|
��
<br />DEED OF TRUST
<br />(Continued) 2 p 1 i 0 4 7'7 �. Page 2
<br />Nuisance, Waste. Trustor shall not cause, conduct or parmit any nuisance nor commit, permit, or suffer any stripping of or waste on
<br />or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to
<br />any other party the right to remove, any timber, minerals (including oii and gas), coal, c(ay, scoria, soil, gravel or rock 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 requlre Trustor to make arrangements setisfactory
<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 representafives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Real Property for purposes of Trusfor's compliance with the terms and conditions of
<br />this Deed of Trust.
<br />Compliance with GovernmenEai Requtrements. Trustor shall promptly comply with ail laws, ordinances, and regulations, now or
<br />hereafter in effect, of all govemmental aufhoritfes applicable to the use or occupancy of the Properry. Trustor may contest in good
<br />faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriafe 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 or leave unattended the Property. Trustor shall do all other acts, in addition to
<br />those ac#s 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 or any part of the Real Property, or any interest in tf�e
<br />Real Property. A"sale or transfer" means the conveyance of Real Property or any right, tit(e or interest in the Real Property; whether legal,
<br />- beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale confract, land contract, contract
<br />= for deed, Ieasehoid interest with a term greater than three (3) years, lease-option contract, or by sale, 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 shafl not be exercised by Lender if such exercise is prohibited by federal law or by Nebraska law.
<br />TAXES AND LIENS. The fo((owing provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
<br />- Payment. Trustor shaii 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 or on account of the Properly, and shalt pay when due all claims for work done
<br />on or for services rendered or material fumished to the Property. Trustor shall maintain the Property free of all liens having pHority
<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 />- Eacisting Indebtedness referred to below, and except as otherwise provided in this Deed of Trust.
<br />Righf 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, so long as LendePs interest in the Property is not jeopardized. If a lien arises or is flled as a result of nonpayment,
<br />Trustor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fiffeen (15) days after Trustor has noUce of the
<br />fiiing, secure the discharge of the lien, or if requesfed 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 attomeys' fees, or other charges
<br />that could accnie 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 Properiy. Trustor shall name Lender as an additional obligee under any
<br />surety bond fumished in the contest proceedings.
<br />Evldence of Payment. Trustor shall upon demand fumtsh to Lender satisfactory evidence of payment of the taxes or assessments and
<br />shaii authorize the appropriate governmental officiaf 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 />fumished, or any maferials are supplied to the Property, if any mechanic's (ien, materialmen's lien, or other lien could be asserted on
<br />account of the work, services, or materials. Trustor will upon request of Lender fumish to Lender advance assurances satisfactory to
<br />Lender that Tnastor can and will pay the cost of such improvements.
<br />PROPERTY DAMAGE INSURANCE. The fol(owing 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 flre insurance with standard extended coverage
<br />__ endorsements on a fair value basis for the full insurabie value covering all Improvements on the Real Property in an amount su�cient
<br />:� to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such other
<br /> -_= 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 campany or companies reasonably acceptable to Lender. Trustor, upon request of
<br /> � Lender, will deliver to Lender from time to tfine the policies or certificates of insurance in forrrt satisfactory to Lender, including
<br />� stipulations that coverages will not be cancelled or diminished without at least tan (10) days prior wHtten notice to Lender. Each
<br />-= insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be lmpaired 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 Federai Emergency Management Agency as a special flood hazard area, Trustor agrees to obtain and maintain Federal Flood
<br /> --- fnsurance, if available, for the maximum amount of Trusfo�'s credit line and the full unpaid principal balance of any prior liens on the
<br />property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as othervvise required
<br />__ by Lender, and to maintain such insurance for the term of the loan. � ��•
<br />Application of Proceeds. Trustor shall promptly notify Lender of any loss or damage to the Property. Lander 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 Property. If Lender elects to apply the proceeds to restoration and
<br /> --- repair, Trustor shalf repair or replace the damaged or destroyed Improvemenfs 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 restoration if
<br />-�"- Trustor is not in defauft 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 with Existing Indebtedness. During the period in which any Existing Indebtedness described below is in effect, compliance
<br /> � with the insurance provisions contained in the instrument evidertcing such Existing Indebtedness shall consfitute compliance with the
<br />insurance provisions under this Deed of Trust, to the extent compfiance with the terms of this Deed of Trust would constitufe 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 only to that portion of the proceeds not payable to the holder of the Existing Indebtedness.
<br />LENDER'S EXPENDITURES. ff Trustor fails (A) 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 obligation to
<br /> — maintain Existing Indebtedness in good standing as required below, then Lender may do so. If any action or proceeding is commenced that
<br />_ would ma#erially affecf Lender's interests in the Property, then Lender on Trustor's behalf may, but is not required to, take any action that
<br />_ Lender believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes wiU then bear
<br /> __ interest at the rate charged under the Credit Agreement from the date incurred or paid by Lender to the date of repayment by Trustor. All
<br />such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the
<br />balance of the Cred(t Agreement and be apportioned among and be payable wifh any installment payments to become due during either (1)
<br /> � the term of any applicable insurance policy; or (2) the remaining term of the Credit Agreement; or (Cj be treated as a balloon payment
<br /> _ which will be due and payable at the Credit AgreemenYs maturity. The Deed of Trust also will secure payment of these amounts. The
<br />
|