|
20090110
<br />modification without fifteen days prior
<br />written notification to Trustee and
<br />Beneficiary. In the event any policy
<br />hereunder is not renewed on or before
<br />fifteen days prior to its expiration
<br />date, Beneficiary may procure such
<br />insurance and the cost thereof shall be
<br />added to the note secured by this Deed
<br />of Trust and shall bear interest at the
<br />greater of the interest rate specified
<br />therein or the highest rate then
<br />authorized by the laws of the State of
<br />Nebraska. Trustor shall deliver to
<br />Beneficiary the original policy(ies) of
<br />insurance and renewals thereof or memo
<br />copies of such policies and renewals
<br />thereof. Failure to furnish insurance
<br />by Trustor, or renewals as required
<br />hereunder, shall, at the option of
<br />Beneficiary, constitute a default. A11
<br />unearned premiums are hereby assigned to
<br />Trustee as additional security and a
<br />sale and conveyance of the Property by
<br />the Trustee shall operate to convey to
<br />the purchaser the Trustor's interest in
<br />and to all policies of insurance upon
<br />the Property. If Beneficiary shall so
<br />request, Trustor agrees that there shall
<br />be added to each periodic payment
<br />required to be made under the note an
<br />amount estimated by Beneficiary to be
<br />sufficient to enable Beneficiary to pay,
<br />at least 30 days before delinquency, the
<br />premium(s) for each and all of the
<br />insurance policies maintained pursuant
<br />to this Deed of Trust, and no interest
<br />shall be payable to Trustor in respect
<br />thereof. Upon demand by Beneficiary,
<br />Trustor shall deliver to Beneficiary
<br />such additional sums of money as are
<br />necessary to make up any deficiency in
<br />the amounts necessary to enable
<br />Beneficiary to pay any such insurance
<br />premiums.
<br />6. Taxes and Assessments - Trustor
<br />shall pay all taxes and special
<br />assessments levied or assessed against
<br />or due upon the Property before
<br />delinquency, and will deliver to
<br />Beneficiary copies of receipts showing
<br />payment of such taxes and special
<br />assessments. If Beneficiary shall so
<br />request, Trustor agrees that there shall
<br />be added to each periodic payment
<br />required to be made under the note an
<br />amount estimated by Beneficiary to be
<br />sufficient to enable Beneficiary to pay,
<br />at least 30 days before delinquency, all
<br />taxes, assessments or other public
<br />charges against the Property, the note
<br />secured by this Deed of Trust, or upon
<br />account of the debt or the lien of this
<br />Deed of Trust, and no interest shall be
<br />payable to Trustor in respect thereof.
<br />Upon demand by Beneficiary, Trustor
<br />shall deliver to Beneficiary such
<br />additional sums of money as are
<br />necessary to make up any deficiency in
<br />the amounts necessary to enable
<br />Beneficiary to pay any of the foregoing
<br />items. In the event Trustor fails to
<br />pay any taxes or special assessments as
<br />required above, Beneficiary, at
<br />Beneficiary's sole option, may pay such
<br />taxes and/or assessments, and the amount
<br />of such payment(s) shall be added to the
<br />note secured by this Deed of Trust and
<br />shall bear interest at the greater of
<br />the interest rate specified therein or
<br />the highest rate then authorized by the
<br />laws of the State of Nebraska.
<br />7. Additional Liens - Trustor shall
<br />make all payments of interest and
<br />principal and payments of any other
<br />charges, fees, and expenses contracted
<br />to be paid to any existing lienholders
<br />or prior beneficiaries under any prior
<br />trust deed, mortgage, or other security
<br />agreement, before the date they are
<br />delinquent and to pay any other claim
<br />which jeopardizes the security granted
<br />herein.
<br />8. Protection of Henefic_iarv's
<br />Security - Should Trustor fail to make
<br />any payment, fail to do any act as
<br />herein provided, or if any action or
<br />proceeding is commenced which materially
<br />affects Beneficiary's interest in the
<br />Property, including but not limited to,
<br />eminent domain, insolvency, arrangements
<br />or proceedings involving a bankrupt or
<br />decedent, then Beneficiary may, but
<br />without obligation to do so, and without
<br />notice to or demand upon Trustor, and
<br />without releasing Trustor from any
<br />obligation hereunder, make or do the
<br />same, and may pay, purchase, contest or
<br />compromise any encumbrance, charge or
<br />lien, which in the judgment of
<br />Beneficiary appears to affect the
<br />Property; in exercising any such powers
<br />the Beneficiary may incur any liability
<br />and expend whatever amounts, including
<br />disbursements of reasonable attorney's
<br />fees, which in its absolute discretion,
<br />may be necessary. In the event that
<br />Trustor shall fail to procure insurance,
<br />to pay taxes ar special assessments, or
<br />to make any payments to existing or
<br />prior lienholders or beneficiaries, the
<br />Beneficiary may procure such insurance
<br />and make such payments. All sums
<br />incurred or expended by Beneficiary in
<br />accordance with the provisions of this
<br />Deed of Trust are secured hereby and,
<br />without demand, shall be immediately due
<br />and payable by Trustor and shall bear
<br />interest at the maximum allowable legal
<br />rate; provided, however, that at the
<br />option of Beneficiary, such sums may be
<br />added to the principal balance of any
<br />indebtedness secured hereby and shall
<br />bear the same interest as such
<br />indebtedness and shall be payable
<br />ratably over the remaining term thereof.
<br />9. AsszQnment of Rents - Beneficiary
<br />shall have the right, power and
<br />authority, during the continuance of
<br />Page 3 of 7 Pages
<br />
|