200207251 - Laserfiche WebLink

Browse

M n M _ \ • ry o >. 7. O C y (n '*i O O .mac Z!3 Co D D N a O � CJ7 200207251 Cn DEED OF TRUST THIS TRUST DEED made this �,� � between JOSEPH M. CHITTY and MELAN1 a HITTY, usban and Wife, a of 202, as TRUSTORS, whose address is 534 Shady Bend Road, Grand Island, Nebraska 68801; WILLIAM A. FRANCIS, A Member of the Nebraska State �. Bar Association, as TRUSTEE, whose address is 222 N. P. 0. Box 2280, Grand Island, Cedar Street, Nebraska 68802; and SHAYNE LAWRENCE and TERESA K. LAWRENCE, Husband and Wife, whose address is P.O. Box 76, Douglas, WY 82633, hereinafter referred to as BENEFICIARIES. WITNESSETH: That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE, IN TRUST, his successors and assigns, with power of sale, the following- described real property: Lot Three (3), Billy Poe Subdivision, An Addition to the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements and appurtenances thereon. The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARIES that the TRUSTORS are lawfully seized and the owner of the above - described property; and that they execute this Deed of Trust for the purpose of conveying and pledging their spousal interest in the above - described property, together with their ownership interest; that they have good right and lawful authority to sell and convey said premises and that said premises are free and clear of all liens and encumbrances, and further, that TRUSTORS will warrant and defend the title to said premises forever against the claims of all persons whomsoever. For the purpose of securing performance of each agreement of TRUSTORS herein contained and the payment of EIGHTY THOUSAND DOLLARS ($80,000.00), the TRUSTORS have executed a Promissory Note bearing even date, at the rate of interest and on the terms and conditions as set forth in said Note until paid. The principal sum and interest shall be payable in accordance with and upon the terms and conditions of said Note of even date, and in any event the entire principal balance due hereunder and any accrued interest shall be paid on July 1, 2007. All installment payments hereunder shall be applied first to the payment of interest computed annually on the unpaid balance, pursuant to an Amortization Schedule, a copy of which has been provided to each of the parties hereto, and remainder of each payment of each installment to be applied to principal. All payments due hereunder shall be paid at the residence of the BENEFICIARIES or the holder of said security shall designate in writing. It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and until filing of Notice of Default, the TRUSTORS shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties in writing.