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r L _-AE rt NEBRASKA, TRUST`DEED i - 89- 102520 T415 TRUST DEED, made this 16 day of - - -- , —MaY -.1989 by and among Lloyd L. Larson an& Stacia A. Larson, husband and wife whether oJJeor tnare.lwreirraftercalfrrd•' Trustor ••vvhose mailing addresssia_2404 West Charles, Grand Island, NE 68803 THE FARMERS STATE BANK & TRUST CO., as Trustee." and THE FAR:i iRS STATE BANK B TRUST CO., AURORA, o Nebraska corporation, as Beneficiary. WITNESSETH: That Trustor, In consideration of One Dol!ar.($1.00) and other valuable consideration.re ; eipt whereof is hereby acknowledged, grants, conveys, sells and warrants to Trustee, in t:rost, with power of sale, the following descr:xd property, situated in Hamilton County, Nebraskv-- Lot Twenty Four (24), im'Bt_-ock Ten (10), in Ashton Place, an Add?r_iin to the City of Grand Island, Fall County, Nebraska. The Intention being to convey hereby an absolute title In fee simFte, Including all the rights of h.73stead and -lower, toge:;ter with all. buildings, fixtures, Improvements and appurtenances thereunto Cretonglng; and all of the foregoing, together wits- said property are herein referred to as the "Property." FOR THE PURPOSE OF SECURING perfOrrnance of each agreement and covenant of Trustor herein contained and the payment of the principal sum of Seventeen Thousand and No /100-------------------- - ------- - - - - -- Dollars (ti _171000.00 ), as evidenced by a pr sr%1- -ory note Gearing even date at the rates of Interest thereon which may hereafter be paid or advanced under the terms of this Trust Deed; both principal sum and interest thereon being payable according to the terms set forth in said promissory note, reference to which is her=aby made, at the office of the Beneficiary In Aurora, Nebroska, or at such other place as the holder may designate In writ r,g. , the final paymer.! of principal and Interest, If rtct sxr.er paid, shall be due and payable on the 22 dayov May , 19 9 % or in accordance with any renewals or Trustor and Beneficiary ca -e,)ant and agree as follows: extensions of sa-4-1 promise. ?ry note. 1. Warranty Of Title. Trustor is .awfully seized of the Property; 11 has good right and lawful authority to sell a: dd =vay the Property; the Property is free and clear of all liens and encumbrances except hens now of record; and Trustor will war;•a1-t and defend the title to the Proper- ty unto the Trustee and Its successors and assigns forever, against the claims of all persons. Truster, at its expense, will maintain and pceserie the Ilan of this Trust Deed as a lien upon the trust Pr=operty subject only to encumbrances existing as of the date hereof, will cause this Trust Deed, and each amendment or supplement thereto, to to filed and recorded as a mortgage of the Trust Property in such manner and in such place, and will take such other aatlon a$ in the opinion of Trusteemay be required by any present or future law in order to perfect, rralnl::in and protect the lien of this Trus: peed, a$ the same may be from time to time amended or supplemented. 2. Payment Of Pdnelpsl and intwest. Trustor shall punctually Way the principal of, and Interest on, said promissory note including any ad- vances thereto as provided herein on the dates and at the place and in the manner provided therein and will punctually rer4orm all agreements, condlt;ons and provisions of any Griner security Insttument given in connection with this transaction. 