|
~.
<br />2oioooos~
<br />indebtedness and obligations evidenced by the Development Agreement (as it relates w the Property only) including any additional sums as may be
<br />hereafter expended by the City pursuant to the Development Agreement (as it relates to the Property only), all of which will he secured by this
<br />I•rust Deed, unless otherwise specified. However, in no event, shall the total amount secured herehy exceed the sum of $200,000.00 plus advances
<br />to prvtect the collateral and collect the sums secured under this instrument,
<br />5. Taxes and Insurance. Developer will pay, before delinquency, all taxes and assessments that may become liens against the
<br />Property. Developer further agrees to keep the Property insured against loss, damage or lire with extended coverage to the amount of the full
<br />insurable value on a replacement cost basis (or less in the discretion of the City) with a Nebraska licensed insurance company. 'The policy shall
<br />have such endorsements to provide that loss of such insurance shall be payable to City. The City may require a policy evidencing this insurance
<br />and receipt for the payments of the premiums. The policy shall contain a prevision requiring 30 days or more notice to City prior to cancellation or
<br />modification. Developer shall give City evidence of renewal of the policy with premiums paid, 30 days yr more before expiration. Developer will
<br />not permit any condition to exist on the Property which would invalidate any insurance thereon. The City shall not by the fact of approving,
<br />disapproving, accepting, preventing, obtaining or failing to obtain any such insurance, incur any liability for the form or legal sutliciency of
<br />insurance contracts, solvency of insurers, or payment of losses and Developer hereby expressly assumes full responsibility therefore and any
<br />liability, if any, hereunder.
<br />6. Maintenance of Pro ert . Developer shall keep the Property in good repair and shall not commit waste or deterioration. No
<br />improvements shall be removed or structurally altered and no fixture which shall constitute an accessory to the Property shall be removed without
<br />Tr~astcds approval. Developer shall not permit any lien of any mechanic, materiahnan or any other statutory lien to attach to the Property and shall
<br />comply with all laws altecting the Property.
<br />7. Hazardous Substances. The terms "hazardous waste", "hazardous substance", "disposal", "release", and "threatened release", as used
<br />in this Trust Deed, shall have the scone meanings as set forth in the Cemprehensivc Environmental Response, Compensation, and Liability Act of
<br />1980, rrs amended, 42 IJ.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amcndrnents and Reauthorization Act of 1986, Pub. L. No. 99-
<br />499 ("SARA"), the llarardous Materials T'ranspvrtation Act, 49 IJ.S,C. Section 1801, el seq., the Resource Conservation and Recovery Act, 49
<br />U.S.C. Section (i901, et seq., or other applicable state or Pedcral laws, rules, or regulations adopted pursuant to any of the foregoing. Developer
<br />represents and warrants to the City that: (a) During the period of Uevelopcr's ownership of the Property, there has been no use, generativn,
<br />manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person on, under, or about the
<br />Property. (h) Developer has no knowledge of, or reason to believe that there has been, except as previously disposed to and acknowledged by Ciiy
<br />in writing (i) any use, generation, manufacture, storage, treatment, disposal, release, or threatened release of any hazardous waste or substance by
<br />any prior owners or occupants of the Property or (ii) any actual or threatened litigation or claims of any kind by any person relalirtg to such matters.
<br />(c) Except as previously disclosed to and acknowledged by City in writing, (i) neither Developer nor any tenant, contractor, agent or other
<br />authorized user of the Property shall use, generate, manufacture, store, treat, dispose of, or release any hazardous waste or substance on, under or
<br />about the Property and (ii) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and
<br />ordinances, including without limitation those laws, regulations, and ordinances described above. Developer authorizes City and its agents to enl.er
<br />upon the Property tv make such inspections and tests as City may deem appropriate to determine compliance of the Property with this section ol'the
<br />'T'rust Decd. Any inspections or tests made by City shall be for City's purposes only and shall not. he construed to crease any responsibility or
<br />liability on the part of City to Developer or to any other person. The representations and warranties contained herein are based vn Developer's due
<br />diligence in investigating the Property for hazardous waste. Developer hereby (a) releases and waives any fixure claims against City fvr indemnity
<br />or contribution in the event Developer becomes liable I'or cleanup or other costs under any such laws, (b) agrees to indemnify and hold harmless
<br />City against any and all claims, losses, liabilities, damages, penalties, and expenses which City may directly or indirectly sustain or sut~cr resulting
<br />from a breach of this section of the Trust Decd or as a cansequenec of any use, generation, manufacture, storage, disposal, release or threatened
<br />release occurring prior to Developer's ownership or interest in the Property, whether or not the same was or should have been known to Dcvcloper.
<br />The provisions of this section of the "Crust Deed, including the obligation to indemnity, shall survive the payment of the indebtedness or
<br />perfonnancc of obligations and the satisfaction and reconveyancc of the lien of this Trust Deed and shall not be affected by City's acquisition of
<br />any interest in the Property, whether by foreclosure or otherwise.
<br />8. Right of En_ try. City may ai any time without notice to Dcvcloper, enter and inspect or protect the Property in person or by its agent,
<br />in any manner as may be dccmed reasonable and necessary to prvtect the value of the Property. City may undertake such repairs or maintenance as
<br />it deems necessary and the cost shall immediately become due and payable to City and said amount shall be reimbursed in the same manner as
<br />provided for insurance and taxes. City shall not be dccmed to have waived its rights to declare default under this "Trust Deed for failure to maintain
<br />the Property correctly even though the City undertakes to perform such repairs and maintenance.
<br />
|