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<br />THIS DEED OF TRUST is made as of the -!at day of e'f"ty, 1990, by and among
<br />JACK A. LUTH and JANICE A. LUTH, husband and wife as joint tenants,
<br />("TRUSTOR"), whose mailing address is:
<br />and Eari D. sc a e,
<br />Attorney at Law, ( 'TRUSTEE , whose mailing add is: P. O. Box 2300, Grand
<br />Island, Nebraska 68802 and DAVID L. WALKOWIAK and MARY K. WALKOWIAK,
<br />( "BENEFICIARY "), whose mailing address is: 2016 North Howard Avenue, Grand
<br />Island, Nebraska 68803.
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys, and
<br />assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security
<br />of Beneficiary, under and subject to the terms and conditions of this Deed of
<br />Trust, the real property located in the County of Hall, State of Nebraska, and
<br />legally described as follows: (the "Property "):
<br />Lots Eleven (11) and Thirteen (13), in Block Eighteen
<br />(18), in University Place, an Addition to the City of
<br />Grand Island, Hall County, Nebraska, excepting a
<br />certain tract shown in Warranty Deed recorded in Book
<br />147, Page 629.
<br />TOGETHER WITH all rents, easements, appurtenances, hereditaments,
<br />interests in adjoining roads, streets and alleys, improvements and buildings
<br />of any kind situated thereon and all personal property that may be or
<br />hereafter become an integral part of such buildings and improvements.
<br />The property and the entire estate and interest conveyed to the Trustee
<br />are referred to collectively as the "Trust Estate ".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness in the total principal amount of $27,500.00,
<br />with interest thereon, as evidenced by the certain Promissory Note of even
<br />date (the "Note ") executed by Trustor, which has been delivered and is
<br />payable to the order of Beneficiary, and which by this reference is hereby
<br />made a part hereof, and any and all modifications, extensions and renewals
<br />thereof, and,
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust
<br />Estate, with interest thereon at the rate of 8.25% per annum.
<br />This Deed of Trust, the Note, and any other instrument given to evidence
<br />or further secure the payment and performance of any obligation secured hereby
<br />are referred to collectively as the "Loan Instruments ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal
<br />of, and the interest on, the indebtedness evidenced by the Note, charges, fees
<br />and all other sums as provided in the Loan Instruments.
<br />2. TAXES. Trustor shall pay each installment of all taxes and special
<br />assessments of every �:ind, now or hereafter levied against the Trust Estate or
<br />any part hereof, before delinquency, without notice or demand, and shall
<br />provide Beneficiary with evidence of the payment of same. Trustor shall pay
<br />all taxes and assessments which may be levied upon Beneficiary's interest
<br />herein or upon this Deed of Trust or the debt secured hereby, without regard
<br />to any Law that may be enacted imposing payment of the whole or any part
<br />thereof upon the Beneficiary.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended
<br />coverage insurance insuring the improvements and buildings constituting part
<br />of the Trust Estate for an amount no less than the amount of the unpaid
<br />principal balance of the Note (co- insurance not exceeding 80% permitted).
<br />Such insurance policy shall contain a standard mortgage claase in favor of
<br />Beneficiary and shall not be cancellable, terminable, or modifiable without
<br />ten (10) days prior written notice to Beneficiary. Tra ,rtor si.all promptly
<br />repair, maintain and replace the Trust Estate or cny part t:.ereof so that,
<br />except for ordinary wear and tear, the Trust Estate s!.a --.:t deteriorate.
<br />no event shall the Trustor commit waste on or to the Trust Estate.
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