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n <br />� <br />w <br />N <br />m <br />rn <br />> <br />C <br />Z <br />M <br />co <br />C7 <br />CJ1 <br />�.t� <br />Ti <br />G <br />rr, <br />6 <br />%C <br />= <br />N <br />--j <br />tTJ <br />rV <br />n <br />nm <br />PO <br />M <br />m <br />rn <br />> <br />C <br />Z <br />C7 <br />M <br />�.t� <br />CA <br />%C <br />= <br />n <br />nm <br />m <br />rn <br />> <br />a <br />�.t� <br />tTJ <br />lb <br />A <br />CIO <br />CD <br />C n <br />C.rl <br />Z <br />CD <br />n <br />200507865 <br />DEED OF TRUST <br />THIS DEED OF TRUST is made on July 1, 2005 <br />The Trustors are Douglas A. & Angela M. Boersen, also known as Borrowers. <br />1s -.50 <br />The Trustee is Doug Walker, Grand Island City Attorney, 100 E. First Street, P.O. Box 1968, Grand Island, <br />Nebraska, 68802 -1968, <br />The Beneficiary is City of Grand Island, also known as Lender. <br />Beneficiary's address is PO Box 1968, Grand Island, NE 68802 -1968. <br />Borrowers irrevocably convey to Trustee, in Trust, with power of sale, the following: <br />Lot One (1) in Homestead Second Subdivision, Hall County, Nebraska <br />together with all the rents and profits therefrom and subject to easements and restrictions of record, if any. <br />Borrowers owe Lender up to $25,000.00, evidenced by Borrowers' Note of even date, payable according to <br />the terms thereof. <br />This Security Instrument secures to Lender the Debt evidenced by said Note, the payment of all other sums, <br />with interest, advanced under the provisions hereafter to protect the security and the performancy of Borrowers' <br />covenants and agreements. <br />Borrowers covenant that Borrowers are lawfully seized of such real estate and have the legal power and <br />lawful authority to convey the same and warrant and will defend title to the real estate against the lawful claims of all <br />persons. <br />BORROWERS AND LENDER AGREE AS FOLLOWS: <br />1. Borrowers shall pay when due, the principal and interest as provided in said Note. <br />2. All payments received by Lender shall be first applied to advances which may have been made by <br />Lender and then to interest due and last to principal due. <br />3. Borrowers shall pay all general real estate taxes and special assessments against the property before <br />the same become delinquent. <br />4. If Lender determines that any part of the property is subject to a lien, which is or may attain priority over <br />this security instrument, Lender may give Borrowers a notice identifying the lien and Borrowers shall satisfy the lien <br />within ten (10) days. <br />5. Borrowers shall keep the improvements on said premises insured against loss by fire and hazards <br />included within the term "extended coverage" for their insurable value and policies for the same shall include a <br />standard mortgage clause showing Lender herein. In event of loss, Lender may make proof of loss if not promptly <br />made by Borrowers. Insurance proceeds shall be applied to restoration or repair of the property damaged, unless <br />both parties otherwise agree, except if restoration or repair is not economically feasible or Lender's security is not <br />lessened, otherwise said proceeds shall be paid m the debt herein, whether or not then due. Lender shall be listed <br />on such insurance policy as "Loss Payee ". <br />Page t of 3 <br />