|
2oosu~5s4
<br />B, Payment of all sums advanced by Beneficiary to protect the Trust Estate.
<br />The indebtedness described in paragraphs A and B above is referred to as the "indebtedness."
<br />This Second Deed of Trust, the Promissory Note pf Trustor in favar of Beneficiary and any other instrument given to
<br />evidence or further secure the payment and performance of any obligation secured hereby are referred to collectively as the
<br />"L.oan Instruments".
<br />Trustor covenants that (i) Truster holds title to the Trust Estate and has lawful authority to encumber the Trust Estate,
<br />(ii) the Trust Estate is free and clear of all liens and encumbrances except for easements, restrictions and covenants of record and
<br />the Deed of Trust from Trustor encumbering the Property dated on or about the date hereof (the "First Deed of Trust', and
<br />(iii) Trustor will defend the Trust Estate against the lawful claims of any person.
<br />To Protect the Secnrnty of this Second Deed of Trust:
<br />1, Payment of Indebtedness. Truster shall pay when due the principal of, and the interest an, the Indebtedness
<br />and all other sums as provided in the Wan instruments.
<br />2. Taxes. Trustor shall pay each installment of all taxes and special assessments of every kind, now or hereafter
<br />levied against the Trust Estate ar any part thereof; before delinquency, without notice or demand.
<br />3. Insurance and Repairs. Trustor shall maintain fire and extended coverage insurance insuring the
<br />improvements constituting part of the Trust Estate for such amounts and on such terms reasonably satisfactrny to Beneficiary. Sa
<br />lpng as the Property is secured by a first decd of trust or mortgage, compliance with the insurance requirements pf the First Deed
<br />of Trust or mortgage shall be sut~iiciettt to satisfy the requirements of this paragraph 3 relating to insurance,
<br />Tnystor shall promptly repair and replace the Trust Estate or any part thereof so that, except for ordinary wear and tear,
<br />the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste pn ar to the Trust Estate, ar commit, suffer or
<br />permit any act to be done in or upon the Trust Estate in violation of any law, ordinance or regulation. Trustor shall pay and
<br />promptly discharge at Trustar's cost and expense all liens, encumbrances and charges levied, imposed ar assessed against the
<br />Trust Estate ar any part thereof,
<br />4. Actions A~j'ecting Trust Estate Trustor shall appear in and contest any action or proceeding purporting to
<br />affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of
<br />evidence of title and attorneys' fees, in arty such action or proceeditg in which Beneficiary or Trustee may appear. If TtUStor
<br />fails to make airy payment yr to do arty act as and in the manner provided in any of the i,oan lnstrumerrts, Beneficiary and/or
<br />Trustee, each in their own discretion, without obligation sa to dp and without notice to or demand upon Trustor and without
<br />releasing Tn>stor from any obligation, rosy make or dp the same th such meaner and to such extent as either may deem necessary
<br />to protect the security hereof Trustar shall, immediately upon demand therefor by Beneficiary, pay all costs and expenses
<br />incurred by Beneficiary in connection with the exercise by Beneficiary of the foregoing rights, including without limitation casts
<br />of evidence of title, court costs, appraisals, surveys and attorneys' fees.
<br />S, Eminent .Domain. if the Trust Estate, or any part thereof or interest therein, be taken ar damaged by reason
<br />of any public improvement or condemnation proceeding, or in arty other manner including deed in lieu thereof
<br />("Condemnation', or if Trustor receives any notice ar other information regarding such proceeding, Trustor shall give prompt
<br />written notice thereof to Beneficiary. Trustor shall be e~itled to all compensation, awards and other payments or relief thereof
<br />and shall be entitled at its option to commence, appear in and prosecute in its own name any action ar proceedings. Trustor shall
<br />alsn be entitled to make any compromise ar settlement in connection with such taking or damage.
<br />6. Appointment of Successor Trustee Beneficiary may, from time to time, by a written instrument executed
<br />and acknowledged by Beneficiary, mailed to Trustor and recorded th the County in which the Ttvst Estate is located and by
<br />otherwise complying with the provisions of the applicable law pf the State of Nebraska substitute a successor or successors to the
<br />Trustee named herein or acting hereunder.
<br />7. Successors and Assigns. This Second Deed of Trust applies to, inures to the benefit of and binds all parties
<br />hereto, their heirs, legatees, devisees, personal representatives, successors and assigns. The term "Beneficiary" shall mean the
<br />owner and holder of any promissory note given to beneficiary.
<br />2 NIFA ABC Loan/Form K
<br />r~ (6/09)
<br />4834-3387-1875,3 1 V
<br />
|