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to: Adams County Bank, 401 N Smith Ave, PO Box 149, Kenesaw NE 68956
<br />DEED OF TRUST
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<br />This Deed of Trust, hereinafter referred to as Security Instrument, is made on this 4 day of August, 2015.
<br />The Trustor, hereinafter referred to as Borrower, is Michael J. Nelson and Michel e D. Nelson, Husband and
<br />Wife, whose address is 908 W 10 St., Grand Island, Nebraska, 68801.
<br />The Trustee, hereinafter referred to as Trustee is Adams County Bank. The Beneficiary, hereinafter
<br />referred to as Lender, is Adams County Bank, which is organized and existing user the laws of the State of
<br />Nebraska, and whose address is Kenesaw, County of Adams, State of Nebraska. orrower acknowledges this
<br />document for the benefit of Nelson Machining L.L.C. who owes Lender the princip sum of Seventy Thousand
<br />Dollars and No /100 -- Dollars ($70,000.00). This debt is evidenced y Borrower's note dated the
<br />same date as this Security Instrument, hereinafter referred to as Note, with the full de t, if not paid earlier, due and
<br />payable on July 5, 2018. This Security Instrument secures to Lender: (a) the reps ent of the debt evidenced by
<br />Note(s), together with interest thereon, any further advances, and all extensions, m dification, substitutions, and
<br />renewals thereof; (b) the payment of all other sums, with interest, advanced under Section Nine hereof to protect the
<br />security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this
<br />Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust,
<br />with Power of Sale, the following described real estate:
<br />Lot Nine (9), Block Nine (9), Gilbert's Addition to the City of Grand Island, Hall County, Nebraska.
<br />, which is located in Hall County, Nebraska. , having the address of 908 W 10 St., Grand Island, Nebraska, and
<br />is hereinafter referred to as "Property Address."
<br />Together with all the improvements now or hereafter erected on the prope and all easements, rights,
<br />appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and tock and all fixtures now or
<br />hereafter a part of the said property. All replacements and additions shall also a covered by this Security
<br />Instrument. All of the foregoing is referred to in this Security Instrument as the "Prope '.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby c nveyed and has the right to
<br />grant and convey the Property and that the Property is unencumbered, except for encum rances of record. Borrower
<br />warrants and will defend generally the title to the Property against all claims an'd demands, subject to any
<br />encumbrances of record. Borrower and Lender covenant and agree as follows:
<br />1. TRUST DEEDS ACT. That this Trust Deed shall be governed by the terms of Section 76 -1001, and
<br />following, of the Revised Statutes of the State of Nebraska, also known as the Nebraska rust Deeds Act.
<br />2. PAYMENT. That the Borrower shall pay to the Beneficiary the principal d interest under the terms of
<br />the Promissory Note(s).
<br />3. TAXES. That the Borrower shall pay all general real estate taxes and special assessments levied
<br />hereinafter against the property when the same become due and before the same become delinquent.
<br />4. INSURANCE. That the Borrower shall insure the property against loss by llre, hazards, included within
<br />the term "Extended Coverage" and any other hazards for which the Lender requires insurance in an amount not less
<br />than Eighty Thousand Dollars and no /100 ---- — Dollars ($80,000.00) with a company qualified in the State
<br />of Nebraska by a policy containing a clause for loss payable to the Beneficiary and the Borrower as their respective
<br />interests exist at the time of the loss and to provide evidence of payment of the premium of said policy upon
<br />reasonable demand by the beneficiary.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration
<br />or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lessened, or the insurance proceeds shall be applied to the sums secured by this Security, instrument, whether or not
<br />then due, with any excess paid to Borrower.
<br />If Borrower abandons the Property, or does not answer within thirty (30) days a notice from Lender that the
<br />insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the
<br />proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then
<br />due. The thirty (30) day period will begin when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not
<br />extend or postpone the due date of the payments referred to in Section 2 hereof, or change the amount of the
<br />payments. If the property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br />from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this
<br />Security Instrument immediately prior to the acquisition.
<br />5, WASTE. That the Borrower shall not commit or suffer any waste of the property.
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