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l . 100799 Deed of Trust RRANKS 89--a •� L THIS DEED OF TRUST is made this 14 da of February . ig 89 , by and between David A. Vacek and Kathleen A Vacek Husband and Wi a whether one or more, (hereinaRercalled the "Trustor'), whose trailing aadres is . NORWEST BANK Nebraska, National Association (hereinafter called the "Trustee' ), whose mailing address is ,•p,.0_ Box 1768. Grand Island, NE and NORWEST BANK Nebraska. Nnio=1 .Arscoci C {oa , (hereinafter called the "Beneficiary'), whose mailing address is P.O. Box 1768, Grand Island, Nebraska t+�802 WITNESSETH: IF THIS BOX IS CHECKED ( J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT ANiD CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY' DESCRIBED HEREINBELOW. WHEREAS Trustor is indebted to Beneficiary in the principal sum of TWO RUNDRED SEVFh''I`Z:M TFOr.R xn AND M1100 00 D011 -ARS Dollars ($ 2 7.000.00 ), which indebtedness is evidenced by Trustars promissory mote dated. F4tbruary- 24, 19 , (hereinafter called the "Note"), payable to the crder of Beneficiary and having a maturity of February 1!j-1994 NOW THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges, prepayment piraities, any'luture advshdes, and oil extensions, miWications, substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with Interest- thereon, adva. .1ced to protect the sec^ of this Deed of Trust and the performance of the covenants and agreements of Trustor, whelfre3r or ndto3tf0th herein, (c) performance, discharge of and compliance with every tern, covenant, obligatfw -arid agreement gf;Tramr contained herein or Incorporated by reference or any other security instrument of ofpime given to secwd /f* /ditty. And", (d) the repayment of all other sums or future advances, wilfrimzoas<,y.te-reon, which ma clwf4i;diit. Pave been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in Intscr tl f�: all of which Is hereinafter collectively called the - Indebtedness": Tristcr irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following described property: LOTS SEVEN (7), Elf,l3T ?CE1., AND I4INE (9,),-- �IESTGATE SUBDIVISION, HAIL COi07 M, NEBRASKA together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements located thereon, (4) all equipment, machined and fixtures (including. without limitation, all llt#7 ng IL reeating, ventilating, cool'r: g :air conditioning, spnnkling and plumbing fixtures, water and power systems, engines, baftem rand. ovens, dishwashers, m1r+� and mantels, carpeting, furnaces, oil bumers, elevators and motors, refrigeration plants crunits, mrrurrenication systems, dynamos, transformers, e!6cm, cal equipment storm and screen windows,doo►s, awnings and shades) now crhertafter- attached to, or built in, any building or improvenmsst now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, tftkIe and interest of Trustorin and to all leases, whether now orhereaher existing cr entered into (including, without limitation, all cash and sewiarity deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and income therefrom (subject to the right of Trustor to collect and apply such rents, issues, profits and income as they become due and payable so tong as no event of default exists hereunder), NO all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements, hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (vffl) all proceeds of conversion, voluntary or Involum -Aty, 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 DQ.D OF TRUST, TRUSTOR COVENANTS AND AQftEFES AS FOLLOWS: 1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and ass;,rr . Mat Trustor owns the Tn :'Property free from any prior lien or omcilinbrance, that this Deed of Trust is and will remain a. valid and enforceable first lien on the Trust Properly. that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust a3 a first and paramount lien upon the Try ^,t! Property and will forrsueir,warrant and defend the validity and priority of the lien rerecd ark .(nst the claims of all persr zs and padres whomsoe►far, trurfix r; cfs expense•, w0l cause this Deed of Trust, and each amends ei,,p5i-supplement hereto, to be l;led and recorded as 4 mor g a! rr the Trus,,Pmperty in such manner and in such pxar. e,and wiii take such action as in the opinion of Trustee may be required by ar y is;'esent or future law in order to perfect, maintain arri'I21vteet the lien of this f7tso9 of Trust, as the same may be amended or supplemdnted from time to time. Trustor will make such furttr r• :assurance or assurance ::• !o perfect its title to the Trust Property e.-may be required by Beneffcfary. Trustor hereby relinquishes all right at- dower and homestead in and to the Trust Property. 2. Paymenret lndebtedness. Trustor shall punctually pay the principal of and interest cr►,tNz indebtedness secured hereby. 3. Constructtr of Improvements. Trustor shall complete in good and workmanlike ini:L- ver,i :irlttz;ldings, in svovemsnts or repairs relating thereto which may be bosun an the Trust Property or contemplated by the low; w.14enced by the NOW, I eCured hereby, to pay when due all costs and )mbdife s incurred therefore, or, d not to permit any construction us►r against such Trust Property. in the event constauctfor, of b0c ,'r :gs, improvements or repairs are contemplated, Trusme alao agrees, anything in this Deed of Trust to the CC-n!vary notwithstao6nq; (a) to promptly commence any such work and to complete the proposed: mprovements promptly, (b) to complete the same in acc*i;lance with the plans and suecificatfons as apprmed by Beneficiary, (c) to c7mpl y with all the terms of a building loan agreement it any, between Trustor end 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 Benefidey 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 Benehniary on the first day of each month, or such other date each month as may be specified by Beneficiary, un. *il 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 1112th 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 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 Me Indebtedness secured by this Deed of Trust. If the amount of the Funds hard 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 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 tho amount of the Funds held by Benefciary shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they fall due. Trustor shall pay to Beneficiary any amount necossary to make up the deficiency within thirty days from the date notice is marled by Beneficiary to truster requesting payment thereof. Upon payment in full of all lndebtedness. Beneficiary shall pra.77prly refund to Trustor any Funds helm by Beneficiary. It the Trust Property rs sold undor the power-of Sall? or the Trust Property is W11urwrsf: by Flenefrciary. Eenvflelary shalt apoly, immediately prior to tie sate of the Trust Property or trs acquivitreln by gonet,vY"i. 11!7 f 1LOrnry Reid tty I53nOfrcUrfy a? trio fu776 pr LeliDhvjhon as a Credit ag im,-e tho lf1dabf@dnO5;S If QJr70r Clary vvvvure3 a v alun tv ctiv t '- -ist- r hl.gation3 urlaor Vli3 rr,tragraph 4 tn;;rar coverian.a and agrefun; r_: pay. fiervre the Slim(? t- ocurr'e tfe. rq.,L —f .rf ) W, ALy `k f'- , : r: