|
DEED OF TRUST `� O 1 � O O��/
<br />Loan No: 808377 (Contlnued) Page Z
<br />Removal of Improvements. Trustor shal! not demolish or remove any lmprovements from the Real Property without Lender's prior
<br />written consent. As a condition to the removal of any lmprovements, Lender 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 reasonabte 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 faws, ordinances, and regulations, now or
<br />hereafter in effect, of all governmentaf authorities appiicable 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, �ender's interests in the Property are
<br />not jeopardized. Lender may require Trustor to post adequate security or a surety bond, reasonabty 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 Yhis 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 th�`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 />beneticial or equitable; whether vnl�ntary or involunTary; wheYher by outright sale, deed, installment �ale contract, land contract, contract
<br />for deed, leasehold interesfi with a term greater than three (3) years, lease-option contract, or by �ale, 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 federa) law or by Nebraska law.
<br />TAXES AND UENS. The following provisions relating to the taxes and liens on the Property are part qf this Deed of 7rust:
<br />Payment. Trustor shall pay when due (and in all events prior to delinquency) al( taxes, special taxes, assessments, charges lincluding
<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 tree of aN 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 />obliga[ion to pay, so long as Lender's interest in the Property is not jeopardized. !f a lien arises or is filed as a result of nonpayment,
<br />Trustor shali within fifteen (15) days after the lien arises or, if a lien 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 shalf name Lender as an additional obligee under any
<br />surety bond turnished 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 fifieen (1 `�) 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 wiH pay the cost of such improvements.
<br />PROPERTY DAMAGE INSURAiVCE. The following provisions relating to insuring the Property are a part of this Deed of Trust.
<br />Maintenance of tnsurance. 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 wi!! not be cance!!ed 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 bala�ce 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 tnsurance Program, or as otherwise required by Lender, and to maintain such
<br />insurance for the term of The loan.
<br />Application of Proceeds. Trustor shall promptly notify Lender of any Ioss or damage to the Property. Lender may make proof of loss
<br />if 7rustor fails to do so within fifteen (15i 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 shaii, 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 shall be paid to Trustor as
<br />Trustor's interests may appear.
<br />Compliance witit Existing lndebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance
<br />with the insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the
<br />insurance provisions under this Deed of Trust, to the extent compliance with the terms of this Deed of Trust would constitute a
<br />duplication of insurance requirement. if any proceeds from the insurance become payable on loss, the provisions in this Deed of Trust
<br />for division of proceeds shall apply oniy to that portion of the proceeds not payable to the holder of the Existing Indebtedness.
<br />LENDER'S EXPENDlTURES. If Trustor tails IA) 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, (C) to make repairs to the Property or to comply with any obfigation to
<br />maintain Existing Indebtedness in good standing as required beiow, then Lender may do so. If any action or proceeding is commenced that
<br />would materially affect Lender's interests in the Property, then Lender on Trustor's behalf may, but is not required to, take any action that
<br />Lender betieves to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes wiil then bear
<br />interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Trustor. All such
<br />expenses will become a part of the Indebtedness and, at Lender's option, wil( (A1 be payable on demand; (B) be added to the balance of
<br />the Note and be apportioned among and be payable with any instaliment payments to become due during either (1) the term of any
<br />applicable insurance policy; or (2► the remaining term of the Note; or 1C) be treated as a baUoon payment which will be due and payable
<br />at the Note's maturity. The Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in
<br />addition to any other rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall
<br />not be construed as curing the defautt so as to bar �ender from arry rernedy that it otherwise would have had.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust:
<br />Title. Trustor warrants that: fa► Trustor holds good and marketabfe tiile of record to the Property in fee simple, free and clear of all
<br />
|