|
__`
<br /> � � �
<br /> Deed of Trusi
<br /> �Q"h` F 89- 106621
<br /> ..
<br /> � ?HfS DEED UF TRUST!s made thls 29 day ot November , �g 89 ,by and between Ga��•�(.alasek and ,
<br /> _M¢„�,v G. Valssek. Husband a�d W�,fe �vhether one or mwe,(he!einalier CBUed the "Trustor'),
<br /> whose m�Jllnp eddressls- 4009 Kay Averue. cr.�nnd_I�1,and.. NE 68803 , .__ _^ ,
<br /> NORW�ST BANK Nebrae a, National Assacistion (hereinal(er cafted the"Trasiee'7,wt►ass rr►ailing addrsss is
<br /> P.O. Box �768, Grand IelancL NE,and NOAWESTBANK Nebraak8, National A,aaociat�!on , (hereinalier
<br /> � ceRed the"Bene�clary'), whose maliing address is P•O. Box 1768. Grand_Ialand1, Nebraska 6$$Q2 .
<br /> WITNESSETH:
<br /> IF THlS 8dX!S CH�GKED( J THIS DEED�F TAUST GONSTlTUTES A CONSTRtICTlON
<br /> SECUfl1TYA0REEMENT UNDER THE NEBRASKA CONSTRUC710N UEN ACT AND CREA7ES,
<br /> CaRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THF PAOPERTY
<br /> ! DfSCR18ED HERFINBEtOW.
<br /> WNEREAS Trustoris indebted to Beneficrary in the princlpa!sum ot FIFTY—TWO THOUSAND AND NO/100-----------------
<br /> � pp��8rs ts �2.000.00 �,whlch lndebfddness is evidenced by Trustor's promissory note dated No►Lembe r 29 , 19@�., (hereinalter
<br /> � called the"Note"),payable to the order of Beneficiary arrd having a maturiry of May 29 , 1990 _ .
<br /> NOW, THEREFORE,for the purpose of secu�ing: .
<br /> � (a) paymanf o1 the Note,together with interest thereon,late charges,p�epayment penalties.any fufure advances,and a11 extensions,
<br /> modfHCations,substifuflons and renewals thereof,
<br /> (b) payment of afl other sums,fees or charges,together w;th lnterest thereon,advanced to protect the securiry of this Oeed o1 Trast and
<br /> the pe�formance of the covenants and agreements of Tiustor,whethe�or not set foRh hereln,
<br /> ' (c) pe�fo►mance,discharge of and compliance with every term,covenant,obligation and agreement of Trustor aontain�d herein or
<br /> ' lncorporated by reference or any other securiry instrument at anytime given to secure the Note,and
<br /> (d) the repayment of all other sums or future advances, with interest thereon, whlch may heretofore have been or hereafter be advanced
<br /> by Beneflciary to Tiustor a Tiusior's successor in inierest or title,
<br /> . all of whlch is herelnalfer collective/y cal/ed the"lndebtedness",Tiustor inevocably grants and transfers to Trustee,in trust,W17H POWER
<br /> OF SALE,the following described prope�ty:
<br /> , LOT TWO (2), ISLAND ACRES NUMBER ELEVEN (11), IN THE CITY OF GRAND ISLAh`D,
<br /> � HALL COUNTY, NEBRASKA, COMPRISING ALL OF LOT ONE, ISLAND ACRES NUMBER SIX
<br /> I (6), A REPLAT OF I.OTS NINETEEN (19) AND TWENTY (20), ISLAND ACRES, CITY �
<br /> . OF GRAND ISLAND, HALL COUNTY, NEBRASKA �
<br /> together wifh(i)a/l buitdings,struciures,add'rtions,eMargements,modificatrons,repairs,replacements,and improvements now or hereafter
<br /> !QCAte�lt3pi?�!!,(?!;$I�pA��I�IRBI��I�$C�II�AN?�I��lXt��IAC fi�_r.l�i�linn,u�ulpn�NlimitaNnn,aUliahtino;heating;ventilaling.C�nlino;8ir _ _"�
