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L I Deed of Trust NBANKS 89--100666 THIS DEED OF TRUST is matte this I day of February f g A-9. by and between _ t IL A,..._ RD- hid- --- , _ Judy y & Hoch, _Hutaband_�tid Wife whether o or more, (hereinafter called the "Trustor'), whose maiti »QRddr.essis n Brentwood Drive, Grand Islandt._Nebraska 68801 N NK "ran N 1 Aasaciablon here! »after called the "Trustee "). whose marlin address is P �O.W oxBf lbe s an , B and NORWEST BAN /� @hS�Rkfl - �llitis?nai Ag�cj at ion _ , (hag natter called the "Beneficiary'), whose mailing address is P•0. Box 1768, Grand Island, Nebraska 68802 WITNESSETH: 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, Trustor is indebted to Beneficiary in the principal sum of SIX THOUSAND FIVE HUNDRED AND NO /100 DOLLARS- - Dollars ($ 6.500, QO ), which indebtedness is evidenced by Trustor's promissory note dated FPbruary 1.. 19 89 , (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity of February, 1 , 1990 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, modiftadons, 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 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 1worporated by reference or arty other security instrument at anytime given to secure the Note. arm (d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereaer be advanced by Beneficiary to Trustor or Trustor's successor in Interest or title, all of which is hereinaftercoilectivety called the 'Indebtedness ". Trustor irrevocably grants and transfers to Trustee in trust, WITH POWER OF SALE, the following described Property: LOT TER (10), &LOCK ONE (1), BRENTWOOD SECOND SUBDIBISON TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (ii) all equipment, machinery and fixtures (incitiding, without timitatlon, ainghting, creating, ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, fumaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical equipment storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and interest of Trustor 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) aft rents, issues, profits 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). (vl) all royalties, mineral, oil and gas lights and profits, water, water rights, and water stock, (vii) all tenements, hereditaments, privileges and appurterrances belonging, used or enjoyed to connection therewith, and (viii) all proceeds of conversion, voluntary or involuntafy,. of any of the foregoing•into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards),_ all of which. is hereinafter collectively called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUSS`; TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. Titre. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property irk from any pdor?ten or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust .Property, . that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon tire' trust Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties whomsoever. Trustor, 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 place and will take such action as in the opinion of Trustee may be required by any present or future law en order to perfect, maintain and protect the lien of this Deed of Trust, as the same way be amended or supplemented from time to. V •ire_ Truster will make such further assurance or assurances to perfect its title to the Trust Property 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 Im Trustor shall complete &A good and workmanlike mariner any buildings, improvements or repairs relating thereon which may begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due: a`I cosh and 1'iabifttfes incurred therefore, and not to permit any construction lien against such Trust Property. In &e 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. (by to complete the S&ne•in accordance with the plans and specifications.as approved by Beneficiary, (c) to comply with all the terms of .a building loan agreement, if 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 SereFrzary on the first day of each month, or suit) other date each month as may be specified by Beneficiary, until the Indebtedness is pad 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 ft 12th of the yearly premium installments 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 agancy Including Beneficiary. Beneficiary shall apply rte Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor airy' interest or earnings on the Funds. Bene=ficiary shag 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. sha :l exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Trustor's option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness. Beneficiary shall promptly refund to Trustor any Funds held by 8enefrciary. if the Trust Property is sold under the power of sale or the Trust Property is otherwise acquired by Beneficiary. Beneficiary shall apply, immediately prior to the sale or the Trust Property or its acquisition by Beneficiary, an y Funds hold by Bene.rcrary at the time of application as a credit against the Indebtedness if Beneficiary executes a written waiver of T rusfot s obligations under this paragraph 4. Trustor covenants and agrees to pay. before thu santu become do hnaueof ;I!/ t'rxf, ti a <,« .rrif -nfs. 1 _ • ',tom S C� i