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<br />LeanNe: 42239
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200809956
<br />
<br />Page 2
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<br />of Trust.
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<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. Trustor may contest in good faith any such law,
<br />ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Trustor has notified
<br />Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender
<br />may require Trustor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
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<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 reasonably necessary to protect and preserve the
<br />Property.
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<br />DUE ON SALE - CONSENT BY LENDER. Lender may, atl.ender'!L'pption,.declare Immediately du'il and payable all sums secured by this Deea
<br />of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Propeliy, 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, leas&-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust
<br />holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this option shall not be
<br />exercised by Lender if such exercise is prohibited by federal law or by Nebraska law.
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<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
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<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.
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<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 />\0 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, Trustor shall 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 oflhe
<br />lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate 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.
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<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 at any time a written statement of the taxes and assessments against the
<br />Property.
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<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 and the cost exceeds $50.00. Trustor will upon request of Lender furnish to Lender advance assurances satisfactory to
<br />Lender that Trustor can and will pay the cost of such improvements.
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<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 replacement basis for the full insurable value covering all Improvements on the Real Properly in an amount sufficient to avoid application of
<br />any Coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such other hazard and liability insurance as
<br />Lender may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lender and issued
<br />by a company or companies reasonably acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the
<br />policies or certiricates of insurance in rorm satiSfactory to Lender, including stipulations that coverages will not be cancelled or diminished
<br />without at least ten (10) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that
<br />coverage in favor or Lender will not be impaired in any way by any act, omission or default of Trustor or any other person. Should the Real
<br />Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area,
<br />Trustor agrees to obtain and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of the loan and any prior
<br />liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise
<br />required by Lender, and to maintain such insurance for the term or the loan.
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<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or
<br />replacement exceeds $50.00. Lender may make proor of loss If Trustor rails to do so within fifteen (15) days of the casualty. Whether or not
<br />Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to
<br />the reduction or the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to
<br />apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner
<br />satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Trustor from the proceeds for the
<br />reasonable cost of repair or restoration if Trustor is not In derault under this Deed of Trust. Any proceeds which have not been disbursed
<br />within 180 days after their receipt and which Lender has not committed to the repair or restoration or the Property shall be used first to pay
<br />any amount owing to Lender under this Deed or Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the
<br />principal balance or the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid
<br />to Trustor as Trustor's interests may appear.
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<br />LENDER'S EXPENDITURES. II Trustor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims,
<br />(8) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. If any action or
<br />proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Trustor's behalf may, but is not required
<br />to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such
<br />purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor.
<br />All such expenses will become a pan of the Indebtedness and, at Lender's option, ~i11 (~J_ bepayap!e oo_dpmand:_ (B) be addedlc-lhe- balanC9-"---
<br />-- of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any
<br />applicable insurance policy; or (2) the remaining term or the Note; or (C) be treated as a balloon payment which will be due and payable at the
<br />Note's maturity. The Deed of Trust also will secure payment or these amounts. The rights provided for in this paragraph shall be in addillon to
<br />any other rights or any remedies to which Lender may be entitled on account or any derault. Any such action by Lender shall not be construed as
<br />curing the default so as to bar Lender from any remedy that it otherwise would have had.
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<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part or this Deed or Trust:
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<br />Title. Trustor warrants that: (a) Trustor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
<br />encumbrances other than those set rorth in the Real Property description or in any title Insurance policy, title report, or final tille opinion
<br />issued In favor or, and accepted by, Lender in connection with this Deed of Trust, and (b) Trustor has the full right, power, and authority to
<br />execute and deliver this Deed or Trust to Lender.
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<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the IIl1e to the Properly against
<br />the lawful claims or all persons. In the event any acllon or proceeding Is commenced that questions Trustor's tille or the interest of Tn,lstee or
<br />Lender under this Deed or Trust, Trustor shall defend the action at Trustor's expense. Trustor may be the nominal party in such proceeding,
<br />but Lender .shall be entitled to participate in the proceeding and to be represented In the proceeding by counsel of Lender's own choice, and
<br />Trustor will deliver, or cause to be delivered, to Lender such Instruments as Lender may request from time to time to permit such
<br />participation.
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<br />Compliance With Laws. Trustor warrants that the Property and Trustor's use or the Property complies with all existing applicable laws,
<br />ordinances, and regulations of governmental authorities.
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<br />Survival of Promises. All promises, agreements, and statements Trustor has made in this Deed of Trust shall survive the execution and
<br />delivery or this Deed of Trust, shall be continuing in nature and shall remain in full force and effect until such time as Trustor's Indebtedness
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