|
�� . �a��a�oos
<br />� " ' DEED OF TRUST
<br />Loan No: 101244874 (Contlnued) Page 3
<br />maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to
<br />maintain such insurance for the term of the loan.
<br />LENDER'S EJCPENDITURES. lf Trustor fails (A) to keep the Property free of all taxes, liens, security interests,
<br />encumbrances, and other claims, (B) to provide any required insurance on the Property, or (C) to make repairs to the
<br />Property then Lender may do so. If any action or proceeding is commenced that would materially affect Lender's
<br />interests in the Property, then Lender on Trustor's bahalf may, but is not required to, take any action that Lender
<br />believes to be appropriate to protect Lender's interests. All expenses incurred or paid by Lender for such purposes will
<br />then bear interest at the rate charged under the Credit Agreement from the date incurred or paid by Lender to the date
<br />of repayment by Trustor. All such expenses will become a part of tha lndebtedness and, at Lender's option, will (A)
<br />be payable on demand; (B) be added to the balance of the Credit Agreement and be apportioned among and be
<br />payable with any instailment payments to become due during either i1) the term of any epplicable insurance policy; or
<br />(2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable
<br />at the Credit Agreement's maturity.
<br />WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed
<br />of Trust:
<br />Title. Trustor warrants that: ia) Trustor hoids good and marketable titie of record to the Property in fee simpie,
<br />free and clear of all liens and encumbrances other than those set forth in the Real Property description or in any
<br />titie insurance policy, titfe report, or final tltle opir�ion issued in favor of, and accepted by, Lender in connection
<br />with this Deed of Trust, and (b) Trustor has the full right, power, and authority to execute and deliver this Deed of
<br />Trust to Lender.
<br />Defense of Title. Subject to the exception in the paragraph above, Trustor warrants and will forever defend the
<br />title to the Property against the lawful claims of all persons.
<br />EVENTS OF DEFAULT. Trustor will be in default under this Deed of Trust if any of the following happen: (A) Trustor
<br />commits fraud or makes a material misreprasentation at any time in connection with the Credit Agreement. This can
<br />include, for example, a false statement about Borrower's or Trustor's income, assets, liabilities, or any other aspects of
<br />Borrower's or Trustor's financial condition. iB) Borrower does not meet the repayment terms of the Credit Agreement.
<br />(C) Trustor's action or inaction adversely affects the collateral or Lender's rights in the collateral. This can include, for
<br />example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of
<br />all persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling
<br />without Lender's permission, foreclosure by the holder of another lien, or the use of funds or the dwelling for prohibited
<br />purposes.
<br />RIGHTS AND REMEDIES ON -DEFAULT. Upon the occurrence of any Event of Default under any indebtedness, or
<br />should Borrower or Trustor fail to comply with any of Borrower's or Trustor's obligations under this Deed of Trust,
<br />Trustee or Lender may exercise any one or more of the following rights and remedies:
<br />Acceleration Upon Default; Additional Remedies. If any �vent of Default occurs as per the terms of the Credit
<br />Agreement secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and
<br />payabla and the seme shal{ thereupon become due and payable without any presentment, demand, protest or
<br />notice of any kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession
<br />of the Property, or any part thereof, in its own name or in the nsme of Trustee, and do any acts which it
<br />deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part of
<br />Yhe Property or interest in the Property; increase the income from the Property or protect the security of
<br />the Property; and, with or without taking possession of the Property, sue for or otherwise collect the
<br />rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less
<br />costs and expenses of operation and collection attorneys' fees, to any indebtedness secured by this Deed
<br />pf Trust, all in such order as Lender may determina. The entering upon and taking possession of the
<br />Property, the collection of such rents, issues and profits, and the application thereof shall not cure or
<br />waive any default or notice of defiault under this Deed ot Trust or invalidate any act done in response to
<br />such default or pursuant to such notice of default; and, notwithstanding the continuance in possession of
<br />the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall
<br />be entitled to exercise every right provided for in the Credit Agreement or the Related Documents or by
<br />law upon the occurrence of any event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br />enforce any of the covenants hereof; and
<br />(c) Deliver to Trustee a written declaretion of default and demand for sale and a written notice of default
<br />and eleotion to cause Trustor's interest in the Property to be sold, which notice Trustee shall cause to be
<br />duly filed for record in the appropriate offices of the County in which the Property is located; and
<br />(d) With respect to all or any pert of the Personal Property, Lender shall have all the rights and remedies
<br />of a secured party under the Nebraska Uniform Commercial Code.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sele herein contained,
<br />
|