3. Preservation and Maintaflan„e Of Property. Trustor will not commit any waste upon the Property and will, at i£ii. •Imes, maintain the same ir. good order and condition• and will make, from time to trine, all repairs, renewals, rc :,lacements, additions and tr'mproveinents which are reasaeably required to prevent waste, impairment, or detercritron of said property. Na Cailding or improvement nr: +vr or herealnr! erected upon We Property shall be altered, removed or demolished without the prior written consent of Benslic+a.ry. 4. Damage to Pr4wrty. In case of any damage ;o, or destruction of, the buildings, Improvements or l•.iu%*nal property constituvilk ; part of the Trust Property, whether such loss is covered Gy insurance orotherwise, Trustor, at Its sets cost end c•+rense, w"lcsomptly restore, repair, replace and rebuild the same as negly as practicabts to Its condition immediately prior t0 st4;h damage or destruct icn or with such changes and alterations as Trustor may deem appropriate, provided such changes and alterations do not materially lesvw, the value and utility of such 110dings, Improvements and r :rsonatity from that existing immediately prior to such damage or destructirni. Yrt,stor shall be entitled to reimbursement from the Trustee to the extent of the net Insurance proceeds received by Trustee, but 6 —'y to t! -s ea:ent of the actual sum expended under this provision, 5. Corporate Trtt W. It Trustor is a corporaliohi it will do ell things nee ersary to preserve its Corporate exisicn =se, rights and privileges under I �e laws of the state of its ;r.:orporatlon. 6. lacurance. Trustor, at its _:-,r:,vnse, Will maintain with insurers approved by Beneficiary, insurance with rest ^;., :r to the improvements and t; inonal property, constituting the Prcpt -ta against toss by fire, lightning, tornado, and other perils c--vared �t j standard extended cov- erage endorsement, in an amount equal to at least one hundred percent of the full replacement value trieri-rf; and insurance against such Other hazards and in such amount as is cLs, omaril.,j carried by owners and operators of similar propertirts•art: as Beneficiary may require for its protection. Trustor will comply with such other requirements as Beneficiary may from time to time requa; :: t Or this p: oteetion by insurance of the interest of the respective partres. All insurance policies maintained pursuant to this Trust Deed slat{ M- 111c, Tnislor and Beneficiary as insureds, as their respective interests may appear, and provide that there shall be no cancellation or meld. o i;;on tehtho st fifteen days prior written notification to Trustee and Beneficiary. In the event any policy hereunder is not renewed on or be`u:a fifteen days prior to its expira- tion date. Trustee or Beneficiary may procure such insurance ar -d 1110 cost fhgreof shall be added to the loan secured by this Tfusl Deed and shall bear iAWAV at the greater of the Interest rate specified thensin or the itigirest interest rate authorized by the laws of the State of Ne- braska. Truster shall deliver to Beneficiary the original policies of insurance and renewals thereof. Failure to furnish such Insurance by Trustor, or renewals as required hereunder shalt, at the option of Benefrcrafy, constitute a default. All unearned premiums are hereby assigned to Trustee as additional security and a salb and conveyance of the Property by the Trustee shall operate to convey to the purchaser the Truster's Interest in and to all policies of Insurance upon the Trust Property. 7 Taxes and Assessments. Trustor shall pay all taxes and special assessments levied or assessed against or due upon the Property before delinquency, and will deliver to Beneficiary copies cf receipts Showing paymentof such taxes and special assessments ItOoneficlary Shalt sb reduest. Trustor agrees that there shall be added to each periodic payment required to be made hereunder an amount estimated by Trustee to tie Sufficient to enab* TruSt Orty par put.rrcy ..t +r !�1 +�[,. •lSSesSrrnlitS t;r „1r,e•r putfla L n ,1ryeq ,ty,.::.ye the TruStProptitty In" Notenecuredbfth.SYru;rUPcd. . rupGr= act�unruttcrrrtc• Y, tt ,rrnN,.nr =.,t,r.tiir :rgt(l,,•,t t,rr;r•InPryy =t *prrtr .,, =r,t..r nsurarrte re(Itwed try be pro'#rded ringer It"'; trust filed and nu mfr, Truster• ltup,tr,r r < :' S` au pt, 1,,t, 4t, ,. Ti ,.t ... ... r, ..I,,. I trPrr.•f if,: tiAall %fehvpr Y, rrr, %rr'e gush adtldi(e:Jr •:u!-,•. '.! nr,r,r ,� r +(•C�;'. fJr� t, effar):n r,i,;tov t- ra ;.r t ,. }. .� ,i., ,,,r. r• �... ...� r. ,,irr. , .r+ : ., „ r,.: , ,. . .._- _�.. r. n• �.. t 4anko ii i•� u5 . tr� t� r'