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DEED OF TRUST
<br />94-- 106723
<br />HIS DEED OF TRUST, made this _2.j:YL- day of r._.. tjoy mbnr .19 _90. between
<br />Jerry L. Sheffield and Barbara M. Sheffield, husband and wife as Trustor.
<br />FirsTler Bank, National Association, Omaha Nebraska _ as Trustee,
<br />FirsTler Bank, National Association Omaha, Nebraska as Beneficiary:
<br />;ESSETH:
<br />nat Trustor irrevocably grants, transfers and assigns to Trustee in trust, with power of sale, the following described
<br />`A rectangular shaped parcel of land being a portion of Wts Six (6), Seven (7), and
<br />Eight (t3) of block `hitLy -nino (39) of the original 'town of Grand Island, Hall
<br />County, Nebraska.
<br />Beginning at the north corner of said Lot a of said Block 39; thence southwesterly
<br />along the northwest lines of said Lots a, 7. and 6, a distance of 140.00 feet: thence
<br />southeasterly, parallel with the northeast line of said Lot 8, a distance of 65,00 feet
<br />thence northeasterly, parallel with the southeast line of said Block 39, a distance of
<br />140.00 feet to said northeast line of said Lot 8; thence northwesterly, along said
<br />northeast line of said Lot as a distance of 65.00 feet to the Point of Beginning.
<br />together with all interest which Trustor now has or may hereafter acquire in and to said property and in and to: Qa) all
<br />easements and rights of way appurtenant thereto; (b) all tenements. hereditaments, buildings, structures. InV ovements,
<br />fixtures, equipment. furnishings and appurtenances now or hereafter placed thereon: (c) all leasehold estate, rightVIVe,
<br />and interest of Trustor in and to all leases or subleases thereof or any portion thereof now or hereafter existing or entered
<br />into.and all right,title, and interestof Trustor thereunder, including, without limitation, all cash or security deposits, advance
<br />rentals, and deposits or payments of similar nature, and (d) all mineral. oil, gas rights and profits, water, water rights, and
<br />water stock. Trustor agrees to execute and deliver, from time to time, such further instruments as may be requested by
<br />Beneficiary in form and substance satisfactory to Beneficiary to confirm the lien of this Deed of Trust on any of the
<br />aforementioned property. The property so conveyed to Trustee hereunder is hereinafter referred to as "such property".
<br />The Trustor abrsetutelyand irrevocably grants, transfers and assigns to Beneficiarythe rents, income. issues. and profits
<br />of at property covered by rhis, Deed of Trust.
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<br />FQR THE PURPOSE OF SECURING:
<br />?t. Azyment of the principal sum of
<br />Twenty rive thousand and :,oi100---- =_ ---- --
<br />-- ($25,000.00) Dollars ----------------
<br />evq:denced by ".tte renal,-, promissory note dated of even date herewith (hereinafter referred to asthe "Pram . issory Note ")
<br />executed by, ��erry L. Sheffield and Barbara M. Sheffield
<br />in said ameaurrc and la3.yal:are to the order of Beneficiary maturing on November 23,._1995 ,
<br />together w th �ryteresa �` ei on, late charges, and prepayment bonuses according tv tlre. te•mr a6t t n(� Promissory Meta
<br />ar-rd all renewals, extin%ons, and modifications thereof.
<br />2. performance, discharge of and compliance with every obligation. covenant and by
<br />reference er contained herein or in any other security agreem-ert or deed of trust at &rW time given to secure.wy
<br />indebtedness hereby secured, or any part thereof.
<br />3. Payment of all fees and charges of Beneficiary or Trustee, xidnmv.,rer or not set forth herein.
<br />TO PROTCCTTHE SECURITY OF TINS. DEED OF TRUST, TrTudTOR COVENANTS:
<br />TITLE: That it is lawfully seized and possessed of a good and indefeasible title and estate tq.alt• of suCiT property in fee
<br />simple free from any prior lien or encumbrance, has good right and lawful authority to convey 1?e son .ae and will forever
<br />warrant and defend the title thereto against the claims and demands of all persons whosceiej- *at it WN, at its expense,
<br />maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon sudli, property.
<br />MAINTENANCE To keep such property in goad condition and repair, to complete or restore promptly and in good -and
<br />workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay, when due. all ;
<br />claims for labor performed and materials furnished therefore and for any alterations thereof; to comply, wob t he provisions
<br />of all insurance policies covering said premises, to comply with all laws, ordinances, regula"�orrs. �,overra , urrrdtrlons
<br />and restrictions affecting such property; not to remove, demolish or materially alter any bUildfrlg,.or the character cr use
<br />thereof at anytime thereon; not to drill or extract nor to permit the drilling for or extraction ofoil;.gas or other hydrocarflon
<br />substances, water or any mineral of any kind unless the written consent of Beneficiary is hart wd'obtained; notto commit or
<br />permit any waste thereotor any act upon such property in violation of law; to do all otheracts in atimely and proper manner -
<br />which from the character or use of such property may be reasonably necessary to protect and preserve said security, the
<br />specific enumerations herein not excluding the general.
<br />CONSTRUCTION OF IMPROVEMENTS: To complete in good and workmanlike manner any building or improvement or
<br />repair relating thereto which may be begun on such property or contemplated by the loan secured hereby, to pay when due
<br />all costs and liabilities incurredtherefore, and not to permit any mechanic's lien against such property, Trustor also agrees,
<br />anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence work and to complete the
<br />proposed improvements promptly, (b) to complete same in accordance with plans and specifications as approved by
<br />Beneficiary, (c )to comply with all of the terms of any building loan agreement between Trustor and Beneficiary. the terms of
<br />which are incorporated herein by reference to the same extent as it fully set forth herein and made a part of this Deed of
<br />Trust, (d) to allow Beneficiary to inspect such property at all times during construction, and (e) to replace any work or
<br />materials unsatisfactory to Beneficiary, within fifteen (15) days after written notice from Beneficiary of such fact, which
<br />notice may begiven to Trustor by registered or certified mail, sent to his last known address. or by personal service of the
<br />same.
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