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<br /> M � tJ� (y� r�-
<br /> � DEED OF TRUST `f' o
<br /> � This Deed of Trust made this 30th day of April, 1998; by
<br /> �
<br /> (� TRUSTORS: David Grinnell, a single person and �
<br /> Michelle Haase, a single person l �
<br /> ���ss: 1208 Warren Lane, Grand Island, NE
<br /> v��
<br /> BENEFICIARY: City of Grand Island, Community Development Department
<br /> p,DDltESS: l00 East 1't street; Grand Island, NE
<br /> TRUSTEE: Charles Cuypers, City Attorney
<br /> For valuable consideration, Trustor irrevocably grants, conveys, and assigns
<br /> To Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of
<br /> beneficiary, under and subject to the rights terms and conditions of this Deed
<br /> of Trust, the following described real property located in HALL COUNTY,
<br /> NEBRASKA:
<br /> Lot 12, Houghkirk Subdivision of the City of Grand Island
<br /> See attached Exhibit A.
<br /> (Hereinafter called the Premises) together with all buildings and
<br /> improvements now or hereafter erected upon the premises; all rents, profits,
<br /> royalties, income and other benefits derived from the premises; all easements;
<br /> licenses, rights of way now or hereafter accruing to the premises; and any and
<br /> all awards made for the taking by eminent domain, including proceeds of any
<br /> agreement made in lieu thereof; and,
<br /> All are collectively called the Security.
<br /> FOR THE PURPOSE OF SECURING
<br /> (a) The payment of the debt to the Beneficiary evidenced by the Trustor's
<br /> note of this same date in the principle sum of Twenty-Three Thousand and no/100
<br /> Dollars ($23,000) with no interest, and upon the terms provided in the Notes
<br /> and any and all renewals, modifications and extensions of the Notes;
<br /> (b) The performance of: each agreement between the Trustor and Beneficiary;
<br /> the covenants of the Trustor in this Deed of Trust;
<br /> (c) The payment of any sum or sums with interest thereon which may later
<br /> arise under the terms of this Deed of Trust or may be advanced to be secured by
<br /> this Deed of Trust. Future advancements may not exceed a sum equal to three
<br /> times the original principal amount of the above-recited notes.
<br /> TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR HEREBY COVENANTS AND
<br /> AGREES AS FOLLOWS:
<br /> 1. Obligation. Trustor shall promptly pay when due the principal of the
<br /> indebtedness evidenced by the Notes, and all other charges and fees provided in
<br /> the Notes or secured by this Deed of Trust, and the principal of and interest
<br /> on any future advances secured by this Deed of Trust not to exceed three times
<br /> the original principal amount of the above-recited notes.
<br /> 2. Warranty of Title.
<br /> 2.1 Trustor is lawfully seized and possessed of good and indefeasible title
<br /> and estate to the property hereby conveyed and has the right to grant and
<br /> convey the property.
<br /> 2.2 The property is free and clear of all liens and encumbrances except
<br /> for None
<br /> 3. Maintenance of the Security.
<br /> 3.1 Trustor shall keep the security in good condition and repair; shall not
<br /> commit or suffer waste; shall not do or allow anything to be done which will
<br /> increase the risk of fire or other casualty to the premises or diminish the
<br /> value of the security except reasonable wear and tear; and, shall not alter the
<br /> design or structural charter of any building or add any building within the
<br /> security without the written consent of the Beneficiary.
<br /> 3.2 If the security or any part thereof is damaged by fire or other cause
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