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<br /> � � 99- ��4s�z
<br /> DEED OF TRUST
<br /> THIS DEED OF TRUST is made as of the 6th day of May, 1999, by and among
<br /> JASON UMMEL and AMY UMMEL, huaband and wife, (TRUSTOR"), whose mailing address
<br /> is: P. O. Box 1194, Grand Island, NE 68802;
<br /> and DUANE A. BURNS, Attorney at Law, ("TRUSTEE"), whose mailing address is:
<br /> P. O. Box 2300, Grand Island, NE 68802;
<br /> and TRANSPORTATION EQUIPMENT CO., INC. , a Nebraska corporation, ("BENEFICIARY"),
<br /> whose mailing addreas is: P. O. Box 488, Grand Island, NE 68802.
<br /> FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys, and
<br /> assigna to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security
<br /> of Beneficiary, under and subject to the terms and conditions of this Deed of
<br /> Truat, the real property located in the City of Grand Island, County of Hall,
<br /> State of Nebraska, and legally described ae follows: (the "Property") :
<br /> Lot Four (4) in Block Fifty-Two (52) in Packer and Barr's Second
<br /> (2nd) Addition to the City of Grand Island, Hall County, Nebraska,
<br /> TOGETHER WITH all rents, easements, appurtenances, hereditaments, interests
<br /> in adjoining roads, streeta and alleys, improvements and buildinga of any kind
<br /> situated thereon and all personal property that may be or hereafter become an
<br /> integral part of such buildings and improvements.
<br /> The property and the entire estate and interest conveyed to the Trustee are
<br /> referred to collectively as the "Trust Estate".
<br /> FOR THE PURPOSE OF SECURING:
<br /> a. Payment of indebtedness in the total principal amount of $55,000.00,
<br /> with interest thereon, as evidenced by that certain Promissory Note of even date
<br /> (the "Note") with a maturity date of May 15, 2024, executed by Trustor, which has
<br /> been delivered and is payable to the order of Beneficiary, and which by this
<br /> reference is hereby made a part hereof, and any and all modifications, extensions
<br /> and renewals thereof, and,
<br /> b. Payment of all sums advanced by Beneficiary to protect the Trust
<br /> Estate, with interest thereon at the rate of twelve (12$) percent per annum.
<br /> This Deed of Trust, the Note, and any other instrument given to evidence
<br /> or further secure the payment and performance of any obligation secured hereby
<br /> are referred to collectively as the "Loan Instruments".
<br /> TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br /> 1. PAYMENT OF INDEBTEDNESS. Truetor ahall pay when due the principal of,
<br /> and the interest on, the indebtednesa evidenced by the Note, charges, fees and
<br /> all other sums as provided in the Loan Instruments.
<br /> 2. REAL ESTATE TAXES. Trustor shall pay each month, at the time principal
<br /> and interest payments are made, one-twelfth (1/12) of the estimated annual real
<br /> estate taxes. Beneficiary shall then pay the real estate taxes before the same
<br /> become delinquent and shall provide Trustor with evidence of payment of the same.
<br /> In the event that the real eatate taxes should increase, the Trustor agrees to
<br /> make an additional payment sufficient to cover payment of such taxea.
<br /> 3. INSURANCE AND REPAIRS. Trustor shall pay each month, at the time
<br /> principal and interest payments are made, one-twelfth (1/12) of the estimated
<br /> annual premium cost for fire and extended coverage insurance, insuring the
<br /> buildings constituting the trust estate, for an amount no less than the
<br /> replacement value of the buildings. Beneficiary shall pay the premiums for
<br /> maintaining such policy and shall provide Trustor with evidence of insurance
<br /> premium payments each year. Such insurance policy shall contain a standard
<br /> mortgage clause in favor of Beneficiary and shall not be cancelable, terminable,
<br /> or modifiable without ten (10) days prior written notice to Beneficiary. Trustor
<br /> shall promptly repair, maintain and replace the Trust Estate or any part thereof
<br /> so that, except for ordinary wear and tear, the Trust Estate ahall not
<br /> deteriorate. In no event shall the Trustor commit waste on or to the Trust
<br /> Estate. In total, at the present time, payment of principal, intereat, real
<br /> estate taxes and insurance shall amount of $640.00 per month, which is subject
<br /> to change based upon the increase or decrease of real eatate taxes and insurance
<br /> premiums.
<br /> In addition to casualty insurance, Trustor shall pay the annual premium on
<br /> comprehensive liability insurance covering each premises and protecting the
<br /> Beneficiary and Trustor from all claims, demands, lawsuits, and judgments arising
<br /> out of injury to persons or damage to property occurring on each property. The
<br /> coverage shall be in an amount of not lesa than $300,000 single limit for bodily
<br /> injury and property damage.
<br /> 4. ACTIONS AFFEGTINa TRUST ESTATE. Trustor �hall appear in and cont.ot
<br /> any action or proceeding purporting to affect the security hereof or the righte
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