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.. MJIMBr BANKS ~.. Deed of Trust 87- 107216 r THIS DEED OF TRUST is made this 17th day of D!!c!!mber , 19~, by and between Dori s E. Ri ckns. , " liitlgle' pilriioIl . whether one or more, (hereinafter called the "Trustor"), whose mailing address is 1413SouthL1ncoln.GrandIsland.N!!braska 68801 . NOR WEST BANK NEBRASKA. NATIONAL ASSOCIATION (hereinafter called the "Trustee"), whose mailing address is 202 W. 3rd. Grand Island. NE ,and NORWEST BANK NEBRASKA. NATIONAL ASSOCIATION . (hereinaftJJr called the "Beneficiary"), whosemailingaddressis?O?W1rn.r.r-..nnT..1-..nnJN...br-.....!fa 68801 WITNESSETH: IF THIS BOX IS CHECKED I J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS,Trustor is indebted to Beneficiary in the principal sum of Nineteen Thousand Five HundrM and nO 11 OOr-hs-- Dollars ($ 19.500.00 ). which indebtedness is evidenced by Trustors promissory note dated npc.,.mh.,.r 17. 19131-, (hereinafter called the "Note''), payable to the order of Beneficiary and having a maturity of 1nn'" 14 , 1 QRR NOW. THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges. prepayment penalties, any future advances, and all extensions, modifications, substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with interest thereon. advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements of Ttustor. whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of all other sums or future advances, with inlerest thereon, which may heTetofore have been or hereafteT be advanced by Beneficiary to Trustor or Trustors successor in inlerest or title. all of which is hereinafter collectively called the "Indebtedness". Trustor irre\'ocably grants and transfers to Trustee. in trust, WITH POWER OF SALE,. the following described property: The South Fifty Six (S56) Feet of the North One Hundred Sixty Eight \NI68) Feet of the West One Half (W~) of Block T~p (10) in Pleasant Home Subdivision of part of th!! East Half of the Southeast Quarter (E~S~) of ~ection Twenty One (21), Townstip Eleven (II) North. Range Nine (9). West of the 6th P.M., in the City of Grand Island, Hall County. Nebraska. [. i. t ~ ~~ ! Ii together with (i) all buildings, structures, additioos, enlargements. modifications. repairs. replacements. and improvements now or hereafter located theTeon, (ii) all equipment. machinery and lixtures (including, without !imitation. a/llighting. heating. ventifating, cooling. air conditioning, sprink:ing and plumbing fixtures. water and power systems. engines. boilers, ranges, m'ens. dishwashers, mirrors and mantels. carpeting, furnaces, oil burners, elevators and motors. refrigeration plants or units, communication systems, dynamos. transfOffllers. electrical equipment, storm and screen windows, doors, awnings and shades) now 01 hereafteT attached to. or built in. any building or implovement now or hereafter located thereon. (iii) all easements and rights of way appurtenant thereto, (iv). all leasehold estate. right, title and int/Nest of Trustor in and to all leases, whether now or hereafter existing 01 entered into (including. without limitation. all cash and security deposits. advance rentals and deposits or payments of a similar nature). pertaining thereto, M all rents. issues. profits and income therefrom (subject to the right of Trustor to collect and apply such rents. issues, profits and income as they become due and payable so long as no event of default exists hereunder), (vi) all royalties, mineral, oil and gas nghts and profits, IvateT. water rights. and water stock, (vii) all tenements, hereditaments, privileges and appurtenances belonging, used 01 enjoyed in connection theTewith, and (viii) all proceeds of cooversion. voluntary or involuntary, of any of the foregoing into cash or fiquidated claims (including, without limitation. proceeds of insurance and condemnation awards), all of which is hereinafter collectively called the "Trust Property", TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1, Title. Trustor covenants, warrants and agrees with Beneficiary. its successors and assigns. that TruSt01 o\vns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust i.s and will remain a valid and enforceable first lien on the Trust Property. that Trustor, at its expense. will preserve such title and \v/It maintain this Deed of Trust as a first and paramount lien upon the Trust Property, and will forever warrant and defend the validity and priority of the lien heTeot against the claims of all pelsons and parties whomsoever. Trustor, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto. to be filed and rerorded as a mortgage of the Trust Property in such manneT and in such place and \v/II take such action as in the opI'nion of Trustee may be required by any present or future law in ordeT to perfect. maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented from time to time. Trustor IViII make such furth/N assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes al/ right of dower and homestead in and to the Tlust Property. 2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest 00 the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shaH complete in good and "'OtkmanJi/(e manr.-er any buildings. improvements or repairs relating thereto which may be begun 00 the Trust Property or contemplated by the loan evidenced by the Note secured heTeby. to pay when due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event construction 01 buildings, improvements 01 repairs are cootemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwiths/anding; (a) to promptly commence any such work and to complete the proposed improvements promptly. (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary, :c} to comply with all the terms of a building Joan agreement, if any. between TlUstor and Beneficiary, tha terms of which are inc01porated herein by reference and made a part hereof. (d) to allow Beneficiary to inspect the Trust Property at all times during construction. and (e) to replace any wor/( or materials Unsatisfactory to Beneficiary within /ifteen (15) days after written notice from Beneficiary of such fact 4, Funds for Payment 01 Charges Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benelir.iary on the first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum (hereinatter called the "Funds") equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on tho Trust Property, ifeny, plus li12th of the yearly premium installments for hazard insurance. plus 11 12th of the yearly premium installments lor mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution. the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taICes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or eamings on the Funds. Beneficiary shall give to Trustor, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security lor thelndebtedniJss secured by this Deed of Trust /I the amount of the Funds held by Beneliciary, together with the future monthly installments 01 Funds payable prior to the due dales 01 taxes, assessments. insurance premiums and ground rents, shall exceed the llmount required to pay said taxes. assessments. insurance premiums and ground rents as they fall due. such excess shall be, at Trustor's option, 81therpromptly repaid to Trustor or credited to Truslor against future monthly inslallments 01 Funds, If the amount 01 the Funds held by Beneficiary sf/all not be sufficient to pay taxes, assessments. Insurance premiums and ground rents as they lal/ due, Trustor shall pay to Beneficiary any amount necossary to make up the deficiency Within thirty days from the dale notice is mailed by Benelleiary to Trustor requosting payment /flOreol. Upon payment in full 01 all Indebtedness. Benellclary shall plOmptly relund to Trustor any Funds held by Benellclary, IIlhe Trust Property IS sold under /fIe power 01 sale or the Trust Property IS olhel\vlse acqwred by Bemjliciary, BenelicUlry sf/all apply, immediately prior to Ihe sale of the Trust Property or Irs BCl/WSII/OIl bl' BeneflctalY. aIJf' Funds held by Beneliciary al the Mle 01 applieallon as a credit againsl tllO IlIdebledlJQss II BelloflcliUl' e~ecutes a \\'lIlton II'WI'PI 0' IIustor's obligations umiet U"s paragraph 4, T I(Islor covenBnts and agmQs 10 pay. belofO the samo t>t!coml' (/(,ft1!(jUI'1!t ali taws, assnssmell/s L r t ! J'. ~- I I l I l ~- ( J",!s, fl~"J:'*t'dii.t.. (',.rot.f"i r/ ~, .-.1