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ACKNOWLEDGEMENT OF DEED OF TRUST
<br />TRUSTOR READ THIS BEFORE SIGNING: age 104116
<br />Trustor understands that the document that Trustor Is about to execute is a Deed of Trust and no a mortgage and that the power
<br />�.t of sale provided for In the Deed of Trust provides substantially different rights and obligations to Tru3tor than a mortgage in the event
<br />of a default or breach of obligation under the Deed of Trust, including, but not limited to, the Lender's right to have the Property sold
<br />by the Trustee without any judicial proceeding. Trustor represents and �rarrants that acknowledgement was executed by
<br />Trustor before the execution of the Deed of Trust. `)
<br />' (John C. Trustor 1;01Z0weil , Husband)
<br />tDoroth
<br />.:� y I. Trustor Hollowell, wife)
<br />DEED OF TRUST WITH FUTURE ADVANCES
<br />THIS DEED OF TRUST, is made as of the 31st day of July i 1989 by and among
<br />the Trustor, John c Hoiloveli and Dorothy 1. Hollowell. Husband and Wife
<br />Iwhose mailing address is _112 w_ 17th St-gat. Crnnd T»l.nA - MR (herein "Trustor;' whether one or more),
<br />the Trustee, wiliiam Q. Blackburn, a member of the NE State Bar Assn.
<br />L
<br />whose mailing address Is P. 0- sex 2280, grand Inland, Na 68 02 (herein "Trustee "), and
<br />the Beneficiary , Five Points Bank �,
<br />whose mailing address is P.O. Box 1507. Grand island, NE 68802 (herein "Lender').
<br />FOR VALUABLE CONSIDERATION, Including Lender's extension of credit Identified herein to John C. Ho.11owell and
<br />Dorothy I. Hollowell, Husband & wife (herein "Borrower', whether one or more) and the trust herein created,
<br />the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee. IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the terms and conditions hereinafter set
<br />forth, the real property, described as follows:
<br />Lots Three (3), Five (5), and seven (7) of Bloex Fourteen (14), in College
<br />Addition to the City of Grand island, Hall County, Nebraska
<br />Together with all buildings. Improvements..fextums, streets, alleys, passageways, easements, rag". privileges and appurte-
<br />nances located thereon 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 maritar. interests, if any, which interests are hereby released aid waived; all
<br />of which, including replacements and 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 Trust shall secure (a) the payment of the principal sum and Interest evidenced by a promissory note or credit
<br />agreement dated my 31 • 1.9ig , having a maturity date of ,
<br />In the original principal amount of $ 30, 0004W , and any and all modifications, extensions and renewals
<br />thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one) hereunder
<br />pursuant to one or more promissory -totes or credit agreements (herein called "Note "), (b) the payment of other sums advanced by
<br />Lender to protect the security of the Note; (o) the performance of all covenants and agreements of Trustor set forth herein; and (d) all
<br />present and future indebtedness and obligations tsf Borrower (or any of them II more than one) to Lender whether direct, indirect,
<br />absolute or contingent and whether arising by nom guaranty, overdraft or otherwise. The Note. this Deed of Trust and any and ail .
<br />other docuents that secure the Note or otherwise executed in connection therewith, including without limitation guarante3s, security
<br />agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments ".
<br />Trustor covenants and agrees with Lender as follows:
<br />1. Payment of lndebiedneso. All indebtedness secured hereby shall be paid when due.
<br />2. Title. 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 in 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 obligation to which Trustor Is subject.
<br />3. Taxes, Assessments. To pay before dellrquency all taxes. special assessments and all other charges against the Property
<br />now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire, 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 Insured, with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and
<br />compromise, 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
<br />or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of tftis G3eed of Trust for the full amount secured
<br />hereby before such payment ever took place. Any appiication 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 he. r'eunder.
<br />S. Est". 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 Mey.- become due one or more qS the following: (i) all taxes, assessments and other charges against
<br />the Property, (Ii) the premiums on the property Insurance required hereunder, and (iii) the premiums on any mortgage insurance
<br />required by Lender.
<br />6. Maintenance, Repsk's 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 commit 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 in or upon the Property in violation of any law, ordinance, or regulation, and shall pay and
<br />promptly discharge at Trustor's cost and expense all liens, encumbrances arid charges levied. imposed or assessed against the
<br />Property or any part thereof.
<br />7 Eminent Domain. Lender is hereby assigned all compensation. awards, damages and other payments or relief (hereinafter
<br />'Proceeds -) in connection with condemnation or other taking of the Property or part thereof, or for conveyance In lieu of condemna-
<br />llon Lender shall be entitled at its option to commence. appear In and prosecute in Its own mine any action or proceedings. and
<br />shall also be entitled to make any compromise or s©ltlernerlt In connection wdh t;uc.h taking or Carnage In th(I ()vent tiny portion of
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