201105694 - Laserfiche WebLink

Browse

� �� 20:�1�5G9� DEED OF TRUST Loan No: 128180 (COntlnued) Page 6 amendment. Arbitration. Trustor and Lender agree that all disputes, claims and controversies between us whether individual, joint, or class in nature, arising from this Deed of Trust or otherwise, including without limitation contract and tort disputes, shall be erbitrated pursuant to the Rules of the Amerlcan Arbitration Association in effect at the time the claim is filed, upon request of either party. No act to take or dispose of any Property shall constitute a waiver of this erbitration agreement or be prohibited by this arbitration agreement. This irtcludes, without Iimitation, obtaining injunctive reliet or a temporary restraining order; invoking a power of sale under any deed of trust or mortgage; obtaining a writ of attachment or imposition of a receiver; or exercising any rights relating to personal property, including taking or disposing of such property with or without judicial pracess pursuant to Article 9 of the Uniform Commeroial Code. Any disputes, claims, or controversies concerning the lawfulness or reasonableness of any act, or exercise of any right, concerning any Property, including any claim to rescind, refortn, or otherwise madify any agreement re(ating to the Property, shall also be arbitrated, provided however that no arbitrator shall have the right or the power to enjoin or restrain any act of any party. Judgment upon any award rendered by any arbitrator may be entered in any court heving jurisdiction. Nothing in this Deed of Trust shall prectude any party ftom seeking equitable relief from a court of competant jurisdiction. The s#atute ot limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be applicable in an action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitretion proceeding shali be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall apply to the construction, interpretation, and enforcement of this arbitretion provision. Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define the provisions of this Deed of Trust, Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender. Governing Law. This Deed of Trust will be governed by federal law applicable to Lender and, to the extent not preempted by federal Iaw, the laws of the State of Nebraska without regard to its conflicts of !aw provisions. This Deed of Trust has been accepted by Lender in the State of Nebreska. No Waiver by Lender. Trustor understands Lender will not give up any of Lender's rights undar this Deed of Trust unless Lender does so in writing. The fact that Lendar delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does egree in writing to give up one ot Lender's rights, that does not mean 7rustor will not have to comply with the other provisions of this Deed of Trust. Trustor also understands that if Lender does consant to a request, that does not mean that 7rustor wiff not have to get Lender's consent again if the situation happens again. Trustor further understands that just because Lender consents to one or more of 7rustor's requests, that doas not mean Lender will be requirad to consent to any of Trustor's future requests. Trustor waives presentment, demand for payment, protest, and notice of dishonor. Severability. If a court finds that any provision of this Deed of Trust is not valid or should not be enforced, that fact by itself will not mean that the rest of this Deed of Trust will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Deed of Trust even if a provision of this Deed of Trust may be found to be invalid or unenforceable. Successors and Assigns. Subject to any fimitations stated in this Deed of Trust on transfer of Trustor's interes#, this Deed ot.7rust shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than Trustor, Lender, without notice to Trustor, may deal with Trustor's successors with reference to this Deed of Trust and the Indebtedness by way of torbearance or extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness. Ttme 1s of the Essence. Time is of the essence in the performance of this Deed of Trust, Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead exemption laws of the Stete of Nebraska as to all Indebtedness secured by this Deed of Trust. DEFINITIONS. The following words shall have the following meanings when used in this Deed of Trust: Beneficiary. The word "Beneficiary" means CORNERSTONE BANK, and its successors and assigns Borrower. The word "Borrower" means Guillermo M Calderon and includes a(( co-signers and co-makers signing the Note and all their successors and assigns. Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includas without limitation all assignment and security interest provisions relating to the Personel Property and Rents. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statuYes, regulations and ordinances relating to the protection of hu,man health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq, ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of dafault set forth in this Deed ot Trust in the events of default saction of this Deed of Trust. Existing Indebtedness. The words "Existing Indebtednass" mean the indebtedness described in the Existing Liens provision of this Deed of Trust. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemica! or infectious characteristics, may cause or pose a prasant or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and inciuda without limitation any and all hazardous or toxic substances, materials or waste as defined by ar listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. Tha word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, edditions, replacemants and other construction on the Real Property. Indebtedness. Tha word "Indebtedness" means all principal, interest, and othar amounts, costs and expenses payabla under the IVote or Rafated Documents, together with ell renewals ot, extensions of, modificetions of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advancad by Lender to discharge Trustor's obligations or expenses incurred by Trustee or Lender to enforce Trustor's ob(igations under this Deed of Trust, together with interest on such amounts as provided in this Deed of Trust. Lender. The word "Lender" means CORNERSTONE BANK, its successors and assigns. Tha words "successors or �L