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<br /> ��• THT8 DBED OF TAUST ie made es o! the '•%�•�day of Uecember, 1991, bX and �-°�
<br /> - emong SCARBOROUGH CONST[tUCTION, INC., a Nobra�a corporation, ("TRUSTOR )
<br /> � °�'���'�• wh000 msilinq eddroos ia: 833 Eaat Hiemnrk, Grand Io7.and, Nabraoka 6880�;
<br /> -��__:.::..�,,�..
<br /> -'�."'.'•.; • and DUANR A. BURNS _ Attorrtey. ("TRUSTEE^), whaaa mailing nddress ia: P. O.
<br />�xsu.',..�
<br /> +��• � Box 2300, Grand Is�end, Nebraska 66802;
<br />��... ,. .
<br />�; :-''��:- �� and TRAl�18PORTATION EQt1iPI�NT CO., INC., a Nebraskn corporation, �
<br /> s,. � �i �:��:�:.. ("HEN6FICIARY"), whose mailinq addroaa is: 407 North Shady Bend Road, Grand
<br /> Island, Nebraeka 69801.
<br /> . :,•_t.� _
<br /> ;._•:.�...;
<br /> '��'�.-'� �� , FOR VALUABLE CONSIDERATION Trustor irravocably trensfers conveys, and
<br />�ti,+ _� --- aseigna to Trustee IN TRUST, WI�'H POWER OF sAT,E, for tha benef�t and security
<br />��; r;�:�!$E�� of Beneficiary un�der and aub�ect to the tenas and conditiona of this Daed of Y
<br /> d '�' • :,, ��_... Trust, the rea� property loca Qd in the City of Grand island, County�of Hall,
<br /> •• � 3tatQ of NQbraska, ar►d lo9ally daacribQd ae follows: (the Property ): _
<br />�L� � . Lot Two (2), Fairacres Dairy Third 3ubdivision, an
<br /> n,`�?�d'"d�• Addition to the City of Grand Island, Hall Oounty,
<br />� '• .�,�L;,t . Nebraska. —
<br /> �:i. '`�` °' �� TOGgTHgR �TIZl�1 all rente, easertr�nts appurtenances, hereditamente
<br /> �� � � intereste in ad�oi�ing roade, streets an`d alleys, �mprovements and bui�dings `
<br />��:�. '�.�''� rta3;� of any kind eituated fhereon and all pereonal property that roay be or ��
<br /> R-„�.• ;.,._. hereafter becoaw an integral part of such buildinqe and impronwaents. __
<br /> ��.��1 '�°. �s Y� • The property and the entire estate and intereat conveyed to the Trusteo -�
<br /> '� �. .. ara roferred �o collectively as the "Trust Estate".
<br /> s..� .
<br /> a; ..��..,.,-:��,:. _ FOR TFIE PDRPOSE OF SECURING:
<br />�,r_. _ ...��,�,_,_..;h�--_-_ __.-
<br /> • a. Payment of indebtedness in the total principal amounti of �46,000.00
<br />{�'� � ' �5�" • with interest thereon, as evidenced by the certain Promiseory Note of even
<br /> �y�• • date (the "Note•') with a maturity date of August 1, 2006, executed by Trustor,
<br /> X . ;',� ' ' � which hae been delivered and is payable to the order of Heneficiary, end which �''�''
<br /> • . ':. by this reference is hereby made a part hereof, and any and ell modificatione,
<br />� � � • extensions and renewale thereof, and, __.
<br /> � •�a�A , b. Payment of all sums advanced by Benefici to protect the Truet
<br /> ". , ':�� � Eetate, with interest thereon at the rate of ten (10 percent per annum. _
<br /> 1 +. =-• This Deed of Trust, the Note, and any other inetrument given to evidence �
<br /> • ;,;y�,� _ or further aecure the payment and performance of any obligation secured hereby t� ...
<br /> are referred to collectively as the "Loan Instruments".
<br />;.�. .�^ .:.'• TO PROTECT THE SECURITY OF THIS DBED OF TRUST: -
<br />�" �• �• ° 1. PAYMENT OF INDEBTEDNES3. Trustor ahall gay when due the principal =°
<br /> x" " ' of, and the n eres on, e n e tedneas evidenced by the Note, ahargea, fees - --
<br /> •��°�'•',��'�� and all other suma ae provided in the Loan Inetruments.
<br />�ti :: .,Y,.;. � ,.. __...
<br /> 2. TAXE3. Trustor shall pay each installment of all taxes and s ecial �:
<br /> ' " aesessments o�very kind, now or 6ereafter levied against the Trust Es�ate or _
<br /> any part hereof before delinquency without notice or demand, and ehall -__
<br /> ' provide Benef ic�ary with evidence o� the payment of same. Trustor shall pay
<br /> ;:;,�;.�f all taxes and assessments which may be levied upon Beneficiary's interest �•
<br /> _ � ,�; .�•a , herein or upon thie Dead of Trust or the debt securod hereby, without regard �
<br /> ��•��,�>>'• to an law that may be enacted imposinq payment of the whole or any part �•
<br /> • •',,�`�'',•. ` thereof upon the Benef iciary. `-'
<br /> . ,•.�; .� , ��.a_
<br /> 3. INSURANCE AND I2EPAIR3. Trustor shall maintain fire and extended �
<br /> ``, `�;,�-���, coverage insurance nsur ng e improvemente and buildinge constituting part � .
<br /> • .tr:•,'�,:•. " of the Truet Estate for an amount no less than the amount of the replacement
<br /> "�;;i'•". value of the building. 3uch insurance policy shall contain a standard
<br /> mortyage clauae in favor of Beneficiar and shall not be cancellable, ��
<br /> �� . '� terminable, or modif ieble without ten �10) days prior written notice to r
<br /> ' • Beneficfary. Trustor shall promptly repair maintain and replaae the Trust �
<br /> ' Estate or any gart thereof so that, except �or ordinary wear and tear, the
<br /> Trust Estate shall not deteriorate. In no event shall the Trustor conunit ;
<br /> waete on or to the Trust Estate. f •.
<br /> ,�'., .
<br /> •.'•:,i '', ,. In addition to casualty insurance, Trustor shall provide and pay the :
<br /> premiums on comprehensive liebility insurance covering the premises and
<br /> �;7;;:." , , rotecting the Heneficiary and Trustor from all claims, demsnds, lawsuits, and
<br /> �udgments arising out of injury to persons or damage to property occurring on
<br /> he nronertv. The coveraqe shall be in an amount of not leas than �300,000
<br /> � �, �;.;•`: single limiE for bodily in�ury and property damage. •3�ne iiabiiii insurdii�6
<br /> � � ��:;1••- and casualty insurance may be procured in a single policy or may b�e obtained
<br /> -� . in separate policies. In any event, such policy orpo licies shall name
<br /> Heneficiary and Trustor as insureds as thear interests me�y appear, and
<br /> �' • Seneficiary shall be provided with a Certificate of Insurance or duplicate
<br /> . copy showing the insurance to be in full force aad effect at all times durinq
<br /> , ;� the term of this Deed of Trust.
<br /> ,,��i;�
<br /> ;�,�;,., � 4. ACTION3 AFFECTING TRUST ESTATE. Trustor ehall appear in and contest
<br /> any action or procee ng �urpor ing o a fect the sscurity hereof or the
<br /> '� .., • ', . � ri hts or powers of Beneficiary or Trustee, and shall pay all costs and
<br /> •:,�.:;;�,'`, . expenses, including cost of evidence of title and attorney's fees, in any such
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