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<br />Deed 'of Trust
<br />_10501 0
<br />O Z9t 8y� August ,19 9Q , byand bBween Miri� not. }._ git2e1_ and
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<br />j� 3rtettrrz. '� , � 3ffd" whother one or mom, (heWhatter called the '7ruilor ),
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<br />MORWESTUANK NATIONAL ASS (here/naRercaNe+d tire' Trusteed whose Rta ing address is - - - - - - -- - -
<br />- - -- �tV :Dp`z llV.o� vigor's" aoiaui.�aa v.a , , -
<br />caMd tlM "BitrtellClary "). whose maiNrtg address is, P O SWE * B 768 Grand Islggd NE 6$802 ~
<br />WITNESSETH: IF THIS BOX IS CHECKED f R- J THIS-DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITYAGREEAiENT UNDER THE NEBRASKA CONSTRUCTION LfENACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBE[] HEREINSELOW. .
<br />WHEREAS, Trwtor is irtd"d to BensfFclarj► to In principal sum of FnrrF..Fi vp Thnt,cana and no/
<br />ObNgry (S , 4S , M - ), which kwWotedaess is evidenced by Trustor's prontlssory note dated Atta+,at 29 , 19 9IL-, (hereinafter
<br />i calved Me "Nate"), payabiq to the order of Bomficaery and having a maturity of A11 .at 23 , 1991 -
<br />. NOW.7HEREFORA trft pwpoae ofseaurmg: — = —
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any futuro advances . and all extenslons,
<br />ntr>oWFeaaons, subsoltibris and renewals thereof,
<br />I (b) pa)"W of eN o0w goats, lees or charges, together with interest thereon, advanced to protect the security of tltfs Deed of Tnrst and
<br />! tgte pwftmance of the cownanis and agreements of Trustor, whether or not set forth herein,
<br />(c) perlbrmance, discharge of and compliance with every fern, covenant; obligation and agreement of Trustor contained herein or
<br />incorporated by reference or any other securhy instrument at anytime given to secure the Note, and
<br />(d) the repayment of aN'other sums or future advances, with interest thereon, which may heretofore have been orhereafer be advanced
<br />by Beneficiary to Trustor orTrusWs successor in Interest or titre,
<br />am of which Is hereinafter collectively called the 'Indebtedness ". Trustor irrevocably grants and transfers to Trustee, In trust, WITH POWER
<br />OF SALE, the following described property : .
<br />Lot Forty -one (41), in LeHeights Fourth Subdivision, in the City of
<br />Grand Island, Hall County, Nebraska. - . ,
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<br />tbgetiner with (i) all buildings, structures, additions, enlargements, modfications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (il) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />conditioning, sprinlding 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, transtormefs, electrical
<br />equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built In, any building orimprovement
<br />now or hereafter located thereon, (!11) all easements and rights of way appurtenant thereto, (iv), at/ leasehold estate, right, title and interest of
<br />Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits,
<br />advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, Issues, profits and Income therefrom (subject
<br />to the right of Trustor to collect and apply such rents, Issues, profits and Income as they become due and payable so long as no event of
<br />default exists hereunder), (01) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements,
<br />hereditament$, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (vill) all proceeds of conversion,
<br />voluntary or Involuntary, of any of the foregoing Into cash or liquidated claims (including, without limitation, proceeds of Insurance and
<br />condemnation awards), all of which is hereinafter collectively called the "Trust Property".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST,.TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. Tile. Trustor covenants, warrants and agrees with Beneficiary, Its successors and assigns, that Trustor owns the Trust Property free
<br />from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property,
<br />Mat Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first•and paramount lien upon the Trust
<br />Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Trustor, 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 the Trust 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 present or future law in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may
<br />be amended or supplemented from 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 . Trustor hereby relinquishes all right of dower and homestead In and to the Trust Property.
<br />2. Payment of Indebtedness, Trusfor shall punctually pay the principal of and interest on the indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating
<br />thereto which maybe 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 />some in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with alt the terms of a building loan
<br />agreement, If any, between Truster and Beneficiary, the terms of which are Incorporated herein by reference and made a part hereof,'
<br />(d) to allow Beneficiary foinspect the Trust Property at all times during construction, and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary within fifteeti (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 Beneficlary, Trustor shall pay to Denefiniary on the
<br />first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid In lull, a sum
<br />(hereinafter called the "Funds') equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus 1112th of the yearly premium Installments for hazard insurance, plus 1112th of the
<br />yearly premium installments for mortgage insurance. N any, all as reasonably estimated initially and from time to time by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or
<br />accounts of which ars Insured or guargntead by _a federal or state agency including Beneficiary. Reneficiary shall apply the Funds to
<br />pay said raxes, assessments, insurance premiums aiid ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The funds are pledged as additional security for
<br />the Indebtedness secured by this Deed of Trust.. H 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 />Truster's option, either promptly repaid to Trustor or credited to Truster against future monthly.installmerts of Funds. If the amount of
<br />the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fail due.
<br />Trustor shall pay to Beneficiary any amount necessary to makeup the deficiency within thirty days from the date notice is mailed by
<br />Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness; Beneficiary shall promptly refund to -
<br />Trustor any Funds held by Beneficiary. If the Trust Property is sold under the power of sale or the Trust Property is othorwlso acquired
<br />by Beneficiary, Beneficiary- shall apply, immediately prior to the safe of the Trust Property or its acquisition by Venefrcrary, ally Fiords
<br />hold by Beneficiary at the time of application as-a credit against the Indebtedness. 11 Reneh6kity execures.0 written wa +ver of trusfors
<br />obligations under this paragraph 4, Trustor covenants and agrees to pay, before the same become del-quent all taxes. assussnrenrs.
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