88100658 - Laserfiche WebLink

Browse

ACKNOWLEDGEMENT OF DEED OF TRUST 88-100658 BORROWERS READ THIS BEFORE SIGNING: Borrowers (r"Jstors) undersland thallhe document Ihat Ihe Borrowers are about to execute is a Deed of Trust and nol a mortgage and that the power of sale plOvided lor In the Deed of Trust provides substantially different rights and obligations to the Borrowers than a mortgage In the event of a defaull or breach of obligation undar the Daed of Trust, Including, but notlimiled 10, Ihe lender's right to have the Real PlOperty sold by the Trustee without any judicial proceeding or foreclosure. Borrowers represent and warrant that this acknowledgement was execut9d by them before the execution of the Deed of Trust. Grand Islan CliV~nBuilding Co., A Partnership }) l/~J!--Ct-~..P-v.-...- i!J:.- Borrower Borrower PREFACE TO DEED OF TRUST COMPLETE thll portion ONLY II the real property delcrlbed conlll'l 01 INDIVIDUALLY OWNED AGRICULTURAL LAND. "applicable, complete ONLY ONE either A, B, or C: o A. DISCLAiMER OF RIGtlT TO DESIGNATE HOMESTEAD: The Borrower(s) acknowledge that they are about to execute the following Deed of Trust upon the real estate described therein, The Borrower(s), and each a! t~em if more than one. do hereby disclaim Iheir right to designate a homestead pursuant therelo. No part 01 the homestead of either 01 the Borrower(s) IS presently or Will 1M the future be situated upon said real estate, The Borrower(s) understand thaI if either establishes a homeslead on any parI 01 said real estate during the time the Deed 01 Trust remains unsatislied and a lien upon said real estate, there shall be no right to make a designation of homestead in Ihe event 01 a loreclosure or trustee's sale with respecllo said Deed of Trust o B. WAIVER OF RIGHT TO DESIGNATE HOMESTEAD: The Borrower(s) acknowledge that they are about 10 execute the followlOg Deed of Trust upon the real estate described therein, The Borrower(s), and each of them if more than one, do hereby waive their righlto designate a homestead pursuant thereto, The Borrower(s) understand that they have the right to make a designation of homestead and that by executing this waiver. they are waiving rights otherwise available for the purpose of affording them the opportunity to retain their homestead in the event of a default upon the Deed of Trust. o C. DESIGNATION OF HOMESTEAD: Pursuant 10 the Farm Homestead Protection Act (Section 76-1901 et seq, ReVised Statutes of the State 01 Nebraska), the Borrower(s), do hereby designate the real property described in the "Designation of Homestead" attached hereto and incorporated herein by this reference. Borrower Borrqwer DEED OF TRUST WITH FUTURE ADVANCES PROVISION THIS DEED OF TRUST, IS made as of the _26_ day of _.J.anu~ 19 BB....... by and among the Trustor, r.YAnn Tc: 1 Ann rl i nic Buildinq Co.. A Paxtnershi.p~_____________ ___ whosema,lIOgaddresSls P.O. Box 550, Grand Island. NE 68802-0550 (herelO"Bo"owerT Ihe Trustee uWillianL.G......J3.lackburn~emheY of the NE StAt", RAY ARRn. whose mailing address is P.O. Box 228~_C;;J::a_l1d Isla~~_NE_ 68802-2280 (herein "Trustee"), and the Beneficiary, _.Ii v~_.!'oil!!-E__~an~_________n_ whosemallingaddreSsls_~_..-Box_)50!_~.!.n<!_Island.NE 68802-1507 (herein "Lender"), FOR VALUABLE CONSIDERA TlON. including the Indebtedness Identified herein and trust herein created. the receipt of which IS hereby acknowledged. Borrower hereby irre'locably grants. transfers, conveys and aSSIgns to Trustee. IN TRUST WITH POWER OF SALE, lor the benefit and security of lender, under and subject to the terms anct conditions hereinafter set forth. the real property. descnbed as follows Lot One (1). in Medical Park Subdivision, in the City of Grand Island, Hall County. Nebraska Subject to a prior mortgage to Commercial National Bank & Trust Co., now FirsTier Bank, N.A., as document #77-001050 in the office of the Register of Deeds of Hall County, NE. Together with all buildings. improvements. fixtures. streets. alleys. passageways. easements. rights. priVileges and appurtenances