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TRUST DEED
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<br />TRUST DEED
<br />THIS DEED OF TRUST is made on July 1, 2004. The Trustors are Edward A. Loeffler and
<br />Jane A. Loeffler, husband and wife, whose address is P.O. Box 406, Cedar Rapids, Nebraska
<br />68627. The Trustee is Kevin A. Brostrom, an attorney licensed in the State of Nebraska, whose
<br />address is P.O. Box 400, Grand Island, Nebraska 68802 ( "Trustee "). The beneficiaries are Melvin
<br />W. Williams and Patricia D. Williams, husband and wife, whose address is 4065 Strauss Road,
<br />Grand Island, Nebraska 68803 ( "Lenders "). Borrowers owe Lenders the principal sum of Forty
<br />Thousand Dollars ($40,000.00). This debt is evidenced by Borrowers' note dated the same date
<br />as this Security Instrument ( "Note "), which provides for monthly payments. The Security Instrument
<br />secures to Lenders: (a) the repayment of the debt evidenced by the Note, with interest, and all
<br />renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced
<br />under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of
<br />Borrowers' covenants and agreements. For this purpose, Borrowers irrevocably grant and convey
<br />to Trustee, in trust, with power of sale, the following described property located in Hall County,
<br />Nebraska:
<br />The North Fourteen Feet (N 14') of Lot Three (3), and the South Twenty -six Feet
<br />(S 26') of Lot Two (2�Hann's Addition, City of Grand Island, Hall County, Nebraska.
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<br />TOGETHER WITH all the improvements n)w or hereafter erected on the property, and all
<br />easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water
<br />rights and stock and all fixtures now or hereafter a part of the property. All replacements and
<br />additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
<br />Security Instrument as the "Property ".
<br />BORROWERS COVENANT that Borrowers are lawfully seized of the estate hereby
<br />conveyed and have the right to grant and convey the Property and that the Property is
<br />unencumbered, except for encumbrances of record. Borrowers warrant and will defend generally
<br />the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrowers and Lenders covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrowers shall
<br />promptly pay when due the principal of and interest on the debt evidenced by the Note and any
<br />prepayment and late charges due under the Note.
<br />2. Funds for Taxes and Insurance. Borrowers agree to pay for all real estate taxes and
<br />insurance as they become due.
<br />3. Application of Payments. All payments received by Lenders under paragraph 1 shall
<br />be applied: first, to late charges due under the Note; second, to prepayment charges due under
<br />the Note; third, to interest due; and, last, to principal due.
<br />4. Charges; Liens. Borrowers shall pay all taxes, assessments, charges, fines, and
<br />impositions attributable to the Property which may attain priority over this Security Instrument.
<br />Borrowers shall pay them on time directly to the person owed payment. When Borrowers make
<br />these payments directly, Borrowers shall promptly furnish to Lenders receipts evidencing the
<br />payments.
<br />Borrowers shall promptly discharge any lien which has priority over this Security
<br />Instrument unless Borrowers: (a) agree in writing to the payment of the obligation secured by the
<br />lien in a manner acceptable to Lenders; (b) contest in good faith the lien by, or defend against
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<br />THIS DEED OF TRUST is made on July 1, 2004. The Trustors are Edward A. Loeffler and
<br />Jane A. Loeffler, husband and wife, whose address is P.O. Box 406, Cedar Rapids, Nebraska
<br />68627. The Trustee is Kevin A. Brostrom, an attorney licensed in the State of Nebraska, whose
<br />address is P.O. Box 400, Grand Island, Nebraska 68802 ( "Trustee "). The beneficiaries are Melvin
<br />W. Williams and Patricia D. Williams, husband and wife, whose address is 4065 Strauss Road,
<br />Grand Island, Nebraska 68803 ( "Lenders "). Borrowers owe Lenders the principal sum of Forty
<br />Thousand Dollars ($40,000.00). This debt is evidenced by Borrowers' note dated the same date
<br />as this Security Instrument ( "Note "), which provides for monthly payments. The Security Instrument
<br />secures to Lenders: (a) the repayment of the debt evidenced by the Note, with interest, and all
<br />renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced
<br />under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of
<br />Borrowers' covenants and agreements. For this purpose, Borrowers irrevocably grant and convey
<br />to Trustee, in trust, with power of sale, the following described property located in Hall County,
<br />Nebraska:
<br />The North Fourteen Feet (N 14') of Lot Three (3), and the South Twenty -six Feet
<br />(S 26') of Lot Two (2�Hann's Addition, City of Grand Island, Hall County, Nebraska.
<br />In 2A C'r,k C)V - \e (
<br />TOGETHER WITH all the improvements n)w or hereafter erected on the property, and all
<br />easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water
<br />rights and stock and all fixtures now or hereafter a part of the property. All replacements and
<br />additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
<br />Security Instrument as the "Property ".
<br />BORROWERS COVENANT that Borrowers are lawfully seized of the estate hereby
<br />conveyed and have the right to grant and convey the Property and that the Property is
<br />unencumbered, except for encumbrances of record. Borrowers warrant and will defend generally
<br />the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrowers and Lenders covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrowers shall
<br />promptly pay when due the principal of and interest on the debt evidenced by the Note and any
<br />prepayment and late charges due under the Note.
<br />2. Funds for Taxes and Insurance. Borrowers agree to pay for all real estate taxes and
<br />insurance as they become due.
<br />3. Application of Payments. All payments received by Lenders under paragraph 1 shall
<br />be applied: first, to late charges due under the Note; second, to prepayment charges due under
<br />the Note; third, to interest due; and, last, to principal due.
<br />4. Charges; Liens. Borrowers shall pay all taxes, assessments, charges, fines, and
<br />impositions attributable to the Property which may attain priority over this Security Instrument.
<br />Borrowers shall pay them on time directly to the person owed payment. When Borrowers make
<br />these payments directly, Borrowers shall promptly furnish to Lenders receipts evidencing the
<br />payments.
<br />Borrowers shall promptly discharge any lien which has priority over this Security
<br />Instrument unless Borrowers: (a) agree in writing to the payment of the obligation secured by the
<br />lien in a manner acceptable to Lenders; (b) contest in good faith the lien by, or defend against
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