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<br /> 9 9 1 l� 9 � � 0 DEED OF TRUST �J� � O
<br /> \ 1 e>
<br /> THIS TRUST DEED made this ���day of October, 1999, between EDWIN R. I`-'
<br /> SCHMIDT, a single person, as TRUSTOR, whose address is 15363 W. Binfield Rd. , �'`
<br /> Wood River, Nebraska 68883; 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 MABEL V. SCHMIDT, a single person, whose �
<br /> address is 809 N. Phoenix, Grand Island, Nebraska 68801, as BENEFICIARY. �'
<br /> WITNESSETH:
<br /> That TRUSTOR hereby grants, bargains, sells, conveys and warrants to
<br /> TRUSTEE, IN TRUST, his heirs, devisees, personal representatives, successors and
<br /> assigns, with power of sale, the following-described real property:
<br /> A tract of land located in the Northeast Quarter (NE1/4) of Section
<br /> Fourteen (14) , Township Nine (9) North, Range Twelve (12) West of the 6th
<br /> P.M. , in Hall County, Nebraska, described as follows:
<br /> Beginning at the North quarter corner of Section 14, Township 9 North,
<br /> Range 12 West of the 6th P.M. in Hall County, Nebraska; thence easterly on
<br /> the north line of Section 14 on an assumed bearing of S 90°00' 00�� E,
<br /> 1, 046.07 feet; thence S 00°44'23" W, 652.40 feet; thence N 90°00' 00" W,
<br /> 541.65 feet; thence N 00°44'23" E, 490.00 feet; thence N 90°00' 00" W,
<br /> 504.42 feet to a point on the west line of the Northeast Quarter of
<br /> Section 14; thence N 00°44'23" E on said west line of the Northeast
<br /> Quarter, 162.40 feet to the point of beginning, containing 10.0 acres, �
<br /> more or less,
<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 /> contained and the payment of SEVENTY-FOUR THOUSAND TWO HUNDRED FIFTY DOLLARS
<br /> ($7�,250) , the TRUSTOR has executed a Trust Deed Note bearing even date, at the
<br /> rate of interest and on the terms and conditions as set forth in such Trust Deed
<br /> Note until paid. The principal sum and interest shall be payable in accordance
<br /> with and upon the terms and conditions of said Trust Deed Note of even date, and
<br /> in any event the entire principal balance due hereunder and any accrued interest
<br /> sha11 be paid on October y'!'F , 2005, or ninety (90) days after BENEFICIARY'S
<br /> death, whichever event occurs first. Al1 payments due hereunder shall be paid
<br /> at the address of the BENEFICIARY as above described, or at such other place as
<br /> such BENEFICIARY or the holders of said security shall designate in writing. All
<br /> installment payments hereunder shall be applied first to the payment of interest
<br /> on the unpaid balance, pursuant to the Amortization Schedule, a copy of which has
<br /> been provided to each of the parties hereto, and the remainder of each payment
<br /> of such installment to be 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.
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