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<br /> DEED OF TRUST �� st�341 /
<br /> �
<br /> THIS TRUST DEED made this 31st day of December, 1998, between RANDY �
<br /> DETHLEFS, a single person, as TRUSTOR, whose address is 7713 North U.S. Hwy. 281, p r�
<br /> Grand Island, Nebraska 68803; JOHN M. CUNNINGHAM, a member of the Nebraska State ��
<br /> Bar Association, as TRUSTEE, whose address is 222 N. Cedar St. , P.O. Box 2280,
<br /> Grand Island, Nebraska 68802; and MOTOR WORKS CENTRE, INC. , a Nebraska
<br /> Corporation, whose address is 3928 Reuting Rd. , Grand Island, Nebraska 68803,
<br /> as BENEFICIARY.
<br /> WITNESSETH:
<br /> That TRUSTOR hereby grants, bargains, sells, conveys and warrants to
<br /> TRUSTEE, IN TRUST, his successors and assigns, with power of sale, the following-
<br /> described real property:
<br /> The North Half of the Southwest Quarter of the Northwest Quarter (N1/2
<br /> SW1/4 NW1/4) of Section Nine (9) , Township Twelve (12) North, Range Nine
<br /> (9) West of the 6th P.M. , Hall County, Nebraska, excepting a certain tract
<br /> deeded to the State of Nebraska and recorded in Deed Book 77, Page 61, and
<br /> excepting a certain tract deeded to the State of Nebraska and recorded as
<br /> Document No. 93-108863,
<br /> together with all improvements and appurtenances thereon.
<br /> The TRUSTOR hereby covenants and agrees with the TRUSTEE and BENEFICIARY
<br /> that he is lawfully seized and the owner of the above-described property; that
<br /> he has good right and lawful authority to sell and convey said premises and that
<br /> said premises are free and clear of all liens and encumbrances, and further, that
<br /> TRUSTOR will warrant and defend the title to said premises forever against the
<br /> claims of all persons whomsoever.
<br /> For the purpose of securing performance of each agreement of TRUSTOR herein
<br /> r_ contained and the payment of TWENTY-FIVE THOUSAND THREE HUNDRED SIXTY-FOUR
<br /> " * DOLLARS AND SEVENTY-SIX CENTS ($25,364.76) , the TRUSTOR has executed a Trust Deed
<br /> Note bearing even date, at the rate of interest and on the terms and conditions
<br /> as set forth in such Trust Deed Note until paid. The principal sum and interest
<br /> shall be payable in accordance with and upon the terms and conditions of said
<br /> Trust Deed Note of even date, and in any event the entire principal balance due
<br /> hereunder and any accrued interest shall be paid on February 15, 2009. Al1
<br /> payments due hereunder shall be paid at the address of the BENEFICIARY as above
<br /> described, or at such other place as such BENEFICIARY or the holders of said
<br /> security shall designate in writing. All installment payments hereunder shall
<br /> be applied first to the payment of interest on the unpaid balance, pursuant to
<br /> the Amortization Schedule, a copy of which has been provided to each of the
<br /> parties hereto, and the remainder of each payment of such installment to be
<br /> applied on principal.
<br /> It is agreed by and between the parties hereto that while title is vested
<br /> in the TRUSTEE and until filing of Notice of Default, the TRUSTOR shall:
<br /> A. Retain possession of the property at all times, except as may be otherwise
<br /> agreed by the parties in writing.
<br /> B. Maintain the residence and any other improvements located on the real
<br /> property in good condition and repair.
<br /> C. Pay all general and special taxes and all special assessments of every
<br /> kind levied or assessed against or due upon said property before
<br /> delinquency, and to deliver to BENEFICIARY copies of receipts showing
<br /> payment of such taxes each year.
<br /> D. Procure and maintain policies of all-risk insurance on said improvements,
<br /> in sums and underwritten by companies acceptable to the BENEFICIARY, in an
<br /> amount at least equal to the property's full insurable value, which
<br /> policies shall name the BENEFICIARY as additional insured, with the
<br /> proceeds payable to the parties as their interests may appear hereunder.
<br /> TRUSTOR agree to provide BENEFICIARY with copies of such policies or
<br /> certificates of insurance during the term of this indebtedness, which
<br /> policies of insurance �nay not be cancelled by said carrier without fifteen
<br /> (15) days written notice to BENEFICIARY.
<br /> -1-
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