|
81-- 104631
<br />waste or permit impairment or deterioration of the Property; and (d) fully and promptly comply with the provisions of any lease if this Dead of
<br />Trust is on a leasehold.
<br />If this Deed of Trust is on a unit in a condominium project or a planned unit development, we shall promptly perform all of our obligations
<br />undelf the declaration or coveenants creating or governing the condominium project or planned unit development, and the bylaws,
<br />regulations and other documents of the condominium project or planned unit development, Including any amendments. If a condominium or
<br />planned unit development rider Is executed by us and recorded together with this Deed of Trust, the covenants and agreements of that rider
<br />shall became a part of this Deed of Trust as If the rider were included in this document itself.
<br />5. PROTECTION OF FIRST FEDERAL LINCOLN'S SECURITY. We shall appear In and defend anyaction or proceeding purporting to affect
<br />the security of this Deed of Trust or the rights or powers of First Federal Lincoln under this Deed of Trust.
<br />It we fail to do what is required of us in this Dead of Trust or the persons whosign the Agreement fall to dowhat Is requiredof them underthe
<br />Agreement. or if any action or proceeding is commenced naming First Federal Lincoln as a party oraffecting First Federal Lincoln's interest in
<br />the Propertyorthe rights or powers bl First Federal Lincoln or Trustee, then First Federal Lincoln orTrusl rewithoutdemanduponusbutupon
<br />notice to us as provided in paragraph 11 below, may, without releasing us from any obligation under the Deed of Trust, do whatever First
<br />Federal Lincoln or Trustee believes is necessary, including any disbursement of funds, to protect the security of this Deed of Trust.
<br />If First Federal Lincoln has required mortgage insurance as a condition of opening the Account, we shall pay the premiums required to
<br />maintain that insurance in effect until it is no longer required by First Federal Lincoln or applicable law.
<br />Any amounts disbursed by First Federal Lincoln or Trustee pursuant to this paragraph, with interest at the variable interest rate in effect
<br />under the Agreement from time to time, 00 be paid by us and are secured by this Deed of Trust. Unless we agree, in writing, with First Federal
<br />Lincoln to other terms of payment, such amounts shall be payable upon request of First Federal Lincoln. Neither First Federal Lincoln or
<br />Trustee are ever required to incur any expense to take any action under this Deed of Trust and any action taken shall not release us from any
<br />obligation in this Deed of Trust.
<br />B. INSPECTION. First Federal Lincoln may make orcause to be made reasonable entries upon and inspections of the Property. Unless it is
<br />an emergency, First Federal Lincoln shall give us notice (see paragraph 11 below) prior to an inspection specifying reasonable cause for the
<br />inspection.
<br />7. CONDEMNATION. A taking of property by any governmental authority by eminent domain is known as a "condemnation ". The proceeds
<br />of any award or claim for damages, direct or consequential, relating to any condemnation, conveyance or other taking of all or part of the
<br />Property, are hereby assigned and shall be paid to First Federal Lincoln, subject to the terms of any mortgage, deed of trust or other security
<br />agreement which is prior to this Deed of Trust. We agree to execute whatever documents are required by the condemnation authority to carry
<br />out this paragraph. First Federal Lincoln shall have the authority to apply or release the comdemnation proceeds or settle for those proceeds
<br />in the same-way as provided in this Deed of Trust for disposition or settlement of proceeds of Hazard insurance. No settlement from
<br />condemnation damages may be made without First Federal Lincoln's prior written approval.
<br />S. CONTINUATION OF OUR OBLIGATIONS AND FIRST FEDERAL LINCOLN'S RIGHTS. Extension of time for payment, acceptance by
<br />First Federal Lincoln of payments other than according to the terms of the Agreement, modification in payment termsof the sums secured by
<br />this Deed of Trust granted by First Federal Lincoln to any of our successors or the waiver or failure to exercise any right granted in this Deed of
<br />Trust or under the Agreement shall not release, in any manner, our liability, or that of our successors in interest, or anyguarantor or surety of
<br />our liability. First Federal Lincoln shall not be required to start proceedings against such successor or refuse to extend time for payment or
<br />otherwise modify payment terms of the sums secured by this Deed of Trust by reason of any demand made by us and our successors.
