|
<br />
<br />
<br /> DEED OF TRUST 2 0 0 9 0 9 515
<br /> Loan No: 808083 (Continued) Page 2
<br />
<br /> threatened release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have
<br /> been known to Trustor. The provisions of this section of the Deed of Trust, including the obligation to indemnify and defend, shall
<br /> survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be
<br /> affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
<br /> Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance not commit, permit, or suffer any stripping of or waste on
<br /> or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to
<br /> any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products
<br /> without Lender's prior written consent.
<br /> Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior
<br /> written consent. As a condition to the removal of any Improvements, Lander may require Trustor to make arrangements satisfactory
<br /> to Lender to replace such Improvements with Improvements of at least equal value.
<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
<br /> this Deed of Trust.
<br /> Compliance with Governmental Requirements. Trustor shall promptly comply with all laws, ordinances, and regulations, now or
<br /> hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property. Trustor may contest in good
<br /> faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as
<br /> Trustor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are
<br /> not jeopardized. Lender may require Trustor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect
<br /> Lender's interest.
<br /> Duty to Protect. Trustor agrees neither to abandon or leave unattended the Property. Trustor shall do all other acts, in addition to
<br /> those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and
<br /> preserve the Property.
<br /> DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
<br /> Deed 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
<br /> Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal,
<br /> beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract
<br /> for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any
<br /> beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real
<br /> Property. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Nebraska law.
<br /> TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
<br /> Payment. Trustor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (including
<br /> water and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done
<br /> on or for services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority
<br /> over or equal to the interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due, except for the
<br /> Existing Indebtedness referred to below, and except as otherwise provided in this Deed of Trust.
<br /> Right to Contest. Trustor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
<br /> obligation 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,
<br /> Trustor shall within fifteen (15) days after the lien arises or, if a lion is filed, within fifteen (15) days after Trustor has notice of the
<br /> filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or
<br /> other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and attorneys' fees, or other charges
<br /> that could accrue as a result of a foreclosure or sale under the lien. In any contest, Trustor shall defend itself and Lender and shall
<br /> satisfy any adverse judgment before enforcement against the Property. Trustor shall name Lender as an additional obligee under any
<br /> surety bond furnished in the contest proceedings.
<br /> Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and
<br /> shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments
<br /> against the Property.
<br /> Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any services are
<br /> furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on
<br /> account of the work, services, or materials. 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.
<br /> PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br /> Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage
<br /> endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount
<br /> sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such
<br /> other hazard and liability 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, upon request of
<br /> Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including
<br /> stipulations that coverages will not be cancelled or diminished without at least ten (10) days prior written notice to Lender. Each
<br /> insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any
<br /> act, omission or default of Trustor or any other person. Should the Real Property be located in an area designated by the Director of
<br /> the Federal Emergency; Management Agency as a special flood hazard area, Trustor agrees to obtain and maintain Federal Flood
<br /> Insurance, if available, for''the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the
<br /> maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such
<br /> insurance for the term of th'e loan.
<br /> Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss
<br /> if Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's
<br /> election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of
<br /> any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds,to restoration and
<br /> repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. 'Lender shall, upon
<br /> satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if
<br /> Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt
<br /> and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender
<br /> under this Deed of Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the° principal balance of the
<br /> Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shill be paid to Trustor as
<br /> Trustor's interests may appear.
<br /> LENDER'S EXPENDITURES. If Trustor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other
<br /> claims, (B) to provide any required insurance on the Property, or (C) to make repairs to the Property then Lender may do so. if any
<br /> action or proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Trustor's behalf may,
<br /> but is not required to, take any action that Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by
<br /> Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of
<br /> repayment by Trustor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand;
<br /> (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during
<br /> either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment
<br /> which will be due and payable at the Note's maturity. The Deed of Trust also will secure payment of these amounts. The rights provided
<br /> for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of any default.
<br /> Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would have
<br />
|