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TRUST DEED
<br />THIS DEED OF TRUST is made on & /-// 2000. The
<br />Trustor is Vicki L. Madsen, a single person, ( "Borrower "). The Trustee
<br />is Denise D. Myers, of Lauritsen, Brownell, Brostrom, Stehlik, Thayer
<br />& Myers, 231 S. Locust Street, Grand Island, Nebraska 68801,
<br />( "Trustee "). The beneficiaries are Duane R. Lemburg and Val Jean P.
<br />Lemburg, husband and wife, 13888 W. Cedar Ave., Golden, CO 80401,
<br />( "Lenders "). Borrowers owe Lenders the principal sum of Thirty Five
<br />Thousand and 00 /100 Dollars ($35,000.00). This debt is evidenced by
<br />Borrowers' note dated the same date as this Security Instrument
<br />( "Note "), which provides for yearly payments, with the full debt, if not
<br />paid earlier, due and payable on April 20, 2005. The Deed of Trust
<br />(sometimes referred to herein as "security instrument ") secures to
<br />Lenders: (a) the repayment of the debt evidenced by the Note, with
<br />interest, and all renewals, extensions and modifications; (b) the
<br />payment of all other sums, with interest, advanced to protect the
<br />security of this Security Instrument; and (c) the performance of
<br />Borrowers' covenants and agreements. For this purpose, Borrowers
<br />irrevocably grant and convey to Trustee, in trust, with power of sale,
<br />the following described property located in Hall County, Nebraska:
<br />AN UNDIVIDED 1/3 INTEREST IN-
<br />Unit Five (5), Ravenoaks Condominium, in the City of Grand
<br />Island, Hall County, Nebraska, a Condominium in Accordance
<br />with the Amended Master Deed and Declaration recorded on
<br />April 3, 2000, under Document No. 200002611 of the County of
<br />Hall, State of Nebraska.
<br />TOGETHER WITH all the improvements now or hereafter erected on the
<br />property, including the restaurant building, and all easements, rights,
<br />appurtenances, rents, royalties, mineral, oil and gas rights and
<br />profits, water rights and stock and all fixtures now or hereafter a part
<br />of the property. All replacements and additions shall also be covered
<br />by this Security Instrument. All of the foregoing is referred to in
<br />this Security Instrument as the "Property ".
<br />BORROWERS COVENANT that Borrowers are lawfully seised of the estate
<br />hereby conveyed and have the right to grant and convey the Property and
<br />that the Property is unencumbered. Sellers shall hold Buyers harmless
<br />with regard to any obligation of Lender under said Deed of Trust.
<br />Borrowers warrant and will defend generally the title to the Property
<br />against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrowers and Lenders covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges.
<br />Borrowers shall promptly pay when due the principal of and interest on
<br />the debt evidenced by the Note and any prepayment and late charges due
<br />under the Note.
<br />2. Charges; Liens. Borrowers shall pay all real estate taxes and
<br />assessments attributable to the Property which may attain priority over
<br />this Security Instrument, and leasehold payments or ground rents, if
<br />any.
<br />Borrowers shall promptly discharge any lien which has priority over
<br />this Security Instrument unless Borrowers: (a) agree in writing to the
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<br />20000400
<br />TRUST DEED
<br />THIS DEED OF TRUST is made on & /-// 2000. The
<br />Trustor is Vicki L. Madsen, a single person, ( "Borrower "). The Trustee
<br />is Denise D. Myers, of Lauritsen, Brownell, Brostrom, Stehlik, Thayer
<br />& Myers, 231 S. Locust Street, Grand Island, Nebraska 68801,
<br />( "Trustee "). The beneficiaries are Duane R. Lemburg and Val Jean P.
<br />Lemburg, husband and wife, 13888 W. Cedar Ave., Golden, CO 80401,
<br />( "Lenders "). Borrowers owe Lenders the principal sum of Thirty Five
<br />Thousand and 00 /100 Dollars ($35,000.00). This debt is evidenced by
<br />Borrowers' note dated the same date as this Security Instrument
<br />( "Note "), which provides for yearly payments, with the full debt, if not
<br />paid earlier, due and payable on April 20, 2005. The Deed of Trust
<br />(sometimes referred to herein as "security instrument ") secures to
<br />Lenders: (a) the repayment of the debt evidenced by the Note, with
<br />interest, and all renewals, extensions and modifications; (b) the
<br />payment of all other sums, with interest, advanced to protect the
<br />security of this Security Instrument; and (c) the performance of
<br />Borrowers' covenants and agreements. For this purpose, Borrowers
<br />irrevocably grant and convey to Trustee, in trust, with power of sale,
<br />the following described property located in Hall County, Nebraska:
<br />AN UNDIVIDED 1/3 INTEREST IN-
<br />Unit Five (5), Ravenoaks Condominium, in the City of Grand
<br />Island, Hall County, Nebraska, a Condominium in Accordance
<br />with the Amended Master Deed and Declaration recorded on
<br />April 3, 2000, under Document No. 200002611 of the County of
<br />Hall, State of Nebraska.
<br />TOGETHER WITH all the improvements now or hereafter erected on the
<br />property, including the restaurant building, and all easements, rights,
<br />appurtenances, rents, royalties, mineral, oil and gas rights and
<br />profits, water rights and stock and all fixtures now or hereafter a part
<br />of the property. All replacements and additions shall also be covered
<br />by this Security Instrument. All of the foregoing is referred to in
<br />this Security Instrument as the "Property ".
<br />BORROWERS COVENANT that Borrowers are lawfully seised of the estate
<br />hereby conveyed and have the right to grant and convey the Property and
<br />that the Property is unencumbered. Sellers shall hold Buyers harmless
<br />with regard to any obligation of Lender under said Deed of Trust.
<br />Borrowers warrant and will defend generally the title to the Property
<br />against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrowers and Lenders covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges.
<br />Borrowers shall promptly pay when due the principal of and interest on
<br />the debt evidenced by the Note and any prepayment and late charges due
<br />under the Note.
<br />2. Charges; Liens. Borrowers shall pay all real estate taxes and
<br />assessments attributable to the Property which may attain priority over
<br />this Security Instrument, and leasehold payments or ground rents, if
<br />any.
<br />Borrowers shall promptly discharge any lien which has priority over
<br />this Security Instrument unless Borrowers: (a) agree in writing to the
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