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202102673
<br />Return to: Grand Island Abstract
<br />704 W. 3rd St
<br />Grand Island NE 68801
<br />DEED OF TRUST
<br />THIS DEED OF TRUST is made as of the 31st day of March, 2021. The Trustor is
<br />GRAND ISLAND EYE BUILDING, LLC, a Nebraska limited liability company, whose address for
<br />purposes of notices in respect to this Deed of Trust is 411 West 39th Street, Kearney, NE 68845 and is
<br />sometimes referred to as `Borrower". The Trustee is RONALD S. DEPUE, Attorney at Law and
<br />member of the Nebraska State Bar Association, whose address is 308 N. Locust, Suite 501, Grand
<br />Island, Nebraska 68801. The Beneficiary is PROFFITT FAMILY REVOCABLE TRUST, whose
<br />address for purposes of notification under this Deed of Trust is 2313 Stagecoach Road, Grand Island,
<br />Nebraska 68801 and is sometimes referred to as "Lender".
<br />BORROWER IRREVOCABLY CONVEYS TO TRUSTEE, IN TRUST, WITH POWER OF
<br />SALE, THE FOLLOWING:
<br />Lot Two (2), Medical Park Third Subdivision to the City of Grand Island, Hall
<br />County, Nebraska,
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges, and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />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
<br />are hereby released and waived; all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of
<br />the foregoing being referred to herein as the "Property".
<br />This Deed of Trust secures: (i) the sum of Four Hundred Thirty Nine Thousand Four Hundred
<br />and No/100 Dollars ($439,400.00) as evidenced by Borrower's Note dated as March 31, 2021
<br />payable to Lender herein called the "Real Estate Note", which has a stated maturity date of March
<br />31, 2026; (ii) the sum of One Hundred Eighty Five Thousand Six Hundred and No/100 Dollars
<br />($185,600.00) as evidenced by the Note executed by Kearney Eye Institute, P.C., ("Kearney Eye
<br />Institute") dated as of March 31, 2021 payable to Proffitt Eye Associates, LLC ("Proffitt Eye
<br />Center") herein called the "Asset Note", which has a stated maturity date of March 31, 2026; (iii)
<br />the payment of all other sums, with interest, advanced under the provisions hereafter to protect
<br />the security; and (iv) the performance of Borrower's covenants and agreements and any and all
<br />modifications, extensions, and renewals thereof or thereto, and any and all future advances and
<br />re -advances to Borrower or Kearney Eye Institute hereunder pursuant to one or more promissory
<br />notes or credit agreements all of which are collectively referred to as the "Debt".
<br />Borrower covenants that Borrower is lawfully seised of such real estate and has the legal power
<br />and lawful authority to convey the same, and warrants and will defend title to the real estate
<br />against the lawful claims of all persons.
<br />BORROWER AND LENDER AGREE AS FOLLOWS:
<br />1. Borrower shall pay when due the principal and interest as provided in the Real
<br />Estate Note and Kearney Eye Institute shall pay when due the principal and interest as provided
<br />in the Asset Note.
<br />2. All payments received by Lender and Proffitt Eye Center shall be first applied to
<br />advances that may have been made by Lender, and then to principal due.
<br />3. Borrower shall pay all general real estate taxes and special assessments against the
<br />Property before the same become delinquent.
<br />4. Borrower shall keep the improvements on said Property insured for their insurable
<br />value against loss by fire and hazards included with the term "extended coverage", and policies
<br />for the same shall include a standard mortgage clause showing Lender herein. In event of loss,
<br />Lender may make proof of loss if not promptly made by Borrower. Insurance proceeds shall be
<br />applied to restoration or repair of the Property damaged, unless both parties otherwise agree,
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