87107293 - Laserfiche WebLink

Browse

I .. , ~8ANKS ... 87- 107293 Deed of Trust r THIS DEED OF TRUST is made this 17 day of December . 19R, by and between Fletcher T. Shields and , Sally A. Shields. Husband and Wife whether one or more. (hereinafter called the 'Trustor"), whose mailing address is 704 West Hagge Avenue, Grand Island, Nebraska 68801 , NORWEST BANK Nebraska. Na t ional As sac ia t ion (hereinafter called the "Trustee"), whose mailing address is P.O. Box 1768. Grand Island. NE,andNORWESTBANK Nebraska. National Association ,~eremaft~ called the "Beneficiary"), whose mailing address is P.O. Box 1768, Grand Island, Nebraska 68802 WITNESSETH: IF THIS BOX IS CHECKED [ J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREA TES. GRANTS AND CONSTITUTES A CONSTRUCTION SECURfTY INTEREST IN THE PROPERTY DESCRIBED HEREfNBELOW. WHEREAS, Trustor is indebted to Beneficiary in the principal sum of ONE HUNDRED TWENTY-FIVE THOUSAND AND NO/lOO--- Dollars ($ 125,000.00 ), which indebtedness is evidenced by Trustor's promissory note dated December l7. 19~, (hereinafter called the "Note"), payabfe to the order of Beneficiary and havmg a maluriry of March 31 ,88 NOW, THEHEFORE, 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 wllh interest thereon. advanced to protect the secuflty of this Deed of Trust and the performance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance. discharge of and compliance vlith every term, covenant. obligation and agreement of Trustor contained herein or incorporated by reference or any other securiry instrument at anytime given to secure the Note, and (d) the repayment of all other sums or future advances. with mterest thereon, which ma}' heretofore have been or hereafter be adl'anced by Beneficiary to Trustor or Trustor's successor m Interest or title, all of which is hereinafter collectively called the "Indebtedness", Trustor ifrevocably grants and transfers to Trustee, m trust. WITH POWER OF SALE, the following described property: LOT EIGHTEEN (18), BLOCK FOUR (4), IN REPLAT OF RIVERSIDE ACRES, AN ADDITION TO THE CITY OF GRfu\~ ISLAND, HALL COUNTY, NEBRASKA together with (i) all buildings, structures. additions, enlargements, moeJifications. repairs, replacements. and Improl'ements now or hereafter located thereon, (ii) afl equipment, machmery and fixtures (incfudmg, IVlthoutltmltatlon, all lighting. heating. ventilating. cooling, air conditioning, sprinkling and plumbmg fixtures, water and power systems, engmes. boIlers. ranges. ovens. dishwashers, mirrors and mantels, carpeting, furnaces, oil burners, elevators and motors. refrigeration plants or umts, commumcatio.'1 systems. dynamos. transformers, electrical equipment, storm and screen windows. doors. awnings and shades) now or hereafter attached to. or built in. any building or improvement now or hereafter located thereon. (iii) all easements and nghls of \Vay appurtenant thereto. (IV), aI/leasehold estate, nght. title and interest of Trustor in and to all leases. whether now or hereafter existing or entered into (mcluding, without limitation, all cash and securiry deposits, advance rentals and deposits or payments of a Similar nature), pertaining thereto, (v) all rents, Issues. profits and income therofrom (subject to the right of Trustor to coHect and apply such rents. Issues. prohts and Income as the)' become due and payable so long as no event of default exists hereunder). (vi) all r'Jyaltres, mmeral. oil ana gas nghls and prohts, waler, walet nghts, and water stock. (vii) all tenements. hereditaments, privileges and appurtenances belongmg, used or enJO)'ed In connectIOn therel\'Ilh. and (I~II) alJ proceeds of conl'ersJon, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (includmg. without limltallon, proceeds of insurance and condemnation awards), ali of which is hereinafter collectively called the"^Trus1 fTroperty" TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1, Tttle. Trustor covenants. warranls and agrees With BenefIcia'}'. its successors and assigns, that Trustor owns the Trust Property free from any pnor lien or encumbrance. that this Deed of Trust IS and will remam a vaNd and enforceable first lien on the Trust Property, that Trustor. at its expense, Will preserve such title and will maintain this Deed oJ Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validiry and prioriry of the tien hereof agillnst the ctillms of all persons and parties whomsoever, Trustor. at ItS expense. will cause this Deed 01 