<br />No act or failure to act of First Federal Lincoln shall waive any of First Federal Lincoln's rights or remedies under this Deed of Trust unless
<br />the waiver is in writing and signed by First Federal Lincoln. Anywaiver shall apply onlyto the extent specifically set forth in thewriting. Awaiver
<br />as to one event shall not be a waiver as to any other event. Obtaining insurance. or paying taxes, other liens or charges shall not be awaiver of
<br />First Federal Lincoln's right under this Deed of Trust to accelerate the maturity of the sums secured by this Deed of Trust in the event of a
<br />default under this Deed of Trust or the Agreement.
<br />9- SUCCESSORS AND ASSIGNS BOUND. JOINT AND SEVERAL LIABILITY; CO-SIGNERS; CAPTIONS. The agreements contained in this
<br />Deed of Trust shall bind, and the rights under this Deed of Trust shall extend to. the respective successors, heirs, legatees, devisees,
<br />administrators, executors and assigns of First Federal L incorn and us. All of the agreements made by us lot our successors, heirs, legatees,
<br />deviscosr, administrators, executors and assigns) shall be joint and several This means that anyone of us maybe required to individually fulfill
<br />the agreements.
<br />Any person who co•stgns this Deed of Trust, but does not execute the Agreement, (a) is co-signing this Deed of Trust only to grant and
<br />convey that person's Interest in the Property to the Trustee under the lion and terms of this Deed of Trust and to release homestead, curtesy
<br />and/or dower rights. if any, (b) is not personally Gable under the Agreement or under this Deed of Trust, and(c) agrees that First Federal Lincoln
<br />and any of us may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Deed of Trust of the
<br />Agreement, without the consent of the rest of us and without releasing the rest of us or modifying this Deed of Trust as to the interest of the rest
<br />of us in the Property.
<br />Thecaptionsand headings of the paragraphs of this Deed of Trust are for convenience only and are not to be used to interpret or define its
<br />Provisions. In this Dead of Trust whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the
<br />singular number includes the plural.
<br />10. NOTICES. Except where applicable law requires otherwise.
<br />(a) To give us any notice under this Deed of Trust, First Federal Lincoln well hand deliver the notice to us, or mail the notice to us, by first
<br />class mail, or by registered or certified mail. First Federal Lincoln will deliver or mail the notice to us at the address of the Property, or at any
<br />Other address of which we have given First Federal Lincoln written notice as provided in this paragraph;
<br />(b) To give the persons who sign the Agreement any notice under this Deed of Trust, First Federal Lincoln will hand deliver the notice to
<br />such personsof mail the notice tosuch persons by first class mail, orby registered orcertified mail. First Federal Lincoln will deliverer mail the
<br />notice to such persons at the address indicated in the Agreement, or at any other address of which such persons have given First Federal
<br />Limn such notice as provided in the Agreement; and
<br />(c) To give First Federal Lincoln any notice under this Deed of Trust, we will mail the notice to First Federal Lincoln by first class mail, or by
<br />registered or certified mail, at the address specified on the Account's most recent i Monthly billing statement for the receipt of such notices. We
<br />may atsogive First Federal Lincoln such notice at any other address of which First Federal Lincoln has given us written notice as provided in
<br />this paragraph.
<br />Except as otherwise provided in this Deed of Trust any notice provided for in this Deed of Trust must be in writing and is considered given
<br />on the day it is delivered by hard of deposited in the U.S. Mail, as provided above.
<br />11. GOVERNING LAW; SEVERABILITY. Nebraska lawappites to this Deed of Trust. This does not limit, however, the applicability of federal
<br />law to this Deed of Trust 11 any provision of this Deed of Trust is hell to Ise invalid, illegal, or unenforceable by any court, that provision shall be
<br />deleted from this Deed of Trust and the balance of this Deed of Trust shall be interpreted as it the deleted provision never existed.
