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DEED OF TRUST 88- 100715 r THIS DEED OF TRUST ("Security Inslrument") IS made on this 'it h day of F ph rllil ry 19 88 Thelrustoris Russell K. Lichtenwalter and Carolyn Lichtenwalter ("Borrower"). The trustee is Commercial Federal Savings and Loan As..."Ociation. ("Truslee"). The beneficiary is Commercial Federat Savings and Loan Association. which is organized and exisling under the laws of Nebraska, and whose address is 4"-SO Farnam, Omaha. Nebraska 68131 ("Lander"). Borrower owes Lender the principat sum of Seventeen Thousand One Hundred Fi ftv Seven andOO/100--- Dollars (U.S, $ 17,157.00- - - - - -1. This debt is avidenced by Borrower's note dated the same dale as this Security Instrument ("Note). which provides for monthty payments, with Ihe Jan. 20, 1992 full debl, iI not paid earlier, due and payable on This Sacurity Instrumenl secures to Lender: (a) the repayment Of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums. with interesl, advanced under paragraph 7 to protecl the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements. For this purposa, Borrower irrevocably grants and conveys 10 Trustee. In trust. with power of sale. Ihe following described property located in H il11 County, Nebraska: Lot 3, in Block 89, in Wheeler and Bennettls Fourth Addition to the City of Grand Island. Hall County. NE which has the address of 111 E. 17th Grand Island Nebraska hRAOl (Street) ("Property Address"); (City) '-- TOGETHER with all the improvemenls now or hereafter erected on Ihe property, and all easements, rights. appurtenances, rents. royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacemenls and additions shall alSO be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfulty seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered. except for encumbrances of record. Borrower warranls and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unilorm covenants for nalional use and non-uniform covenants with lim~ed variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payl11M1t of Principal and Int....t; P..payment end Late Chargee. Borrower shall promptly pay when due the principal of and inleresl on ~hG debt evidenced by the Note anti any prepayment and late charges due under the Note. 2. Fund. for Te... .nd In.urence. Subject to applicable law or to a written waiver by Lend6r. Borrower shall pay to Lender on the day monthly paymants are due under the Note. until the Note Is paid in full, a sum ("Funds"l equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over Ihis Security Instrument; (b) yearly feasehold paymonts or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. These itams are called "escrow items." Lender may estimate t~.e Funds due on the basie of current data and reasonable estimates of future escrow ifams. ' The FUMS shall be held In an institution the deposifs or accounts of which are Insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pey \he escrow Items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying Ihe escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on tile Funds. Unless an agreemant is made or applicable law requires interest 10 be paid, Lender shall not be required to pay Borrower any interest or earnings on Ih" Funds. Lender shali give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and Ihe purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. II the amount of the Funds held by Lender. together with \he future monthly payments of Funds payable prior to the due dates of Ihe escrow items, shall exceed the amount required to pay Ihe escrow items when due, Ihe excess shell be, at Borrower's optiol", e~her promptly repaid to Borrower or cred~ed 10 Borrower on monthly payments of Funds. II Ihe amount of the Funds he'1 by Lender is not suffICient to pay Ihe escrow ifems when due, Borrower shall pay to Lender any amount necessary to make up tI:e deficiency in one or more payments as required by Lender. ' Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund 10 Borrower any Funds held by Lender, II under paregraph 19 Ihe Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to Ihe sale of the Property or ifs atquis~ion by Lender, any Funds held by Lender at the lime of application as a credit against the sums secured by this Security fnstrument. 3. Applk:atlon of P8ymenta. Unless applicable law provides o\helWise, alf payments received by Lender under paragraphs 1 and 2 shall be applied: firsl, 10 late charges due under the Note; second. to prepayment charges due under the Note; third, to amounts pliyable under paragraph 2; fourth, to interest due; and last. 10 principal due. 4. Charges; lien.. Borrower shalf pay ail taxes. assessments, charges, fines and impositions attributable to Ihe Property which may attain prionty over Ihis Security Instrument. and leasehold payments or ground rents, if any. Borrower shall pay Ihese obligations In the manner provided in paragraph 2. or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly fumish to Lender all notices of amounts 10 be paid under Ihis paragraph. II Borrower makes these payments directly. Borrower shall promptly furnish to Lender receipts evidencing the payments, Borrower shall promptly discharge any lien which has priority over this Security Instrumenl unless Borrower; (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith lhe lien by. or defends against enforcement of the lien in, legal proceedings which In the Lender's opir\lon operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secu:es from the holder of the tien an agreement satisfactory 10 Lender subordinating the lien to this Security Instrument II Lender determines that any part of the Property is subject to a lien which may allain priority over this Security Instrument. Lender may give Borrower a notice identifying the lien. Ik>rrower shall satisfy the lien or lake one or more of the actions set forth above within 10 days of Ihe giving of notice. 