|
W
<br />CONSTRUCTION SECURITY AGREEMENT
<br />DEED OF TRUST
<br />Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act,
<br />this DEED OF TRUST is made as of the 13`h day of April, 2001, by and among the Trustor, Brian D. Levander and
<br />Annette Levander, Husband and Wife, whose mailing address for purposes of this Deed of Trust is 1418 North
<br />Huston, Grand Island, NE 68803 (herein, "Trustor ", whether one or more), the Trustee, AREND R. BAACK,
<br />Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand
<br />Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009
<br />(herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Brian D.
<br />and Annette Levander, Husband and Wife (herein "Borrower ", whether one or more), and the trust herein created,
<br />the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the
<br />terms and conditions hereinafter set forth, legally described as follows:
<br />Lot Twenty-Three (23), Westgate Subdivision, in the City of Grand Island, Hall County,
<br />Nebraska;
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property ".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated April 13, 2001, in the original principal amount of Ninety- Thousand
<br />and 00 /100 Dollars ($90,000.00), having a maturity date of September 1, 2021, unless the earlier call options therein
<br />contained shall be exercised by the Beneficiary, together with any and all modifications, extensions and renewals
<br />thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one)
<br />hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) the payment of
<br />other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and
<br />agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or
<br />any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note,
<br />guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note
<br />or otherwise executed in connection therewith, including without limitation guarantees, security agreements and
<br />assignments of leases and rents, shall be referred to herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay, before delinquent, all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the term
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
<br />of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender
<br />�i
<br />n
<br />=
<br />2
<br />D
<br />Z
<br />n Z�
<br />�
<br />T
<br />cn
<br />0
<br />�—'
<br />o --a
<br />o
<br />r" p'
<br />X
<br />=
<br />cn
<br />2 —1
<br />N
<br />CD
<br />CD
<br />—1 M
<br />C�
<br />M
<br />c�)
<br />p
<br />C)
<br />F-+.
<br />O _n
<br />O
<br />7' ^
<br />-.n
<br />' `
<br />0
<br />ILI
<br />rn t ;v
<br />"�
<br />a cz�
<br />p
<br />CAP
<br />C�
<br />M
<br />o
<br />r a
<br />w
<br />Cn
<br />Ga
<br />N
<br />N
<br />Cn
<br />N
<br />N
<br />O
<br />CONSTRUCTION SECURITY AGREEMENT
<br />DEED OF TRUST
<br />Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act,
<br />this DEED OF TRUST is made as of the 13`h day of April, 2001, by and among the Trustor, Brian D. Levander and
<br />Annette Levander, Husband and Wife, whose mailing address for purposes of this Deed of Trust is 1418 North
<br />Huston, Grand Island, NE 68803 (herein, "Trustor ", whether one or more), the Trustee, AREND R. BAACK,
<br />Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand
<br />Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009
<br />(herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Brian D.
<br />and Annette Levander, Husband and Wife (herein "Borrower ", whether one or more), and the trust herein created,
<br />the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the
<br />terms and conditions hereinafter set forth, legally described as follows:
<br />Lot Twenty-Three (23), Westgate Subdivision, in the City of Grand Island, Hall County,
<br />Nebraska;
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property ".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated April 13, 2001, in the original principal amount of Ninety- Thousand
<br />and 00 /100 Dollars ($90,000.00), having a maturity date of September 1, 2021, unless the earlier call options therein
<br />contained shall be exercised by the Beneficiary, together with any and all modifications, extensions and renewals
<br />thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one)
<br />hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) the payment of
<br />other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and
<br />agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or
<br />any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note,
<br />guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note
<br />or otherwise executed in connection therewith, including without limitation guarantees, security agreements and
<br />assignments of leases and rents, shall be referred to herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay, before delinquent, all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the term
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
<br />of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender
<br />
|