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<br />DEED OF TRUST
<br />(Open End SinRle Note)
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<br />This Deed of Trust is made this 17th day of February
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<br />CONTS: c
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<br />88- 100828
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<br />i98 8
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<br />bv .~nd among Lynn E. Farr and
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<br />r
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<br />Sherrie A. Farr, husband and wife hereinafter referred to as "Trustor,"
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<br />whose mailing address is 3339 Roselawn Dr., Grand Is~and, NE; Arend R. Baack
<br />Attorney at Law, hereinafter referred to as "Trustee," whosemailinRaddressisp.O.Box790.Grandlsl~d.NE
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<br />and THE OVERLAND NATIONAL BANK OF GRAND ISLAlW, hereinafter referred to as "Beneficiary," whose mailing address
<br />is P. O. Box 1688, Grand Island, Nebraska 68802.
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<br />For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions
<br />of this Deed of Trust, the following described property, located in Hall County, Nebraska, to-wit:
<br />wt Five (5), in Meadow Lane Third Subdivision of the East Half of
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<br />the Southeast Quarter (E~SE!) of Section Twentv Six (26), Township
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<br />Eleven (11) North, Range Nine (9) West of the 6th P.M. I Hall C'Amnty,
<br />Nebraska
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<br />together with all buildings, improvements, fixtures, :treets, allevs, passageways, easements, rights, privileges
<br />and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits, reversions
<br />and the remainders thereof, including all such personal propertv that is attached to the improvements so as to
<br />ccnst~tute a fixture, all of which, including replacements and additions thereto, are hereby declared to be a
<br />part of the real estate conveyed in trust hereby, it being agreed that all of the foregoing shall be hereinafter
<br />referred to as the IIProperty."
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<br />FOR THE PURPOSE OF SECURING:
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<br />(a) the pa}"ment of personal indebtedness owing from Trustor to Beneficiary, as evidenced
<br />by a Promissory Note of even date here".1th in the original principal amount of Forty-o~
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<br />thousand five hundred one and no/l~--------ts 41,501. 00 );
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<br />(b) the pa}"ment of interest at the rate or rates provided in the afore-describcd notc
<br />and the payment of both principal and interest on any and all renewals, modifications and
<br />ey.tensions of such notes;
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<br />(c) the payment of principal and interest on any futu~e adva~ce as may be cvidenced
<br />by promissory notes stating they are secured by this Deed of Trust; provided, however,
<br />that the total principal indebtedness, not including sums advanced to protect the security
<br />or interest accrued, shall not exceed the sum of Forty-one thousand five hundred
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<br />one and no/l00--------------------------------------\$ 41,501.00 );
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<br />(d) the performance of each agreement and covenant of Trustor herein contained; and
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<br />(e) the payment of any sum or sums of money which may be hereafter paid or advanced by
<br />Beneficiary under the terms of this Deed of Trust, together ,,'ith interest at the highest ratc
<br />provided in the notes secured hereby.
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<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
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<br />1. Pa}"ment of Indebtedness. To pay when due, the principal of, and the interest on, the
<br />indebtedness evidenced by the note, charges, fees and all other sums as proviaed in the loan instruments.
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<br />2. Title. Trustor is the owner of the property and has the right and authority to execute this
<br />Deed of Trust in respect to the property.
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<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all othe~ charges
<br />against the property, before the same become delinquent, and, in the event Beneficiary shall ~o require,
<br />to add to the payments required under the note secured hereby, such amount as may be sufficient to en-
<br />able Beneficiary to pay such taxes, assessments or other charges as they become due.
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<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other hazards as Beneficiary may require, in amOtmts
<br />and companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under
<br />such policies, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all
<br />claims thereunder and, at its sole option, is authorized to either apply the proceeds to the restora-
<br />tion of the property or upon the indebtedness secured hereby, but payments required by the note shall
<br />continue until the sums secured hereby are paid in full.
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<br />5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or improve-
<br />ments now or hereafter on the property; to keep the property in good condition and repair, without waste
<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission
<br />to act; and to comply with all requirements of law with respect to the property.
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<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent domain,
<br />Beneficiary is entitled to collect and receive all compensation which may be paid for any property taken
<br />or for damages to property not taken, and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby cr to repair and restore the property so taken.
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<br />7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act "hich
<br />Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary to protect
<br />the lien thereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured herebv
<br />and become secured by the lien hereof. Beneficiary shall not incur any personal liability because of
<br />anything it may do or omit to do hereunder.
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<br />8. Inspections. Beneficiary, or its agents, representatives or workmen, are authori7.ed to enter
<br />at any reasonable time upon or in any part of the property for the purpose of inspecting the same and
<br />for the purpose of performing any of the acts it is authorized to perfol~ under the terms of any loan
<br />instruments executed by Trustor.
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<br />9. Assignment of Rents. Beneficiary shall have the right, po,,'er and authoritv durinR the con"
<br />tinuance of this Deed of Trust to collect the rents, issues a~d profits of the property and of anv
<br />personal property located thereon with or without taking possession of the propertv affected hereby,
<br />and Trustor hereby absolutelY and llllconditionally assigns all such rents, Issues and profits to
<br />Beneficiary, Beneficiary, however, hereby consents to Trustor's collection and retention of such
<br />rents, issues and profits as they accrue a.nd hecorr..e payable I so long as Trustor j s not, at such tIme.
<br />in default with respect to payment of any indebtedness secured hereby, or in thE' pt:>rfrq-m;}ncl? of any
<br />a~reement hi!reunder. If any event of default described hereafter in rf~r){'({ t.., ! ~;is ~)i>t',i <'f Tru!-'t
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