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l [i r DEED OF TRUST 88- 101053 I" THIS DEED OF TRUST ("Security Instrument") IS made on this 22 19~, The trustor IS Rory Hayman and Sherry Hayman day 01 Feb. ("Bortower"). The Ifustee is Commercial Federal Savings and Loan Association. ("Trustee"). The beneficiary is Commercial Federal Savings and Loan Association, which is organized and existing under the laws 01 Nebraska, and whose address is 4460 Farnam, Omaha, . . Fourteen Thousand Five Hundred Eighty Five Dollars and 6Q/1gO Nebrask1~1~8'5e:ge~p' Borrower owes Lender the pnnclpal sum 01 "" . , Obll"ftr (U,S, $ , ), This debt is evidenced by Borrower's note dated the same date as this Security Instrument ( Note), which ~rovldes lor monthly payments, with the d. , 'd d I Feb. 15, 1992 lull ebt, 01 nol paid earlier, ue an payab e on This Security Instrument secures to Lender: (a) the repayment of the debt evid~nced by the Note, with interest, and all renewals, extensions and modifications: (b) the payment of all other sums, with interest. advanced under paragraph 7 to prolecl the security of this Security Instrument: and (c) the performance of Borrower's covenants and agreements. For this purpose, Hall Borrower irrevocably grants and conveys 10 Trustee, in trust. with power at sale, the following described property located in County, Nebraska. Lot Eighteen i!all County, (13), Block Four (4), 01de Mill r,ll:: "L Subdivision, City of Grand Island, Nebraska n~g01 2311 Staqecoach Place, (Street) ("Property Address"): Grand Island which has the address of (City) L TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances. rents, raya"ies, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shal! 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 lawfully seised 01 the estate hereby conveyed and has the lIghl to grant and convey the Property and that the Property is unencumbered, except lor encumbrances 01 record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non.uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property, UNIFORM COVENANTS, Borrower and Lemler covenant and agree as tollows: 1. P8yment of Prlncfpal and Int_t; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Fund. for Tax.. and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly payments are due under the Note. unln the Note is paid in lull, a sum ("Funds") equal to one.twelfth of: (a) yearly taxes and assessments which may anain priority over this Security Instrument: (b) yearly leasehold payments or ground rents on the Property, il any: (c) yearly hazard insurance premiums: and (d) yearly mortgage Insurance premiums, if any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow lIems. The Funds shall be held in an institution the deposits or accounts 01 which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an instllution), Lender shall apply the Funos to pay the escrow items Lender may not charge lor holding and applying the Funds, analyzing the account or verifying the 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 the Funds. Unless an agreemenf is made cr applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an annual accounting 01 the Funds showing credits and debits to the Funds and the purpose lor which each debll to the Funds was made, The Funds are ~ed as additional securitf for the sums secured by this Security Instrument. I! the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow items, shail exceed the amount required to PliY the escrow lIems when due, the excess shall be, at Borrower's option, either promptly repaid to Borrower or credlled to Borrower on monthly payments 01 Funds. I! t~e amount 01 the Funds held by Lender is not sufficient to pay the escrow items when duA, Borrower shall pay to Lender any amount necessary to.make up the deficiency in one or mom payments as required by Lender. Upon payment in lull 01 all sums secured by this Security lostrumen!. Lender shall promptly refund to Borrower any. Funds held by Lender. I! under paragraph 19 the Property is sold or acquired by Lender, Lender shal! apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of P8ymenla. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first. to late charges due under the Note: second, to prepayment charges due under the Note: third, to amounts payable under paragraph 2: fourth, to interest due: and last. to principal due. 4. Cha","; LIen., Borrower shall pay all taxes, assessments, charges, fines and impositions anributable to the Property which may anain priority over lhis Security Instrument. and leasehold payments or grouM rents, if any. Borrower shall pay these 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 furnish to Lender all notices of amounts to be paid under this paragraph, I! Borrower makes these payments directly, Borrower shall promptly lurnish to Lender receipts evidencing the payments, Borrower shall promptly discl>arge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lion in a manner acceptable to Lender: (b) contests in good laith the lien by, or defends against enforcement 01 the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or lorlellure 01 any part of the Property: or (c) secures from the holder of the lien an agreemenf satisfactory to Lender Subordinating the lien to this Security Instrument I! Lender determines that any part of the Property is subjeclto a lien which may altain priority over this Security Instrument. Lender may give Borrower a notice ioentifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving 01 notice. 