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<br />200001970 N
<br />DEED OF TRUST
<br />This Deed of Trust, hereinafter referred to as Security Instrument, is made on this 30th day of April,
<br />1999. The Trustor, hereinafter referred to as Borrower, is John P. Webb and Lisa L. Webb, Husband and
<br />Wife, whose address is 14560 S. Blaine, Doniphan NE 68832. The Trustee, hereinafter referred to as Trustee
<br />is Adams County Bank. The Beneficiary, hereinafter referred to as Lender, is Adams County Bank, which is
<br />organized and existing under the laws of the State of Nebraska, and whose address is Kenesaw, County of
<br />Adams, State of Nebraska. Borrower owes Lender the principal sum of One Hundred Ten Thousand And
<br />No /100--------------- - - - - -- Dollars ($110,000.00). This debt is evidenced by Borrower's note dated the same date
<br />as this Security Instrument, hereinafter referred to as Note, with the full debt, if not paid earlier, due and
<br />payable on December 15, 2000. This Security Instrument secures to Lender: (a) the repayment of the debt
<br />evidenced by Note(s), together with interest thereon, any further advances, and all extensions, modification,
<br />substitutions, and renewals thereof; (b) the payment of all other sums, with interest, advanced under Section
<br />Nine hereof to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants
<br />and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and
<br />conveys to Trustee, in trust, with Power of Sale, the following described real estate:
<br />Lot Two (2), Westgate Fifth Subdivision to the City of Grand Island,
<br />which is located in Hall County, Nebraska, having the address of West Claude Road, Grand Island NE and is
<br />hereinafter referred to as "Property Address."
<br />Together with all the improvements now or hereafter erected on the property and all easements, rights,
<br />appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures
<br />now or hereafter a part of the said property. All replacements and additions shall also be covered by this
<br />Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property ".
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to
<br />grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
<br />Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to
<br />any 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 Trust Deeds Act.
<br />2. PAYMENT. That the Borrower shall pay to the Beneficiary the principal and interest under the
<br />terms of 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 fire, hazards, included
<br />within the term "Extended Coverage" and any other hazards for which the Lender requires insurance in an
<br />amount not less than One Hundred Thousand AND NO /100------------- - - - - -- Dollars ($100,000.00) with a
<br />company qualified in the State of Nebraska by a policy containing a clause for loss payable to the Beneficiary
<br />and the Borrower as their respective interests exist at the time of the loss and to provide evidence of payment of
<br />the premium of said policy upon reasonable demand by the beneficiary.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to
<br />restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's
<br />security is not lessened, or the insurance proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not 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
<br />the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may
<br />use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or
<br />not then due. The thirty (30) day period will begin when the notice is given.
<br />5, WASTE. That the Borrower shall not commit or suffer any waste of the property.
<br />6. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
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