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<br />DEED OF TRUST cn W N o
<br />THIS DEED OF TRUST is made this S� day of p ,
<br />2001, by and among JASON J. PHIPPS and SABRINA L. PHIPPS husband ��
<br />and wife, herein referred to as "Trustor ", whose mailing address
<br />is 4180 Indianhead Road, Grand Island, Nebraska 68803; CATHLEEN
<br />H. ALLEN, Attorney -at -Law, hereinafter referred to as "Trustee ",
<br />whose mailing address is 104 North Wheeler, P.O. Box 790, Grand
<br />Island, Nebraska 68802; and JAMES N. PHIPPS and LOUANN C. PHIPPS,
<br />husband and wife, as equal tenants in common, hereinafter
<br />referred to as "Beneficiary ", whose mailing address is 1812 W.
<br />Barbara Avenue, Grand Island, Nebraska 68803.
<br />For valuable consideration, Trustor irrevocably grants,
<br />transfers, conveys and assigns to Trustee, in trust, with power
<br />of sale, for the benefit and security of Beneficiary, under and
<br />subject to the terms and conditions of this Deed of Trust, the
<br />Trustor's interest in the following- described property located in
<br />Hall County, Nebraska, to -wit:
<br />Lot Twenty (20), Indianhead Second Subdivision in the
<br />City of Grand Island, Hall County, Nebraska,
<br />together with all buildings, improvements, fixtures and appurte-
<br />nances located thereon or in any way pertaining thereto, and the
<br />rents, issues, profits, reversions and the remainders thereof,
<br />including all such personal property that is attached to the im-
<br />provements so as to constitute a fixture, all of which, including
<br />replacements and additions thereto, are hereby declared to be a
<br />part of the real estate conveyed in trust hereby, it being agreed
<br />that all of the foregoing shall be hereinafter referred to as the
<br />"Property ".
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of indebtedness evidenced by
<br />Trustor's note dated September 1, 2001 in the
<br />principal sum of NINETY -TWO THOUSAND AND N01100
<br />DOLLARS ($92,000.00), together with interest at
<br />the rate or rates provided therein, or the
<br />principal and interest on any future advance not
<br />to exceed the total principal sum initially se-
<br />cured hereby as evidenced by promissory notes
<br />stating they are secured hereby, and any and all
<br />renewals, modifications and extensions of such
<br />notes, both principal and interest on the notes
<br />being payable in accordance with the terms set
<br />forth therein, which by this reference is hereby
<br />made a part hereof;
<br />(b) the performance of each agreement and
<br />covenant of Trustor herein contained; and
<br />(c) the payment of any sum or sums of money
<br />which may be hereafter paid or advanced by Benefi-
<br />ciary under the terms of this Deed of Trust, to-
<br />gether with interest thereon at the rate provided
<br />in the notes.
<br />To protect the security of this Deed of Trust, Trustor
<br />hereby covenants and agrees as follows:
<br />1
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