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L I Deed of Trust 9AkKS 89-.. 1_00556 -- day of FebXUaEY , 19 89 , by and between Wavne E. nifty and Ardith , whether one or more, (hereinafter called the "Trustor'), whose Y.U. 15ox I7bli. brand Island. NE , and called the "Beneficiary"), whose mailing address is WITNESSETH: called the "Trustee), whose mailing address is Lti.onal Assnci$tinn , (hereinafter 1. Nebraska 68802 IF THIS BOX IS CHECKED J ) THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST iN THE PROPERTY DESCRIBED HEREiNBELOW. WHEREAS Truster is indebted to Beneliciary in the principal sum of FIFTY THOUSAND AND N0 1100 DOLLARS-------- - - - - -- Dollars (s 56.000.00 ), W. 0.indeblodness is evidenced by Truster's promissory note dated February 1 , 19 89 , (hereinafter called the "Note'), payable for fire order of Beneficiary and having a maturity of Februarys 1 , 1994 NOW, THEREFORE ktr 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 the performance of the covenants and agreements of Truster, whether or, not set forth herein, (c) performance,, discharge of and compliance with every term, cotenant, obligation and agreement of Truster contained herein or Incorporated by reference or any other security instrument at, anytime given to secure the Nate, 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 Truster or Truster's successor in interest or title, all of which is hereinaftew collectively called the "Indebtedness ", Truster irrevocably grants and transfers to Trustee, in trust WITH POWER OF SALE, the following described property. LQ•T ONE (I).n IN BLOCK SIXTY -FIVE (65), IN ORIGI*X TOWN, NOW CITY OF GRAD ISLAND, HALL COUNTY, NEBRASKA together with (1) all buildings, structures,... kdditions, en/argemants; rued fix*r%rnc rA»airc, rRnla�a, an c, ar;ri !t»nrnpare�antc now nr inoroafter located thereon, (li) all equipment, machinery and fixtu,es (lgcluding, wtMoL,,t!irritation, all lighting, heating, ventilating, cooling, air -- conditioning, sprinkling and plumbing fixiwes, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil burners. elevators and motors, refrigeration plants or units,. communication systems, dynamos, transtrmers. efecoical ` equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any building & impmusment now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, tr&e-and interest of Truster in and to all leases, 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, (v) all rents, issues, proftts and income therefrom (subject to the right of Truster to collect and apply, such rents, issues, profits and income as they become due and payable so long as no event of default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenetnects, hereditarnents, 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 fasurance and condemnation awards), all of which is hereinafter collectively called the "Trust Property ". TO PROTEGE IWE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVEIVANTS AND AGREES AS FOLLOWS. 1. True. Trustor covenants, warrants and agrees with Beneficiary, its succes=s and assigns, that Truster owns the Trust Property free ; from any prfarrmv ac encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property, that Truster, of its expense, will preserve such title and will maintain this Ceed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and prieuity at the lien hereof against the claims of all persons and patties ; A: whomsoever. Truster, at its expense, will cause this Deed of Trust, and`each amendment or supplement hereto, to be filed and recorded as a mortgage-of the Trust Property in such manner and in such peace and will take such action as in the opinion of Trustee may be required by any�present or future law in order to perfect, maintain 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. Truster shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. Truster shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the fcan evidenced by the Note secured hereby, to pair when due all costs and liabilities incurred therefore, and not to permit any constiuffon 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, H 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, Truster shall pay to Benefirlary 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 Deed of Trust and ground rents on the Trust Property, if any, plus 1112th of the yearly premium installments for hazard insurance, plus 1/ 12th of the yearly premium lnstafirrrents for mortgage insurance, If any, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or accounts of which are Insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for 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 amount required to pay said taxes, assessments, insurance premiums and ground rents as they fats due, such excess shall be, at Truster's option, either promptly repaid to Trustor or credited to Truster against future monthly installments of Funds. 11 the amount of m the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as !hey fall due. 1B Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date nonce is marled by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness. Beneficiary shall promptly refund to Trustor any Funds held by Beneficiary if the Trust Property is sold under the power of sale or the Trust Property is otherwise ttcqu +red by Beneficiary, Beneficiary shall apply, immediately prior to the sale of the Trust Property or its acquisition by Banufrctary. any Funds held by Benoficiary at the time of application as a credit against tho Indebtedness If Beneficiary oKecutos a wrme t; tvaiver ct t rusrnr s obligations under this paragraph 4. Trustor covenants and agreus to pay. bolore the saute bec.onre dulinquenr..tit L1rw, .ee ,, ,ai ov.