|
200306274
<br />DEED OF TRUST WITH FUTURE ADVANCES
<br />This DEED OF TRUST is made this 15th day of May, 2003, by and among DANNY J. DUBBS and
<br />KATHY R. DUBBS, husband and wife, hereinafter referred to as "Trustors," whether one or more, whose
<br />mailing address is 4103 south cameron road, Wood river, Nebraska 68883; TIIE STATE BANK OF
<br />CAIRO, a Nebraska Banking Corporation, hereinafter referred to as "Trustee," whose mailing address is
<br />Box 428, Cairo, Nebraska 68824; and THE STATE BANK OF CAIRO, a Nebraska Banking
<br />Corporation, hereinafter referred to as "Beneficiary," whose mailing address is Box 428, Cairo, Nebraska
<br />68824.
<br />For valuable consideration, Trustors irrevocably grant, transfer, convey and assign to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of
<br />this Deed of Trust, the following described real property located in HALL County, Nebraska:
<br />The West Half of the Northwest Quarter of the Northwest Quarter (W 1/2 NW 1/4 NW 1/4) of
<br />Section Two (2), Township Ten (10), Range Twelve (12) West of the 6th P.M., Hall County,
<br />Nebraska, Excepting a tract of land more partiuclarly described in Deed recorded in Book 67,
<br />Page 261,
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon, and al I personal property that may be or hereafter become an integral part of
<br />such buildings and improvements, all crops raised thereon, and all water rights, all of which, including
<br />replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it
<br />being agreed that all of the foregoing shall be hereinafter referred to as the "Properly."
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness evidenced by Trustors' note of even date herewith in the principal sum of
<br />$100,000.00, together with interest at the rate or rates provided therein, and any and all renewals, modifications
<br />and extensions of such note, both principal and interest on the note being payable in accordance with the terms
<br />act forth therein, which by this reference is hereby made a part hereof; and any and all future advances and
<br />readvances to Trustors hereunder pursuant to one ore more promissory notes or credit agreements (herein called
<br />"Note");
<br />b. the payment of other sums advanced by Beneficiary to protect the security of the Note;
<br />c. the performance of all covenants and agreements of Truster set forth herein; and
<br />d. all present and future indebtedness and obligations of Trustors to Beneficiary whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise;
<br />TO PROTECT THE SECURITY OF THIS DEED OF T'RUS'T, I RUST'ORS HEREBY COVENANT AND AGREE:
<br />1. To pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other stuns
<br />as provided in the loan instruments.
<br />2. Trustors are the owners of the property and have the right and authority to execute this Deed of Trust in respect to the property.
<br />1 To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent,
<br />toasters shall pay all taxes and assessments which may be levied upon Bcnefnciary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
<br />4. To keep the improvements now or hereafter located on the property insured against damage by fire and such other hazards as
<br />the Beneficiary may require, in amounts and companies acceptable to the Beneficiary, Such insurance policy shall contain a standard
<br />mortgage clause in favor of Beneficiary. Truster shall promptly repair, maintain and replace the property or any part thereof, so that,
<br />except for ordinary wear and tear, the property shall not deteriorate.
<br />5. In the event the property, nr any part thereof, shall be taken by eminent domain, the Beneficiary is entitled to collect and receive
<br />all compensation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall apply such
<br />compensation, at its option, either to a reduction of the indebtedness secured hereby, or to repair and restore the property so taken.
<br />6. The Beneficiary may, but shall have no obligation to, do any act which Trustors have agreed but failed to do, and the
<br />Beneficiary may also do any act it deems necessary to protect the lien hereof. 'I'nators agree to repay, upon dennand, any sums so
<br />expended by the Beneficiary for the above purposes, and any sum so expended shall be added to the indebtedness secured hereby and
<br />become secured by the lion hereof, The Beneficiary shall no incur any liability because of anything it may do Or omit to do hereunder.
<br />7. The Beneficiary shall have the right, power and authority during the continuance of this Deed of Trust to collect the rents, issues
<br />and profits of the property and of any personal property located thereon with or without taking possession of the property affected
<br />
|