5. Hazardlnau_. Borrower shall keep the improvements now existing or hereafter erected on the Property insured againslloss by lire, hazards included within the term "extended coverage" and any other hazards for which Lender reqUires insurance. This insurance shall be maintained in the amounts and lor the periods that Lender requires. The .nsurance carner providing the insurance shall be ohosen by Borrower subject to Lender's approval which shall not be unreasonably wllhhekl. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals, I! Lendel requires, Borrower shall promptly give to Lender all receipts 0' paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, Unless LeMer and Borrower otherwise agree in writing, i"surance proceeds shall be applied to restoration or repair 01 the Property damaged, if the restoration or repair rs economically leasible and Lender's security is not lessened, I! the restoration or repair is not economically leasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. I! Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has oHered to senle a claim, the Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument. whether or not then due. The 3Q..day period will begin when the notice is given. Unktss Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or postpone the due date of tt}e monthly payments rPferred to In paragraphs 1 and 2 or change the amount of the payments. I! under paragraph 19 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by thiS Security Instrument immediately prior to the acqursition. 6. PNMrvatkMl and Mal_nee of PtOperty; I..eaMhokla. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. I! this Security Instrument is on leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title ti> the Property, the leasehold and fee title shall not merge unless Lendllr agrees to the merger in writing, 7, Protectlon of Lender'. RIghta In the Property; Mortgage Insurance, I! Borrower fails to perlorm Ihe covenants and agreements contained in thiS Se,:urlty Instrument, or there is a legat proceeding that may significantly aHect Lender's rights in the Property (such as a proceeding in bankruptcy. probate, for condemnation or to enforce laws or regulations). then Lender may do and pay lor whatever is necessary to protect the va!ue of the Property and Lender's rights in the Property, Lender's actions may Include paYIng any sums secured by a lien which has prioritt over this Security Instrument, appearing in court, paying reasonable anomeys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed bV Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree 10 other terms of payment. these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable. with interest. upon notice from Lender to Borrower requesting payment If Lender required mortgage insurance as a condition 01 making the loan secured by this Security Instrument Borrower shall pay the premiums ieQulred to maintain the insurance in effect until such time as the reQuirement for the insurance terminates in accordance with Borrower's and lender's written agreement or applicable law .. lnapec1:ion, Lender or its agent may make reasonable eotTles upon and inspections of the Property. Lender shall give Borrower notice at the 11me at Of pnor to an Inspection speCifying reasonable .cause for tho inspection. I. CondIJrnneUon, The proceeds of any award or claim for damages. direct or consequential, In connection with any condemnation or other taking of any part of the Property. Or tor corMtyanCe in lieu ot condemnation, are hereby assigned and shall be paid to Lender In :he event of a total taking ollhe Property, the procoods shall be applied 10 the sums secured by thiS Securoty Instrument. whether or nol Ihen due. With any e.cess paid 10 Borrower In the event of a partial laking ollhe Proprtrty, unless Borrower and Lender otherwise agree In wntlng, the sums secured by Ih,s Securlly Instrumenl shall be leduceo by the amount of the proceeds multipliad by the fOlloWing fraction: (a) the total amounl ollhe sums securad immediately before Ihe taking. diVided by rbllhe lall ",arkel value olll'e Properly Immediately belore the takong Any balance shall be paid to Borrower If the Property IS abandoned by Borrower. 01 II. after nollce by Lender to Borrower thaI the condemnor offers 10 make an award or sal1le a claIm 101 damages Borrower falls to respond 10 lender Within 30 days after the date the nOllee IS glven_ Lendm IS authOnled to coll~cl and apply tile proceeds at lis ophon. Olthsr to restoration ,--'On repair Of t~,e Pr(mertv or io the sums secured by thiS Secunty Instrument whethel Or nol then due Un~& Lender and Borrower otherwl~e agree In wTltln9_ any ~ppllcatlon 01 proceed!; to pnncIPal shaH nol a)(teno or pOSlpone the (1Ufl ~1a1P ,11 1Il(> '110f11'-"1", O<Wnlt"nts refp.fI"ea 10 If'! paragraph~ t and 2 or change 1h9 amOunt of suCh payments ;; "" ~ ; >' 1: ~ , 1 1 ~4 "j I ! J r-- II i ;<; t' (l Y ( ...