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ACKNOWLEDGEMENT OF DEED OF TRUST 89- 104130
<br />TRUSTOR READ THIS BEFORE SIGNING:
<br />Trustor understands that the document that Trustor is about to execute is a Deed of Trust and not a mortgage and that the power
<br />of sale provided for in the Deed of Trust provides substantially different rights and obligations to Trustor than a mortgage In the event
<br />r, 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 w nts at this acknowledgement was executed by
<br />Trustor before the execution of the Deed of Trust.
<br />Trustor ( Venneth E. Clark)
<br />Trtcstor (Phyllis A. Clark)
<br />DEED OF TRUST WITH FUTURE ADVANCES
<br />THIS DEED OF TRUST, is made as of the —31st day of v 9 89 by and among
<br />Venneth E. Clark and Phyllis A. Clark, Husband an Wi e, each in his
<br />the Trustor, own rilsht and as spouse of the o she . ,
<br />whose mailing address is lQZ West 4th .St - , Grand Island, NE 68801 (herein "Trustor;' whether one or more),
<br />the Trustee, William G. Blackburn, A Member of the Nebraska State Bar 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 mailing address is P.O. Box 1507, Grand Island, NE 68802 (herein "Lender').
<br />FOR VALUABLE CONSiDEPATION. zckiding Lender's extension of credit identified herein to Venneth E. Clark and
<br />Phyllis A. Clark, 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 terns and conditions hereinafter set
<br />forth, the real property, described as follows;
<br />Lot Seven (7), in Block Six (6), Spalding and Gregg Addition to the City of
<br />Grand Island, Hall County, Nebraska commonly known as 1310 West 1st Street
<br />Together with all buildings, improvements. fixtures, streets, alleys, passageways, easements, rights, 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 Es 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 replacements and additions thereto, I$ 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 sftail secure (a) the payment of the principal sum and interest evidenced by a promissory note or credit
<br />agreement dated July 31, 1989 having a maturity date of August 5, 1996
<br />in the original principal amount of $ 10, 000.00 , 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 notes or credit agreements (herein called " KaW ); (b) the payment of other sums advanced by
<br />Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all
<br />present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all
<br />other docuents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, 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 Indebtednssa. 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 dens 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. Tax**, Assessments. To pay before delinquency 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 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 care any default thereunder or hereunder.
<br />5. 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: (ig a!l taxes, assessments and other charges against
<br />the Property, (III the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance
<br />required by Lender.
<br />L 6. Maintenance, 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 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 and 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 />tion Londer shall be entitled at its option to commence, appear to and prosecute in its own name any action or proceedings, and
<br />shall also be ontitled to make any compromise or settlement in connection with such taking or damage. In the event any portion of
<br />NS(. 345 r INnna jocururat 0aod1 po+ 10,88
<br />0 1(10 Nal -onat 13ans or Com 6rce Trust and Savings Association Lincoln. Nebrasko
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