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<br />200601.848
<br />
<br />nEED OF TRUST WITH FUTURE Anv ANCE8
<br />
<br />THIS DEED OF TRUST, is made as of the [ 14th _J day of!" February ], 2006, by and
<br />among the Trustor, _l1khAe 1 S. DlIclP.k Ancl WenclY M. Ollclek, hllshand-End wife ...._~J
<br />whosemailingaddressis636Meves~y.~nl.Je ., Grand Island Nebraska 68801 __m._J
<br />(herein "Trustor", whether one or more). The 'frustee: NEBRASKA ENERGY FEDERAL CREDIT UNION
<br />whose mailing address is: P.O. Box499,Columbus,NE 68602~0499. (herein "Trustee"), and the Beneficiary:
<br />NEBRASKA ENERGY FEDERAL CREDIT UNION whose mailing address is: P.O. Box 499, Columbus, NE
<br />68602-0499 (herein "Lender").
<br />FOR VALUABLE CONSIDERA nON, including Lender's extension of credit identified herein to:
<br />[ Michael S. Dudek and \-Jendy M. _Dudek, husband.. and wife .._J
<br />(herein "Borrower," whether one or more) and the trust herein created, the receipt of which is hereby acknowledged,
<br />Tmstor hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE,
<br />for the benefit and security of Lender, under and subject to the tenns and conditions hereinafter set forth, the real
<br />property described as follows:
<br />
<br />Lot Sixteen (16) in Block Two (2) in Meves First Addition to the City
<br />of Grand Island, Hall County, Nebraska. A.P.N. #400062429
<br />
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and sllch personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but notlirnited to, heating and cooling equipment; and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived; all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a promissory note
<br />or credit agreement dated [ February 14, 2006 ], having a maturity date of ~d_~J
<br />in the original principal amount of [$ 15,400.00 1 , and any and allmodificalions, extensions
<br />and renewals thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more
<br />than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note"); (b) the
<br />payment of other sums advanced by Lender to protect the security of the Note; (c) the perfonnance of all covenants
<br />and agreements of Tmstor set forth herein; and (d) all present and future indebtedness and obligations of Borrower
<br />(or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by
<br />note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the
<br />Note or otherwise executed in cOlUlection therewith, including without limitation guarantees, security agreements
<br />and assignments of leases and rents, shall be referred to herein as the "Loan Instruments".
<br />Tmstor covenants and agrees with Lender as follows:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property, except for liens and encumbrances set
<br />forth by Tmstor in writing and delivered to Lender before execution of this Deed of Tmst, and the execution and
<br />delivery of this Deed ofTmst does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay before delinquency all taxes, special assessments and all other
<br />charges against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire, hazards included within the term
<br />"extended coverage" and such other hazards as Lender may require, in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured, with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise, all claims thereunder and shall have the option
<br />of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender
<br />may determine, (ii) to the Trustor to be used for the repair or restoration of the property or (iii) for any other purpose
<br />or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby
<br />before such payment ever took place. Any applications of proceeds to indebtedness shall not extend or postpone the
<br />due date of any payments under the Note, or cure any default thereunder or hereunder.
<br />5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such a manner as Lender may
<br />designate, sufficient sums to enable Lender to pay as they become due one or more of the following: (i) all taxes,
<br />assessments and other charges against the Property, (ii) the premiums on the property insurance required hereunder,
<br />and (iii) the premiums on any mortgage insurance required by Lender.
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