Trust. and each amendment or supplement hereto. to be filed and recorded as a mortgage of the Trust Property m such manner and In such place and wili take such action as in the opinion of Trustee may be required by any present or future law in order to perfect. maintilln and protect the lien of thiS Deed of Trust, as the same may be amended or supplemented from time to t,me, Trustor Iv,lI make such further assurance or assurances to perfect its title to the Trust Property as may be required by BenefICiary, Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property, 2, Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3, Construction of Improvements, Trustor shall complete m good and workmanlike manner any bUlldmgs, ImprOl'ements Of' repairs relating thereto which may be begun on the Trust Prope~' or contemplated b)' the loan eVIdenced by the Note secured hereby. to pay when due all costs and liabilities incurred therefore, and not to permit any constructton lien agillnst such Trust Property. In the event construction of buildings. improvements or repalTs ale contemplated. Trustor also agrees, anythmg in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to conlplele the proposed ,mprovements promptly. (b) to complete the same in accordance with the plans and specifications as approved b}' BeneficlaTj'. (C) to comply with all the terms of a building loan agreement, if any. between Trustor and Beneficiary, the terms of which are mcorporated herein by reference and made a part hereof. (d) to allow Benefic,ary to mspect the Trust Property at all times dunng constructton. and (el to replace any work or matenals unsatisfactory to Beneficiary withm fifteen (l5) days after written notIce from Benef'clary of such fact 4, Funds for Payment of Charges, Subject to applicable law or to a wntten wall'er by BenefiCIary, Trustor shall pay to Beneflr:lary on the first day of each month, or such other date each month as may be specified by BenefiCiary, until the Indebtedness IS pilld m full, a sum (hereinafter called the" Funds") equal to 1 '12th of the yearly taxes and assessments which may attain prioriry over this Deed of Trust and ground rents on the Trust Property, if any. plus I '12th of the yearly premium Installments for hazard msurance, plus I! 12th of the yearly premium installmellts for mortgage insurance, If any. all as reasonabfy 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 m an mstltutlon. the deposits 01 accounts of which are insured or guaranteed by a federal or state agency includmg Benefic,ary, Beneficiary shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents, Beneficiary shall not be required to pay Trusto, any interest or earnings on the Funds, Beneficiary shall give to Trustor, without charge. an annual acc.ountmg of the Funds showmg credits and debits to the Funds and the purpose lor which each debit to the Funds was made The Funds are pledged as addlllonal secunt)' for the Indebtedness secured by this Deed of Trust, If the amount of the Funds held b)' BenefiCIary, together With the future monthly installments of Funds payable prior to the due dates of taxes. assessments, Insurance prenllums and ground rents, shall exceed the amount reqUired to pay said taxes. assessments. Insurance premIums and ground rents as they fall due, such excess shall be. at Trustor's option, either promptly repaid to Trustor or credited to Trusto, agamst luture monthly Installments of Funds If the amount 01 the Funds held by Beneficiary shall not be sulflcwnt to pay taKes. assessments, Insurance premIUms ana grOUf1l) rents as the)' lall due, T,ustor shall pay to Beneficiary any amount necessary to make up the deflclenq Within thlrt}, days Irom the aale notice IS malle{! br Beneficiary to Trustor requestmg payment thereol Upon payment In lul/ 01 aI/Indebtedness, BenefiCia!)' shall prompt/\" refund to Trustor any Funds held by BenefiCiary IIlhe Trust Ploperty IS sold under the power 01 sa!e or 11.1" Trus! ProP'Jflr IS ottlerWlse iicQ"lfe<1 by BenefiCIary, Benellclary shall apply. Immediately pflor to the sale of It'e TrllSt Property or 115 ilCqlHsltlO" tJ\ Be"t~IIC1ilry anI' FunGS held by BenefiCiary allhe time of applicatIon as B credit agamst the Indeb/edness /I Ben{>f'ClI1rl" e'(,cutes a 1\",1/(>" I\'il" 1'1 (JI T!lIslor 5 obligations under thIS paraglaph 4, Trustor covenants and 8gfl~es to oar (H.)fOfl' It)(;} san1p Ol'>conlf? dpfmC}upnt afi la_'e~ a5:SP$smf"nts ... ~ .!),.,- ~~.tl'l' {l-.... I ~'''' <<'I ~~ , .~ .... --3