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<br />88- 100678 <br /> <br />THIS TRUST DEED made this 5th day of February <br />1988, between DONALD R. PALMER and CAROLYN E. PALMER, <br />husband and wife, as TRUSTORS, whose address is <br />2323 Bellwood Drive, Lot 162, Grand Island, Nebraska <br />JOHN M. CUNNINGHAM as TRUSTEE; and ROSE E. BERNT, whose <br />address is 215 West 7th Street, Grand Island, Nebraska <br />68803, as BENEFICIARY. <br /> <br /> <br />DEED OF TRUST <br /> <br />WITNESSETH: <br /> <br />That TRUSTORS hereby grant, bargain, sell, convey and <br />warrant to TRUSTEE IN TRUST, his successors or assigns, <br />with power of sale, the following-described real property: <br /> <br />Lot Thirty-Four (34) of Frank P. Barks Subdivision <br />Number Three (3), being a part of the East Half of <br />the Northeast Quarter (E~NE~) of Section Ten (10) <br />in Township Eleven (11) North, Range Nine (9) West <br />of the 6th P.M., Hall County, Nebraska, <br /> <br />together with all buildings, improvements and appurtenances <br />thereon. <br /> <br />The TRUETORS hereby covenant and agree with the <br />TRUSTEE and BENEFICIARY that they are lawfully seized and <br />the owners of the above-described property; that they have <br />good right and lawful authority to sell and convey said <br />premises and that said premises are free and clear of all <br />liens and encumbrances and further, that TRUSTORS will <br />warrant and defend the title to said premises forever <br />against the claims of all persons whomsoever. <br /> <br />For the purpose of securing performance of each <br />agreement of TRUSTORS herein contained and the payment of <br />TWENTY THOUSAND DOLLARS ($20,000.00) , the TRUSTORS have <br />executed a Promissory Note bearing even date, at the rate of <br />interest and on the terms and conditions as set forth in <br />such Note until paid. The principal sum and interest shall <br />be payable in accordance with and upon the terms and <br />conditions of said Note of even date, and in any event the <br />entire principal balance due hereunder and any accrued <br />interest shall be paid on ....Efhrnary r. J qt~ . All <br />installment payments hereunder shal be app ied 1rst to the <br />payment of interest computed monthly on the unpaid principal <br />balance, pursuant to an amorti zation schedule, a copy of <br />which has been provided to each of the parties hereto, and <br />remainder of each installment to be applied to principal. <br />All payments due hereunder shall be paid at the residence of <br />the BENEFICIARY as above-described, or at such other place <br />as such BENEFICIARY or the hol der of sai d secur i ty shall <br />designate in writing. <br /> <br />- I - <br /> <br />L <br /> <br />--1 <br />