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88-100697 CONl'5: d DEED OF TRUST This Deed of Trust Is made this 8ti1 day of February 1988, by and among William W. Stahn, A Single Person he-;'einafter referred to as "Trustor," whose mailing address is 115 N. Cherokee" Grand Island, NE Arend R. Baack Attorney at Law, hereinafter referred to as 'Trustee," whose mailing address is P.O. Box 790, Grand Island, NE 68802; and Tffi. OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Beneficiary," whose mailing address is p, O. Box 1688, Grand Island, Nebraska 68802. For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee. in trust, with power of sale, for the benefit and security of Beneficiary, under and subiect to the terms and conditions of this Deed of Trust, the following-described property, located in Hall Cermty, Nebraska, to-wit: Lot Tba'ee (3), in Block One (1), Dale Roush Second Subdivision Situated in Part of the East Half of the Southwest Quarter (E!SWt) of Section Fourteen (14). Township Eleven (11) North, Range Ten (10) West of the 6th P.M.. in Hall County. Nebraska. L together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privi- leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits, reversions and the remainders thereof, including all such perscnal property that is attached to the improve- ments so as to constitute a fixture, all of which, Including replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the fore- going shall be hereinafter referred to as the "Property." FOR THE PURPOSE OF SECURING: (a) the payme~ ~ebtedn~~Qv~tn}f,d ~~stor's note of even date herewith in the principal sum of .!>J.i.notgg~8fbll]g niF7f.j/10(}- _($ 2,819.72 ), together with interest at the rate or rates pro9f~d~nere n, or the principal and interest on any future advance not to exceed the total principal sum Initially secured hereby as evidenced by promissory notes stating they are secured hereby, and any and all renewals, modifications and extensions of such notes, both principal and interest on the notes being payable in accordance with the terms set forth therein, which by this reference is hereby made a part hereof; (b) the performance of each agreement and covenant l)f Trustor herein contained; and (c) the payment of any sum or sums of mone~' wh Ich may be hereafter paid or advanced by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the rate provided in the note. To protect the security of th~J Deed of Trust, Trustor hereby covenants and agrees as follows: 1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the indebted- ness evidenced by the note, charges, fees and all other sums as provided in the loan instruments. 2. Title. Trustor is the owner of the property and has the right and authority to execute this Deed of Trust in respect to the property. 3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent, and, in the event Beneficiary shall so require, to add to the payments required under the note secured here~y, such amount as may be sufficient to en- able Beneficiary to pay such taxes, assessments or other charges as they become due. 4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured against damage by fire and such other hazards as Beneficiary may require. in amounts and companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under such polici.es, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all claims thereunder and, at its sole option, is authorized to either apply the proceeds to the restoration of the property or upon the indebtedness secure.! hereby, but payments required by the note shall continue rmtil the sums secured hereby are paid in full. 5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or improve- ments now or hereafter on the property: to keep the property in good condition and repair. without waste and free from mechanics or ot~er liens not expressly subordinated to the lien hereof: to not make, suffer or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission to act; and to comply with all requirements of law with respect to the property. 6. Condemnation, In the event the property, or any part thereof, shall be taken by eminent domain, Beneficiary is entitled to collect and receive all compensation which may be paid for any property taken or for damages to property not taken, and Beneficiary shall apply such compensation, at its option, either to a reduction of the indebtedness secured hereby or to repair and restore the property so taken. 7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act which Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary to protect the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured here- by and become secured by the lien hereof. Beneficiary shall not incur any personal liability because of anything it may do or omit to do hereunder. 8. Assignments of Rents. Beneficiary shall have the right, power and authority during the con- tinuance of this Deed of Trust to collect the rents, h',sues and profits of the property and of any per- sonal property located thereon with or without taking possession of the property affected hereby, and Trustor hereby absolutely and unconditionally assigns all such rents. issues and profits to Beneficiary. Beneficiary, however. hereby consents to Trustor's collection and retention of such rents, issues and profits as they accrue and become payable, so long as Trustor is not, at such time, in default with re- spect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder. If any event of default described hereafter in respect to this Deed of Trust shall have occurred and be continuing, Beneficiary, as a matter of. right and without notice to Trustor or anyone claiming under Trustor, and without regard to the value of the trust estate or the interest of the Trustor therein, shall have the right to apply to any court having jurisdiction to appoint a receiver of the property. 9. Irspections. Beneficiary, or its agents, representatives or ~orkmen, arc authorized to enter at any reasonable time upon or in any part of the propeny for the purpose of inspecting the same and for the purpose of performing any of the acts It is authorized to perform under the terms of lIny loan instruments executed by Trustor, 10, Transfer of Property, If all or any part of th~ property or anY interest of Trustor therein 1" H: ;$; " . t I ! i ! I I i r--- ~ /J h -}