|
200201023
<br />DEED OF TRUST WITH FUTURE ADVANCES
<br />This DEED OF TRUST is made this 24th day of January, 2002, by and among JAMES R. PERKINS
<br />and JANICE K. PERKINS, husband and wife, hereinafter referred to as " Trustors," whether one or more,
<br />whose mailing address is 3275 North 150th Road, Cairo, Nebraska 68824; THE 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 Corporation,
<br />hereinafter referred to as "Beneficiary," whose mailing address is Box 428, Cairo, Nebraska 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 East Half of the Southwest Quarter (E1 /2SW1 /4) and The Southwest Quarter of the
<br />Southwest Quarter (SW1 /4SW1 /4) all in Section Thirty Six (36), Township Twelve (12) North,
<br />Range Twelve (12) West of the 6th P.M., Hall County, Nebraska, excepting a certain tract more
<br />particularly described as Lote One (1), Perkins Acres Subdivision, Hall County, Nebraska,
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon, and all personal property that may be or hereafter become an integral part of such
<br />buildings and improvements, all crops raised thereon, and all water rights, all of which, including replacements
<br />and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed
<br />that all of the foregoing shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness evidenced by TrustOFs' note of even date herewith in the principal sum of
<br />$95,060.00, 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 />set 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 Trustor 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 TRUST, TRUSTORS 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
<br />sums as provided in the loan instruments.
<br />2 Trustors arc the owners of the property and have the right and authority to execute this Deed of Trust in respect to the
<br />property
<br />3. To pay. when due, all taxes. special assessments and all other charges against the property. before the same become
<br />delinquent. Trustors shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of
<br />Trust or the debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof
<br />upon the 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. Tmstor shall promptly repair.. maintain and replace the property or any part thereof. so
<br />that, except for ordinary wear and tear, the property shall not deteriorate.
<br />5. In the event the property, or any part thereof. shall be taken by eminent domain, the Beneficiary is entitled to collect and
<br />receive all compensation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall
<br />apply such compensation, at its option, either to a reduction of the indebtedness secured hereby, or to repair and restore the property
<br />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. Trustors agree to repay, upon demand. 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 />
|