|
201100532
<br />and that the Property is unencumbered by any mortgage, trust deed,
<br />and/or contract to purchase.
<br />3. Taa�es. Trustor shall pay each installment of all taxes and special assessments of every kind, now
<br />or hereafter levied against the Trust Estate or any part thereof, before delinquency, without notice or
<br />demand, and shall provide Beneficiary with evidence of the payment of satne. Trustor shall pay all taxes
<br />and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby without regard to any law that may be enacted offering payment of the whole or any
<br />part thereof upon Beneficiary.
<br />4. Insurance and Repairs. Trustor shall provide to Beneficiary proof of and thereafter maintain
<br />comprehensive builder's risk insurance coverage insuring the construction of the improvements on the
<br />Trust Estate. Such insurance policy shall contain a standard mortgage clause in favor of Beneficiary and
<br />shall not be cancelable, terminable, or modifiable without ten (10) days prior written notice to
<br />Beneficiary. Trustor shall promptly repair, maintain, and replace the Trust Estate or any part thereof so
<br />that, except for ordinary wear and tear, the Trust Esta.te shall not deteriorate. In no event shall Trustor
<br />conduct waste on or to the Trust Estate.
<br />5. Actions Affecting Trust Estate. Trustor shall appear in and contest any action or proceeding
<br />purporting to affect the security heeeof or the rights or powers. of Beneficiary or Trustee and shall pay all
<br />costs and expenses, including cost of evidence of title and attorney fees, in any such action or proceeding
<br />in which Beneficiary or Trustee may appear. Should Trustor fail to make any payment or to do any act as
<br />and in the manner provided in any of the Loan Instruments, Beneficiary and/or Trustee, each in its own
<br />discretion, without obligation so to do and without notice to or demand upon Trustor and without
<br />relieving Trustor from any obligation, may make or do the same in such manner and to such extent as
<br />either may deem necessary to protect the security hereof. Trustor shall, immediately upon demand
<br />therefor by Beneficiary, pay all costs and expenses incurred by Beneficiary in connection with the
<br />exercise by Beneficiary of the foregoing rights, including, without limitation, costs of evidence of title,
<br />court costs, appraisals, surveys and attorney fees. Any such costs and expenses not paid within ten (10)
<br />days of written demand shall draw interest at the default rate provided in the Note.
<br />6. Eminent Domain. Should the Trust Estate, or any part thereof or interest therein; be taken or
<br />damaged by reason of any manner including deed in lieu of condemnation ("Condemnation"), or should
<br />Trustor receive any notice or other information regarding such proceeding, Trustor shall give prompt
<br />written notice thereof to Beneficiaty. Beneficiary shall be entitled to all compensation, awards, and other
<br />payments or relief therefor and shall be entitled at its option to commence, appear in; and prosecute in its
<br />own name any action or proceedings. Beneficiary shall also be entitled to make any compromise or
<br />settlement in connection with such taking or damage. All such Compensation, awards, damages, rights of
<br />action, and proceeds awarded to Trustor (the "Proceeds") are hereby assigned to Beneficiary, a�►d Trustor
<br />agrees to execute such further assignments of the Proceeds as Beneficiary or Trustee may require,
<br />7. Appointment of Successor Trustee. Beneficiary may, from time to time, by a written instrument
<br />executed and acknowledged by Beneficiary, mailed to Trustor and recorded in the county in which the
<br />Trust Estate is located, and by otherwise complying with the provisions of the applicable law of the State
<br />of Nebraska, substitute a successor or successors to the Trustee named herein or acting hereunder.
<br />8. Successors and Assigns. This Deed of Trust applies to, inures to the benefit of, and binds all
<br />parties hereto, their heirs, legatees, devisees, personal representatives, successors, and assigns. The term
<br />"Beneficiary" shall mean the owner and holder of the Note, whether or not natned as Beneficiary herein.
<br />9. Inspections. Beneficiary, or its agents, representatives, or workmen, are authorized to enter at
<br />any reasonable time upon or in any part of the Trust Estate for the purpose of inspecting the same and for
<br />the purpose of performing any of the acts it is authorized to perform under the terms of any of the Loan
<br />Instruments.
<br />10. Events of Default. Any of the following events shall be deemed an event of default hereunder:
<br />(a) Trustor shall have failed to make payment of any installment of interest,
<br />principal, or principal and interest, or any other sum secured hereby
<br />within ten (10) days of the due date; or
<br />(b) There has occurted a breach of or default under any term, covenant,
<br />agreement, condition, provision, representation, or warranty contained in
<br />any of the Loan Instruments or the Purchase Agreement; or
<br />(c) Trustor shall sell or transfer all or any part of the Property or an interest
<br />therein without Beneficiary's prior written consent, excluding the
<br />TCH158788.1
<br />
|