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RBANKS teed of Trust
<br />$9= 102334
<br />THIS DEED OF TRUST is made this Ist dayof_ May , 1989 ,by and between Gregory T. Austin and
<br />whose mailing address is 1104 West 12th Street. Grand Is and, NE 6t.( 3�e0rmore,(herefnattercalledthe "Trustor'),
<br />NORWEST BANK -NEBRASKA. NATIONAL ASSOCIATION (hereinafter, called the "Trustee' ), whose mailing address is
<br />p n !? ^° X68 cr--- A Ts ati, art 688[ 2wd NORWEST 8 NK
<br />cailedthe" Beneficiary'), whosemailingaddressisp•O.Box 1768, Grand Is an , Ne rats .(hereinafter
<br />WITNESSETH.•
<br />IF THIS SOX IS•CHECKED / xx j THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION L1EN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST iN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />Wf /EREAS Truster is indebted to Beneficiary in the principal sum of _ Sixtd —three Thousand and no /100ths - --
<br />Dollars (S tit. C- On ), which indebtedness is evidenced by Trustor 's promisso not d d Ma i 1 89 , ( hereinaftec
<br />called the "Note"). payable to the order of Beneficiary and having a maturity of - A t
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<br />NOW, THEREFORE, for the purpose of securing:
<br />(a) pa}r�; -,^t: of the Note, together win in -,mr rhereom, late p s
<br />[jar4 , preAa }.r
<br />mods, a` -9nS. Su uStV ions and renewals d emaf;
<br />ro) Aar r' a a! °cxtti ,maims, feEir�r¢harges, together w'Irirf>:rest r3r ?�. adtig��- ... I ec`t ? s �rity cPrt't �t5 o~o17r errd
<br />the r-rr*ts a osr;lse coverarrs,dnd agreements of Trusty:r, rrherheror rietset �.rilrf r_~ein;
<br />(c) partoema:ve, discharge of and tawr�/iance with every tent, cpvenant - gation E -fir ; Ent of Trustor can a led f er r of
<br />incor ma re
<br />ted by reference or y Otter security instrume, —, #: anytime given to secure and
<br />(d) the repayment of au other sums or future advances, Wit �i rnrerest thereon, which may fta: rofore have been or hereafter be advanced
<br />Lay, 473ficiaii to Trustor or Tru,toK3 successor in interest or title,
<br />al,'iY w �,ich risherainafter collectively caled the 'Yndeb*edhess' Trustor irrevocably grants and transfers to Trustee, intrust; WITH POWER
<br />OFSAL.E': the INlowing described property:
<br />Lot Ten (10), Colonial Estates 5th Subdivision to the City of Grand Island,
<br />Hall County, Nebraska.
<br />together with p) ail buildings, structures, additions, enlargements. modifications, repairs. replacements, and Improvements now or hereafter
<br />located thereon, (4) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpeting, furnaces, oil bumers, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical
<br />equipment, storm and screen windows, doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement
<br />now or hereafter located thereon, (iii) all easements and rights of way appufienantd:orcto, (iv), all leasehold estate, right, title and interest of
<br />Trtr;tor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security e
<br />advance rentals and delposits or payments of a similar nature). ty Posits, and to the right of Trustor to collect and apply such rents, issues, profits aand Income s they become due annoy payable so long as ntherefrom event (subject
<br />difault exists hereunder), (vi) ell royalties, mineral, oil and gas rights and profits, water, water rights, and rater stock, (vii) all tenements,
<br />hereditaments, privileges and apputtengrces belonging, used or enjoyed in connection therewith, and (vin) all proceeds of conversion,
<br />voluntary or Involuntary, of any of tt;e foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and
<br />condemnation awards), aJ of which is hereinafter collectively called the "Trust P, °Dperty ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COV0JANTS AND AGREES AS FOLLOWS:
<br />1. Title. Truster covenar. ?s, warrants and agrees with Benelirrary, its successors and ass3rts, that Truster owns the Trust Properry free
<br />from any prior lien OF encumbrance, that this Deed of Trust is and will remain a vaird anw enforceable first lien on the Trust Property,
<br />that Trustor, at its expense, wig PM erve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Property and will forever wafrart and defend the validity and priority of if•e lien hereof against the claims of all persons and patties
<br />whomsoever. Truster, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and
<br />recorded as a mortgage of tho 7rist Property in such manner and In such place and will take such action as in the opinion of Trustee
<br />may be required by any pre sa.,*trOe future law in order to perfect maintain and protect the lien of this Deed of Trust, as the some may
<br />be amended or supplemented f, , n time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust
<br />Property as may be required by Beneficiary. Truster hereby relinquishes all right of dower and homestead in and to the Trust Property.
<br />2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby.
<br />3. CarstrMhOn of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when
<br />due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event
<br />construction of buildings. improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary
<br />notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the
<br />same in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan
<br />agreement, it any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof,
<br />(d) to allow Beneficiary to Inspect the Trust Property at all times during construction, and (e) to replace any work or materials
<br />unS8b&19ctory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact.
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benefir Lary on the
<br />first day of each mciltlr, or such other date each month as may be specifiod by Beneficiary, until the Indebtedness is paid in full, a sum
<br />(hereinafter called'tlla "Funds') equal to 1r 1?(i1 of the yearly taxes and assessments which may attain priority over this Do ad of Trust
<br />and ri7N:•nd re t3 G:'1 rrf",9 Trust PropC-.4y.. if W,;. j;lus 1112th of I h 0 yearly pr'cmium installments for hazard insuraiico. plus 1 '121h of the
<br />yeah -1wamium Ins.allments forrrmrr ;age ir1:�;'y3nCe, if any; ,•tff as reascn,ibly estimated initially and h'om tim9, ro ; ; -me by BercA°ciary cn
<br />the 1 *4,li ofassc$$Ments and bills and reazsg''Xible estimates thereat. 1'faa Funds shall be hR!d in an itistitution, the depos:'ts or
<br />acccun.s of which..am' insured or guarartead by a federal or state agel7cN- Including Bere4oaq .(d<3ntLficiary shall apply thy, Fi or s t-,
<br />pay said taxNS, asr ;meet;, insurarCG Pm Oilift us arid ground rums, t?eneficlary shall n0be regin ed to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accutinting of the Funds showing credits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made_ 711e Funds are pledged as additional security for
<br />the Indebtedness secured by this Deed of Trust if the amount of the Funds held by Beneficiary, together with the future monthly
<br />installments of Funds payable prior to the due dates of taxes, assessments. Insurance premiums and ground rents, shall exceed the
<br />amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be. at
<br />Trustor's option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. it the amount of
<br />the Funds held by Beneficiary shall not be sufficient to pay tuxes, assessments, insurance premiums and ground rents as they fali due.
<br />Tluslttr Shall pay to Beneficiary any anitiullt necessary to make up fire deficiency within thirty days from that dodo, rtolrce is mar /'1111.v
<br />Bilnafrciaiy ro Trw ^fr�r requeshny payment thoreof Upun payment itr fun n_ t ou Inrlebte dnv,s,. Iientilrir,,ir j shell pron,ptiy feftind ir,
<br />Tru,tur any funds hold by EP-nc-frttuty It tho Trust Property is Solt/ under Via power of sate or rhv Trust /Taper is olkenvise at qu.roc'
<br />by Venrificiary. Betinficiary shalt apply. immediately prior to the salt= of the Trust Prorerty or its acquisition hi, i iiu•pf„ r,try.:,,,v i :,nil.•
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