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. .+,.git��.i�:yd,�+ir.. � ,.x.;..:af iLp i -.� f•,l , -oaf bi: {wy: - _.,._�__ -__ _ . - -.� _.'_ ACKN0WLEDGEMENT OF DEED OF TRUST 90-106655 TRUSTOA READ THIS BEFORE SIGNING: Trustor underatanda that the document that Trustor Is about to execute is a Dited of Trust and rota mortgage and that the power of sale provided for in the Deed of Trust provides substantially different rights and obligations to Trustor than a mortgage In the event 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 by the Trustee without any judicial proceeding. Trustor represents and warrants that this acknowledgement was exaoutsd by Traslor before the execution of the Dead of Trust 1111 u�tor Lelan .�Stteffe� Trifistor Gary P. owe DEED OF TRUST WIT" FUTURE ADVANCES THiS DEED OF TRUST, Is made as of the 16th day of November , M-90 by and among thaTrustor, Steffen & Rove Contractors. a Partnership 68801 whose rnalling address: Is Route 3, Box 3A -1 Grand Island NE (herein "Trustor," whether one or more), the Trustee, Five Points Bank, a Nebraska Banking corporation —, whose ensiling address is P .0. Box 1507 Grand Island NS. 68802 (herein °Trustee"), and the Beneficiary, Hare Points Bank, a Nebraska Banking Corporation whose mailing address is 2 - 0- R ©x 1507 Crane Isla (herein " Lender'l. FOR VALUABLE CONSIDERATION, including Lender's extension o1 credit identitiW i>.,,-, to Stef f en & R(aV: Contractors n a Partnership (herein "Borrower ", whether one or more) anct.the, uv4t Ceriarn% µ eated, the receipt of which Is hereby acknowledged, Trustor hereby Irrevocably greens. transfers, conveys and zesigns to IN TRUST. WITH POV`i ER OF SALE, for the benefit and security of Lender, under ,md subject to the terms and conditions Imnar:sdier set tort;h,, the real property. described as follows: Lot 2, Western Heights Fourth Subdiv ic-iott.n in the City of Grand I91and.a . Hall Countyo- Nebraska Together with all buildings. improvements, fixtures, streets. alleys. passageways, easements, rights, privileges and alzpurte- nances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders &?eneo1, and the! w a :d such pa sonal propert a to the improvements so as to constitute a fixture. including, but not limited to. heating and cooling equipment; and together with the homestead or marital interests, if any, which interests are horehy released and waived: all of which, Including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being referred to herein as the "Property". This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a promissory note ai credit agreementdated October 26, 1990 havrrg a maturity date of April 24, 1991 iii the original prircipa:l emount of $ an . 020 _ 50 and any and al! modifications. extensions and .ere all thereuF of ihefeto 1 any and ail future advances and readvanccs to B:rr_*er (or any of them if more than nnel t @Y inbir. purs,*t'':o one or more promisso -y notes or credit agreements therein called "Note "); (b) the payment of other sums attvarre3 :Iy' Lender va protect the security o°lrw: Note; (c) the performance of a ".l covenants and agreements of Trustor set forth hereim.and iii all present and future indebtedness a:-,d obligations, of.. Borrower (or any of the?' 4, more than one) to Lender whether direct;, fj-,Kl rect absolute or contingent and whether arising blc rctr:i guaranty, overdraft o^ at'.seTwise. The Note. this Deed of Trust and ary'and all other docuents that secure the Note or otherwise !executed io connection lhesewith, including without limitation guarantees. security agreements and assignments of leases and rents, shall be reterred to herein -as the "Loan Instruments ". Trustor covenants and agrees with Lender as follows: ' 1. Payment of Indebtedness. All indebtedness secured he-ebi shall be paid when due. 2. Title. Trustor is the owner of the Property. has the right: and authority to convey the Property. and warrants that itle lien created hereby is a first and prior lien on the Property, except for liens and. encumbrances set fori.'� by Trustor in 4ming and delivered to Lender before execution of this Deed of Trust. and the execution ants delivery of this Deed of Trust does not; violate any contract or other obligation to which Trustor is subject 3. Taxes, Assessments. To pay before delinquency all taxes. special assessments and all other charges against tl. c Property now. or hereafter levied. 4, Insurance. To keep the Property insured against damage by fire. hazards included within the term "extended covelogR ". and such other hazards as Lender may require, in amounts and with companies. acceptable to Lender, naming Lender as ail additional named insured, with loss payable to the Lender. Incase of toss under such policies, the Lender is authorized to adjust collect and compromise, all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender may determine. (u) to the Trustor to be used for the repair or restoration of the Property 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 hereby before such payment ever took place. Any appucation of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder 5. Eaerow. Upon written demand by Lender. Trustor shall pay to Lender. in such manner as Lender may designate, sufficient sumsto enable Lender to pay as they become due one or more of the following (;) an taxes. assessments and other charges against the Property. (ii) the premiums on the property insurance required hereunder, and (w) the premiums on any mortgage Insurance required by Lender. 6. Maintenance. Repairs and Compliance with Laws. Trustor shall Keep the Property in good condition and'repair. shall promptly repair; or replace any improvement which may be damaged or destroyed: shall not commit or permit any waste or deterioration of the Property; shall not remove. demolish or substantially alter any of the improvements on the Property: shall not commit, suffer or permitany act to be done in or upon the Property in violation of any law. ordinance. or regulation: and shall pay and promptly discharge at Trustor's cost and expense all liens. encumbrances and charges levied. imposed or assessed against the Property or any part thereof. 7. Eminent Domain. Lender is hereby assigned all compensation. awards. damages and other payments or relief (hereinafter "Proceeds') in connection with condemnation or other taking of the Property or partthereof. or for conveyance in lieu of condemna- tion. Lender shall be entitled at its option to commence. appear in and prosecute in its own name any action or proceedings, and shall also be entitled to make any compromise or settlement in connect,on with such taking or damage. In the event any portion of NSC 307 (NoWicutturai 0aadi Nov tO 98 0 19M NNwnat sane of Commerce trust and Savings Assmar,on. L.acoin howasaa � .. '1 -r .K- Tom• .�. ; t .y