|
10.5 Jamb North A9nting Co., Walton, NE. 6"i1
<br />DEED OF TRUST
<br />200508934
<br />THiS DEED OF TRUST, is made as of --tmgr day of 2005 by i
<br />and among INVESTMENTS LLC _ ( rustor "), whose mailing address is
<br />__ GARY D. BYRNE, Attorney —At —Law
<br />( "Trustee "), whose mailing address is c. o Advanta e Title 503 W. Koeni St . , ran Isla-
<br />and PLATE ENTERPRISES LLC ( "Beneficiary ")
<br />whose mailing address is E. Stolle Pk. �Rd., Grand Island, NE. 68801
<br />FOlt VAi,IJABi.E CONSIDERATION, 'Trustor irrevocably transfers, conveys and assigns to Trustee, IN 'TRUST, WPTH
<br />POWER OF SALE, fbr the benefit and security of Beneficiary, under and subject to the terms and conditions of this Deed of Trust, f
<br />the real property located in the City of Grand Island , County of
<br />11a 11 State of Nebraska, and le all described as oolows (the "P t );
<br />Lot Eight (8) and the north Forty-Two g(4yL) feet of Lot Ten MM in Block Thirteen (13
<br />in Scarff's Addition to West Lawn, in the City of Grand Island, Hall County, Nebraska i
<br />TOGETHER WiTH, all rents, easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys,
<br />improvements and buildings of any kind situated thereon and all personal property that may be or hereafter become an integral
<br />part of such buildings and improvements, all crops raised thereon, and all water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the "Trust Estate ".
<br />FOR'T1IE PURPOSE OF SECURING:
<br />a. Payment of indebt.ness in the total principal amount of $ , with interest thereon, as evidenced by that
<br />certain promissory note of even date (the "Note ") with a maturity date of Oct- , 2014
<br />executed by Truster, which has been delivered and is payable to the order of Beneficiary, and which by this reference is hereby
<br />made a part hereof, and any and all modifications, extensions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon at the rate of
<br />Seven _ percent ( 7 %v) per annum, and
<br />c. The performance of'Trustor's covenants and agreements.
<br />This Deed of 'Trust, the Note, and any other instrument given to evidence or further secure the payment and
<br />performance of any obligation secured hereby are referred to collectively as the "Loan Instruments ".
<br />TO PROTECT THE SECURITY OF TIIIS DEED OF TRUST:
<br />I. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due tie principal of, and the interest on, the indebtedness
<br />evidenced by the Note, charges, fees and all other sums as provided in the Loan Instruments.
<br />2. 'TAXES AND ASSESSMENTS. Trustor shall pay all taxes and special assessments of every kind, now or hereafter levied
<br />against the trust estate or any part thereof as follows:
<br />(initi I on
<br />'I'rustor shall directly pay such taxes, without notice or demand as each installment comes due and shall
<br />provide the beneficiary with evidence of the payment of the same.
<br />Trustor shall pay to beneficiary one - twelfth of the real estate taxes each month and such other assessments j
<br />as they become due. The one - twelfth payment shall be adjusted annually as the taxes change and trustor agrees that
<br />after payment of the taxes each year that any deficiency will he promptly paid to Beneficiary, Beneficiary agrees
<br />to provide trustor with receipts showing that the real estate taxes have been paid in full and when due.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage insurance insuring the improvements
<br />and buildings constituting part of the Trust Estate for an amount no less than the amount of the unpaid principal balance of the
<br />Note (co- insurance not exceeding 80% permitted). Such insurance policy shall contain a standard mortgage clause in favor of
<br />Beneficiary and shall not be cancellable, terminable or modifiable without ten (10) days prior written notice to Beneficiary
<br />Trustor shall promptly repair, maintain and replace the Trust Estate or any part thereof so that, except for ordinary wear and
<br />tear, the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste on or to the Trust Estate.
<br />4. ACTIONS AFFECTING TRUST ESTATE. Trustor shall appear in and contest any action or proceeding purporting to
<br />affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of
<br />evidence of title and attorney's fees, in any such action or proceeding in which Beneficiary or Trustee may appear, Should Trustor
<br />fail to make any payment or to do any act as and in the manner provided in any of the Loan Instruments, Beneficiary and /or
<br />Trustee, each in its own discretion, without obligation so to do and without notice to or demand upon Trustor and without
<br />releasing Trustor from any obligaltion, may make or do the same in such manner and to such extent as either may deem
<br />necessary to protect the security hereof. Trustor shall, immediately upon demand therefor by Beneficiary, pay all costs and
<br />expenses incurred by Beneficiary in connection with the exercise by Beneficiary of the foregoing rights, including without
<br />limitation costs of evidenco of title, court costs, appraisals, surveys and attorney's fees. Any such costs and expenses not paid
<br />within ten (10) days of written demand shall draw interest at the default rate provided in the Note.
<br />5. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest therein, be taken or damaged by reason of
<br />any public improvement or condemnation proceeding, or in any other manner including deed in lieu of Condemnation
<br />( "Condemnation "), or should Trustor receive any notice or other information regarding such proceeding, Trustor shall give prompt
<br />written notice thereof to Beneficiary, Beneficiary shall be entitled to all compensation, awards and other payments or relief
<br />therefor, and shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings.
<br />Beneficiary shall also be entitled to make any compromise or settlement in connection with such taking or damage. All such
<br />compensation, awards, damages, rights of action and proceeds awarded to Trustor (the "Proceeds ") are hereby assigned to ?'
<br />Beneficiary and 'Trustor agrees to execute such further assignments of the Proceeds as Beneficiary or Trustee may require.
<br />6. FUTURE ADVANCES. Upon request of Trustor, Beneficiary, at Beneficiary's option, prior to reconveyance of the Property !
<br />to'Trustor may make future advances to Trustor. Such future advances, with interest thereon, shall be secured by this Deed of i
<br />Trust when evidenced by promissory notes stating that said notes are secured hereby
<br />7. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to time, by a written instrument executed and
<br />acknowledged by Beneficiary, mailed to Trustor and Recorded in the County in which the Trust Estate is located and by
<br />otherwise complying with the provision" of the applicable law of the State of Nebraska substitute a successor or successors to
<br />the Trustee named herein or acting her rder.
<br />8. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the benefit of and binds all parties hereto, their
<br />heirs, legatees, divorcee, personal representatives, successors and assigns. The term "Beneficiary" shall mean the owner and
<br />holder of the Note, whether or not named as Beneficiary herein.
<br />9. INSPECTiON. Beneficiary or its agent may make reasonable entries upon and inspections of the Property. Beneficiary
<br />shall give Trustor notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Iri;,r 6/95
<br />
|