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1 i L F— 7 &1h'tiS 89-400694 deed of Trust of February_ , 19 k9 by and between -Jerome—L. Urhenskl,_. and P- _ _ _ _ _ _ _ whether one or more, (hereinafter called the "Trustor"), whose mailing address is Nl r3 &ir:LZ0na AvCUUC, %RKMIU irsaauu, Ot: 4"yae2 vvov.a NpRWEJT BA/�fK�gNk (hereinafter called the "Trustee'), whose mailing address is P.O. ox 17 , ran Ia and, WE , and NORWEST BANK Nebraska, National. AseQciation _ _ , (hereinafter called the "Beneficiary"), whose mailing address is P.O. Box 17¢8, Grand__ island,.._Neb>Laska fi88B? WITNESSETH: IF THiS BOX iS CHECKED 1 ) 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 TWENTY –SIX THOUSAND AND NO /100------ N- - - - - -- Dollars ($ 26 .000,SiO ).which indebtedness is evidenced by Trustor's promissory note dated February , 19.82 , (hereinafter called the "Note' ), payable to the order of Beneficiary and having a maturity of AugLt s ,1989 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges, prepayment panalties, any future advance aid all ex: ,nsions, modifications, substitutions and renewals &amof, (b) payment of all other sums, fees or charges, together with interest thereon, adVirriced to p 4roat the security of this Geed of Trust and the performance of the covenants and agreements of Trustor, whether or vot set forth herellr, (c) performance,. discharge of and compliance with every term, covenant obligaticrr and agreement of Trustor contained herein or incorporated by reference or any other security ins!ram4nt at anytime given to secure the Note, and (d) the repayment of all other sums or future advances, m0h interest thereon, which may heretofore have;veerl or nereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, all of which is hereinafter collectively called the "Indebtedness ", Trustor irrevocably grants and trarrslers to'Trustee, in trust WITH POWER OF SALE, the following described property: LOTS ONE HUNDRED SIXTY –SEVEN (167) AND ONE HUNDRED SIXTY EIGHT (168), IN BELMONT, AN ADDITION TO THE CITY OF GRAND ISLAIND, HALL COUNTY, NEBRASKA together with (i) all buildings, structures. additions, eMargements, modifications, repairs, replacements, and improvements now or hereafter. located thereon, (ii) all equipment, machinery and fixtu.t tbncluding, without limitation, all lighting, heating, ventilating, cooling, air e.. condtning, sprinkling and plumbing fixtures, 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, 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, (iil) all easements and rights of way appurtenant thereto, (N); 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 rpntats and deposits or payments of a similar nature), pertaining thereto, (v) all rents,.lssues, profits and income therefrom (subject to the right of Trustor to collect and apply such rents, issues, profits and income as they become- aloe. and payable so long as no event of default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water r4gi' M and water stock, (vii) all tenements, heredifaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion, vofunwyor involuntary. 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 DE90 OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: .E r 1. ride. Trustorcovenants, warrants and agrees with Beneficiary, its successors and assigM, that Trustor owns the Trust Property free from any prior Tien or encumbrance, that this Deed of Trust is and will remait? 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 the Trust Property and will forever warrant and defend the validity and priority of the fleet 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 taw in order to perfect.. rzraintain and protect the lien of this Deed of Trust, as the same ma y. be amended or supplemented from time to time: Trustor 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 punctuaiV pay the principat of and interest on the indebtedness secured hereby. 3. Construction of Improvements. Trustor shall compete In good and workmanlike manner any buildings, improvements or reoaws refa ng thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, ,to pay, 4hen 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 Tntst to the eantrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly. (b) to complete the same in accordance WO the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan agreement„ if any, between Trustor aard 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 unsailsfacaxy to Beneficiary within fifteen (15) days after writterr-enotice from Beneficiary of such fact, .4;, trends for Payment of Charges. Subject to applical)!e 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 arlanth 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, 4 any, plus 1112th of the yearly premium install'rri6nis for hazard insurance. pl;rs I/ 12th of the yearly premium installments for mortgqat7e insurance, if any, all as reasonably estimated inipuAy and from time to 6: re by Beneficiary on the basis of assessments and bills andreasonabie•estimates thereof. The Funds shall be held in an instituton, the deposits or accounts of -. hich are insured or guaranteed by a feral 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 fir) the Hinds. Gerieficiary strait give to Trusrar, witncat charge, an annual accounting of the Funds showing credits and debits to Me 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 &,a amount of the Funds held by Beneficiary, together with the future monthly Installments of Funds payable prior to the due data,s,o' taxes, assessments. insurance premiums and grwind rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall dua, such excess shall be, at Trustor's option, either promptly repaid to Trustor'ar credited to Trustor against future monthly installments of Funds. If the amount of t+ 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 8,sn9ficiary any amount necessary to make up the deficiency within thirty days from the date notice is mailed by � .. Beneficiary to Trustor requesting payment thereof. V;pgn payment in full of all indebtedness. Beneficiary shall• promptly refund to Trustor any Funds held by Beneficiary" 9 the Trust Property is sold under the power of sale or the Trust Property, is otherwise acquired by Beneficiary, Beneficiary shag apply, immediately prior to the sale of the Trust Property or its acquisition by Beneficiary, any Funds held by Beneficiary at the time of application as a credit against the indebtedness. It Beneficiary executes a wfi -on waiver or Tfuslor's obligations under this paragraph 4, Trustor covenants and agrees to pay, before the same become delinquent, all taxes, assessments,