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<br />DEED OF TRUST
<br />THIS DEED OF TRUST is made on March 15, 2005. The Trustor is Craig Cotton and Jo
<br />Lynn Cotton, husband and wife, whose address is 4538 Jarboe Street, #4, Kansas City, Missouri
<br />64111. The Trustee is Denise D. Myers, an attorney licensed in the State of Nebraska, whose
<br />address is P.O. Box 400, Grand Island, Nebraska 68802 ( "Trustee "). The beneficiary is Sally K.
<br />Hrnicek, a married person, 1816 Stolley Park Circle, Grand Island, Nebraska 68803 ( "Lender ").
<br />Borrowerowes Lenderthe principal sum ofThirtyThousand Seven Hundred Seventy -seven Dollars
<br />and Twenty -five Cents ($30,777.25). This debt is evidenced by Borrower's' note dated the same
<br />date as this Security Instrument ( "Note "), which provides for interest at the rate of six percent (6 %),
<br />with a balloon payment being paid on or before April 16, 2010. The Security Instrument secures
<br />to Lender: (a) the repayment of the debt evidenced by the Note and all renewals, extensions and
<br />modifications; (b) the payment of all other sums, with interest, advanced under paragraph 7 to
<br />protect the security of this Security Instrument; and (c) the performance of Borrower's' covenants
<br />and agreements. For this purpose, irrevocably grants and conveys to Trustee, in trust, with power
<br />of sale, the following described property located in Hall County, Nebraska:
<br />Lot Fourteen (14), Block Twenty -three (23), College Addition to West Lawn, City of
<br />Grand Island, Hall County, Nebraska.
<br />TOGETHER WITH all the improvements now 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 />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed
<br />and have the right to grant and convey the Property and that the Property is unencumbered, except
<br />for encumbrances of record. Borrower warrants and will defend generally the title to the Property
<br />against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower 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. Borrower agrees to pay for all real estate taxes and
<br />insurance as they become due.
<br />3. Application of Payments. All payments received by Lender under paragraph 1 shall
<br />be applied: first, to late charges due under the Note, if any; second, to prepayment charges due
<br />under the Note, if any, and, last, to principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and
<br />impositions attributable to the Property which may attain priority over this Security Instrument.
<br />Borrower shall pay them on time directly to the person owed payment. When Borrower makes
<br />these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the
<br />payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security
<br />Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the
<br />lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defend against
<br />enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
<br />enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of
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<br />DEED OF TRUST
<br />THIS DEED OF TRUST is made on March 15, 2005. The Trustor is Craig Cotton and Jo
<br />Lynn Cotton, husband and wife, whose address is 4538 Jarboe Street, #4, Kansas City, Missouri
<br />64111. The Trustee is Denise D. Myers, an attorney licensed in the State of Nebraska, whose
<br />address is P.O. Box 400, Grand Island, Nebraska 68802 ( "Trustee "). The beneficiary is Sally K.
<br />Hrnicek, a married person, 1816 Stolley Park Circle, Grand Island, Nebraska 68803 ( "Lender ").
<br />Borrowerowes Lenderthe principal sum ofThirtyThousand Seven Hundred Seventy -seven Dollars
<br />and Twenty -five Cents ($30,777.25). This debt is evidenced by Borrower's' note dated the same
<br />date as this Security Instrument ( "Note "), which provides for interest at the rate of six percent (6 %),
<br />with a balloon payment being paid on or before April 16, 2010. The Security Instrument secures
<br />to Lender: (a) the repayment of the debt evidenced by the Note and all renewals, extensions and
<br />modifications; (b) the payment of all other sums, with interest, advanced under paragraph 7 to
<br />protect the security of this Security Instrument; and (c) the performance of Borrower's' covenants
<br />and agreements. For this purpose, irrevocably grants and conveys to Trustee, in trust, with power
<br />of sale, the following described property located in Hall County, Nebraska:
<br />Lot Fourteen (14), Block Twenty -three (23), College Addition to West Lawn, City of
<br />Grand Island, Hall County, Nebraska.
<br />TOGETHER WITH all the improvements now 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 />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed
<br />and have the right to grant and convey the Property and that the Property is unencumbered, except
<br />for encumbrances of record. Borrower warrants and will defend generally the title to the Property
<br />against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower 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. Borrower agrees to pay for all real estate taxes and
<br />insurance as they become due.
<br />3. Application of Payments. All payments received by Lender under paragraph 1 shall
<br />be applied: first, to late charges due under the Note, if any; second, to prepayment charges due
<br />under the Note, if any, and, last, to principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and
<br />impositions attributable to the Property which may attain priority over this Security Instrument.
<br />Borrower shall pay them on time directly to the person owed payment. When Borrower makes
<br />these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the
<br />payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security
<br />Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the
<br />lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defend against
<br />enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
<br />enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of
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