|
Loan No: 101242090
<br />DEED OF TRUST � 0� 10 4 3'7 �.
<br />(Continued)
<br />Page 3
<br />Duty to Protect. Trustor egrees 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 reasonebly 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 payeble all sums secured by this
<br />Deed of Trust upon the sale or transfer, without Lender's prior written consent, of all or eny part of the Real Proparty, 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 Proparty; whether legal,
<br />beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contrect, contract
<br />for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, essignment, or transfer of eny
<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. If any Trustor is e corporation, partnership or limited liability company, transfer elso includes any change in ownership of more
<br />than twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case mey be, of such
<br />Trustor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Nebraska lew.
<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
<br />Paytnent. Trustor shall pay when due land 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 af the Property, and shell pay when due all claims for work done
<br />on or for services rendered or meterial furnished to the Property. Trustor shall maintein 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 eny tax, assessment, or claim in connection with a good feith 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 efter 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 eccrue as e 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 ageinst 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 texes or assessments and
<br />shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes end essessments
<br />against the Property.
<br />Notice of Construction. Trustor ahell notify Lender at least fifteen (15) days before any work is commenced, any services ere
<br />furnished, or eny materlals are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on
<br />eccount of the work, services, or materials. Trustor will upon request of Lender fumish to Lender advance assurances setisfactory 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 stendard extended coverage
<br />endorsements on a fair value basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient
<br />to avoid epplication of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Trustor shall also procure
<br />and maintain comprehensive general liability insurence in such coverage amounts as Lender may request with Trustee and Lender
<br />being named as edditional insureds in such liability insurance policies. Additionally, Trustor shall maintain such other insurence,
<br />including but not limited to hazerd, business interruption, and boiler insurence, as Lender may reasonably require. Policies shall be
<br />written in form, amounts, covereges and basis reasonebly acceptable to Lender and issued by a compeny or companies reesonably
<br />acceptable to Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance
<br />in form satisfactory to Lender, including stipulations that covereges will not be cancelled or diminished without at least ten (101 days
<br />prior written notice to Lender. Each insurence policy elso shall Include an endorsement providing that coverage in fevor of Lender will
<br />not be impaired in any way by any act, omission or default of Trustor or any other person. Should the Real Property be located in an
<br />area designated by the Director of the Federal Emergency Management Agency as a special flood hazerd area, Trustor agrees to
<br />obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the Property is located in
<br />a spacial flood hazard area, for the full unpaid principai belence of the Ioan and any prior liens on the property securing the loan, up to
<br />the 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 the loan.
<br />Applicatlon of Proceeds. Trustor shall promptly notify Lender of any loss or demage to the Property. Lender may meke 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, et Lender's
<br />election, receive and retain the proceeds of any insurence and apply the proceeds to the reduction of the Indebtedness, payment of
<br />any lien affecting the Property, or the restoretion and repair of the Property. If Lender elects to apply the proceeds to restoration end
<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 restoretion 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 eccrued interest, and the remeinder, 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 with Existing Indebtedness. During the period in which eny Existing Indebtedness described below is in effect, complience
<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 shell apply only to that portion of tha proceeds not payabie to the holder of the Existing Indebtedness.
<br />
|