|
<br />Loan No: 678359-1
<br />
<br />DEED OF TRUST
<br />, (Continued)
<br />
<br />200804318
<br />
<br />Page 2
<br />
<br />the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to any other
<br />party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
<br />written consent.
<br />
<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
<br />consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactory to Lender to
<br />replace such Improvements with Improvements of at least equal value.
<br />
<br />Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of this Deed
<br />of Trust.
<br />
<br />Compliance with Governmental Requirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
<br />in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without Iimitallon, the Americans With
<br />Disabilities Act. Trustor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
<br />including appropriate appeals, so long as Trustor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
<br />Lender's interests in the Property are not jeopardized. Lender may require Trustor to post adequate Security or a surety bond, reasonably
<br />satisfactory to Lender, to protect Lender's interest.
<br />
<br />Duty to Protect. Trustor agrees neither to abandon or leave unattended the Property. Trustor Shall do all other acts, in addition to those
<br />acts set forth above in this section, Which from the character and use of the Property are reasO,nably necessary to protect and preserve the
<br />Property.
<br />
<br />DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Deed
<br />of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property.
<br />A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial or equitable;
<br />whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with
<br />a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust
<br />holding tille to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Trustor is a corporation,
<br />partnership or limited liability company, transfer also includes any change in ownership of more than twenty-five percent (25%) of the voting
<br />stock, partnership interests or limited liability company interests, as the case may be, of such Trustor. However, this option shall not be exercised
<br />by Lender if such exercise is prohibited by federal law or by Nebraska law.
<br />
<br />T AXES AND LIENS. The following provisions relating to the taxes and liens on the Property are parl of this Deed of Trust;
<br />
<br />Payment. Trustor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (inclUding water
<br />and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done on or for
<br />services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority over or equal to the
<br />interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due and except as otherwise provided in this
<br />Deed of Trust.
<br />
<br />Right to Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation
<br />to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,Trustorshall within
<br />fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Trustor has notice of the filing, secure the discharge of the
<br />lien, or if requested by Lender, deposit with Lender cash or a sufficient corporale surety bond or other security satisfactory to Lender in an
<br />amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue as a result of a foreclosure or
<br />sale under the lien. In any contest, Trustor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against
<br />the Property. Trustor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
<br />
<br />Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
<br />authorize the appropriate governmental official to deliver to lender atany-flme-tt~,4tatement .of the taxes and assessments a~ainst the
<br />Property. ~,
<br />
<br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
<br />any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work,
<br />services, or materials. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Trustor can and
<br />will pay the cost of such improvements.
<br />
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br />
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on
<br />a fair value basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of
<br />any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Trustor shall also procure and maintain comprehensive
<br />general liability insurance in such coverage amounts as Lender may request with Trustee and.Lender being named as additional insureds in
<br />such liability insurance policies. Additionally, Trustor shall maintain such other insurance, Including but not limited to hazard, busine~s
<br />interruption, and boiler insurance, as Lender may reasonably require. Policies shall be written in form, amounts, coverages and baSIS
<br />reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Trustor, u~on r~que~t of
<br />Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, Including stlpulalions
<br />that coverages will not be cancelled or diminished without alleast ten (10). days prior written ~olice to Lender. Each In~ur~nce policy also
<br />shall include an endorsement providing that coverage in favol' of Lender Will not be impaired In any way by any act, omiSSion or default of
<br />Trustor or any other person. Should the Real Property be located in an area d~sig~ated by the Director of th~ Fe~eral Emergency
<br />Management Agency as a special flood hazard area, Trustor agrees to obtain a.nd maintain Federal Flood I~surance" if a~a~lable, for the full
<br />unpaid principal balance of the loan and any prior liens on the property securmg the loan, up to the maximum policy limits set under the
<br />National Flood Insurance Program, or as otherwise required by Lender, and to maintain such Insurance for the term of the loan.
<br />
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or dam~ge to the. P~operty. Lender may make pro~f of loss if
<br />Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender s secUrity IS Impaired, Lender may, at Lendl?r s electl~n,
<br />receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, ~ayment of a~y Ii,en affecting
<br />the Property, or the restoration and repair of the Property.. If Lender ele~ts to apply the proceeds to restoration and repair, Trustor. shall
<br />repair or replace the damaged or destroyed Improvements In a maRAer sallsfactory to Lender. Lender-shall,-Up.on satisfactory proof of su~h
<br />expenditure, payor reimburse Trustor from the proceeds for the reasonable cost of rep.air or ~estoration,if Trustor is not in default. under thiS
<br />Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and ",:,hlch Lender has not committed to the
<br />repair or restoration of the Property shall be used first to pay any amount owing to Lender under thiS Deed of Trust, then to pay accrued
<br />interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holdS any proceeds after payment
<br />in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor's interests may appear.
<br />
<br />Trustor's Report on Insurance. Upon request of Lender, however not more than o.nce a year, Trustor shall furnish to Lende~a. report on
<br />each existing policy of insurance showing; (1) the name of the Insurer; (2) the risks insured; . (~) the amount of the POliCY, (4) ~he
<br />properly insured, the then current replacement value of such property, and the manner of de.termlnlng that value; and ,(5) . the explralton
<br />date of the policy. Trustor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value
<br />
<br />replacement cost of the Property.
<br />LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interes! in ~he Prop~rty or if Trustor
<br />fails to comply with any provision of this Deed of Trust or any Related Documents, including but not limited to Trustor s failure to dlscharg~ or pay
<br />when due any amounts Trustor is required to discharge or pay under this Deed. of Trust o~ any Relate9 ~ocume~ts, Len.der on Tr~stor s behalf
<br />may (but shall not be obligated to) take any action that Lender deems appropnate, including but not limite? to dlschargln~ or paYlng~1I t~x~s,
<br />liens, security interests, encumbrances and other claims, at any time levied or placed on the Propert~ and paYing, all costs for insuring, malntaln~ng
<br />and preserving the Properly. All such expenditures incurred or paid by Lender for such purposes will then b~ar Interest at the rate charged un er
<br />the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such expenses Will become a part of the Indebtedne~s
<br />d at Lender's option will (A) be payable on demand' (B) be added to the balance of the Note and be apportioned amons. and be payab e
<br />~~th' an installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the
<br />Note; o~ (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Deed of Trust also Will secure payment
<br />
|