200312978 - Laserfiche WebLink

Browse

09/25/2003 15:07 1- 308 - 382 -7782 GI ABSTRACT,ESCROW 200312978 PAGE 05 Trustor will endorse and deliver to Beneficiary my payment of Rents in Trastm's possession and will receive any Ream in trust. for Beneficiary and will WE commingle the Rents with any otter funds. Any amounts collected will be applied as provided in this Security Instrument Trustor wanaam that no default exists under the Leases or my applicable landlmd/tenaat law. Trustor also agrees to maintain and requite my tenant to comply with the terms of the Leases and applicable law. 13. LEASEHOLDS; CONDOMDIIUMS; PLANNED UNrf DEVELOPMENTS. Trustor agrees to comply with the provisions of my lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD "), Trustor agrees to the following: A. Obligations. Trustor shall perform all of Trusmr's obligations wader the Constituent Documents. The "Constituent Documents" are the: (i) Declaration or my other document which creates the Condominium Projects m PUD and my homeowners association or equivalent entity ( "Owens Association "); (u) by -laws; (iii) code of regulations; and (iv) other equivalent documents. Trostor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents, B. Hazard Insurance. So long as the Owners Association maintain, with a generally accepted insurance carrier, a "master" or 'blanket" policy on the Condominium Project m PUD which is satisfactory to Leuder and which provides insurance coverage m the answers, for the periods, and against the hazards Leader requires, including fire and hazards included within the term "extended coverage," then Tnrstor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extern that the required coverage is provided by the Owner's Association policy. Trustor shall give Lender prompt notice of any lapse in requited hazard tasuranr• cover age. In the event of a distribution of hazard ins rance proceeds in lint of restoration or repair following a loss to Property, whether to the unit or to common dements, any Proceeds Payable to Trustor are herby assigned and shall be paid to Leader for application to the sums secured by this Security Instrument, with my excess paid to Tnutar. C. Flood Insurance. Tmsmr agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Trusts shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in loon, amount, and extent of coverage to Lender. E. Condemnation. The proceeds of my award or claim fm damages, direct or consegDendal, payable to Trustor in connection with my condemnation or Sher taking of all or any pan of the Property, whether of the unit or of the common elements, m fw my conveyance in lien of condemnation, are hereby assigned and shall be paid to Linder. Such proceeds shall be applied by Lender to the sums secured by the Semrity Instrument as provided in Section Is. F. 14nder's Prim Consent. Trustor shall rot, except after notice to Lender and with Lender's prim written COMM either partition Or subdivide the Pmpelty Or COMM to: (i) the abandonment or temination of the Condominium Project or PUD, except for abandonment m w=natlnn required by law in the case of substantial destruction by fire m other casualty or in the case of a taking by condemnation or eminent domain; (ir) my amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional nwttag= and assumption of self- management by the Owners Association; m (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lander. G. Remedies. If Tmsn r does not pay condominium or PUD does and assessmeots when due, then Leader may Pay them. Any amount disbursed by Mader, uDdm this section shall become additional debt of Trustor secured by this Security Instrument. Unless Twtor and Lender agree to other tetras of payment, these atnnunt.¢ shall bear interest from the date of disbursement at the NEBRASKA • DEED OF TRVST rENpa mahah r"w, " °t a 20032611614520