<br /> condllloning,sprinkiing and ptumbing/ixtures, weiar and power systems,englnes,borlers,rartgss,ovans,dishwashars,mirrars and mar�tels, -
<br /> , csrpetirtg,f�rnaces,oil bumers,elsvatars and motors, refrigeration planfs o�units,cammunication systems,dyrtamos,bansformers,e/ectrical . _-
<br /> � equlpmeni,sro�m and screen wlndows,doors,awnings and shades)now or hereafte�attached t4,or bu�lt!n,any building or improvement
<br /> � now or herealter/ocated thereon, (i�i)a/i easements and rights of way a�pr�rtenant thereio,(iv),a!1 leasehold estate,right fiUe and interesi of -
<br /> ' Tr�stor in and to all/eases,whether now or hereafter exlsting or entered into(Jncluding,without fimitation,alf cash and securiry deposits,
<br /> � advance rentals and deposits or payments of a similar natura),pertaining thereto,(v)all rents,issues,profits and income therefiom(subject
<br /> ' to the right of Tr�sior to coUeci and apply such renis,issues,profits and income as ihey become due and payable so long as no event ol "
<br /> � default exisis hereunder),(vi)al!royalties,mineral,oi!and gas righis and profits, water, water dghts, and wate�stock, (vii)afi tenements, �!
<br /> hereditaments,priviteges and appuKenances belonging,used or en1oyed in connection the�ewith,end(viii)ali proceeds of conveislon,
<br /> i voluntary or involuaiary,of any of the foregoing into cash or liquldated cJaims(Including,without limitation,proceeds of insurance and
<br /> ! condemnatlon awards),aN of svhich is hsreinafter cufiectively called the"Tiust Properry". .
<br /> ' TO PROTECT THF SECURITY OF TH1S DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br /> 1. TIUe.Trustor covenanis,wanants and agrees with Beneflcisry,its successors and assigns,that Tiustor owns the Trust P�opeity 1ree t .
<br /> ; from any prior lien or encumbrance,that this Deed of Trust is and will iemain a vafld arrd enforceable tiist lien on the Trust Property, t� ��
<br /> � thai Trustor,at its expense, wi!!preserve such Gtle and will maintain this Deed of Trust as a flrst and paramourtt Ilen upon the Trust
<br /> s Property and wlll lorever warrant artd defend the validity and prioriry of the lien hereof against the claims of�11 persons and paKres
<br /> i whomsoever. Trustor,at its expense,will cause this Deed of Trust,and each amendment or supp/ement hereto,to be�led and
<br /> recorded as e moKgage oj the Trust PropeRy in such manner and in such p/ace arrd wiU take such action as in the opinion of Trustee '��,`
<br /> may be required by any preseni or future law in order to pe�fect,maintain and protect the lien of this Deed of Trust, as the same may
<br /> ' be amended or supplemented from time to time. Trustor will make such luRher assurance or assurances to pe�fect its title to the Trust
<br /> I Property as may be requlred by Beneficiary. Tiustor hereby relinquishes aN right of dower and homestead in and io the Tiust Property. _
<br /> ; 2. Payment of Indebtedness. Trustor shall punciuslly pay the principal of and interest on the lndebtedness secured hereby.
