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DEED OF TRUST OPEN -END 200109546
<br />THIS DEED OF TRUST, is made as of the 20th day of SEPTEMBER 2001
<br />and among Duane A. Woodward and Sharon L. Woodward Trustor "), whose mailing address is
<br />husband and wife 9870 S Shady Bend RD., Doniphan, NE
<br />K.R.D. FEDERAL CREDIT UNION ( "Trustee "), whose mailing address is
<br />324 Norris Ave., P.O. Box 385, McCook, NE 69001
<br />and K.R.D. Federal Credit Union ( "Beneficiary "), whose mailing address in MMX,
<br />Ag�XX )$)tX XMCOOOsXXX,XXX IC. P.O. Box 385, McCook, NE 69001
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary,
<br />under and subject to the terms and conditions of this Deed of Trust, the real property
<br />located in the City of DONIPHAN , County of HALL State of
<br />Nebraska, and legally described as follows the "Property "):
<br />Lot One (1), Woodward Subdivision, Hall County, Nebraska
<br />(DONIPHAN TWP, WOODWARD SUB. LOT 1, 7.58 ACRES)
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments, interests in
<br />adjoining roads, streets and alleys, improvements and buildings of any kind situated
<br />thereon and all personal property that may be or hereafter become an integral part of
<br />such buildings and improvements, all crops raised thereon, and all water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are
<br />referred to collectively as the "Trust Estate ".
<br />THIS TRUST DEED IS GIVEN FOR THE PURPOSE OF SECURING:
<br />1. Payment of initial indebtedness in the principal amount of
<br />$ 15000.00 with interest thereon, as evidenced by an Open -End Variable
<br />Rate Agreement o even date herewith, and as security for future advances that may be
<br />made from time to time by beneficiary pursuant to the terms and conditions of that
<br />Open -End Variable Rate Agreement which principal future advances, including the amount
<br />above set out as consideration for this Trust Deed, shall not exceed the total amount
<br />of $ 15000.00 , and which Open -End Variable Rate Agreement has been
<br />executed by Trustor, and by this reference made a part hereof as if fully set out
<br />herein;
<br />2. Payment of any and all modifications, extensions and renewals of that
<br />certain Promissory Note of even date herewith, and, in the event that certain
<br />Promissory Note contains a "balloon" provision, and at the time such payments is
<br />required, the balance of that note is rewritten to extend the payment terms, this
<br />Trust Deed shall continue to secure such renewal or extension of the terms of that
<br />note, and all interest accruing thereon;
<br />3. Payment of all sums advanced by.beneficiary to protect the trust estate,
<br />with interest thereon at the rate in effect on the promissory note at the time of the
<br />advance.
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and
<br />the interest on, the indebtedness evidenced by the Note, charges, fees and all other
<br />sums as provided in the Loan Instruments.
<br />2. TAXES. Trustor shall pay each installment of all taxes and special assess-
<br />ments of every kind, now or hereafter levied against the Trust Estate or any part
<br />thereof, before delinquency, without notice or demand, and shall provide Beneficiary
<br />with evidence of the payment of same. Trustor shall pay all taxes and assessments
<br />which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or
<br />the debt secured hereby, without regard to any law that may be enacted imposing
<br />payment of the whole or any part thereof upon the Beneficiary.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage
<br />insurance insuring the improvements and buildings constituting part of the Trust
<br />Estate for an amount no less than the amount of the unpaid principal balance of the
<br />Note (co- insurance not exceeding 80% permitted). Such insurance policy shall contain
<br />a standard mortgage clause in favor of Beneficiary and shall not be cancellable,
<br />terminable or modifiable without ten (10) days prior written notice to Beneficiary.
<br />Trustor shall promptly repair, maintain and replace the Trust Estate or any part
<br />thereof so that, except for ordinary wear and tear, the Trust Estate shall not
<br />deteriorate. In no event shall the Trustor commit waste on or to the Trust Estate.
<br />518662
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