|
<br />..
<br />
<br />200602888
<br />
<br />2. REAL ESTATE TAXES. Trustor shall pay the amlUal real estate taxes to the Hall County
<br />Treasurer before the taxes become delinquent and shall furnish tax receipts to Beneficiary on or before May
<br />1 and September 1 each year. In the event that special assessments are levied against the property, the
<br />Trustor shall make the annual payments before the same become delinquent and provide Beneficiary with a
<br />receipt for payment.
<br />
<br />3. INSURANCE AND REPAIRS. Upon closing, Trustor shall provide Beneficiary with a Certificate
<br />of Insurance showing the building on the premises to be insured for fire and extended coverage in an
<br />amount equal to the replacement value of the building. Trustor shall pay the premiums for maintaining
<br />such policy and shall provide Beneficiary with evidence of insurance premium payments each year. Such
<br />insurance policy shall contain a standard mortgage clause in favor of Beneficiary and shall not be
<br />cancelable, terminable, or modifiable without thirty (30) days prior written notice to Beneficiary. Trustor
<br />shall promptly repair, maintain and replace the Trust Estate or any part thereof so that, except for ordinary
<br />wear and tear, the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste on or to the
<br />Trust Estate.
<br />
<br />4. AcnONS AFFECTING TRUST ESTATE. Trustor 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 or
<br />proceeding in which Beneficiary or Trustee may appear. Should Trustor fail to make any payment or to do
<br />any act as and in the maImer provided in any of the Loan Instruments, Beneficiary and/ or Trustee, each in
<br />its own discretion, without obligation, may make or do tile same in such manner and to such extent as
<br />either may deem necessary to protect the security hereof. Trustor shall, immediately upon demand therefor
<br />by Beneficiary, pay all costs and expenses incurred by Beneficiary in cOlmection with the exercise by
<br />Beneficiary of the foregoing rights, including, without limitation, costs of evidence of title, court costs,
<br />appraisals, surveys and attorney's fees. Any such costs and expenses not paid within ten (10) days of
<br />written demand shall draw interest at the default rate provided in the Note.
<br />
<br />5. EMINENT DOMAIN. Should the Trust Estate, or any part tllereof or interest therein, be taken or
<br />damaged by reason of any public improvement or condemnation proceeding, or in any otller manner
<br />including deed in lieu of Condemnation ("Condemnation"), or should Trustor receive any notice or other
<br />information regarding such proceeding, Trustor shall give prompt written notice thereof to Beneficiary.
<br />Beneficiary shall be entitled to all compensation and condemnation awards and other payments or relief
<br />therefor, and shall be entitled to make any compromise or settlement in connection with such taking or
<br />damage. All such compensation and condemnation, awards, damages, rights of action and proceeds
<br />awarded to Trustor (the "Proceeds") are hereby assigned to Beneficiary; and Trustor agree to execute such
<br />further assignments of the Proceeds as Beneficiary or Trustee may require.
<br />
<br />6. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to time, by a written
<br />instrument executed and acknowledged by Beneficiary, mailed to Trustor and recorded in the County in
<br />which the Trust Estate is located and by otherwise complying with the provisions of the applicable law of
<br />the State of Nebraska substitute a successor or successors to the Trustee named herein or acting hereunder.
<br />
<br />7. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of and binds
<br />all parties hereto, their heirs, legatees, devisees, personal representatives, successors and assigns. The term
<br />"Beneficiary" shall mean the owner and holder of the Note, whether or not named as Beneficiary herein.
<br />
<br />8. INSPECTIONS. Beneficiary, or its agents, representatives or workmen, are authorized to enter at
<br />any reasonable time upon or in any part of the Trust Estate for the purpose of inspecting the same and for
<br />the purpose of performing any of the acts it is authorized to perform under the terms of any of the Loan
<br />Instruments.
<br />
<br />9. EVENTS OF DEFAULT. Any of the following events shall be deemed an event of default
<br />hereunder:
<br />
<br />(a) Trustor shall have failed to make payment of any installment of interest, principal, or principal
<br />and interest or any other sum secured hereby for a period of five (5) days after the same becomes due; or,
<br />
<br />(b) There has occurred a breach or default under any term, covenant, agreement, condition,
<br />provision, representation, or warranty contained in any of the Loan Instruments.
<br />
<br />10. ACCELERATION UPON DEFAULT, ADDITIONAL REMEDIES. Should an event of default
<br />occur, Beneficiary may declare all indebtedness secured hereby to be due and payable, and the same shall
<br />thereupon become due and payable without any presentment, demand, protest, or notice of any kind.
<br />Thereafter the Beneficiary may:
<br />
<br />[It (
<br />--.----..,.'''.-"-
<br />CRE
<br />
<br />ctft-
<br />
<br />2
<br />
|