|
<br />
<br /> ,., 0 S2 i~
<br /> m ::z: ~ (") (/) ~I
<br /> -n c:::=>
<br /> C; m en ~ cno o -i
<br />n Z n% ':D C::l>
<br /> ;Ii; z:-i
<br />:I: ~ tl ~~ -0 -ilTl
<br />m !{' :::0 -<0
<br />n (I)
<br />~ :c .-.. 0"'" ~fr
<br /> "T1 -...J ..." z:
<br /> 0 ~ :x: fT1 0::1'
<br /> m t :n l> OJ
<br /> m ::3 r :::u gl
<br /> 0 r l'"
<br /> (J1 t-' (J)
<br /> 0 ;::><;
<br /> l>
<br /> N -..........
<br /> -...J (.fl
<br /> (/l ~
<br />
<br />
<br />N
<br />S
<br />S
<br />0)
<br />S
<br />W
<br />UJ
<br />N
<br />-"
<br />
<br />Rdbav JOII/~
<br />WHEI<l'RECORDED MAIL TO:
<br />Five Points Bank
<br />West Branch
<br />200!:! N. uiers Ave.
<br />Grand Island. NE 68803
<br />
<br />200603321
<br />
<br />..7 .s: ..s-O
<br />FOR RECORDER'S USE ONLY
<br />
<br />DEED OF TRUST
<br />
<br />THIS DEED OF TRUST is dated April 10, 2006, among DEVRA A MCElROY and JAMES B MCELROY; Wife
<br />
<br />and Husband ("Trustor"); Five Points Bank, whose address is West Branch, 2009 N. Diers Ave., Grand Island,
<br />
<br />NE 68803 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Five Points Bank,
<br />
<br />whose address is P.O Box 1507, Grand Island, NE 68802-1507 (referred to below as "Trustee").
<br />
<br />CONVEY ANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings. improvements and fixtures; all easements. rights of way, and appurtenances; all water. water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights. royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in HALL
<br />
<br />County, State of Nebraska:
<br />
<br />The South Half of the North Half of the West Half of the Southeast Quarter (S 1/2N 1/2W1/2SE 1/4) of
<br />
<br />Section One (1), Township Twelve (12) North, Range Twelve (12) West of the 6th P.M., Hall County,
<br />
<br />Nebraska.
<br />
<br />The Real Property or its address is commonly known as 8270 N EQUUS LN, CAIRO, NE 68824-9723.
<br />
<br />REVOL VING LINE OF CREDIT. This Deed of Trust secures the Indebtedness including, without limitation, a revolving line of credit, which
<br />obligates Lender to make advances to Trustor so long as Trustor complies with all the terms of the Credit Agreement. Such advances may
<br />be made, repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing at anyone time, not
<br />including finance charges on such balance at a fixed or variable rate or sum as provided in the Credit Agreement, any temporary overages,
<br />other charges, and any amounts expended or advanced as provided in this paragraph, shall not exceed the Credit Limit as provided in the
<br />Credit Agreement. It is the intention of Trustor and Lender that this Deed or T(ust secures the balance "u~s~and;;,:g und~r ~hc C'!!di~
<br />Agreement from time to time from zero up to the Credit Limit as provided in the Credit Agreement and any intermediate balance.
<br />
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all
<br />present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial
<br />Code security interest in the Personal Property and Rents.
<br />
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF TRUSTOR'S
<br />AGREEMENTS AND OBLIGATIONS UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />
<br />PA YMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all amounts secured by
<br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Credit
<br />Agreement, this Deed of Trust, and the Related Documents.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be
<br />governed by the following provisions:
<br />
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property;
<br />(2) use. operate or manage the Property; and (3) collect the Rents from the Property.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />
<br />Hazardous Substances. Trustor represents and warrants that the Property never has been, and never will be so long as this Deed of
<br />Trust remains a lien on the Property, used for the generation, manufacture, storage, treatment, disposal, release or threatened release
<br />
|