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r J I Deed of Trust R•ltn ;� gg-- 102943 THiS DEED OF TRUST is made this .. 2 day of -lung 19 Rol , by and between tlea.ttlalnd- Aj.' I -SAu jLlyt, Luc . ► shether one or more, ( hereinafter called rho •'Trustor'), whose matting address is P-0- NE 68802 -n - _ — -- - - - - -- —_ - - - -- NORWEST BANK NeAraskA -A -- Nt�t 1anA1- AANOeiaG inn (heriafter called the ' Tnrstee•'). whose madrng address is P,,Q1 Box 1768. and NOAWEST BANK Hfibl'.aaka, NaUQual Asauciat,ion.. __ , (hereinafter called the "Beneficiary"). whose madrng address is _P.O. Box 1768a_,GrAnd Island,,_ KehraskP__ MAN WITNESSETH: IF THIS BOX iS CHECKED j j THiS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRLICTiON SECURITY INTEREST iN THE PROPERTY DESCRIBED HEREiNBELOW. WHEREAS, Trustor is indebted to Beneficiary in the principal sum of TWO HUNDRED SIXTEEN THOUSAND AND N0 /100--- - - - -- Dollars ($ 216, 000.00 ), which Indebtedness is evidenced by Trustor's promissory note dated June 2 19 19--. (hereinafter called the "Note "), payable to the order of Beneficiary and having a maturity of June 1 _ 1994 NOW, THEREFORE. for the purpose of securing- (a) payment of the Note. together with interest thereon, late charges, prepayment penalties, any future advances. and all extensions, modifications, substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d): the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced vy Beneficiary to Trustor or Trustor's successor ifr interest or tale. all of iKc nh is hereinafter collectively called the " Indebtedness . Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE,.the following described property- LOTS SEVEM..(7), El GUT A.�N NINE (9), WESTGATE SQEDIVISTUN., HALT. COUNTY, NEBRASKA together with (i) all buildings, structures. additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (it) all equipment machinery and fixtures (including, without limitation, all fighting, heating: ventilating, coo ling, air eortditioning. sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges. ovens. 0.shwashers, mirrors and mantels, cametino. lurnams. rill hurnArs plavatnry and mn c, rarJjr3�,rg Ion marts ns unr,e �^.1''Lmt«tr3r:.$ti lr eua,dmn .t�nw •• tr.".nv�v o e.�r.""f ',....... vl....... ». r equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached-ty: or built in, any building or improvement now or hereafter located thereon, (it) all easements and rights of way appurtenant thereto. (Iv), ail leasehold estate, right, title and interest of tru .or in arc ty all teases, wile €her now or hereafter tfrr :Mrhy ur erifered infu (including, withoui (iirlitation. all cash and security deposits, adva—ce rer. ca s and deposits or payments of a similar nature), pertaining thereto;, (v).. all rents. issues, profits and income therefrom (suhiact to ;Ire right of trustor to collect and apply such rents, issues, profits and income as 1hey become due and payable so,lang as no evert•'of default exists hereunder), (vi) all royalties. mineral, oil and gas rights and profits, water, water lights, and water stock, (v1)) a!! tenements, hereditamentx, privileges and appurtenances belonging, used or enjoyed in connection therewrt/r, and (vii) all proceeds at." conversion, voluntary or involuntary, of any of the foreg+?ing Imo cash or liquidated claims (including, withou Arri Cation, proceeds of insurance and condemnation awards), all of which is hereinafter colectively called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUS TOP COVENANTS AND AGREES AS FOLLOWS: 1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free ' from any prior lien or encumbrance. that this Deed of Trust is and will remain a valid and enlviceable first lien on the Trust Property, ' that Trustor, at its expense, will preserve such Wfe and will maintain this Deed of Trust as!a firstand, paramount lien upon the Trust Property and will forer.•er warrant and defend the- validity and priority of the) /en hereof against the cimims of all persons and pastes : whomsoever, Trustor, at Its expense, wig cause this Deed of Trust, and each amendment or supplisment hereto, to be filed and - , 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 may beJrequired by any present or future law in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented from time to time Trustor will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary. Trusfar hereby relinquishes all right of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all casts and liabilities incurred therefore. and not to permit any construction lien against such Trust Property. In the event construction of buildings. Improvements or repairs are contemplated. Trustor also agrees. anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with rho plans and specifications as approved by Beneficiary, (c) to currply with alf the terms of a building foan agreement, it any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Benef/ :fary of such fact. 4 Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the first day of each month, or such other date each month as may be specified by Beneficiary, until tire:lndebtedness is paid in full, a sum (hereinafter called the ' Funds') equal to 1 12th of the yearly taxes and assessments which may at?aln priority over this Deed of Trust and ground rents on the Trust Property, if any, plus 1 12th of the yearly premium installments for hazard insurance. plus 172th of the yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof The Funds shall be held in tip :rnstitutron, the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiaq. 6doeficiary shall apply the Funds to pay Bald taxes, assessments. insurance premiums and ground rents. Beneficiary shall not be regi;rred to pay Trustor any interest or earnings on the Funds Beneficiary shall give to Trustor. without charge, an annual accounting of the Funds showing credits and debits to. the Funds and the purpose for which each debit to the Funds was made The Funds are pledged as add tional security for the lb(labr-edness secured by this Deed of Trust if the amount of the Funds held by Brref'-ciary. together with. the future monthly installments of Funds payable prior to the due dates of taxes, assessments. Insurance prep; ifums and ground rents. shall exceed the amount required to play said taxes. assessments. insurance premiums and ground rents as trey tali d:• ;e, such excess shall be at Trustor's cipbon• either prt )niptly, rc•i)a/d to Trustor or credited to Trusrol 3ga.nst future rnt.' ^f rr ;; 3! /n °eats of Funds If iN) of trice funds hold by Sltall not by sufficient to pay taxes. assessments Insuri rice Drernlums and ground t(•n1(, wt friov '.'c1! ow, I eu -i!ur shall p r y t') f4nnofic lacy an y arvo;rrit necos5Etry ff; mnk9 up the deflc'e'ic y ;v'five-115 vty day,, frIr rn iric, oire r'UVCF+ !+. r7,U11:;) !rj f <t� /irlhct ;Iry t't fuiyniont thefenf I Jprin payrnnnt ,n L,r! nl (,II lnNnr!n�lress (l�.nt 1. :rare Sh.7(t fJ•t; r:f'•.y I•!I;T'r', fr. ,Illy F(I ?Id, t• „171 by flEr n, If'- it'y it flit, 1rNSt Prtworly !, %uw urrtjof fi•n r, ,A'1" - 'ta /(, t•r lru rrt:til !T•,',frntfy ,. t!1•l v,Y ".1• n- y.r•rl II !.; 11/+relu „Irr )ir,r „!, it, '.1•,7:' dt.;.,y —rill i! „It!'I y Ilt•rlr fro 1111” '.nit,. ,.f fr•n If•{ ,' F ! + "1 'r: r 1 IK. �t1l (jF: f.!(', ,•1' .tt l/, Ill 1, •il , -f. r: C. hr,•+ ( - 111.If,lr. !' t 1!) !'. .t.'(!, /r a'. ,f r 'Qtl;f H(IrL 11.1 fl;l, Ivrfr,l. 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