5. Hu.lrd Insurance. Borrower shall keep Ihe improvements now existing or hereafter erected on the Property insured against lOSS by fife. hazards included within Ihe term "extended coverege" and any othor hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periodS that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage dause. Lender shall have the nght to hOld the policies and renewals. II Lender requires, Borrower shall promptly give 10 Lender all receipts of paid premiums and renewal notices. In Ihe event of loss, Borrower shall give prompt notice to Ihe insurance carrier and Lender. Lender may make proof of loss if not macle promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insolance proceeds shalf be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. II lhe restoration or repair is not economically feaSible or Lender's security would blllossened. the insurance proceeds shall be applied to the sums secured by this Security Instrument. whether or not then due, with any e.cess paid to Borrower. II Borrower abandons the Property, or does not answer Wllhin 30 days a notice from Lender thetthe insurance carrier hes offered to settle a daim, the Lender may collect the insurance proceeds. Lender may use the prcceeds to repair or restore Ihe Property or 10 pay sums secured by this Security Instrument, whether or nol Ihen due, The 3O-day period will begin when the notice is 9iven Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the oue date of Ihe monlhly payments referreo to in paragraphs 1 and 2 or change \he amount of \he payments. II under paregraph 19 the Property is ecquired by Lender, Borrower's right to any insurance policies and proceeds resulllng from damage to the Property prior to Ihe acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior 10 the acquisilion, 8. "-rYatlon and Maintenance of property; L..aehokle. Borrower shalf not destroy, damage or substantially change the Property. allow the Property to deteriorale or comm~ waste. II this Security Instrument is on leasehold. Borrower shalf comply with Ihe provisions of the lease, and if Borrower acquires fee title to the Property, Iho le8"ehold and foo II tie shall not merge unless Lender agrees 10 the merger in writing. 7. Protactlon of Lender'. Right. In the Property; Mortgage In....anee, If Borrower falls to perform the covenants and agreements conlallled In Ihls Se_unty Instrument. or there IS a legal proceeding that may signifICantly affect Lendar's rights in the Property (such as a proceeding in bankruptcy, probate. for condemnahon or to enforce laws or regulations). then Lender may do and pay for whatever is necessary 10 prolect the value of the Property and Lender's rights in the Property. Lender's aclions may include paYlllg any sums secured by a hen which has priority over this Security Instrument. appearing in court, paying reasonable attorneys' fees and entering on Ihe Property to make repalfs. Although Lender may lake actron under thiS paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shalf become addilional debt of Borrower secured by this Security Inslrument Unless Borrower and Lender agree to other lerms of payment, these amounts shalf bear interest from the date 01 disbursemenl at Ihe Note rate and shalt be payable. with interest. upon notice Irom Lender to Borrower requestlllg payment If Lender f'9Quired mortgage insurance tiS a condiUon 01 making the loan secured by this Security Instrument, Borrower shall pay the premiums reqUIred to maintain the insurance in eHect until such time as the requirement tor the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. I, Inspection. Lender or its agenl may make reasonable entries upon and Inspeclions of the Property, Lender shall give Borrower notice at the time 01 or prior to an Inspechon specifying reasonable cause for the inspection. 9. CondamnatIon. The proceeds of any award or cleim lor damages. direct or consequential. in connection with any condemnation or other taking of any part of the Property. or for conveyance In lieu of condemnation. are hereby assi~ned and shall be paid to Lender, In the event 01 a tolaltaking of the Property. the proceeds shall be applied to the sums secured by this Security Instrumen\. whether or not then due, wllh any excess paid to Borrower In the evenf of a partial taking ollhe Property. unless Borrower and LendAr otherwise agree In wriling, Ihe sums secured by thiS Secunty Instrument shall be reduced by the amount of the proceeds multiplied by lhe following fraction: (a) the total amount of the sums secured Immediately before the laking. diVided by (b) Ihe fall market value of IhO Property Immediately belore Ihe taking. Any balance shall be paid to Borrower, if the Properly Is abandoned by Borrower. or II. after notICe by Lender 10 Borrower that Ihe condemnor 01l8ls to make an award 01 settle a claim tor damages Borrow81 lOlls 10 respond 10 Lender within 30 days aUer the date the nOltCQ 15 given. Lendor IS authorized to collect and apply the prr..rLoeds. at Its option Olther to rostoratlor_ or repall of HIB Property Of to Ihe sums secured by thIS Security Instrument. whether or not then due Uniess Londer and Borro'W'\!r otherwise agree In writing. any application of proceeds to principal shall nof oxlend or postpono H1e tluo dale t)11l1P Inonlllly navrnonts reterr(ld 1('I,n fMrnqraphs 1 and 2 Of change the amount of such ps'(monta i~}~:,'; r---- .~"i ~ Ja, I~ ~ l. ,,' ~uJ