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<br />DEED OF TRUST
<br />THIS TRUST DEED made this 30TH day of TIINF 2000, between
<br />LAWRENCE J. LEVERING and SARAH L. LEVERING, husband and wife, as TRUSTORS, whose
<br />address is 1103 S. Locust St., Grand Island, Nebraska 68801; JOHN M. CUNNINGHAM,
<br />a member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222
<br />N. Cedar St., Grand Island, Nebraska 68801; and JEROME L. GRONE and ARLENE L.
<br />CRONE, husband and wife, as joint tenants with right of survivorship, not tenants
<br />in common, whose address is 511 S. Vine St., Grand Island, Nebraska 68801, as
<br />BENEFICIARIES.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE,
<br />IN TRUST, his heirs, devisees, personal representatives, successors and assigns,
<br />with power of sale, the following- described real property:
<br />The northerly 66 feet of the westerly 148.5 feet of Lot Eleven (11) ,
<br />Vantine's Subdivision in the City of Grand Island, Hall County,
<br />Nebraska, excepting therefrom a triangular tract measuring 17.0' x
<br />20.6' x 26.23', being the Northwest corner of the aforedescribed
<br />Fractional Lot 11, conveyed to the City of Grand Island for street
<br />right -of -way, and also excepting therefrom the westerly seven (7)
<br />feet of the aforedescribed Fractional Lot 11 which was included in
<br />a warranty deed conveyance dated March 4, 1982, to the City of Grand
<br />Island for street right -of -way, all in the City of Grand Island,
<br />Nebraska,
<br />together with all improvements and appurtenances thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARIES
<br />that they are lawfully seized and the owners of the above - described property;
<br />that they have good right and lawful authority to sell and convey said premises
<br />and that said premises are free and clear of all liens and encumbrances, and
<br />further, that TRUSTORS will warrant and defend the title to said premises forever
<br />against the claims of all persons whomsoever.
<br />For the purpose of securing performance of each agreement of TRUSTORS
<br />herein contained and the payment of FORTY THOUSAND DOLLARS ($40,000), the
<br />TRUSTORS have executed a Trust Deed Note bearing even date, at the rate of
<br />interest and on the terms and conditions as set forth in such Trust Deed Note
<br />until paid. The principal sum and interest shall be payable in accordance with
<br />and upon the terms and conditions of said Trust Deed Note of even date, and in
<br />any event the entire principal balance due hereunder and any accrued interest
<br />shall be paid on January 2, 2001. All payments due hereunder shall be paid at
<br />the address of the BENEFICIARIES as above described, or at such other place as
<br />such BENEFICIARIES or the holders of said security shall designate in writing.
<br />All installment payments hereunder shall be applied first to the payment of
<br />interest on the unpaid balance, pursuant to the Amortization Schedule, a copy of
<br />which has been provided to each of the parties hereto, and the remainder of each
<br />payment of such installment to be applied on principal.
<br />It is agreed by and between the parties hereto that while title is vested
<br />in the TRUSTEE and until filing of Notice of Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may be otherwise
<br />agreed by the parties in writing.
<br />B. Maintain the residence and any other improvements located on the real
<br />property in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments of every
<br />kind levied or assessed against or due upon said property before
<br />delinquency, and to deliver to BENEFICIARIES copies of receipts showing
<br />payment of such taxes each year.
<br />D. Procure and maintain policies of all -risk insurance on said improvements,
<br />in sums and underwritten by companies acceptable to the BENEFICIARIES, in
<br />an amount at least equal to the property's full insurable value, which
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<br />THIS TRUST DEED made this 30TH day of TIINF 2000, between
<br />LAWRENCE J. LEVERING and SARAH L. LEVERING, husband and wife, as TRUSTORS, whose
<br />address is 1103 S. Locust St., Grand Island, Nebraska 68801; JOHN M. CUNNINGHAM,
<br />a member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222
<br />N. Cedar St., Grand Island, Nebraska 68801; and JEROME L. GRONE and ARLENE L.
<br />CRONE, husband and wife, as joint tenants with right of survivorship, not tenants
<br />in common, whose address is 511 S. Vine St., Grand Island, Nebraska 68801, as
<br />BENEFICIARIES.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE,
<br />IN TRUST, his heirs, devisees, personal representatives, successors and assigns,
<br />with power of sale, the following- described real property:
<br />The northerly 66 feet of the westerly 148.5 feet of Lot Eleven (11) ,
<br />Vantine's Subdivision in the City of Grand Island, Hall County,
<br />Nebraska, excepting therefrom a triangular tract measuring 17.0' x
<br />20.6' x 26.23', being the Northwest corner of the aforedescribed
<br />Fractional Lot 11, conveyed to the City of Grand Island for street
<br />right -of -way, and also excepting therefrom the westerly seven (7)
<br />feet of the aforedescribed Fractional Lot 11 which was included in
<br />a warranty deed conveyance dated March 4, 1982, to the City of Grand
<br />Island for street right -of -way, all in the City of Grand Island,
<br />Nebraska,
<br />together with all improvements and appurtenances thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARIES
<br />that they are lawfully seized and the owners of the above - described property;
<br />that they have good right and lawful authority to sell and convey said premises
<br />and that said premises are free and clear of all liens and encumbrances, and
<br />further, that TRUSTORS will warrant and defend the title to said premises forever
<br />against the claims of all persons whomsoever.
<br />For the purpose of securing performance of each agreement of TRUSTORS
<br />herein contained and the payment of FORTY THOUSAND DOLLARS ($40,000), the
<br />TRUSTORS have executed a Trust Deed Note bearing even date, at the rate of
<br />interest and on the terms and conditions as set forth in such Trust Deed Note
<br />until paid. The principal sum and interest shall be payable in accordance with
<br />and upon the terms and conditions of said Trust Deed Note of even date, and in
<br />any event the entire principal balance due hereunder and any accrued interest
<br />shall be paid on January 2, 2001. All payments due hereunder shall be paid at
<br />the address of the BENEFICIARIES as above described, or at such other place as
<br />such BENEFICIARIES or the holders of said security shall designate in writing.
<br />All installment payments hereunder shall be applied first to the payment of
<br />interest on the unpaid balance, pursuant to the Amortization Schedule, a copy of
<br />which has been provided to each of the parties hereto, and the remainder of each
<br />payment of such installment to be applied on principal.
<br />It is agreed by and between the parties hereto that while title is vested
<br />in the TRUSTEE and until filing of Notice of Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may be otherwise
<br />agreed by the parties in writing.
<br />B. Maintain the residence and any other improvements located on the real
<br />property in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments of every
<br />kind levied or assessed against or due upon said property before
<br />delinquency, and to deliver to BENEFICIARIES copies of receipts showing
<br />payment of such taxes each year.
<br />D. Procure and maintain policies of all -risk insurance on said improvements,
<br />in sums and underwritten by companies acceptable to the BENEFICIARIES, in
<br />an amount at least equal to the property's full insurable value, which
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