<br />l2. OUR COPY. We shall receive a copy of this Deed of Trust at the time it is signed or after this Deed of Trust is recorded.
<br />13. EXERCISING REMEDIES. First Federal Lincoln may exercise all of the rights and remedies provided in this Deed of Trust and in the
<br />Agreement, or which may be available to First Federal Lincoln bylaw. and any of these rights and remedies may be exercised individually, or
<br />they may be exercised together, at First Federal Lincoln's sole discretion, and may be exercised as often as the right to do so occurs.
<br />14. EVENTS OF DEFAULT.
<br />(a) Notice and Grace Period. An Event of Default will occur without a grace period or opportunity to cure, or, in some cases, after a grace
<br />period. if there is no grace period, the Event of Default will occur immediately upon First Federal Lincoln giving notice to us and to the persons
<br />who sign the Agreement (see paragraph 10 above) of the violation or event (except for bankruptcy filing by us or by any person who signs the
<br />AgreemeniL as described in paragraph 14(b) below, which shall tie an Event of Default automatically and without notice).
<br />It a grace period exists, the Event of Default will occur upon the expiration of the applicable grace period, alter First Federal Lincoln gives
<br />notice to us and to the persons who sign the Agreement (see paragraph 10 above) of the violation or event and the grace period, and (A) the
<br />lion or event is no cured of corrected within the applicable grace period and (B) First Federal Lincoln has not been provided with
<br />e, reasonably satisfactory to First Federal Lincoln, before the expiration of the applicable grace period, that the violation or event has
<br />been cured of corrected.
<br />if there is a grace period, it will begin to Icon on the day after the notice is given, and expire at 11:59 p. m., Central time, on the last day of the
<br />perm. As grace periods are expressed in calendar days. not business days.
<br />Any notfd)e requited by the subparagraph shall contain the following information: ti) the nature of the violation or event. (it) the action, it any,
<br />required or permuted to cure such violation of correct the event; (ii) the applicable grace period, if any, during which such violation or event
<br />nottiost Do cured or corrected; and(bv) whether failure to cure such violation or correct such event within the specified grace period, if any, will
<br />r*VA in acceleration of the sums secured by this Deed of Trust and the potential sale of the Properly. The notice shall further inform us of the
<br />right, a any. under applicable law, to reinstate the Account after acceleration.
<br />(bf Events ofDefault. Listedbelowweviolationsorothereventswhicheilherconstit uteEventsof DefaultunderthisDeedofTrustwithout
<br />a Warm psrood or opportunity to cure, of which. after a grace period, constitute Events of Default under this Dead of Trust. Applicable grace
<br />peorvoils, am set form in pitiferritiefrim after each violation or event. The violations and events are:
<br />(A) The persons who SVP the Agreement fall to make Payments due under the Credit Documents on time (thirty 130) day grace period): or
<br />GEA The per w"ifigoo, the Agreement fail to keep the promises made in paragraph C of the Agreement (no grace period), or
<br />' Faad Federal Lio>coatnr ; Wuai knowledge that the personswho Sign Vie Agreementlavo (1 omitted material 6rifornialion from. or
<br />ins connectooln with, theircf ft" applicationof(n i) madeanyfaresofmisleadingst atementson, orinc onnectionwith ,theircreditapplication(in
<br />esch cam, no gfact? perm: or
<br />It))witnoul the is ?oo, written tcsn nio, Firstfederai Oncoin.(i) we, oranypersonwhosignstheAgreement .agreetosell.t:ansferorassign
<br />tfoa f"r y of f"104, to the Properly, I to the property of any interval in the Property's Moro, I ran sfered. or assigned. of (in) any ground
<br />' ,"wa ~wq the Propitiviry are or terminated (in each case. no grace period), or
<br />i Ff There �x CWSU4 or" T+00 A MOriallonatno a detauit under any ground losses affecting the property or undatr any credit tnffitrurnent w
<br />
|