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Deed of Trust
<br />THiS DEED OF TRUST is made this 4— day of �ID�► _._ _ v 19 89— , by and between .Rarothy_. M... Grans i
<br />Single PQX2 t� whether vno or more, (hereinafter called the -Trustor"),
<br />whose mailing address rs IN East 5th Street, -Grand Island, NF. 68801
<br />NQ WESTBANK Nebraska National Association hBreinaler called Ito 'T- ustee "1. whose mailing address is
<br />P.O. Box 176 , Grand s an N , and NORWEST QAN a raska t Aat ional Assoc iat ion (hereinafter
<br />called the '• Beneficiary"),whose mailing address is..Y.O. Hox 768, Grand Island, NE 68802
<br />WITNESSETH:
<br />IF THiS BOX IS CHECKED / j THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES.
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS Trustor is indebted to Beneficiary in the principal sum of FORTY- THREE_ THOUSAND AND NO11�40 --------------- -
<br />Dollars (S Q* a 000.00 ), which indebtedness is evidenced by Trustor's promissory note dated May 2 , 19 (hereinafter
<br />called the ,.Naze' ), payabte to the order of Beneficiary and having a maturity of May 25 _1990
<br />HOW, THEREFORE, 1m Vim purpose of secunng:
<br />(a) payment of the Nom. together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions,
<br />ry►da %*ions, substitutions and renewals thereof,
<br />(b) pay --,wn; of all other sums, fees or charges, together with interest thereon, advanced to protect the security cf this Deed of Trust and
<br />the performance of the covenants and agreements of Trustor, whether or not set forth herein,
<br />(c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or
<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 Beneficiary to Trustor or Trustor's successor in interest or title.
<br />all of which is hereinafter collectively called the " 1ndettedness ", Trustor irrevocably grants and transfers to Trustee, in trust. WiTH POWER
<br />OF SALE, the following described property:
<br />LOT FIFTEEN (15) AND THE WESTERLY TWO (2) FEET OF LOT SIXTEEN (16), in BLOCK NIKE (9),
<br />IN BOGGS AND HILL'S ADDITIPS TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
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<br />together witt (.ij all bu,,f it qs, structures, additions, enlargements, modifications. ►bFa!rs. rec lacemerts, and improvements now or hereafter
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<br />located therm..:. (it) air equipment, machinery and fixtures (including, without limitation, 0 lighting, heating, ventilating, Cooling, air
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<br />conditiow,g, sprinkling and plumbing fixtures, water and power systems. engines, bode+ 'ranges, ovens, dishwashers, mirrors and mantels,
<br />- carneAna; furnaces. oil burns, eJAvatNS and mritnrs, rairroprahnn nlanhz nr sinan rnmm„nrration cy.ctomc {jvngi�in�• arangt mn.em aetlficef .
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<br />equominl, storm and screen windows.doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement
<br />raaw or hereafter located thereon, (M) all easements and rights of way appurter,6!1 thereto, (iv), all leasehad estate, right, title and interest of
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<br />Trustor in and to all teases, whether now or hereafter existing or enterea into !/rvuiii1q. without limitation, all cash and security deposits,
<br />advance rentals and deposits or payments of a s.mi�''ar nature), pertaining thereto t,: )• a`1 rents, issues, profits and income therefrom (subject
<br />to the right -of Trustor to collect and appT,ysuch rents., issues, profits and income as they become due and payable so long as no event of
<br />default exists hereunder), (Ivil all rayarRs: mmera.; cf le and gas rights and prof ts., water• water rights, and water stock, (vu) all tenements,
<br />hereditaments, privileges and appurtenances beto.rTIng, used or enjoyed in ccrinection therewith, and (vslr) all proceeds of conversion,
<br />voluntary or involuntary, of-any of the foregoing rr,*2 cash or liquidated claims (including, without limitation, proceeds of insurance acrd
<br />condemnation awards), all of which ishereinafterCoBectively called the •Trust fxroperfy,
<br />TO PROTECT THE SECURITY OF Tl`i115 DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. TWO. Trustor covenants, warrants and a refs with Beneficia g ry, ds successors and assigns, that Trustor owrstfae Trust Property bee
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<br />frorm a ry proricen or encumbrance, that this teed of Trust is and mil .remain a valid and enforceable tir,0 Den on the Trust Fraperty,
<br />that .Trustor, at its ekciense, will preserve such title and will main,,&n tf]i s Deed of Trust as a first acrd paramount lien upon the Trust
<br />Property and will' Parever warrant and defend the validity and pnGnry° all the lien hereof against the claims o4j persons and parties
<br />wl' omsoevef Trus of at its expense, will cause this Deed of Trust. and each amendment or supplement hereto; to be filed and
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<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 tt r 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 punc'ually pay the principal of and interest on the Indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in good and workmanlike marrrwx 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 1iabilihes incurred therefore, and not to perfrbt any canstruction lien against such Trust Property. in the event
<br />construction of burlth'r,79s. improvements or repairs are con temp fated, rcustor also agrees, anytfnng en this Deed of Trust to the contrary
<br />notwithstanding: fall Ca promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the
<br />same in accordmnce W.1h: the plans and specifications as approved by Beneficiary,. (c) to comply with all the terms of a building loan
<br />agre- -rent, if any, between Trustor and Beneficiary. the terms of which are incorporated herein by reference and made a part hereof,
<br />(di to allow Benetci3ry 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 written waiver by Beneficiary, Trustor shall pay to Beneficiary on the
<br />first day of each month, or such other dafe each month as may be specified by Beneficiary, until the indebtedness is paid in lull, a sum
<br />(hereinafter called the "Funds ") equal to 1: 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 1,12th of the yearly premium installments for hazard insurance. plus 1. 12th of the
<br />yearly premium installments for mortgage insurance, if 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 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 Trustor any interest or
<br />earnings or) 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 If the amount of the Funds held by Beneficiary, together with the future moninl y
<br />L ►nstah'ments of Funds payable prier 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 If the amount of
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<br />tho funds held by fiori f /:,u►ry ;h:id riot be suHrc,erlt to pay taxes. assessments• insurance prermurns and grar►rld rents as fhi,y frlfl duB
<br />hostor shall fiat' !o Iierieficrary,inv amount deco! wiry to maktr up the defirienry within 117:rly days from the date n tin. •` /S frwiif`ft h✓
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