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<br /> �: Deed of Trust
<br /> NORW<A BANKS
<br /> ..n. �$- 1038$'7 �
<br /> ..�.
<br /> THIS DEED OF TRUST is made this 22ncL day of Apri 1 , 19�$_,by and befiveen �
<br /> John F. Kruse and Ima Jean Kruse. Husband and Wif e whether one or more, (hereinalter called the "Tiustor'), \
<br /> whose mailing address is 1100 West One—R Road. Grand Island. NE 6880 ,
<br /> NORWEST BANK Nebraska National Association (hereinafer called the "Trustee'), whose mailing address is
<br /> 202 W 3rd St. , Grand Island, NE , ��pRyyEST BANK Nebraska. National ASGO i ati�n , �hereinatter
<br /> called the "eeneficiary'), whose mailing address is 202 W 3rd St. . Grand Island NE 68801 .
<br /> WITNESSETH:
<br /> IF THIS BOX IS CHECKED ❑ THIS DEED OF TRUST CONSTITUTES A CONSTRUCT/ON SECUR/TY AGREEMENT UNDER THE NEBRASKA
<br /> CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br /> DESCRIBED HEREINBELOW.
<br /> WHEREAS, Tiustor is indebted to Beneficiary in the principal sum of FORTY THOUSAND AND NO/100------------------------
<br /> po��a��g 40,000.00 J, which indebtedness is evidenced by Trustor's promissory note dated April 22 , 19�$_, (hereinafter
<br /> called ihe "Note'),payable to the order of Beneficiary and having a maturity of 5-10-03 , ,
<br /> NOW, THEREFORE, for the purpose of securing:
<br /> (a) payment of the Note, together with interest thereon, late charges,prepayment pena/ties, any future advances, and all extensions, modifications,
<br /> substiiutions and renewals thereof,
<br /> (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Tiust and the pertormance
<br /> of the covenants and agreements of Trustor, whether or not set forth herein,
<br /> (c) peHormance, discharge of and compliance with every term, covenant, obligation and agreement of Trusror contained herein or incorporated by
<br /> �ference or arry other securiry instrument at arrytime given to secure the Note, and
<br /> (d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced by Beneficiary to
<br /> Trustor or Trustor s successor in interest or title,
<br /> all of which is hereinafter co/lectively called the "Indebtedness'; Trustor irrevocab/y grants and transfers to Trustee, in trust, WITH POWER OF SALE, the
<br /> following described property:
<br /> The Southwest Quarter of the Northeast Quarter (SW1/4NE1/4) of Section Seventeen (17) ,
<br /> Township Twelve (12) North, Range Nine (9) , West of the 6th P.M. , Hall County,
<br /> Nebraska.
<br /> together with(i)all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or herea/ter/ocated thereon,
<br /> (ii)all equipment, machinery and fixtures(including, without limitation, all lighting,heating, ventilating, cooling, air conditioning, sprinkling and p/umbing
<br /> fixtures, water and power systems, engines, boi/ers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oi/burners, e%vators and
<br /> motors,refiigeration plants or units, communication systems, dynamos, transformers, electrical equipment, storm and screen windows, doors, awnings and
<br /> shades)now or hereafter attached% or built in, any building improvement or improvement now or hereafter/ocated thereon, (iii)all easements and rights of
<br /> way appurtenant thereto, (iv)all leaseho/d estate, right, tit/e and interest of Trustor in and to all/eases, whether now or hereafter existing or entered into
<br /> (inc/uding, without limitation, all cash and securiry deposits, advance rentals and deposits or payments of a similar nature),pertaining there% (v)all renfs,
<br /> issues,profits and income therefrom(subject to the right of Trustor ro collect and app/y such rents, issues,profits and income as[hey become due and
<br /> payable so/ong as no event of default exists hereunder), (vi)all roya/ties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii)all
<br /> tenements, hereditaments,privileges and appurtenances belonging, used or enjoyed in connection therewith, and(viii)all proceeds of conversion, voluntary
<br /> or irtvoluntary, of arry of the foregoing into cash or liquidated claims(including, without limitation,proceeds of insurance and condemnation awards), all of
<br /> which is hereinafter collectively called the "Trust Property"
<br /> TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br /> 1. Tit/e. Trustor covenants, warrants and agrees with Beneficiary,its successors and assigns, that Trustor owns the Trust Property free from arry prior lien
<br /> or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property, that Tiusto�at its expense, will
<br /> preserve such tit/e and wi//maintain this Deed of Trust as a first and paramouni/ien upon the Trust Property and will forever warrant and defend the
<br /> va/idiry and prioriry of the lien hereof against the claims of all persons and parlies whomsoever. Trustor, at its expense, will cause this Deed of Trust,
<br /> and each amendment or supp/ement hereto, to be filed and recorded as a mortgage of the Trust Property in such manner and in such place and will
<br /> take such action as in the opinion of Trustee may be required by any present or future law in order to perfect, maintain and protect the lien of this Deed
<br /> of Trust, as the same may be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to
<br /> the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes a//right of dower and homestead in and to the Trust Property.
<br /> 2. Payment of lndebtedness. Trustor shall punctually pay the principa/o/and interest on the/ndebtedness secured hereby.
<br /> 3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs re/ating thereto which
<br /> may be begun on the Trust Property or contemp/ated by the/oan evidenced by the Note secured hereby, to pay when due all costs and/iabilities
<br /> incuned therefore, and not to permit arry construction lien against such Trust Property. ln the event construciion of buildings, improvements or repairs
<br /> are contemp/ated, Trustor a/so agrees, arrything in this Deed of Trust to the contrary notwithstanding;ja)io promptly commence any such work and to
<br /> complete the proposed improvements promptly, (b)to comp/ete the same in accordance with the p/ans and specifications as approved by Beneficiary,
<br /> (c)to comp/y with all the terms of a building/oan agreement,if any, between Trustor and Beneficiary, the terms of which are incorporated herein by
<br /> reference and made a part hereof, (d)to allow Beneficiary to inspect the Trust Property at all times during construction, and(e)to rep/ace any work or
<br /> materia/s unsatisfactory to Beneficiary within fifteen(15)days after written notice from Beneficiary of such fact.
<br /> 4. Funds for Paymeni of Charges. Subject to applicab/e/aw or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the first day of each
<br /> month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum(hereinaRer called the "Funds')
<br /> equal to 1/12th of the yearly taxes and assessments which may attain prioriry over this Deed of Trust and ground rents on the Tiust Propert}! if arry,plus
<br /> 1/12th of the year/y premium insta//ments for hazard insurance,plus 1/12th of the year/y premium insta//ments for mortgage insurance, if arry, a//as
<br /> reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonab/e estimates thereof. The Funds
<br /> shall be he/d in an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiary.
<br /> Beneficiary shall app/y the Funds to pay said taxes, assessments,insurance premiums and ground rents. Beneficiary shall not be required fo pay
<br /> Trustor arry interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annua/accounting of the Funds showing credits and
<br /> debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are p/edged as additional security for the/ndebtedness
<br /> secured by this Deed of Trust. I/the amount of the Funds he/d by Beneficiary, together with the future monthly installments of Funds payab/e prior to
<br /> the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments,
<br /> insurance premiums and ground rents as they fall due, such excess shall be, at Trustors option, either prompt/y repaid to Trustor or credited to Tiustor
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