|
<br />88-
<br />
<br />101012
<br />
<br />CONT5:d
<br />
<br />DEED OF TRUST
<br />
<br />I
<br />
<br />This Deed of Trust is made this 25th day of February ,1988 , by and amongGerald B. Kluthe
<br />and Susan M, Kluthe Husband--a:nawife , hereinafter referred to as "Trustor,"
<br />whose mailing address is 400 ::>outh ::>uez, Calro, NE (jHH~4 Arend Baack
<br />Attorney at La", hereinafter referred to as "Trustee," whose mailing address is P. O. Box 790,
<br />Grand Island. NE 68802 ; and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address is P. O. Box 1688, Grand Island, Nebraska 68802.
<br />
<br />For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in
<br />trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust, the following-described property, located in FUill County,
<br />Nebraska, to-wit:
<br />LDts Three (3) and Four (4) in Block Fourteen (14) in the Town
<br />
<br />of Cairo, Hall County, Nebraska
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reversions and the remainders thereof, including all such personal property that is attached to the improve-
<br />ments so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the fore-
<br />going shall be hereinafter referred to as the "Property."
<br />
<br />L
<br />
<br />FOR THE PURPOSE OF SECURING:
<br />
<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith in
<br />the principal sum of'l\venty-six thousand & nojlOO----(s 26,000.00 ), together
<br />with interest at the rate or rates provided therein, or the principal and interest on any
<br />future advance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
<br />and extensions of such notes, both principal and interest on the notes being payable in
<br />accordance with the terms set forth therein, which by this reference is hereby made a part
<br />hereof;
<br />
<br />(b) the performance of each agreement and covenant of Trustor herein contained; and
<br />
<br />(c) the payment of any sum or sums of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of Trust, together with interest thereon at tr.e
<br />rate provided in the note.
<br />
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
<br />
<br />1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the indebted-
<br />ness evidenced by t~e note, charges, fees and all other sums as p~ovided in the loan instruments.
<br />
<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.
<br />
<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges
<br />against the property, before the same become delinquent, and, in the event Beneficiary shall so 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.
<br />
<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, L~ amounts and
<br />companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under such
<br />policies, Beneficiary is authorized to adjust, collect and compromise, in its discre~ion, all claims
<br />thereunder and, at its sole option, is authorized to either apply the proceeds to the restoration of the
<br />property or upon the indebtedness secured hereby, but payments required by the note shall continue until
<br />the sums secured hereby are paid in full.
<br />
<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 eomply with all requirements of law with respect to the property.
<br />
<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 or to repair and restore the property so taken.
<br />
<br />7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act which
<br />Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary to protect
<br />the lien hereof. 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 here-
<br />by 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.
<br />
<br />8. Assignments of Rents. Beneficiary shall have the right, power and authority during the con-
<br />tinuance of this Deed of Trust to collect the rents, issues and profits of the property and of any per-
<br />sonal property located thereon with or without taking possession of the property affected hereby, and
<br />Trustor hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
<br />Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable, so long as Trustor is not, at such time, in default with re-
<br />spect to payment of any indebtedness secured hereby, or in the petformance of any agreement hereunder.
<br />If any event of default described hereafter in respect to this Deed of Trust shall have occurred and be
<br />continuing, Beneficiary, as a matter of right and without notice to Trustor or anyone claiming under
<br />Trustor, and without regard to the value of the trust estate or the interest of the Trustor therein,
<br />shall have the right to apply to any court having jurisdiction to appoint a receiver of the property.
<br />
<br />9. Inspections. Beneficiary, or its agents, representatives or workmen, are authorized to enter
<br />at any reasonable time upon or in any part of the propertv for the purpose of inspecting the same and
<br />for the purpose of performing any of the acts it is authorized to perform under the terms of any loan
<br />instruments executed by Trustor.
<br />
<br />10. I!snsfe~~~. If all or any part of the propertv or an\" Interest of Trustor t hpl'('\1\
<br />
<br />-i-
<br />
|