|
<br />200611295
<br />
<br />J. lender has the right, but not the obligation, to perform any of Grantor's obligations under this section at
<br />Grantor's expense.
<br />K. As a consequence of any breach of any representation, warranty or promise made in this section, (1)
<br />Grantor will indemnify and hold lender and lender's successors or assigns harmless from and against all
<br />losses, claims, demands, liabilities, damages, cleanup, response and remediation costs, penalties and
<br />expenses, including without limitation all costs of litigation and attorneys' fees, which lender and lender's
<br />successors or assigns may sustain; and (2) at lender's discretion, lender may release this Security
<br />Instrument and in return Grantor will provide lender with collateral of at least equal value to the Property
<br />without prejudice to any of lender's rights under this Security Instrument.
<br />L. Notwithstanding any of the language contained in this Security Instrument to the contrary, the terms of
<br />this section will survive any foreclosure or satisfaction of this Security Instrument regardless of any passage
<br />of title to lender or any disposition by lender of any or all of the Property. Any claims and defenses to the
<br />contrary are hereby waived.
<br />18. CONDEMNATION. Grantor will give lender prompt notice of any pending or threatened action by private or
<br />public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any
<br />other means. Grantor authorizes lender to intervene in Grantor's name in any of the above described actions or
<br />claims. Grantor assigns to lender the proceeds of any award or claim for damages connected with a
<br />condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and
<br />will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of
<br />any prior mortgage, deed of trust, security agreement or other lien document.
<br />19. INSURANCE. Grantor agrees to keep the Property insured against the risks reasonably associated with the
<br />Property. Grantor will maintain this insurance in the amounts lender requires. This insurance will last until the
<br />Property is released from this Security Instrument. What lender requires pursuant to the preceding two
<br />sentences can change during the term of the Secured Debts. Grantor may choose the insurance company,
<br />subject to lender's approval, which will not be unreasonably withheld.
<br />All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee
<br />clause." If required by lender, Grantor agrees to maintain comprehensive general liability insurance and rental
<br />loss or business interruption insurance in amounts and under policies acceptable to lender. The comprehensive
<br />general liability insurance must name lender as an additional insured. The rental loss or business interruption
<br />insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow
<br />account deposits (if agreed to separately in writing).
<br />Grantor will give lender and the insurance company immediate notice of any loss. All insurance proceeds will
<br />be applied to restoration or repair of the Property or to the Secured Debts, at lender's option. If lender
<br />acquires the Property in damaged condition, Grantor's rights to any insurance policies and proceeds will pass to
<br />lender to the extent of the Secured Debts.
<br />Grantor will immediately notify lender of cancellation or termination of insurance. If Grantor fails to keep the
<br />Property insured, lender may obtain insurance to protect lender's interest in the Property and Grantor will pay
<br />for the insurance on lender's demand. lender may demand that Grantor pay for the insurance all at once, or
<br />lender may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the
<br />rate that applies to the Secured Debts. This insurance may include coverages not originally required of Grantor,
<br />may be written by a company other than one Grantor would choose, and may be written at a higher rate than
<br />Grantor could obtain if Grantor purchased the insurance. Grantor acknowledges and agrees that lender or one
<br />of lender's affiliates may receive commissions on the purchase of this insurance.
<br />20. ESCROW FOR TAXES AND INSURANCE. Grantor will not be required to pay to lender funds for taxes and
<br />insurance in escrow.
<br />21. CO-SIGNERS. If Grantor signs this Security Instrument but is not otherwise obligated to pay the Secured
<br />Debts, Grantor does so only to convey Grantor's interest in the Property to secure payment of the Secured
<br />Debts and Grantor does not agree by signing this Security Instrument to be personally liable on the Secured
<br />Debts. If this Security Instrument secures a guaranty between lender and Grantor, Grantor agrees to waive any
<br />rights that may prevent lender from bringing any action or claim against Grantor or any party indebted under
<br />the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws.
<br />22. SUCCESSOR TRUSTEE. lender, at lender's option, may from time to time remove Trustee and appoint a
<br />successor without any other formality than the designation in writing. The successor trustee, without
<br />conveyance of the Property, will succeed to all the title, power and duties conferred upon Trustee by this
<br />Security Instrument and applicable law.
<br />23. CONSTRUCTION lOAN. This Security Instrument secures an obligation incurred for the construction of an
<br />improvement on the Property.
<br />24. OTHER TERMS. The following are applicable to this Security Instrument:
<br />A. Line of Credit. The Secured Debts include a revolving line of credit prOVISion. Although the Secured
<br />Debts may be reduced to a zero balance, this Security Instrument will remain in effect until the Secured
<br />Debts and all underlying agreements have been terminated in writing by lender.
<br />25. APPLICABLE lAW. This Security Instrument is governed by the laws of Nebraska, the United States of
<br />America, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the
<br />extent such state laws are preempted by federal law.
<br />26. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Grantor's obligations under this Security
<br />Instrument are independent of the obligations of any other Grantor. lender may sue each Grantor individually or
<br />together with any other Grantor. lender may release any part of the Property and Grantor will still be obligated
<br />under this Security Instrument for the remaining Property. Grantor agrees that lender and any party to this
<br />Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any
<br />evidence of debt without Grantor's consent. Such a change will not release Grantor from the terms of this
<br />Security Instrument. The duties and benefits of this Security Instrument will bind and benefit the successors
<br />and assigns of lender and Grantor.
<br />27. AMENDMENT. INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or
<br />modified by oral agreement. No amendment or modification of this Security Instrument is effective unless made
<br />in writing and executed by Grantor and lender. This Security Instrument and any other documents relating to
<br />
<br />T.C. Enck Builders, Inc.
<br />Nebraska Deed Of Trust
<br />NE/4XX28424000937100005187019121306Y
<br />
<br />@1996 Bankers Systems, Inc., St. Cloud, MN ~
<br />
<br />Initials
<br />Page 5
<br />
|