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<br />Deed of Trust
<br />90-406002
<br />THIS DEED OF TRUSTis made this 10 da of October , 19 90 , by and between Lynn R.. Rathbun and
<br />A gala R_ BathbUn, Huab nd and V fe r whether one or more, (hereinafter called the "Trustor' ),
<br />i whose mailing Box 152. ,Aida. Nebraska 68810 ,
<br />NOJW6STRANI L Nebrae National Apao��on (herelnaAer called the •'Trustee "), whose mailing address Is
<br />ox ran Island, , and�VOI�WET Bl , (hereinafter
<br />called the "Beneficiary"), whose mailing address is ox ran a an , Nebraska
<br />WITNESSETH.
<br />IF THIS BOX iS CHECKED f ) THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITYAGREEMENT UNDER THE NEBRASKA CONST-RLICTION UEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY i)rl'TEREST IN THE PROPERTY
<br />DESCRIBED HEREiNBELOW.
<br />�.
<br />WHEREAJ Trt�t8r ► indebted to Beneficiary In the principal sum; of T TWO THOUSAND AND N01100 -------------
<br />Dollars ($ � • UUO • �d ), which indebtedness is evidenced by TYustor's promissorynote fed c to ell , 19 , (hereinary�
<br />Galled the 'Note'), payable to the order of Beneficlaryand having a maturity of October
<br />NOW, THEREFORE, for the purpose of securing:
<br />(a) payment of the Note, together wide in%grest thereon, late charges, prepayment penalties, any future advances, and afi extensions,
<br />modifications, substitutions and renewals thereof,
<br />qb) payment of all other sums, fees or charges, to_pe"r with interest thereon, advanced to protect the se: urity of this Deed of Trust and
<br />the performance of the covenants and agreements :;f truster, whether or not set forth herein,
<br />(c) performance, discharge of and compliance with overy term, covenant, obligation and agreement of Trustor contained herein or
<br />Incorporated by reference or any other security instrument at anytime given to secure lire Note, and
<br />(d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Trustor's successor in interest or title,
<br />j all of which Is hereinafter coffer lively called the "Indebtedness ", Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER
<br />t OF SALE, dre following descabed property:
<br />Lot Thirteen (13), Argo Subdivision, Hall County, Nebraska
<br />together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery and fixtures (including, without limitation, all fighting, heating, ventilating, cooling, air
<br />conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, minors and mantels,
<br />carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical
<br />equipment, storm and screen vvinclows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement
<br />j now or hereafter located thereon, (Ill) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, V99 and Interest of
<br />II Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits,
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<br />advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and income therefrom (subject
<br />to the right of Trustor to collect and apply such rents, Issues, profits and Incorme as they become due and payable so long as no event of
<br />default exists hereunder), (w) .0 royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements.
<br />hereditements, privileges and appurtenances belonging, used or enjoyed in connection therewith. and 10i, all proceeds of conversion,
<br />voluntary or involuntary, of any of the foregoing into cash or liquidated claims (Including, w4wut limitation, proceeds of Insurance and
<br />condemnation awards), all of which is hereinafter collectively called the "Trust Prolwly ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. Tide. Trustor covenants, warrants and agrees with Beneficiary, its successars and assigns, that Trustor owns the Trust Property free
<br />from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and en forceable first lien on the Trust Property,
<br />that Trustor. at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
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<br />Properly and wffl forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. irestor, at its expense, will cause this Deed of Trust, and oa-:ft amendment or supplement hereto, to be filed and
<br />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
<br />may be required by any present or future law in order to perfect, malntaln and protect the lien of this Deed of Trust, as the same may
<br />be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust
<br />Property as may be required by Beneficiary . Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property.
<br />2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby.
<br />I 3. Construction of Improvements. Truslor shall calrVele in good and worknna,4*e manner any buildings, improvements or repairs relating
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby. to pay when
<br />due air costs and liabilities incurred therefore, and not to permit any construction lien against such trust Property. In the event
<br />constrriction of buildings, improvements or repairs are cormlle+niplated, Trustor also agrees, anything in ►his Deed of Trust to the contrary
<br />notwWWanding; (a) to promptly commence any such work and to complete the proposed improvements promptly. (b) to complete the
<br />same In accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan
<br />agreement, N any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof,
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<br />(V/ IV ww WIIQII4 /a!r cutimpQ4I lim IIual r-f0parly al On Urtltla Vutury 4WraifYt, /,tN 1, OIW ttl/ IV Ipf,MOI,Q arty nuin IIr Inaltllll re
<br />unsatisfactory to Beneficiary within fifteen (15) days after wntren notice Morn Bene4crary of such fact.
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benehriary on the
<br />first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum
<br />(hereinafter called the "Funds') equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus I/ 12th of the yearly premium installments for hazard insurance, plus 1, 12th of the
<br />yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held In an institution, the deposits or
<br />accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to
<br />pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be requited to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall ni— M Tnickw. without charge, an annual accounting of the Funds shnwmg credits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for
<br />L the Indebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly
<br />installments of Funds payable prior to the due dates of taxes. assessments, insurance premiums and ground rents, shag exceed the
<br />amount required to pay said taxes. assessments, insurance premiums and ground rents as they fall due. such excess shall be, at
<br />d
<br />Trustor's option. either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds If the amount of
<br />the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they tai• aue
<br />IIIAAA
<br />Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the (late notice Is rna:red by
<br />Beneficiary to Trustor requesting payment thereof Upon payment in full of all indebtedness. Henetioary chair plcv,ivfly refund to
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<br />Trustor any Funds held by Beneficiary If the Trust Property is sold under the power of sa+e or me I►ust Prolw-ty ,% other w, se rrc:qu, lip, l
<br />by Beneficiary. Benelrccary shall apply, immediately prior to the sate of the Truce Property o, ifs ,r, clu t,.,,r h. NI•t,rr, ..iii will r,rndr.
<br />held by Beneficiary at the time of application cis a credit aya:rrst f ►,e rndPD:e, lrw%s c• ilwwl, w• , „ , ., , , s„ •, .t,r..., '•u}•.,• •
<br />oWgations under th•S paragraph J. Trustor covenants and agrees to pap tlr•1,,•,, rhi• ,,. „+ N., r,r . rr ,,f,,. . r .' r•,, 1—1 .•- „• ,,
<br />%illP M(.IWa•I.,
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