200803604 - Laserfiche WebLink

Browse

200803604 policies of insurance against such hazards on the buildings and improvements now or hereafter located on or constituting a part of the Property as the Beneficiary shall require from time to time, in such companies and amounts and with such loss payable clauses as shall be satisfactory to the Beneficiary; in the event of loss, Beneficiary is expressly authorized to settle or compromise claims under said policies and the proceeds thereof shall be paid to the Beneficiary who may apply the same or any part thereof on the indebtedness secured hereby or toward the reconstruction or repair of said buildings and improvements or release same to the Trustor; (e) to pay any lien, claim or charge against the Real Estate which might take precedence over the lien hereof; (f) to pay on demand to the extent provided in 11 U.S.C. Section 506(b) and/or as otherwise permitted by state or federal law, all legal expenses, title searches, appraisal or attorney's fees and costs reasonably incurred or paid by Beneficiary to collect, realize upon, or protect its rights under the Note or foreclose, liquidate, exercise the power of sale, or otherwise enforce and/or protect the lien of the Deed of Trust or to renegotiate or resolve disputes either inside or outside of litigation or other judicial proceedings (g) in the event Trustor shall fail to comply with the provisions of (a) through (f) above, the Beneficiary may expend such funds and take such action as is necessary to remedy such failure, and all sums paid by the Beneficiary pursuant hereto with interest at the rate hereinafter provided shall constitute a lien upon the Property, shall be secured by this Deed of Trust, and shall be immediately due and repayable to the Beneficiary; (h) not to sell the Real Estate or any portion thereof; or, if the Trustor is a corporation, not more than 0% of its corporate stock shall be sold, traded, or disposed of to persons other than the present owners of such stock prior to the time the indebtedness secured hereby shall have been reduced (exclusive of prepayments other than as provided in the said Note) to $0, and in the event of any sale herein prohibited, then the entire indebtedness secured by the Deed of Trust shall, at the option of the Beneficiary become due and payable; (i) if the Real Estate or any part or parcel thereof shall be taken or damaged under the power of eminent domain, the award for any Real Estate so taken or damaged (including severance damages to the remaining premises) shall be paid to the Beneficiary and applied in full or in part at the option of the Beneficiary in reduction of the indebtedness hereby secured; U) the Beneficiary shall have the right to inspect the Property at such reasonable times as the Beneficiary may desire to determine Trustor's compliance with the covenants contained in this Deed of Trust; (k) the Beneficiary may release from the lien hereof any part or parcel of the Property without requiring any consideration therefor; (I) Trustor is lawfully seized of the Real Estate in fee simple, the same is free from all liens and encumbrances except as may otherwise be specifically noted herein or waived in writing by the Beneficiary; Trustor will execute or procure any further necessary assurances of title and does hereby warrant generally the title to said Real Estate and will forever defend the same against the claims and demands of all persons whomsoever, and Trustor's separate estate, whether vested, contingent or in expectancy, is hereby conveyed and Trustor does hereby expressly waive, release all rights and benefits of any homestead, dower, courtesy, appraisement, exemption and stay laws of this state; (m) if Trustor or one of them is a corporation, such Trustor will maintain its status as a family farm or ranch corporation within the meaning of the Nebraska state constitution and statutes authorized to obtain and retain an interest in the real estate described above which will be used for farming or ranching or to engage in farming or ranching in the State of Nebraska; and (n) neither Trustor nor any of them is or shall become a syndicate within the meaning of the Nebraska state constitution and statutes prohibited from acquiring and maintaining an interest in the subject real estate used for farming or ranching or to engage in farming or ranching in the 8