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ACKNOWLEDGEMENT OF DEED OF TRUST 890,,, IL Q 3 S 81 <br />TRUSTOR READ THIS BEFORE SIGNING: <br />Truster understands that the document that Trustor is about to execute is a Deed of Muni and onta mortgage and that the power <br />of sate provided for In the Deed of Trust provides substantially different rights and obligations to n'ustgr.tttan a mortgage In the ewnt <br />of a default or breach of obligation under the O ad of Trust, including, but not limited to. the Landor's Vaht to have the Property sold <br />by the TrueNs without any judicial proceeding. Trustor represents and warrants that this ackitewladgement was executed by <br />Trustor before the execution of the Deed of Trust. <br />. �`. <br />Trr ustor sy e s <br />Trurfmr(Veda M. Wibbels) <br />i <br />I DEED OF TRUST WITH FUTURE ADVANCES <br />THIS DEED OF TRUST is matqa as of the 25th da of 19$�— by and among <br />Ray C. ill' P a and Veda M. W�bbels, husband and-wife, each in <br />l <br />the Trustor. his own . right and as spouse of the other <br />whose mailing address Is Route 1,Box 89, Wolbach, NE 68882 (herein',''Trustor;' whether one or more), <br />i the Trustee. Williaia G. Blackburn, a Member of the Nebraska State tar Association <br />whose mailing address Is P.O. Box 2280,, Grand Island, NE 68802 (herein "Trustee'!, and <br />the Beneficiary, Five Points Bank <br />whose malting address is P.O. Box 1507, Grand Island, NE 68802 <br />(herein "Lender'7. <br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Ray C, Wibbels and <br />Veda M. Vibbels, husband 6 wife (herein "Borrow' er.", whether one or more) and the trust herein created, <br />the receipt of which is hereby acknowledged, Trustor hereby irrevocattl grants, triiWers, conveys and assigns to Trustee, IN <br />TRUST; WITH POWER OF SALE, for the benefit and security of Lender, under. arW sub+jectto the terms and conditions hereinafter set <br />forth, the real property, described as follows: <br />Lot Three (3), in Block One (1), in Jack Voss Second Subdivie'fdn, <br />hall County. Nebraska <br />Together with alt buildings, improvements, fixtures, streets, alleys, passageways, easements.. rights, privileges and appurte- <br />nances located there.an or in anywise pertaining thereto, and the rents, issues and profits. reversions and remainders thereof, and <br />such personal property that is attached to the. improvements so as to constitute a fixture, including, but not limited to. heating and <br />cooling equipment; and together with the homestead or marital interests, if any, which Interests are hereby released and waived; all <br />of which, including replacementsapad additions thereto, is hereby declared to be a part of the real estate secured: by the lien of this <br />Deed of Trust and all of the foregoing being referred to herein as the "Property ". <br />This Deed of Trerst.shall secure (a) the payment of the principal surer. and Interest evidenced tsy„ttl promissory note or credit <br />I Jtilq 25, 1990 <br />agreement dated June,' �rW: 1989 , having a maturity date off. , <br />in the original principal amount tfr $ 42,000.00 , and arty and,zWt . modifications, extensions and renewals <br />thereof or thereto and. any and all' future advances and readvances to Elorrowbr. (o r, ai^y of them if more than one) hereytttder <br />pursuant to one or more promissory notes or credit agreements (herein called " gte%lbp.ttte payment of other sums advanced-by <br />Lender to protect ti e.secur €ty of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and td) all <br />present and future indebtedness and obligations of Borrower (or any of them it more than one) to Lender whether direct, indirect, <br />absolufp of contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all <br />j other docuents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security <br />agreements and ainments of leases and rents, shall be referred to herein as the "Loan Instruments ". <br />Trustor covenants and agrees with Lender as follows: <br />7...1111yi1 lnot of Mdsbledness. All Indebtedness segued hereby shall be paid when due. <br />2.. Ti o. Trustor is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien <br />created hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor iii writing and <br />delivered to lender before execution of this Deed of Trust, and the execution and delivery of this Deed of Trust does not violate any <br />contract or other oblig IOn to which Trustor is subject. <br />3. Taxes, Assessimilib. To pay before delinquency all taxes, special assessments and all other charges against the Property <br />now or hereafter levied. <br />4. nsunsme.To keep the Property insured against damage by tire, hazards included within the term "extended coverage and <br />such other hazards as Lender may require, in amounts and with companies acceptable to Lender, naming Lender as an additional <br />named;7hsured, with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and <br />compron lse, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness <br />secured hereby and in such order as Lender may determine, (ii) to the Trustor to be used for the repair or restoration of the Property - or (ill) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured ! <br />hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due <br />date of any payments under the Note, or cure any default thereunder or hereunder. <br />S. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate. sufficient <br />sums to enable Lender to pay as they become due one or more of the following: (r) all taxes, assessments and other charges against <br />the Property, (i€) the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance <br />required by Lender. <br />L 6. MaieDenance. Repairs and Compliance with Laws. Trustor shall keep the Property in good condition and repair, shall <br />promptly repair, or replace any improvement which may be damaged or destroyed. shall not comma or permit any waste or <br />deterioration of the Property, shall not remove, demolish or substantially alter any of the improvements on the Property: shall not <br />commit, suffer or permit any act to be done to or upon the Property in violation of any law. ordnance, or regulation, and shall pay and <br />Promptly discharge at Trustor's cost and expense all hens, encumbrances and charges levied. imposed or assessed against the <br />Property or any part thereof <br />7 En+kwit Domain. Lender is hereby assigned all compensation, awards. damages and other payments or relief thereinafter <br />"ProceedV') in connection with condemnation or other taking of the Property or part thereof. or for conveyance in bell of condemna- <br />tion Lender shall be ent,tied at its option to commence. appear in and prosecute to its own dame any action or proceedings and <br />Shall also be entitled to make any compromise or settlemonl in connec uon wjth sach taking or danrary "i th£! ever +t tiny portion of <br />0 'tKC FWM ,'-.P 881A ci CC--^ ,* t..»+ rd 5,,.. -., , wew <br />