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89 _�% Deed of Trust —st' NBANKS 10013.0 THIS DEED OF TRUST is made this - 23 day of December , 19 88 , by and between Dr. Gerald J. Murphy and "Trustor' PaP vela S. HuRhy b whether one r moro, (hereinafter called the ), Is 6801__ whose mailing addresses 2 2 Arrowhead Road, ran and,_Nebraska NORWESTBANK Nebrask$, National Association (hereinafter called the "Trustee"), whose mailing address is P.Q. Bow ,1768, Grand, Island, NE , and NORWESTBANK Nebraska. a ional Assnci�ian _, (hereinafter called the " Beneficiary"), whose mailing address is P-0- Box 1768. Grand_ 161Md, Nebraska 68802 WITNESSETH: iF THIS BOX IS CHECKED ( ) THiS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LiEN ACT AND CREATES, GiRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS Trustor is indebted to Beneficiary in the principal sum of $ L' Y-FIVE it L 5�[iU_$__N41100 ---------- .. --- -- December 23, 88 ; Dollars ($ T • 000.00 ), which indebtedness Is evidenced by Trustor's promissory note dated 19 , (hereinafter called the "Note"). payable to the order of Beneficiary and having a maturity of March 23 1989 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions, modifications, substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and Me performance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of all other- sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, ag of which is hereinafter collet dvely called the "indebtedness ", Trustor irrevocably grants and transfers to Trustee, in trust WITH POWER OF SAL& the Wowing described property: Lot Twelve (12) , in Block Three (3) , in re lat of Riverside Acres, an Addition to the City of Grand Island, ball County, Nebraska, except that part thereof described as: Beginning at a point on the west; line of Lot 12, said point being 150 feet north of the southwest corner thereof; thence north along the west line thereof, 183.3 feet to the northwest corner thereof; thence running southeasterly along the arc of a 120 foot radius curve, a distance of.90.34 feet; thence southwesterly tp the point of beginning. together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (!1) all equipment, macnmery and fixtures (including, without fimitation, atsgrt rg, healing, ventilating, Goofing, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mentels, - carpe5ng, furnaces, oil burners, elevators and motors, refrigeration plants or um,N communication systems, dynamos, transformers, electrical equipment, storm and screen windows,doors, awnings and shades) now or henta ter attached to, or built in, any building or improvement now or hereafter located thereon, (W) all easements and rights of ways appurtenant thereto, (!v), all leasehold estate, right, title arrd enterest of — Trustor in and to ailleases, whether now or hereafter existing or entered into (Including, without limitation, all cash and security deposits, —_ advance rentals and deposits or payments of a similar nature), pertaining thereto, &) alt rents, issues, profits and inccinae ftrefrom. (subject to the right of Trustor to collect and apply such rents, issues, profits and income as they become due and payable, so tang as no event of default exists hereunder), (v!) all royalties, mineral, oil and gas rights and profits, mater, water rights, and water stock, (vii) all tenements, hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion. - voluntary or Involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance arid.; condemnation awards), all of which is hereinafter collectively called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS F1?i:EQW'S' 1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successArs and assigns, that Trustor owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property, Mat Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and pdaery of the lien hereof against the claims of all persons and parties whomsoever. Trustor, at its expense, will cause this Deed of Trav, and each amendment or supplement hereto, to be filed and }; • :- � recorded as a mortgage of the Trust Properly in such manner and !n such place and will take such action as in the opirrian of Trustee may 6e required by any present or future law in order to perfect, mainta;rn and protect the lien of this Deed of Trust, as the same may be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust Properly as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete in good and workmantke manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding, (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan agreement, it any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the first day of each month, or such other date each month as may be specified by Beneficiary, until -the Indebtedness is paid In full, a sum. (hereinafter called the "Funds ") equal to 1112th of the yearly taxes and assessments which may attain priority over this Dead of Trust —' -- and ground rents an the Trust Property. if any., phis l/ 12th of the yearly premium installments for hazard insurance, plus 1: t2dr of the yearly premium installments for mortgage insurance, if any, all as reasonably estimated Initially and from time to, time by Beneficiary on the bases of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the, dapasds cr accounts of which are insured or guaranteed by a federal or state agencyirnciuding Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments. Insurance premiums and ground rents. Bermf; o dry shall not be required to pay Trustor any Interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge; air annual accounting of the Funds showing credits and 1 debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for fo II.Y. the Indebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the 49 amount required to pay said taxes, assessments. Insurance premiums and ground rents as they fall due, such excess shall be. at t,,,` Trustor•s option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. If the amount of to the Funds hold by Heneticiary shall not be sufficient to pay taxes, assessments, Insurance premiums and ground rents as they tall dun. itsi Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date nonce is mailed by #, Beneficiary to Trustor requesting payment thereof Upon payment in lull of all indebtedness. Benefrcrary shall promptly refund to - rrustor any Funds held by Beneficiary if the Trust Property is sold under the power of sale or thy. Trruct Pronorty v; otherwise acqu,ted by Beneficiary. Beneficiary shun apply. immediately prior to the sale of the Trust Property or ds ,ICgc smith t,y B twfa tan, , wl r I und:, held by I3entlhc+ary tit the tune+ of application as it crodrf agxnsf the Indvhfedne rs It Hooefir +iir1 VXV( J11 •, Vtia,vor fit rruslry '- nVigahom under this parngraph 4 Tru stnr toyonantS and Jgroes to pay. rrnfoln the v {-cnni(` (lefinqueW ,111 +. :,yes di,,os 2