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<br />87- 107264
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<br />DEED OF TRUST
<br />CX>NSTRUcrION SECURITY AGRmIENT
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<br />This Deed of Trust Construction Security Agreement is made this 21st day
<br />of December, 1987, by and among McDERMJIT AND MILLER, P.C., hereinafter referred
<br />to as "Trustor," whose mailing address is Post Office Box 1767, Grand Island,
<br />Nebraska 68802, Arend R. Baack, Attorney at Law, hereinafter referred to as
<br />"Trustee," whose mailing address is Post Office Box 790, Grand Island, NE 68802;
<br />and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Benefi-
<br />ciary," whose mailing address is P.O. Box 1688, Grand Island, Nebraska 68802.
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<br />For valuable consideration, Trustor irrevocably grants, transf~rs, conveys
<br />and assigns to Trustee, in trust, with power of sale, for the benefit and security
<br />of Beneficiary, under and subject to the terms and conditions of this Deed of Trust
<br />Construction Security Agreement, the following-described property, located in Hall
<br />County, Nebraska, to-wit:
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<br />lDt One (1), in Woodridge South Subdivision, Grand Island,
<br />Hall County, Nebraska, and interest in a perpetual
<br />easement for parking, ingress and egress on the West
<br />126 feet of lDt Two (2), Woodridge South Subdivision,
<br />City of Grand Island, Hall County, Nebraska.
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<br />together with all buildings, improvements, fixtures, streets, alleys, passageways,
<br />easements, rights, privileges and appurtenances located thereon or in any way
<br />pertaining thereto, and the rents, issues, profits, reversions and the remainders
<br />thereof, including all such personal property that is attached to the improvements
<br />so as to constitute a fixture, all of which, including replacements and additions
<br />thereto, are hereby declared to be a part of the real estate conveyed in trust
<br />hereby, it being agreed that all of the foregoing shall be hereinafter referred to
<br />as the "Property."
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<br />FUR THE PURroSE OF SEnJRING:
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<br />(a) the payment of construction indebtedness in respect to sums to be
<br />advanced to Trustor from Beneficiary for the purpose of making an improvement
<br />of the real estate above-described, as evidenced by a Construction Draw Deed
<br />of Trust Note of even date herewith in the original total principal draw
<br />amount of Three Hundred Thousand and No/l00 Dollars ($300,000.00);
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<br />(b) the payment of interest at the rate or rates provided in the afore-
<br />described note and the payment of both principal and interest on any and all
<br />renewals, IOOdifications and extensions of such notes;
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<br />(c) the payment of principal and interest on any future advance as may
<br />be evidenced by promissory notes stating they are secured by this Deed of
<br />Trust Construction Security Agreement; provided, however, that the total
<br />principal indebtedness, not including sums advanced to protect the security
<br />or interest accrued, shall not exceed the sum of Three Hundred Thousand and
<br />No/loa Dollars ($300,000.00);
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<br />(d) the perfornJance of each agreement and covenant of Trustor herein
<br />contained; and
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<br />(e) the payment of any sujll or SlUllS of money which may be hereafter
<br />paid or advanced by Beneficiary under the terms of this Deed of Trust Con-
<br />struction Security Agreement, together with interest at the highest rate
<br />provided in the notes secured hereby.
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<br />To protect the security of this Deed of Trust Construction Security Agreement,
<br />Trustor hereby covenants and agrees as follows:
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<br />1. Payment of Indebtedness. 'lb pay when due, the principal of, and the
<br />interest 'on, the indebtedness evidenced by the note, charges, fees and all other
<br />sums a.~ provided in the loan instruments.
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<br />2. Title. Trustor is the mmer of the property and has the right and
<br />lluthority-t() execute this Deed of Trust Construction Security Agreement in respect
<br />to the property.
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