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- "", NORWBtlT BANI<.S "", 88-- i0077~eed of Trust Jim L.Seim&Evelyn R.Seim,husband & wife; 16 h b 88agd ThomasF.Grooms&CaroIC.Grooms, husband Tfi/% DEED OF TRUST is made this _~ day of Fe rua ry ,1 9 _, y ana Detween , I & wife, ;Gary K. Sullivan&Myrna J. Sullivan,husband & \vifewhetheroneormore, (hereinaftercal/edthe"Trustor"), I whose mailing address is 2808 Old Fair Road, Suite 6, Grand Island, Nebraska 68803 , NORWEST BANK ...NE.BRP.SKA, NATIONAl ASSOr.T ATTON (hrHeinafter cal/ed the "Trustee"). whose mailing address is P.O.Box 1768,Grand Island.NE 68802 ,andNORWESTBANK NEBRASKA,NATIONAL ASSOCIATION ,(hereinafter cal/ed the "Baneficiary"), whose mailing address is P.O. Box 1768. Grand Island, Nebraska. 68802 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 Beneficiary in the principal sum of Sixty Thousand Eight Hundred Thirty-one & no/100 Dol/ars ($ 66,831.00 ), which indebtedness is evidenced by Trustor's promissory note dated Feh'lIRry 1 h, 19.8.lL-, (hereinafter cal/ed the "Note"), payable to the order of Beneficiary and h2ving a maturity of MRrrh 1 1 qRq NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges. prepayment penalties, any future advances, and al/ extensions, modifications, substitutions and renewals thereof, (b) payment of al/ other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements of Trustor. whether or not set forth herein, (c) performance, discharge of and compliance with every term. covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of al/ other sums or future advances, with interest thereon. which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, al/ of which is hereinafter col/ectively cal/ed the "Indebtedness", Trustor irrevocably grants and transfers to Trustee. in trust, WITH POWER OF SALE, the fol/owing described property: Lot One (1) in Commercial Industrial Park Second Subdivision, in the City of Grand Island, Hall County, Nebraska. L together with (i) al/ buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (ii) al/ equipment, machinery and fixtures (mcluding, without limitatIOn, al/ lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon, (iii) al/ easements and rights of way appurtenant thereto, (iv) , al/ leasehold estate, right, title and interest of Trustor in and to al/ leases, whether now or hereafter existing or entered into (including, without limitation, al/ cash and security deposits, advance rentals and deposits or payments of a similar natura), pertaining thereto, (v) al/ rents, issues, profits and income therefrom (subject to the right of Trustor to col/ect and apply such rents, issues, profits and income as they become due and payable so long as no event of default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) al/ tenements, hereditaments. privileges and appurtenances belonging, used or enjoyed m connection therewith, and (viii) all proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereinafter collectively caJled 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 with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property, that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of aJl persons and parties whomsoever. Trustor, at its expense, will cause this Deed of Trust, 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 wili take such action as in the opinion of 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 We to the Trust 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 Trust 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 Beneficiary, (c) to comply with all the terms 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 withm fifteen (15) days after written notice from BenefiCiary of such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Benefici81Y, Trustor shaJl pay to Benefir.iary on 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 caJled the "Funds") equalto 1112th ofthe yearly taxes and assessments which may attain priority over t.'Jis Deed of Trust and ground rents on the Trust Property, if any, plus 1 !12th of the yearly premium instaJlments for hazard msurance, plus t' 12th of the yearly premium installments for mortgage insurance, if any, all as reasonably estimated initiaJly and from time to tllne by BenefiCiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shaJl be held III an mstitutlon, tile depOSIts or accounts of which are insured or guaranteed by a federal or state agency including BenefiCiary Bonoflclary shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents. Beneficiary shaJl not be reqUired to pay Trustor any IIlterest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accountmg of the Funds showmg credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as addltlonaf security for the Jndebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficlarl. togetller With the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. SI1811 exceed the amount required to pay said taxes, assessments. insurance premIUms and ground rents as they fall due, sucl! excess shall be. at Trustor's option, either promptly repa/(j to Trustor or credited to Trustor agamst future monthly IIlstallments of Funds If the amount 01 the Funds held by Beneficiary shall not be sufficient to pay taxes. assessments, IIlsurance pwr11/ums and glOund rents as thoy fall due, Trustor shall pay to Beneficiary any amount necessary to make up the defiCiency wlthlll /hlrty days from the date nO/Ice IS mailed by Beneficiary 10 Trustor requesting paymenl thoreof Upon paymont in full of all Indebtedness, Beneflcwry shall lJ'omptlv 'efuncl ',) Trustor any Funds held by BenefiCiary. If the Trust Property IS sold under the POWOI of sale or the Trust PIOJ)urty IS Of/WIWISO aC(]Ullort by Beneficiary, Beneficiary shaJl apply, ImmedIately pflor to the sale of the Trust Property 01 ItS i1cqwslt,on fJy lJolwf'CIiUY ilny I uncls held by Beneficiary at the time of applicatIon as a credit agamst the InrJobtedness If Boneflclaty execules il \\lIlr"" IVilIVOt '" "/I"Ot \ obligatlolls undor tillS paragraph 4. Trustor covonants and agreos to {Jay. boforo tno SlltnfJ boc<J/110 '!PII"I/'IfI"1 .l/llIlH" d.S'''''"l{'nIS h ! l ~,s t!/() ,N#t.ViJ.'_' Oni)"!