|
� 2012039�0
<br />WHEN RECORDED MAIL TO: ` "'
<br />PINNACLE BANK
<br />AURORA MAIN OFFICE
<br />1234 L ST
<br />PO BOX 229
<br />AURORA. NE 68818 FOR RECORDER'S USE ONLY
<br />CONSTRUCTION DEED OF TRUST
<br />THIS DEED OF TRUST IS A C6NSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at any one time 5125,000.00.
<br />THIS DEED OF TRUST is dated May 74, 2012, among ALBERT R NESBITT, a single person,
<br />whose address is 2307 N SHERMAN BLVD, GRAND ISLAND, NE 68803 ("Trustor"1;
<br />PINIVACLE BANK, whose address is AURORA MAIN OFFICE, 1234 L ST, PO BOX 229,
<br />AURORA, NE 68818 (referred to below sometimes as "Lender" and sometimes as
<br />"Beneficiary"); and PINNACLE BANK, whose address is PO BOX 229, AURORA, NE 68818
<br />(referred to below as "Trustee"1.
<br />CONVEYANCE AND GRANT. For valuabla consideration, Trustor conveys to Trustea in trust, WITH POWER OF SALE,
<br />for the benefit of Lender as Beneflcfary, all of Trustor's right, title, and interest in and to the following described real
<br />property, together with all existing or subsequently erected or effixed buildings, improvements and fixtures; all
<br />easements, rights of way, and appurtenances; ell water, water rights and ditch rights (including stock in utilities with
<br />ditch or irrigation rights); end all other rights, royalties, and profits relating to the real property, including without
<br />limitation all minerals, oil, gas, geothermal and similar matters, (the " Real Property IOCetBd I� Hell COUnty,
<br />State of Nebraska:
<br />Lot One (11, Alda South Subdivision, Hall County, Nebraska.
<br />The Real Property or its address is commonly known as 7034 West Schultz Road, Alda, NE
<br />6887 0.
<br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor
<br />whether or not the advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust
<br />secures, in addition to the amounts specified in the Note, all future amounts Lender in its discretion may loan to
<br />Trustor, together with all interest thereon.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and
<br />interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Trustor
<br />grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND IB) PERFORMANCE OF
<br />ANY AND ALL OBLIGATIONS UNDER THIS DEED OF TRUST. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT
<br />OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE
<br />ANY AND ALL OF TRUSTOR'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN
<br />TRUSTOR AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN
<br />AQREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO BE AN EVENT OF
<br />DEFAULT UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWINQ
<br />TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all
<br />amounts secured by this Deed of Trust as they become due, and shell strictly and in a timely manner perform all of
<br />Trustor's obligations under the Note, this Deed of Trust, and the Related Documents.
<br />CONSTRUCTION MORTGAGE. This Deed of Trust is a"construction mortgage" for the purposes of Sections 9-334
<br />end 2A-309 of the Uniform Commercial Code, as those sections have been adopted by the State of Nebraska.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possassion and Use. Until the occurrence of an Event of Default, Trustor mey (1) remain in possession and
<br />control of the Property; (2) use, oparate or menage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs,
<br />replacements, and maintenance necessary to preserve its value.
<br />Hazardous Substances. Trustor represents and warrants that the Property never has been, and never will be so
<br />long as this Deed of Trust remains a lien on the Property, used for the generation, manufacture, storage,
<br />treatment, disposel, release or threatened release of any Hazardous Substance in violation of any Environmental
<br />Laws. Trustor authorizes Lender and its agents to enter upon the Property to make such inspections and tests as
<br />Lender may deem appropriete to determine complience of the Property with this section of the Deed of Trust.
<br />Trustor hereby (1) releases end waives any future claims against Lender for indemnity or contribution in the event
<br />
|