />County in which the Trust Estate is located and by otherwise complying with the provisions of the
<br />applicable law of the State of Nebraska substitute a successor or successors to the Trustee named herein
<br />or acting hereunder.
<br />7, SUCCESSCIRS AND ASST NS This Deed of Trust applies to, inures to the benefit of and
<br />binds all parties hereto, their heirs, legatees, devisees, personal representatives, successors and assigns.
<br />The term "Beneficiary" shall mean the owner and holder of the Note, whether or not named as Beneficiary
<br />herein.
<br />8. INSPECTIONS Beneficiary, or its agents, representatives or workmen, are authorized to
<br />enter at any reasonable time upon or in any part of the Trustee Estate for the purpose of inspecting the
<br />same and for the purpose of performing any of the acts it is authorized to perform under the terms of any
<br />of the Loan Instruments.
<br />9. EVENTS OF DEFAI II T Any of the following events shall be deemed an event of default
<br />hereunder:
<br />(a) Truster shall have failed to make payment of any installment of interest, principal, or principal
<br />and interest or any other sum secured hereby when due; or,
<br />(b) There has occurred a breach of default under any term, covenant, agreement, condition,
<br />provision, representation, or warranty contained in any of the Loan Instruments.
<br />(c) If Truster shall sell, convey, transfer, or dispose of the real property described in the Note
<br />securing the debt evidenced by the Note, or any part of such property, or any interest therein, or agree so
<br />to do without the prior written consent of Beneficiary, Beneficiary shall have the right, at the option of
<br />Beneficiary, to declare the entire balance of the unpaid principal with unpaid interest due thereon
<br />immediately due and payable. Failure to exercise such option shall not constitute a waiver of the right to
<br />exercise it in the event of any subsequent default.
<br />10. Should an event of default
<br />occur, Beneficiary may declare all indebtedness secured hereby to be due and payable, and the same
<br />shall thereupon become due and payable without any presentment, demand, protest, or notice of any kind.
<br />Thereafter the Beneficiary may:
<br />
|