<br /> ! 3. Conshuction of Improvements. Tiustor shal!compiete in good and workmanlike manner any buildings,improvements or repairs ielabng
<br /> � thereto whlch may be begun on the Tiust Property or contemplated by the/oan evldenced by the Note secured hereby,to pay when
<br /> � dus all costs end llabilftiss incuned therefore,and not to pe�mit any consiiucUon lien againsf such Trust Property.!n the event
<br /> � ' construction ot bufldfngs,improvements or repai�s a�e contemplated, Trustor also agrees,anythJ»g in this Deed of Trust to fhe contrary
<br /> ' notwkhstanding;{a)to prompi/y commence any such work artd to camplefe the proposed improvements promptly,(b)to comp/ete the
<br /> - i same In accordance with the plans and specifications as approved by Beneficiary. (c)to comp/y wiih all the ferms of a building loan
<br /> � agreement,if any,beriveen Tiustor and Beneficiary,ihe terms of which are incorporated herein by re�e�ence and made a paR hereot,
<br /> (d)to a/low Bene�iciary to inspect the Trust Property at all times during construction,and(e)to rep/ace any work a materis/s
<br /> unsaNsfactory to Beneficlary within fifteen(15)days after written notice from Heneficiary of such fact.
<br /> 4. Funds for Payment of Charges.Subjeci to applicable law oi to a written waiver by 8eneficiary, Tiustor sha/l pay to Benefiaiary on the
<br /> tirsf dey of each month,or such other date esch month as may be specified by Beneficlary,untr!the Indebtedness is paid in fuJl,a sum
<br /> � (herelnafier calJed the"Funds')equal to 1/12th of the yearly taxes and assessments rvhich may atiain prioriry ove�this Deed ot Tiust �- -�
<br /> and giound renis On tite Tiust Property,H any,pius 1/12ih of the yeady premlum InstaJ/menis lor hazard insurance,plus 1�12th of the '
<br /> year/y premium insta/lments for moRgage/nsurance,if any,al!as reasonably estimated initially and fiom time to tlme by Beneficiary on
<br /> the basis o1 assessments and bllis and reasonable esUmates thereof. Thd Funds shall be held in an insiitution,the deposits oi
<br /> eccounts of which are lnsured or gua�anteed by a federal o�state agency InCluding Beneficisry.Beneficisry shall apply the Funds to ,
<br /> pay said taxes,assessments,lnsurance pr�emiums and giound rents.Beneficiary shalt not be required to pay Trustor any interesr or
<br /> eamings on the Funds. Beneflclary sha!/give to Trustor,wfthout charge,an annua!accounting of the Funds showing credits and '
<br /> L debits to the Funds and the puipose/or whlch each de6it to the Funds was made. The Funds are pledged as additionai securiry for �
<br /> the lndebfedness secured by this Deed of Trust.N the amount of the Funds held by Beneficiary,tagether with the future monthly �
<br /> installments ot Funds payabte prlor to the due dates of taxes,assessments,lRSUrance premiums and ground rents,shall exceed the
<br /> amount requlred to pay sald taxes,assessments,insurance premiums and ground rents as they fall due,such excess shall be,at •n
<br /> Trustor's optlon,either prompily�epaJd to Tiustor or credited to tiustor against future monthly installments of Funds. 11 the amount of ��p
<br /> the Funds held by�enaflcJary shal!nof bo sufticlent to pay taxes,assessments,insur�nco promiums and g�ound rents as they latl due. t�
<br /> Trustor sha0 pay to Beneticlary any amount nacessary to make up the deficiency withln thirty days lrom the date notrce�s mailed by ;'
<br /> Benellclary to Trustot re�uesfing paymenf thereof. Upon payment in/ull o/ail Indebtedness.Beneliciary shall promptly refund to �'• •
<br /> Trustoi any Funds held by Benaliclary. Il the Trust P�opbrty is sold under the power o/salo or the Trust Property is othenv�se acqu�red
<br /> by Beneficisry, Benefrcisry shall appty, immedlately prior b the sale ol the Trusf Pioperty o��ts ecquis�tron by Benehc�ery, any Funds
<br /> held by�ene/iciary at tho Nme ol appllcation as a credit against the Indebtednt�ss. H Benef�c�ary executes a wiitten we�vor o!Trustor s
<br /> ob!lgations under this paragraph 4, Trustor covenan�s and agrees to pay, before the s��ne becnme del�nGuent, al!tax�s, c�ssessmerits. �
<br /> .4iS 8?0 iNoGros�a O��tyi
<br />
|