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WIN <br />— ---------- <br />1L T-T—.- <br />A. <br />L <br />ACKNOWLEDGEMENT OF DEED OF TRUST $I-J00J)()Y <br />3 <br />TRUSTOR READ THIS BEFORE SIONWO: <br />rI <br />Trustor understands that the document that Trustor 16 about to execute Is a Dead 01 Trust and not a mo MS and that 10 Power <br />different rights and obligations to Trustor than 8 rnoftago In the event <br />of sale provided for in the Dead of Trust provides substantially <br />Dead Trust including, but not limited to. the LendW'S right to have the Property sold <br />of & idelauft or breach of obligation under the of <br />Trustor represents and warrants that this acknowledgement was executed by <br />by the Trustee without any judicial proceeding. <br />Trattor before the execution of the Dead of Trust <br />L e l n S effe� T <br />u <br />Marilyn A. S eiTr "Of <br />DEED OF TRUST WITH FUTURE ADVANCES <br />al" <br />THIS DEED OF TRUST, jismade as of one 27th day of November 1910-- by and among <br />Leland L. Steffen and Marilyn A. Steffen, husband and wife <br />the Trustor. <br />"Trustor." whether one a moyet <br />- Grand Island 68801herein ir <br />whom mailing address is <br />Five Points Bank, A Nebraska Banking Corporation <br />this Trustee <br />P.O. Box 1507 Grand Island NE 68802 (heroin "Trustee"). and <br />el <br />whom mailing addresses <br />anking Coripgrar inn <br />the earneficistry. Five Points - <br />whose mailing address is P.O. Box 1507 Grand Island, NE 68602 (herein "Lender"). <br />FOR VALUABLE CONSIDERATION. including Lender's extension of credit identified herein to Leland L. S—teff-P-o <br />and wife ore) and the trust herein created, <br />and Marilyn A Steffen, husband them, "Borruk%ei,", whether one or m 14 <br />Trustor hereby irrevocably giants. transfers. conveys and assigns to Trustee, fl <br />the receipt of which is hereby acknowledged. Tr h after set <br />and suojeci tn the terms and conditions herah - <br />TRUST, y ST WITH POWER OF SALE. for the benefit and securi o f Lender, under <br />fortih, the real property, described as follows: <br />Lot 2, Western Heights Fourth Subdivision, in the City of Grand Island, <br />Hall county, Nebraska. <br />Together with all buildings, Improvements, fixtures. Streets, alloys. passageways, easements, rights, privileges and appurte- <br />the rents, issues and profits, reversions and remainders thereof, and <br />nances located thereon or in anywise pertaining thereto, and <br />property that is attached to the improvements so as to constitute a fixture. including, but not limited to. heating and <br />such personal <br />cooling equipment and together with the homestead or marital int erests, il any. which interests are hereby released and waived; all <br />a e lion of this <br />is hereby decla7 ad to be a part of the real estate secured by In <br />of which, including replacements and additions thereto, <br />Deed of Trust and all of the foregoing being referred to herein as the "Property". <br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a promissory note or credit <br />' <br />A <br />October 261 1990 24 1991 <br />agreement dated . -having a maturity date of Apri <br />in the original principal amount of $ 40,020 50 and any and all modifications, extensions and renewals <br />of them it more than one) hereon er <br />thereof or thereto and any and all future advances and readvances to Borrower (or any <br />(herein Called "Note"), tb) the payment of other sums advanced by <br />pursuant to one or more promissory notes or credit algreerre�ls <br />Lender to protect the security of the Note; (C) the performance of all covenants and agreements of Trustor set forth herein: and (d) all <br />present and future Indebtedness and obligations of Borrower (or any of them it more than one) to Lender whether direct. Indirect, <br />of otherwise. The Note, this Deed of Trust and any and all <br />absolute or contingent and whether arising by note, guaranty, overdraft <br />secure the Note or executed in connectior,lierewith. including without l.mitalion guarantees, security <br />other docuents that sec <br />agreements and assignments of leases and rents, shall to reietred to herein as the "Loan Instruments". <br />Trustor covenants and agrees with Lender as follc%% ts: <br />•4 <br />1. Payment of Indebtedness. All indebtedness secu-e d hereby shall be paid w-en due <br />2. Title. Trustor is the owner of the Property, has the right and Authority to convey the Property. and warrants that the lien <br />created hereby is a first and prior lion on the Property, except for lens ano encumbrances Sol forth by Trustor in writing and <br />and delivery of this Deed of Trust does not violate any <br />10.1".5. <br />delivered to Lender before execution of this Deed of Trust, and the executior <br />Trustor subject. <br />contract or other obligation to which is <br />3. Taxes, Assessment*. 7c pay before delinquencv al tares. special assessments arm all other charges against the Property <br />now or hereafter levied <br />-f `P-.-rerty insured against darria9t, ty fire. Vazards included within the to•tr 'extended Coverage and <br />4. Insurance. To keeg:, I - - <br />an es acceptable to Lender. •.r•,-a Lender as an additional <br />sucrother surds asLender may reciurtr �,,Imnirts and %%.!,ccr- <br />named Insu,fed, with loss payable to the Lender if, case of loss urde; such Policies, the Lenders li.inonzed to adjust. collect and <br />-0110no,appivirL a,. o, pail of the insurance proceeds () to any undebt edness <br />compromise. Bit claims thereunder and shal-lay.el,,e, <br />lender rray dele• in P l,)to the 7,-Lsi:e tote .geC'Tf the rPPO.'o- restoration olthe Property <br />secured hereby and in such order as <br />or (ill) for any other purpose or object satisfactory to Lencir without affecting the lien 0'• 1-1 -S ;;teed of Test for the full amount secured <br />hereby before such payment ever took place. Any application of proceeds to Indebtedness shair r,. r extend or postpone the due <br />— ...... A., — <br />date of any payments under the Nuiti. ul C-i6 ail-ii <br />5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender. in such manner a,� -e-vp, may designate, sufficient <br />sums to enable Lender to pay as they become due one or more of the 0,:zlowing ill all taxes. assessrra-,$ and other charges against <br />the Property. (it) the premiums on the property insurance required hereunder. and 1m) the premiums on any mortgage insurance <br />required by Lender <br />6. MaInteriance, Repalft and Compliance with Laws. Trustor shall keep the Property in good condition and repair shall <br />promptly repair, or replace any improvement which may be darna;v,7 or destroyed. shall rOT COMMIt Of permit any waste or <br />aw vements on the Property. shalt not <br />the Property: shall not remove, demolish of Substairf i, aiter any of the imP?o <br />deterioration of <br />commit. suffer or permit any act to be done ,nor upon me Property rn woLa*,,ort of any law, ordinance. of regulation. and Shall pay and <br />promptly discharge at Trustor s cost and expense all liens. encumorances and charges levied, imposed or assessed against the <br />Property or any part thereof. <br />7. Eminent Domain. Lender is hereby assigned all compensation, awards, damages and other payments or relief (hereinafter <br />- Proceeds") in connection with condemnation or other taking of the Property or part thereof, or for conveyance in lieu of condemna- <br />Lender shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings, and <br />tion. <br />shall also be entitled to make any compromise or settlement in connection with such taking or damage In the event any portion of <br />NIDC 3457 11f~K0twIJ 00") Oft 10 86 <br />Igo p6rmnei 96Ak al Com—rrm T-w and Ss-vs PO&II11162 <br />1L T-T—.- <br />A. <br />L <br />3 <br />W, <br />3 <br />