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<br /> � 99 110845 �
<br /> �
<br /> � DEED OF TRUST
<br /> AND CONSTRUCTION SECURITY AGREEMENT ��
<br /> THIS DEED OF TRUST, is made as of the 1St day of November , 1999 , by and among the Trustor,'SU
<br /> Todd C. Enck and Kelly A. Enck , Husband and Wife.
<br /> , (herein "Borrower"),
<br /> the Trustee, The Overland National Bank of Grand Island P.O. Box 81231 Lincoln, NE 68501
<br /> (herein "Trustee"),
<br /> and the Beneficiary, The Overland National Bank of Grand Island (herein :
<br /> "Lender").
<br /> FOR VALUABLE CONSIDERATION, including the indebtedness identified herein and the trust herein created, the receipt of which is
<br /> hereby acknowledged, Borrower hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for :
<br /> the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, the real property, described as
<br /> follows:
<br /> Lot Twenty Three (23), in Westwood Park Fourth Subdivision, in the City of Grand Island, Hall County, :
<br /> N ebraska.
<br /> IT IS UNDERSTOOD BY BORROWER AND LENDER THAT THIS INSTRUMENT, WHICH IS SECURED BY THE ABOVE REFERENCED
<br /> PROPERTY, IS A CONSTRUCTION SECURITY AGREEMENT AND THAT IT DOES OR WILL SECURE AN OBLIGATION WHICH THE
<br /> BORROWER HAS OR WILL INCUR FOFi THE PURPOSE OF MAKING AN IMPROVEMENT OR IMPROVEMENTS ON PROPERTY
<br /> HEFiEINBEFORE DESCRIBED. ��
<br /> �:
<br /> Is
<br /> Together with all buildings, improvements, foctures, streets, alleys, passageways, easements, rights, privileges and appurtenances located
<br /> thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof; including, but not limited to,
<br /> heating and cooling equipment and such personal property that is attached to the improvements so as to constitute a focture; all of which,
<br /> including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and
<br /> all of the foregoing being referred to herein as the "Property".
<br /> This Deed of Trust shall secure (a) the payment of the principal sum and interests evidenced by Borrower's note dated
<br /> November 1, 1999 , having a maturity date of Mav 1, 2000 , in the original principal amount of
<br /> $ 135,000.00 and any and all modifications, extensions and renewals thereof or thereto (herein called "Note); (b) the payment of
<br /> other sums advanced by Lender to protect the security of this Deed of Trust, with interest thereon as provided in the Note; and (c) the
<br /> performance of all covenants and agreement to Borrower set forth herein.
<br /> Borrower, to protect the security of this Deed of Trust, covenants and agrees with Lender as follows:
<br /> 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on, and any fees
<br /> or charges provided in, the Note or in this Deed of Trust.
<br /> 2. Tltle. Borrower is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien
<br /> created hereby is a first and prior lien on the Property, except as may otherwise be set forth herein, and the execution and delivery of this
<br /> Deed of Trust does not violate any contract or other obligation to which Borrower is subject.
<br /> 3. Taxes, Assessments. To pay when due all taxes, special assessments and all other charges against the Property and, upon
<br /> written demand by Lender, to pay to Lender such amount as may be sufficient to enable the Lender to pay such taxes, assessments or other
<br /> charges as they become due.
<br /> 4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended coverage", and
<br /> such other hazards as Lender may require, in amounts and with companies acceptable to the Lender, and with loss payable to the Lender.
<br /> In case of loss under such policies, the Lender is authorized to adjust, collect and compromise, all claims thereunder and shall have the
<br /> option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender may determine,
<br /> (ii) to the Borrower to be used for the repair of restoration of the Property or (iii) for any other purpose or object satisfactory to Lender
<br /> without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of
<br /> proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or
<br /> hereunder.
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