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~ Deed of Trust SS~ 100763 r THIS DEED OF TRUST is made this 11 th day of Ff> hrl1:1ry . 19 Jlii. . by and between F.Tn 1>" t- F Purdy and , Flore t ta M. Pl1rely, Hl1"h,mrl :Inri Wi f<> whethe, one or more. (hereinafter called the "TlUstor"), whose mailing address is ROl1t-1> 1, Roy 1[,.4, Grand llilan~ ' NORWEST BANK Nebraska, N. A. (hereinafter called the "Trustee"), whose mailing address is PO Box 1 7fiR, (;T, NF. fiRR07 ~. and NORWEST BANK Nebr:l"k:l, N A , (hereinafter calledthe"Beneficiary"),whosemailingaddressis PO hox 17fiR, (;r:lnrl T"':lnrl, NF. fiRRO? [ WITNESSETH: IF THIS BOX IS CHECKED { J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES. GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS, Trustor is indebted to Beneficial'jin the principal sum of Fifty Eight Thol1"anel Six Hl1ndrl>rI :'lnrl no/lOO Dollars ($ ~OO 00 ), which indebtedness;s evidenced by Trustor's promissory note dated ?-11 . 19.81L-, (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity of Apri I 6 ] 994 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, togethe' with interest thereon, late charges. prepayment penalties, any future advances, and all extensions, modifications, substitutions and 'enewals thereof. (b) payment of all other sums, lees 0' charges, together with interest thereon. advanced to protect the security of this Deed 01 Trust and the performance of the covenants and agreements of Trustor, whether or not set forth herein. (c) performance, discharge 01 and compliance with every term, covenant. obligation and agreement of TlUstor contained herein or incorporated by reference or any oaler security instrument at anytime given to secure the Note, and (d) the repayment of all other sums o,luture advances, with interest thereon, which may heretolore have been or hereafter be advanced by Beneliciary to Trustor or Trustor's successo, In interest or title, all 01 which is hereinafter collectively called the "Indebtedness". TlUstor irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following descnbed property, The Northeast Quarter of the Northeast Quarter (NE!NEi) of Section Twenty-Five (25), Township Twelve (12) North, Range Nine (9) West of the 6th P.H., Hall County, Nebraska. L together with (i) all buildings, StlUctulOS, additions, enlargements, modifications, repairs, ,eplacements, and improvements now or hereafter located thereon, (iI) all equipment, machinery and fixtulOs (including, without limitation, all lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing IIxtures, wbier and powe, systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil burners, elevators and mota's. relngeration plants or units. communication systems, dynamos, transformers. electrical equipment, storm and screen windows,doD/s. awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon. (ili) all easements and righls of way appurtenant thereto, (iv). all leasehold estate, right. title and interest of Trustor in and to all leases. whether now or I!ereafter existing or entered into (including, without limitation, all cash and security deposits, advance rentals and deposits or payments of a similar nature). pertaining thereto, (v) all rents, issues. profits and income therefrom (subject to the right 01 TlUstor to collect and apply such mnts. issues, prolits and income as they become due and payable so long as no event 01 default exists hereunder), (vi) all royalties. mineral, oil and gas rigilts and profits, water, water rights, and water stock, (vii) all tenements. hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds 01 conversion, voluntary or involuntary, of any of the loregoing into cash or liquidated claims (including, without limitation, proceedS of insurance and condemnation awards). 311 01 which is hereinafter collectively called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. Title~ Trustor covenants, warrants and agrees wilh Beneliciary, its successors and assigns, that TlUstor owns the Trust Property Iree from any prior lien or encumbrance, that thIS Deed of Trust is and will remain a valid and enforceable first lien on the TlUst Property, that Trustor, at its expense, will preserve such title and will maintain this Deed 01 Trust as a first and paramount lien upon the TlUst Property and wi!! forever warrant Bnd defend the validity and priority 01 the lien hereof against the claims of all persons and parties whomsoever. Trustor, at its expense, will cause this Deed of TlUst, and each amendment or supplement hereto, to be filed and recorded as a mortgage of the Trust Property in such manner and in such place and will take such actioTl as in the opinion 01 Trustee may be required by any present or future law in order to perfect, maintain and protect the lien of this Deed of Trust. as the same may be amended or supplemented from time to time~ Trustor will make such further assurance or assurances to perfect its title to the Trusl Property as may be required by Beneficiary~ Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property. 2, Payment of Indebtedness, Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the TlUst Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property~ In the event construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneticiary, (c) to comply with all the te,ms of a building loan agreement, if any, between Trustor and Beneficiary. the terms of which are incorporated herein by reference and made a part hereof. (d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days afte, written notice from Beneficiary of such fact, 4. Funds for Payment of Charges, Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benefir;iary 001 the first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum (hereinafter called the "Funds") equal to 1/12th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Property. if any, plus 1/12th of the yearly premium installments for hazard insurance, plus 1/12th of the yearly premium installments for morrgage insurance. if any, all as reasonably estimated initially and from time to time by Beneficiary on the basis 0; assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution. the deposits or accounts of which are insured or guaranteed by a federal or state agency including BeneficiaIY- Beneficiary shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds, Beneficia"j shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made, The Funds are pledged as additional security for tile Indebtedness secured by this Deed of Trust. If the amount of tfle Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, IIlsurance premiums and ground IBnts, sllall oxceed the amount required to pay said taxes. assessments, insurance premIums and ground rents as they fall due. such excess shall be, at Trustor's option, eithe, plOmptly repaid 10 Trustor or crediled 10 Trusto, againsl lulUre mOlllhly inslallmellls of Funds, II tile amoulll of the Funds hold by BenefIciary sllall not be sufficient to pay taxes, assessments, insurance premiums and ground mnts as IIIOY fall due. t '. TlUstor shall pay to BOlleficiary any amount necessary to make up Ihe deliciency within thl!1y days 110m the date notice /s m8l/ed by Benofic/ary to Twstol requesting payment thereof~ Upon payment in lull of all Indebtedness, Benef/clary shall PlOlllptly /Olund to T,usto, allY Funds held by Blllleficlory. If the TlUst P'operty IS sold unde, the power 01 sale 0' the T,usl PIOPOlty IS OIlIO/wlse BcqUlled by Beneficiary, BOlleficlllry shall epply. Immedialely prior to the sale of the TlUst Property 0' ItS acqUIsItIon tJV BenetlcwlY. any Funds Iwld by Bonoflclllry at Iho time alappllcation as a credit against Ihe Indebtedness 1/ Bonel,clory exocules a Iwltton wmv(>l 01 /(usIO/s obligations u,)(10/ this pa'//f}/aph 4. Trusto, covenllllts and agroes to pay, before the same become de/tIlqtlon/ all tllXOS i1ssossmon/s, ~;,/:,;,... ~'#' . ~, c:.. . I ~~\ ~JfJ (~,.t]fU" ()o.", ~