|
RE-'~ECORD~"
<br />DEED OF TRUST 2 Q i Q Q l i S~
<br />~ Ip ~ Q Q i $ $ 0 (Continued) .gage Z `
<br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor
<br />hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Truster becomes liable for
<br />cleanup or other costs under any such laws; and (21 agrees to indemnify, defend, and hold harmless Lender against any and all
<br />claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
<br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or
<br />threatened release occurring prior to Trustvr'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 nor commit, permit, or suffer any stripping of or waste on
<br />or to the Property or any 4Qrtivnrnf tl~ P.r r y. d'WVithout limiting the generality of the foregoing, Trustor will not remove, or grant to
<br />any other party the right~te' re~ito~e,"'ari~ #1mr, minerals (including oil and gas1, coal, clay, scoria, soil, gravel or rack 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, Lender may require Trustor tv 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 repr"8sentativ~"'May~1°Rar 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 bonditions 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 yr 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 er any part of the Real Property, or any interest in the
<br />Real Property. A "sale or transfer" means the conveyance of Real Property yr 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 131 years, lease-option contract, or by sale, assignment, or transfer of any
<br />beneficial interest in or to any land trust holding ti#le to the Real Property, or by any other method of conveyance of an interest in the Real
<br />Proper#y. 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 fallowing provisions relating to the taxes and liens on the Property are part of this Deed of Trus#:
<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 yr 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 and except as
<br />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, ao Icng as Lender's interest in the Property is r~ct jeopardized. If a liar arses cr is file::! as s result rf norwpayment,
<br />Trustor shall within fifteen 115) days after the lien arises vr, if a lien is filed, within fifteen 115) 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 governmen#al 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, materialman's lien, or other lien could 6e 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 fallowing provisions relating to insuring the Property are a part of this Dead of Trust.
<br />Maintenance of Insurance. Trustor shall procure and maintain policies of fire insurance with standard extended coverage
<br />endorsements an 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 tv Lender, including
<br />stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each
<br />insurance policy also shall include an endorsemen# providing that coverage in favor of Lender will not be impaired in any way by any
<br />act, omission or default of Trustor nr any other person. Should the Real Property be located in an area designated by the birector 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 #o the
<br />-- - -maximum policy limits sit u7SQ~r,FFie-fdatiuiyat i=lnud insurance Program, nr as nth'ervdise required vy Lertder, end to maintain,-such
<br />insurance for the term of the loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any Toss 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 Proper#y. If Lender elects to apply the proceeds to restoration and
<br />repair, Trustor shall repair or replace the damaged nr des#royed Improvements in a manner satisfactory to Lender. Lender shall, upon
<br />satisfactory proof of such expenditure, pay or reimburse Truster 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 shall 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, (8) to provide any required insurance on the Property, yr IC- to make repairs to the Property then Lender may de so. If any
<br />action yr proceeding is commenced that would materially affec# 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 />
|