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<br />BANKS
<br />94- 4051.00
<br />f THIS!3 OF TRis made
<br />this dayys ` August . i9 g0 . by and between Eugene 3: Sullivan aced.
<br />S van �i�lg whetherone armors; (hereinaftercalled ttre "TiustoY'), IZZ Sour Eddy, Gram eland, Nebraska" 68801
<br />E NORWESTR K Nab Au'kA- uiAt3mial Anee arin� (herBlnafter called the "Trustee'), whose mailing address Is
<br />O. BoY 1768, Grand Island - NE — NORWESTBANK ,( hereiafter ,
<br />caNMed the "Benefrclarj l whose mei ag address is p • < O. Boa 1768.. Gran eland. Nebraska 68802
<br />i WiTNESSETH.
<br />IF THIS BOX IS CHECKED / J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION ;.
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION UEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY r
<br />DESCRIBED HEREiNSELOW.
<br />f WHEREAS T, s r lsl�debted to Beneficiary in the pdncipatsum of ' MIX THMISAM arm g0 /l0o
<br />t Obllara ($ 20' 8 • w 1, which lndebtedness.is evidenced by Tmstor's promissory rwe dated uMt • 23 , 19 24_ , (hereinafter
<br />± 4iffied rile "Note''), payable to the order of Benefciary and having a maturity of August 1 , 1991. _
<br />1 NOW, THEREFORE, for the purpose of securing:
<br />i (a) parmt of the Note, together wRh interest thereon, late charges, prepayment penalties, any future advances, and all extensions,
<br />1 modiircallbrrs, substiUrdons and renewals thereof,
<br />! (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and
<br />-the perknnance of the covenants and agreements of Trustier, whether or not set forth herein,
<br />(c) pailbrrnance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein of
<br />incorporated by reference or any other security lnstfument 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 Beneficiary 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; "therfoilow1WdesciZW property.
<br />South 70'£eet of the East 1/2 of Block. 2, Pleasant Home Subdivision to the _
<br />fi
<br />City 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, (10 all equipment, machinery and fixtures (including, without limitation, all fighting, heating, venfilating, cooling, air
<br />condNoning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, minors and mantels,
<br />carpeting, furnaces, off burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical -
<br />equipment, stoma 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, (111) all easements and rights of way appurtenant thereto, (Iv), all 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), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements,
<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in_connection therewith, and (vii!) 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 HIS 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 Truster, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Properly 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 />Properly 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, Truster shall punctually pay the principal of and interest on the indebtedness secured hereby.
<br />I Construcdon 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 Nora s -scored 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 forms 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 to inspect the Trust Property at all times during construction, and (e) to replace any work or materials
<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 wniten 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 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents or1 the Trust Property. if any, plus 1! 12th of the yourly premiu(n installments fcr hazard insurance, plus 1112th of the
<br />yid&d i'prarslluln i1ufe111n;Gh0; flit IT; vrolgago i..1 Ufa ncv, Iff oral, eif a reasonafs y egt {.rared in., an from w ra M tins a y are ne fivary toe! — 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 premiums and ground rents. Beneficiary shall not be required to pay Rustor any interest or
<br />.earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and M/
<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 exceed the
<br />afhount required to pay said taxes, assossments. insurance premiums and ,ground rents as they fall due, such excess.shall be, at �.
<br />Truster's option, either promptly repaid to Trustor or creditedto Truster against future monthly instalrn►ents of Funds. 11 the amount of
<br />the Funds hold by Beneficiary shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they 1x11 due,
<br />Trustor shall pay to Beneficiary any amount necessary to make up the dofiaenc y within thirty days from the darts notice is roasted by
<br />Berieticia to Trustvi iequc §tin
<br />Upvn pa 6
<br />• ry g puymeni fr►eitipfymEiirt irifuli of�a�flriifefifetfnNSS. li�netec'<<liyi Shillijtiiiiir[titty it�itinti ttr
<br />Trustor any Funds hold by Sentfrcrary If the Trust Property is so1J under the power •of sale or the Trt15r prnpt'rty r.� wherw +;e ac.quavri
<br />by 6enolicrary, Beneficiary shall apply, immediately prior to the sate of the Tnr..r Prvperfy nr,ry ar.ticus,turrJ by lttirnduv.uy. ally f rum
<br />hold by Honeficiary a-rr the hfne of application as a credit against the irdr- btotfr :t ; :! f:o; t !u rtry r•xr .:rGr ,...: r7t r. :�;r.: t :r IruS.tu!
<br />obligation$ under this paragraph 4: Tltr$t(11 COYena7nlfi and <7tJfCi ?S to pay ffF?�(t!f? tfTt? i 7fTIC* b %C 17rnt7 dvfjtiquent, art t.7��C
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