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4„1 e 0 87-1 0 W-3 76
<br />84-- onnniR
<br />C omm,•r,.i n rr.sr with r. •.pert to It. ib•n� pr•,;,,•
<br />c— lithe fixtur••a on the P -d F., ntr. 'f hr nddre . , T.Tntator (Drntor)
<br />and Pen'ficinry IS Party) are sat forth on "the r5rst page of this
<br />Deed of Trust. This Deed of Trust is to be filed for record with the
<br />Register of Deeds of Hall County, Nebraska where the -real estate is
<br />located. Trustor is the record owner of the real estate.
<br />18. Substitution of Trustee: That Beneficiary may, from time to
<br />time, by instrument in writing, substitute a successor or successors to
<br />any Trustee named herein or acting hereunder, which instrument,
<br />executed and acknowledged by Beneficiary and recorded in the office of
<br />the register of deeds of the county or counties where such property is
<br />situated, shall be conclusive proof of proper substitution of such
<br />Trustee or Trustees• who shall, without conveyance from the Trustee
<br />predecessor, succeed to all its title, estate, rights, power and duties.
<br />19. Debt Coverage: Truster shall be deemed to be in default
<br />under this Deed oT- Thrust in the event that (a) the difference between
<br />the "first year's gross operating revenues" and the "operating expenses"
<br />for the Real Estate for the first year of operation are not at least one
<br />hundred twenty percent (120 %) of the "debt service" for such _period and
<br />(b) a "major motel" franchise affiliation is not in effect for the operation
<br />of the Real Estate, effective on the first day of the fifteenth month
<br />following commencement of the "first year of operation." The term "first
<br />year of operation" shall mean a period of twelve (12) consecutive
<br />months, beginning on the first day of the month following the month in
<br />which at least ninety percent (90%) of the proceeds of the loan evidenced
<br />by the Promissory Note secured hereby are disbursed. The term "major
<br />motel" franchise affiliation shall mean a motel license agreement whereby
<br />the Trustor becomes licensed as an affiliate of a motel referral service or
<br />chain which has similar licenses in effect covering not less than
<br />seventy -rive hundred (7,500) motelihotel rooms in at least twenty -five
<br />(25) states of the United States and which is issued by a licensor having
<br />a tangible net worth of not less than $25,000,000.00. The term "first
<br />year's gross operating revenues' shall mean the total of all revenues and
<br />receipts generated by or received (on a cash basis) with respect to the
<br />operation of the Real Estate, which shall include, without limitation, all
<br />rent• additional rent• license fees, royalties, vending machine income.
<br />revenues from rooms, parking and concessions• proceeds from rental loss
<br />and business interruption insurance, and interest, dividends end other
<br />income earned by Trustor on security deposits, prepaid rent and other
<br />deposits and rebates derived and actually collected from the operation of
<br />the Real Estate (and which Truster is not required to pay to the party
<br />who delivered such funds to Truster); provided, however, that the
<br />following shall be excluded from gross operating revenues: (a)
<br />refundable security and similar deposits received from tenants and
<br />guests occupying the Real Estate; (b) proceeds, awards or other
<br />rnr,pens■tion received in connection with any transfer of a fee interest
<br />In the Real Estate or the taking of the Real Estate, or any portion
<br />thereof. In condemnation or eminent domain proceedings; (c) insurance
<br />prxv+•d. paid to Truster in connection with any damage or destruction
<br />.r tmpmvenents on the Real Estate: and (d) amounts received by
<br />Truatur to rcimbursenent of expenditures expressly excluded from
<br />-op'r +ring expenses." "Operating expenses" shall mean the total of all
<br />nary and necessary reasonable expenditures with respect to the
<br />.•ten hip. ,•peration, leasing, maintenance and repair of the Real Estate
<br />(.ahrr thae the specific exclusions set forth below). including, without
<br />i�r,•ar hm. +hr following: (s) insurance premiums and all other similar
<br />thin! e•enta and costa required by or expended pursuant to the
<br />rr,..i• •^`t ". f•rrd of Trust or other instrument or agreement
<br />..,..,, rn,: ..ring Ihr loan secured by this Deed of Trust; (h) real
<br />,. .. r are apeciat assessments and water and sewer
<br />-rat •' - .. re 1l 1 to the Real Estate: (c) utility charges
<br />with the R—I Fatale: (d) hone fide
<br />•'r ..p..r... rt•argeanle to the operntinn of the Real
<br />f +tat• ^c + •,' r..utt•,.• r,atrt. -n.. n.•r and rrpnir. chsrfe. for
<br />6—nine + ; t• -'•' ^•'p' espenae, llnens. advertising
<br />rnat� n + ^e .. pr.noNnn a! exprnae. Inndacaping and
<br />gnrd•�rfnp" •. ,.t• -•f w[fti. tL. �(•. ,t h• 'I the F1 I state, sales taxes
<br />and al' nthrr n)q• +n adir atat• and I—I tnx's (but excluding income
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