|
DEEDOFTRUST ���1����t�
<br />Loan No: 1012�44688 (Continued) Page 3
<br />term greater than three (3) years, lease-optian contract, or by sale, assignment, or transfer of any beneficiel interest in
<br />or to any land trust holding ti{le to the Real Property, or by any other method of conveyance of an interest in the Real
<br />P�operty. However, this option shall not be exercised by Lender if such exerclse is prohibited by federal lew or by
<br />Nebreske law.
<br />TAXES AND LIENS. The fotlpwtng provfsions relating to the texes and liens on the Property are part of this Deed of
<br />Trust:
<br />Payment. Trustor shell p;ay when due (end in all events prior to delinquency) all tazes, specisl taxea, assessments,
<br />charges Iincluding water'and sewer), fines and impositions levied against or on account of the Property, and shall
<br />pay when due all claims 'for work done on or for services rendered or material furnished to the Proparty. Trustor
<br />shall maintain the Property free of all liens having prfority over or equal to the interest of Lender under this Deed of
<br />Trust, except for the Ueh of taxes and assessments not due and except es otherwise provided in this Deed of
<br />Trust.
<br />Right to Contest. Trustor mey withhold peyment of any tax, essessment, or claim in connection with a good faith
<br />dispute over the obligatian to pay, ao long as Lender's lnterest in the Property is not jeopardized. If e lien arises or
<br />is filed as a result of nonpayment, Trustor shall within fifteen (16) days after the lien a�ises or, if e Uen is filed,
<br />within fifteen (15) days efter Trustor has notice of the fifing, secure the discharge of the iien, or if requested by
<br />Lender, deposit with Lentler cash or a sufticlent corporate surety bond or other security satisfactory to Lender in an
<br />amount sufficfent to discharge the lien plus any costs and attorneys' fees, or other charges that could accrue as a
<br />result of a forecfosure or sale under the (ien. In any contest, Trustor shail defend itself end Lender and shall satisfy
<br />any adverse judgment before enforcement against the Property. Trustor shall neme l.ender as an eddltional obligee
<br />under eny surety bond furnished in the contest proceedings.
<br />Evidence of Payment. Trustor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes
<br />or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written
<br />statement of the taxes and essessments against the Property.
<br />Notice of Construction. Trustor shall notify Lender at least fifteen (15) days before any work is commenced, any
<br />services are furnished, or eny materials are supplied to the Property, if any mechanic's lien, materialmen's iien, or
<br />other lien could be assel'ted on account of the work, services, or materials. Trustor will upon request of Lender
<br />furnish to Lender advance essurances satisfactory to Lender that Trustor can and will pay the cost of such
<br />improvements.
<br />PROPERTY DAMAGE (IVSURANCE. The following provisions �elating to insuring the Property are a pert of this Deed of
<br />Trust.
<br />Maintenance of Insurende. Trustor shall procure and maintain policies of fire insurance with standard extended
<br />coverage endorsements on a fair value basis for the full insurable value covering all Improvements on the Real
<br />Property in en amount �ufficient to avoid application of any coinsurance clause, and wlth a standard martgagee
<br />clause in favor of Lender. Trustor shall elso procure end mafntein comprehensive general liability insurance in such
<br />coverage amounts as Lender may request with Trustee end Lender being named es edditionel insureds in auch
<br />liebility insurance policies. Additionally, Trustor shaU maintein such other tnsurance, including but not limited to
<br />hazard, buainess intarruption, and boiler insurance, as Lender may reasonably require. Policies shall be written in
<br />form, amounts, coverages and basis ressonabfy acceptabfe to Lender and lssued by e company or companiea
<br />reasonably acceptable tp Lender. Trustor, upon request of Lender, will deliver to Lender from time to time the
<br />policies or certificates of insurance in form setisfactory to Lender, including stipulatipns that coverages will not be
<br />cenCellad or diminished without at feast ten (10) days prior written notice to Lender. Each insurance policy also
<br />shall include an endorsement providing that coverage in favor of Lender will not be impatred in eny wey by eny act,
<br />omission or default of Trusto� or any other person. Should the Real Property be located in an area designated by
<br />the Director of the Federal Emergency Menagement Agency as a apecial flood hazard area, Trustor egrees ta obtain
<br />and maintain Federal Flood Insurance, if available, for the full unpaid principal balance of the loan and any prior
<br />liens on the property securing the loen, up to the meximum poUcy limits set under the Netional Flood Insurance
<br />Program, or as otherwise required by Lender, and to maintain such Insurance tor the term of the loen.
<br />Applicatlon of Proceeds, Truator shall promptly notify Lender of any loss or damage to the Property. Lender may
<br />make proof of loss if Trustor fails to do so within fifteen (16! days of the casualty. Whether or not Lender's
<br />security is impaired, Lender may, at Lender's election, receive and retatn the proceeds of any insurance and apply
<br />the proceeds to the rsductlon of the Indebtednsss, peyment of any lien effecting the Property, or the restoration
<br />and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or
<br />replace the demaged pr destroyed Improvementa tn a manner satisfactory to l.ender. Lender shall, upon
<br />satisfectory proof of such expenditure, pey or reimburse Trustor from the proceeds for the reasoneble cost of
<br />repair or restoration if Trustor is not in default under this Deed of Truat. Any proceeds which have not been
<br />disbursed withln 1 BO d8�ys after their receipt ertd which Lender has not committed to the repeir or restoration of
<br />the Property shall be used first to pey any amount owing to Lender under this Deed of Trust, then to pay accrued
<br />interest, and the remainder, if any, shall be epplied to the principal balance of the fndebtedness. if Lender holds
<br />eny proceeds after payment in fiull of the Indebtedness, such proceeds shell be peid to Trustor as Trustor's
<br />interests may appear.
<br />CompUance with Existing Indebtedness. During the period in which any Existing Indebtedness described below is
<br />
|