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88- 100253 DEED OF TRUST , THIS TRUST DEED made this 15th day of JmlKlrv 1988, between MIKE W. GARRETT and DEE K. GARRETT, husband and wife, as TRUSTORS, whose address is 3424 Primrose Lare~ Grard Islam. t-f:. JOHN M. CUNNINGHAM as TRUSTEE; and MILDRED E. PEDERSEN, whose address is l703 West Louise Street, Grand Island, Nebraska 68803, as BENEFICIARY. WITNESSETH: That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE IN TRUST, his successors or- assigns, with power of sale, the following-described real property: South 49 feet (S49') of Lot One (l) and the East 44.0 feet (E44') of the South ~9.0 feet (S49') of Lot Two (2), Block Two (2), Bartling Subdivision, and the North 69 feet (N69') of Lots Nine (9) and Ten (lO), Block Two (2), Bartling Subdivision, Hall County, Nebraska, together with all buildings, improvements and appurtenances thereon, together with the personal property described in the Purchase Agreement dated the llth day of December, 1987, between the TRUSTORS and BENEFICIARY. The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARY that they are lawfully seized and the owners of the above-described property; that they have good right and lawful authority to sell and convey sai d premises and that said premises are free and clear of all liens and encumbrances and further, that TRUSTORS will warrant and defend the title to said premises forever against the claims of all persons whomsoever. For the purpose of securing performance of each agreement of TRUSTORS herein contained and the payment of THIRTY-FIVE THOUSAND DOLLARS ($35,000.00) , the TRUSTORS have executed a Promissory Note bearing even date, at the rate of interest and on the terms and conditions as set forth in such Note until paid. The principal sum and interest shall be payable in accordance with and upon the terms and conditions of said Note of even date, and in any event the entire principal balance due hereunder and any accrued interest shall be paid on January 15~ 1993 All installment payments hereunder shall be applied first to the payment of interest computed monthly on the unpaid principal balance, pursuant to an amortization schedule, a copy of which has been provided to each of the parties hereto, and remainder of each installment to be applied to principal. All payments due hereunder shall be paid at the residence of the BENEFICIARY as above-described, or at such other place as such BENEFICIARY or the holder of said security shall designate in writing. - 1 - L L ~ --.J r----- ,I h,