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_r z r s ACKNOWLEDGEMENT OF DEED OF TRUST 89-. 100542 NOIMOWERS READ THIS BEFORE SIGNING: Borrowers (Trusters) understand that the document that the BorrowerasresbOut tOexecute is a Deed of Tiustand not a mortpageand that the power of sate provided for in the Deed of Trust provivION substantially different rights and obligations to the Borrowers than a mortgage in the avant of a dnfnuh or btleA0 Of Obligation under the Deed of Trust, including. but not limited to, the Lender's right to have the Real Prop3pplikid by the Trustee without any judicial proceeding or formlosure. Borrowers represent and warrant that this acknowledgement was executed by them before t"xisicutpri of the Deed of Trust. w , . Shullfaffw) sorrows, PREFACE TO DEED OF TRUST COMPLETE this porMat ONLY N 1st rest property desetlbed eonUsta of INDIVIDUALLY OWNED AGRICULTURAL LAND. it applic", complete ONLY ONE eilfte►A. 8, or C. O A. DU=AIMEII OF RIGHT TO DESIGNATE HOMESTEAD: The Borrower(s) acknowledge thatthey are about to execute the following Deed of Trust upon the real estate described therein. The Bdrm+we. j 0, freed mch of them if more than one, do hereby disclaim their right to designate a homestead pursuant thereto. No part of the homestead of either of the Borrowed); his pi ��r.^l*•or will in the future be situated upon said real estate. The Bortower(s) understand that if either establishes a homestead on any part of said real estate duripq-�j ti(heIJ*.r. eed of Trust remains unsatisfied and alien upon said real estate, there shall be no right to make a designation of homestead in the event of a foreclosurear.i.740ee'ssale ivsth respect to said Deed of Trust O B: WAIVER OF RIOHT TO MSIGNATE HOMESTEAD: The Borrower(s) acknowledge that they are about to execute the following Deed of Trust upon the real estate described therein. The Berrower(s), and each of them it more than one, do hereby waive their right to designate a homestead pursuant thereto The Borrower(s) understand that they have the right to make a designation of homestead and that by executing this waiver, they are waiving rights otherwise available for the purpose of affording them the opportunity to retain their homestead in the event of a default upon the Deed of Trust. O C. DEStmAT10N OF HOMESTEAD: Pursuant to the Farm Homestead Protection Act (Section 76 -1901 et seq. Revised Statutes of the State of Nebraska), the BorrawEr(sl. do hereby designate the real property described in the "Designation of Homestead" attached hereto and incorporated herein by this reference. Borrower. IBorrower DEED OF TRUST WITH FUTURE ADVANCES PROVISION THIS DEED OF TRUST, is maddeas of the 30thday of January— 19 AM_ , by and among the Trustor. Ronald , C_ Sh "flaw and Norma J. Shullaw. hUSbantwM_a-R- V- 1f!1,__, ._.wnosemalhngaddr SSi9 1k8. _E,_J3ismark. Grand Island, NE 68801 -8007 (herein "gorrower ).theTrustee.Wllllaf[t G.,_ B14Ck_bUrn.- a`rLne ber of the _NE State Bar Assn. whosema((ngaddressis P.O_ Box 2280, GrandAs1and.,_.N(E___fi89n2_?280 _ (herein"Trustee"): and the Beneficiary. Five Points whose mailing address is P.O. Box 1507, Grand_ _Island, _NF.- 68801507 (herein "Lender l. FOR VALUABLE CONSIDERATION, including the indebtedness identified herein and trust herein created, the rece'prbf which is hereby acknowledged, Borrower hereby irrevocably grants; transfers. conveys and assigns to Trustee. IN TRUST. WITH POWER OF SALE. for the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, the real property. described as follows LEGAL: Lots Two (2) and Three (3), in Grace Lutheran Church "Subdivision, an Addition to the City of Grand Island, Hall County, Nebraska. Together with all buildings, improvements, fixtures, �ireets. alleys, passageways. easements. rights. privileges and; appurtenances located thereon or in anywise pertaining thereto. and the rents. issues and profits. revgrsrons and remainders thereof: including. but not Invited to, heating and cooling equipment and such personal property that is attached to the improvements so as to Constitute a fixture: and together with the homestead or marital interests. if any. which interests are hereby released and waived; all of which, including replacexinents and additions thereto. i$3 &bby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being referred to herein as tree property". This Deed of Trt i_st shall secure (a) the payment of the principal sum and interest evidenced by Borrowers note and/or credit agreement dated January 30, g�89 , having a maturity date ct EPhril rarV 2, 199$ , in the original principal amount of 5 46.964.28 and any and au modifications. extent-Aasand renewals thereof ortherivand any and all future advancstand readvances hereunder pursuant to one or more promissory notes or credit agreements( herein'GCi+- Nowy(b) the payment of other sum sadvancedbyLender td, 0 1fotect the sec untyofIhe Note, ftjtheperformance all cove nants and agreement of Borrower set forth f,erein: and (d) at i ndebtedness and obligations of Borrower to tender whether direct, indirect. atwrute or contingent and whether arising by note. guaranty, overdraft 9.i.6iherwise. Borrower.&pmUct the security of this Deed of Trust, covenar•,r; and agrees wah,Lender as foI(cJ;v_t I. PaytaaitlelPeftxlpN and Interest Borrower shalt promptlypay when due lhN r!dc:, pat of and it W8ston.ar:dany tees or ePrar[yes provided In, "Note or in this Deed of Trust. 2 TO@. Borrower is the ownerof the Property. has the right and authority to conve'y the Property. arid warrants that the lien created hereby is a tirsX =4 prior lien on the Property, except as may otherwise beset forth herein, and the execution and delivery 04 this Deed of Trust does not violate any cewract or other obligation to which Borrower is subject. L 3 Tax*$, AaMsMtents. To pay when due all taxes, special assessments and all other charges against the Property and. upon written demand by Lender, to pay to Lender such amount' a! may be sufficient to enable the Lender, to pay such taxes. assessments or other charges as they become due •4 InxWNKe. To keep the Property Insured against damage by fire, hazards included within the term "extended coverage ". and such other hazards as Lender may require. in amounts and with companies acceptable to Lender, and with IoSs payable to the lender In case of loss under such policies. the Lender is authorized to adjust colfcet and eomprorni so, all claims thereunder and Shan have the optior, of apply, rig all or par t of the i nsurance pro( Beds ( -Ito dry indeb ledness sec vied hereby and in such order as Lender may determine. (it) to the Borrower to be used for the repair or restoration of the Properly or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took placl• Any application of proceeds to indebtedness shad nor extend or postpone the due date of any payments under the Note. of cure any default thereunder or hereunder S MAIn enartOa Repairs and Compillince with Laws. Borrower shall keep the Property in good condition and repair shall prornpvy rppa,r or rovtace any improvement which maybe damaged or destroyed shall not commit OI pernpi any wasto of tlelerOiadpn of the Property Shall nut remove demobs', of substantially alit any of tneirr,provemenis on the Properly. shail not commit s„ ffer or pefrnil any aC Ito be dnr,rfin or apon the Propf.•rly in violation of any law Ordinani P O• reguia lfun a•id shaft pay and pro'nptiydfec rnaige at Bottowpr s c ostand a.ponsn fill tiers. oncuthbianc es and c he rcl' -s ie ri!+d imp;,;ed or aSSCSSett ar�a,n5 },hp PrcipC•fty er dnyl'•i'I lhcneof 07 +I I c I �r i