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<br />107309
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<br />DEED OF TRUST
<br />(Open End Multiple Note)
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<br />This Deed of Trust is made this 23rd day of Decanber ,
<br />1987, by and among J.I.L. CONST. CO., INC., a Nebraska corpora-
<br />tion, hereinafter referred to as "Trustor," whose mailing address
<br />is P. O. Box 2135, Grand Island, Nebraska 68802; AREND R. BAACK,
<br />Attorney at Law, hereinafter referred to as "Trustee," whose
<br />mailing address is P. O. Box 790, Grand Island, Nebraska 68802;
<br />and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter
<br />referred to as "Beneficiary," whose mailing address is P. O. Box
<br />1688, Grand Island, Nebraska 68802.
<br />
<br />For valuable consideration, Trustor irrevocably grants,
<br />transfers, conveys and assigns to Trustee, in trust, with power
<br />of sale, for the benefit and security of Beneficiary, under and
<br />subject to the terms and conditions of this Deed of Trust, the
<br />following-described property, located in Hall County, Nebraska,
<br />to-wit:
<br />
<br />Lot One (1) and the Westerly Forty (40) acres
<br />of Lot ~o (2), All in Section One (1),
<br />Township Ten (10) North, Range Ten (10) West
<br />of the Sixth (6th) Principal Meridian, Hall
<br />County, Nebraska;
<br />
<br />. .}~
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<br />FOR THE PURPOSE OF SECURING:
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<br />together with all buildings, improvements, fixtures, streets,
<br />alleys, passageways, easements, rights, privileges and appurte-
<br />nances located thereon or in any way pertaining thereto, and the
<br />rents, issues, profits, reversions and the remainders thereof,
<br />including all such personal property that is attached to the
<br />improvements so as to constitute a fixture, all of which, includ-
<br />ing replacements and additions thereto, are hereby declared to be
<br />a part of the real estate conveyed in trust hereby, it being
<br />agreed that all of the foregoing shall be hereinafter referred to
<br />as the "Property."
<br />
<br />(a) the pa}~ent of personal indebtedness owing
<br />from Trustor to Beneficiary, as evidenced by Promissory
<br />Notes dated Decanber 23 , 1987, which establish
<br />lines of credit in the present principal amounts of Two
<br />Hundred Twenty-Eight Thousand and No/100 Dollars
<br />($228,000.00) and Three Hundred Ninety-Nine Thousand
<br />and No/IOO Dollars ($399,000.00);
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<br />(b) the payment of interest at the rate or rates
<br />provided in the afore-described notes and the payment
<br />of both principal and interest on any and all renewals,
<br />modifications and extensions of such notes;
<br />
<br />(c) the payment of principal and interest on any
<br />future advance as may be evidenced by promissory notes
<br />stating they are secured by this Deed of Trust; pro-
<br />vided, however, that the total principal indebtedness,
<br />not including sums advanced to protect the security or
<br />interest accrued, shall not exceed the sum of six
<br />Hundred Twenty-Seven Thousand and No/IOO Dollars
<br />($627,000.00) ;
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<br />t----:----
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<br />(d) the performance of each agreement and covenant
<br />of Trustor herein contained; and
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<br />(e) the payment of any sum or sums of money which
<br />may be hereafter paid or advanced by Beneficiary under
<br />the terms of this Deed of Trust, together with interest
<br />at the highest rate provided in the notes secured
<br />hereby.
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