located thereon or In anywise pertaining thereto. and the rents. issues and profits. reversions and remainders thereof: mcludlOg. but not limited to. heating and cooling equipment and such personal property that is attached to the improvements soas to constitute a fixture: and together with the homestead or mantallnterests. if any. which Interests are hereby released and waived; all 01 which, including replacements and additions thereto. IS hereby declared 10 be a part 01 the real estate secured by the Iren of thiS Deed of Trust and all of the foregoing being lefe"ed 10 herein as the "property", Thlc Deed of Trust shall secure (a) the payment of the pnncipal sum and interest evidenced by Borrower's note and lor credit agreement dated _~ Januarv 26. 1988, having a maturity date of 2/1/2003 . in the original prlnc'pal amount of S 350.000.00 and any and all modifications. extensions and renewals thereof or thereto and any and all future advances and readvances hereunder pursuant to one or more promissory notes or credit agreements (he'ein called "Note"); (b) the payment of other sums advanced by Lender to protect the security 01 the Note, (C) the performance all covenants and agreement of Borrower sel forth herein; and (d) all indebtedness and obligations of Borrower to lender whether direct. indirect. absolute or contingent and whether arising by note, guaranty, overdrall or otherwise Borrower. to protect the security of this Deed of Trust. covenants and agrees with lender as follows 1. P.'....nto. Prlnclpalancl...'.....l. Borrower shall promptly pay when due the prinCipal of and Inleresl on. and any fees or charges prOVIded in.lhe Note or on thIS Deed of Trust. --1-<~ 2. Title. Borrower Is the owner of the Property. has the right and authority to convey the Property. and warrants that the lien created hereby 15 a firM and prior hen on the Property, except 85 may otherwise be set forth herein. and the execution and delivery of thiS Deed of Trust does not violate any contract or other obligation to which Borrower is subject. .3. Tal.11 A....tmCtnt.. To pay when due all taxes, speCial assessments and 811 other charges against the Property and. upon written demand by Lender. 10 pay to Lender such amount aa may be sufficient to enable the lender 10 pay SuCh taxes. assessments or other charges as they become due 4 Inaur.nee. To keep the Property insured against damage by fire, hazards Included Within lhe term ..extended coverage.., and such other halCirds as Lender may require. in amounts and with companies acceplable to Lender. and wilh loss payablo to the lender In case of loss under suCh poliCIes. the Lender IS authOrized to adJUSt. collect and compromise. all claims thereunder and shall have tho op'"on 01 applYing all or pari 0' the Insurance proceeds (1110 any Indebtedness secured hereby dl1d In c;uCh ordor 81 Lond!}, may dolermine, (il) to the Borrower t'J be used lor the repaIr or resto;ahon 01 the Property or (,") tor any other purpose C'r obfCct S"losl"ctory 10 Lendor wiihoulatfecting the lien 0' this Deed of Trust tor the full amount secured hereby bofore SlIch pRyment ever took plo1ea Any iipn1le-atlot' of proceeds 10 mdehtedness 5h311 not e~tend or po.tpone Ihe due date 01 any payments under the Note. or cure any dolaull thoreunder or I,e,ounder S M."'..n.ne. A.pant Ind Complllnce with ll.l. Borrower &l1dll keep the Proporty 11\ good cor'Hhllon and 'cpau SI'<111 promplly ff!palf or rppl,l(,ll ttlly Improvement which may be d'maged Of destroyed. shali not commIt Or permit lIny waslo or ootenorallon 01 'h(O Property sfldll f\0~ rcmov(! demoliSh Of subslantlally Altm dny of Ihe Irnprovomen', OM the Proporly. to-hall nOI comm~' suffer or pormlt ~ny nel to hI! dann In or upon the Proporly Jll....IDlahon 01 an.,. I""", {)rt1t'hHlU' 'Jf IfH)ultllton Ilno ,.t,,,1I f'.ay AndpfompUy dl\r.ne'9c 3t -Oorrower's co,t and e..pens.o 011 liens, lltltUl'nlHilnr.tf! and rh,'lQu:\ 1(\\,,"0(1 H'l"'l"'OSot>ft Or 3s!le'J.!.f>d .lqa,ni\I "1(' P,opPr1\,' or ,Illy P;H I ttWIl10f ... ""' -:.'1~~ f", 'J' ,> \.J r---- I I , ~ Ul lfi -~,~