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Deed of Trust a4w s 90-105970 THiS DEED OF TRUST Is made this 9 der of October , 1g 90 , by and between - - Donal M. Tee and TAS& I i mfg _ whether one or more, (hereinafter caged the "Trusts' ), alhasal IIVE,:yMt . - -Nat anci8rion ( hereinafter called the " Trustee "), whosernalNng address /a • atter dtallad the " ary ). whose maW1g address to P • O • Sox 1 r 68 • Gran I eland . Nebraska 68802 INEEMENEEK r L WITNESSETH, IF THIS BOX IS CHECKED/ l THIS DEED OF TRUST CONSRTUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONS7rRfiICTION LIEN ACT AND CREATES GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED H o asn ELOW. WHER ro FORTY THOUSAND AND NO /100 Dollars (�EA�bT ltdebted BensNclary !n Me principal sum Doled the "Aide" ). payable the order p! Indebtedness Is emdinced by Trustor's promissory note dated October 9 ,19 Jk_, (hereinafter Be�neficiaryand havirp a matmrty o/ October 16, 1995 NOW. THEREFORE, flor the purpose of searing: (a) payment of the Note, together w(!h WWI" thereon, We charges. prepayniW penalties, any future advances. and all extensions modiNcaforn. substifutba and renewafs thereof (b) payment of all odw sums• fees or charges, together with interest thereon. advanced to protect the security of this Deed of Trust and the perbnums of f;Ym covenants and agreements of Truster, whether or not set forth herein, (c) perlbmsence, discharge of and corr»:slance with every term. tiemnant oblfga7ion and agreement of Trustor coniateW herein or incorporated by reference or any aatna, security Instrument at a.r r,,O me given to secure the Note, and (d) the repayment of all other sum ear• War re advances, with interest :maroon, t1 hich may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Truvtor's successor in interest or titre, all of which is herelnaftar colleotively called the "Indebtedness". Truster irrevocably grants and transfers to Thisbe, in (rag WITH POWER OF SALE. the 06wing described prgputy The North One —half of Lot Five (5) in Fractional Block Thirteen (13) In Rollin's Addition and its Complement, Fractional Lot Five (5) in Fractional Black Twenty –three (23), Vallich's Addition to the City of Grand Island, Hall County, Nebraska. together with (J) AT buildings, structures, addW ons, enlargements, rr wdflkations, repalss, replacements, and improvemems law or hereafter located dwwn, ^rif all equipment, machiney and fixtures (including, w dmt limitation, all fighting, heating, ventilating, coding, air condNoning, spnnlding and plumbing fixtures, water and power systems, engines, bollers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil bumers, elevators and motors, reMge►ation plants a units, communication systems, dynamos, transformers, electrical squiomerst, storm and screen windowsdoors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon, (M) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and interest of Truster In and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, Issues, profits and income therefrom (subject to the right of Truster to collect and apply such rants, Iss yes. profits and income as Vvy become due and payable so long as no event o" default exists hereunder), ft all royalties, mineral, dl and gas rights and profits, wamr, water rights, and wader stock, (00) all tenemen7s, herad itsments. privileges and appurtenances belonging, used or ermmd in connection therewith. and (viii) all proceeds of conversion, voluntary or Invotuntary, of any of the foregoing Into cash or liquidates claims (including, witlsout imitation, proceeds of insurance and oondemnatton awards), all of which is hereinafter collectively called no "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOLLOWS. 1. Tide. Truster covenants, warrants and agrees with Beneficlary, its successors and assigns, that Truster owns the Trust Property free horn any prior ion or encumbrance, that this Deed of Trust is and will remain a valid end enforceable first lien on the Trust Property. that Tnrstor, at its expense, wig preserve such title and wIN maintain this Deed of Trust as u : tjst and paramount lien upon the Trust Property and will forever warrant and defend the vaidify and prioriy of the lien hereof against the claims of all persons and parties whomsoever. Trustor, at ft expense, will cause this Deed of Ti ust, and each amendment or supplement hereto, to be /fled and recorded as a mortgage of the Trust Property h such manner and In such place and will take such action as In the opinion of rr'us eo may be required by airy pwsent or future law in order to pettect, maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented hom time to time Truster will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary . Trastor hereby romquishes all right of dower and homestead In and to the Trust Property. 2. Paymemof Indebtedness. Truster shall punctually pay the prin4;ipa/ of and Interest on the Indebtedness secured hereby. 3. Consbuction of impwvanwm. Trustor shall con pleeie in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the ksan evidenced by the Alate secured hereby, to pay when due all posts and liabilib'es incurred therefore. and not to permit any construction lien against such Trust Property. In the event conlsOlme mr of buildings. Improvements or repairs are contemplated. Truster also agmp,%. anyftnvq in this Deed of Trust to the contrary rtotwh�frstanding; (a) to promptly commence any such worts and to complete the proposed improverriersts prwnptiy, (b) to complete the sanw h accordance with the plans and specifications as approved by Beneliciery, (c) to compty with aV the tem►s der building ban agreerners f if any, between Truster and Beneficiary, the terms of wiaich are vscaporated herein by raAenence and made a pavt ha red, ld1 b aYow BarlaftCiaN to lnsnoct tear T.,icr Pmr,rrvah ere e..,.. ii...I.v..,n...fr..ww,.. ...,t i � ... - - -•- Y._ ...Y,. � _�.:_� unsatisfactory to Beneficiary wltisin fifteen (1 b) days alter wntoan notice —ho m Beneficiary d such fact. d. Funds for Payment of Charges. Subject to applicable law Of to er wntten wawsr by Beneficiary. Truster shall pay to Benshriary on the first day of each month, or such other date each month as may be specified by Beneficiary, until We indebtedness is paid in lull, a sum (hereinafter calved the "Funds') equal to 1112th of the yearly taxes and assessments which may artain priority over this Deed of Trust and ground rents on the Trust Property, it any, plus I/ 12th of the yearly premium Installments for hazard insurance, plus 1! 12th of the yearly premium installments for mortgage insurance, of 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 an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Benehciary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rants. Beneficiary shall not be required to pay Trustor any interest or samings on the Funds. Beneficiary shall give to Truster, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose ter which each debit to the Funds was made. The Funds are pledged as additional security for the indebtedness seeurad by this Dead of Trust. N Ma amount of the Funds held by Beneficiary. together with the future monthly Instalments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be. at Trustor's option, either promptly repaid to Trustor or credited to Truster against future monthly installments of Funds 11 the anrount of the Funds held by Beneficiary, shall not be suflicrent to pay taxes, assessments, insurance premiums and ground rents as they fall due. Truster shall pay to Beneficiary any amount necessary to make up the dolicienc y within thirty days from the date notice is mailed by Beneficiary to Truster requesting payment thereof. Upon payment in lull of all Indebtedness. Beneficiary shah promptly refund to Truster any Funds held by Beneficiary N the Trust Property is sold under the power of sale or the Trust Property is otherwise acquired by Beneficiary, Beneficiary shall apply immediately prior to the sale of the Trust Property or its acquisition b y 13enoflcrary. any Funds held by Beneficiary at the time of application as a credit against the /ndehlodness if Beneficiary Beecutes a warier warvt4i fit truster s obligations under this paragraph d. Trustor covenants and agrees to pay, belore the same becorne delinquent. all ta>.es. assessments y` .the.,,., ...:eakss• ::. -,: f` t0 1f! H • I