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al 7
<br />Deed of Trust
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<br />THIS AEtti OF TRttST t,s made this 30 da of August , 19 90 . by and between James D. Nolan and ,
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<br />whether one or more, (hereinafter called the "Trustor"),
<br />see
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<br />whose ma ft. addnlss is <
<br />NORWEST BANK 'Webras i Natrona Associat n an a (ha�l� after called the Trustee"). whose mailing address is
<br />1itiR_ Island. AEA Nebra ka Na tiI I Associatioa. r
<br />Prn_ tan= Grand ,and NOW 8 ,rlmr�r
<br />uqvmy mow
<br />WITNESSETH:
<br />IF, THIS BOX•IS CHECKED / 1 THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION -
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACTAND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST iN THE PROPERTY
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<br />DESCRIBED HEREINBELOW.
<br />WHEREA T l ndebted to Benefk:laryin the principal sum of Siam THOUSAND THREE EIGHTEEN AND 26/100
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<br />Dollars (S � •� ), which indebtedness is evidenced by Tntstoes promissory note dated , 19 , (hereinafter
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<br />cabled the "Note ), payable to the order of Beneficiary and having a maturity of Senteemmb_er66, 1 9.95
<br />NOW. THEREFORE, for the purpose of securing:
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any futuraadvances; and all extensfans,
<br />modifications, subsdtulloris and renewals thereof,
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<br />(b) payment of aN otter sums, fees or charges, together witt,interest thereon, advanced to protect the security of this Deed of T rust and
<br />the performance of the covenants and agreements of Trustor, whether or not set forth herein,
<br />(c) peribirmance, discharge of and compliance with every term, covenant; obligation and agreement of Trustor contained herein or
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<br />Incorporated by reference or any other security instrument at anytime given to secure the Note, and
<br />(d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced
<br />by HeneWsfy to Trustor or Trustoes successor in interest or title,
<br />all 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 />Northerly Half (N1 /2) of Lot One (1) in Fractional Block Twelve (12),
<br />- _— in- Gilbert !s.Addition to -the Citq._Of Grand Island, Hall County, Nebraska.
<br />together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (o) all equipment, machinery 4nd fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />conditioning, spfinkting and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
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<br />carpeting, tumaces,'oll burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical
<br />Bqulpment, storm acid screen wfndows,doo�s, awnings and shades) now or hereafter attached to, or built In, any buffdrng or improvement
<br />now or hereafter located thereon, (Iii) all easements and rights cf way appurtenant thereto, (iv), all leasehold estate, right, title and interest of
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<br />Trustor in and to aN leases, whether now or hereafter existing or entered inro (including, without fimitatron, ati 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 +fight of Trustor to collect and apply such rents. issues, profits end income as they become due and payable so fang as no event of
<br />deteuit exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, wafer, water rights, and water stock, (vii) all tenements,
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<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion,
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<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. Title. 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 />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
<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
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<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. Trustor shall punctually pay the principal of and interest on- the indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall'completo 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 pall hereof,
<br />(d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or matertals
<br />unsatisfactory 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 Beneficiary 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 full, a sum
<br />(hereinafter called the "Funds') equal to I/ 12th 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
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<br />yearly premium installments for mortgage insuran.co, it any, all as reasenabl; estimated inihal y and Irnm time rn 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 are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to
<br />pay said taxes, assessments. insurance premiumsond ground rents. Beneficiary shall not be required to pay Trustor any interest or '
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<br />- aair.Jrr, ssrs th& purscls. #3ertafiFtarystt,3lf ctutre ta'Trtb es ••• %ra ,,.,r ,-a : ;,is cur.:# uc.�cur 4194 u1 trio Fortis- si-tewirxq ciedifs and. • . -
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<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. 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 oxdeed the
<br />amount required to pay said taxes, assessments. insurance premiums and ground rents as they tall due, such excess shag be, at
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<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 taxes, assossnfonts. insurance promwins and ground rents as they fall due,
<br />Trustor shall pay to Berretrclriry any amount necessary to make up the deficiency within thirty days from the date ne lice is maded by
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<br />Bonelic+ary to Truster requesting payment thereof. Upon payment in full of all Indebtoriness, wonipfi'y f(duud to
<br />Trustur any Rinds truld Py f. utieficidty. It the trust Prupeny is sold urr et 1ho power of so /c. or the Tfust P(operty 1s elite /wE;ie acquired
<br />by Bonoliviary, Bnnahcory shall apply. imnledlarely pilot to the sale of rho Truer Ptoperty or,t: &,qu+sfhon by i eiii:ticr,rly. any I unds
<br />hCld by Reneficiafy at the time of application as a credit against ter[. iruJe btudrrc s : it E ;eni r _,, r f:,cruh,; a r.nllf:n iillrvor f f Trustur s
<br />obligations antler this pyagraph 4. Trustor ctivorants wid ayrCU', fo this, hvfale tile Stmt_• bet!.Irspl(
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