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II II r BANKS JI.lllIi. ..".. Deed of Trust 88-101134 Hidland Builders, Inc., Jim L.Seim & Evelyn R.Seim,husband&wife\ r . THIS D E OF T T' made t' 16th d' Qf February .19 88 . gp~nJB?fil{,'li~X .Grooms&CaroIC . Grooms ,husb,ana I &w~f e; ana Bary ~%ulfl~ van~i-1yrna J. SuiPi.~ van. hus band & Wl-re- whether one or more, (hereinafter called the "Trustor"), whose mailing ad~!A 08 Old Fair Road Suite 6 Grand Island Ne a a NOR WEST BANHmn:'Ifl ASSOCIATION (hereinafter called the "Trustee"), whose mailing address is P .0. Box 1768. Grand Island .Ne 68802, and NOR WEST BANKNEBRASKA. NATTONAT. ASSOCTATTON , (hereinafter called the 'Beneficiary"), whose mailing address is P.O. Box17fiR. r.nmoT",l''<no,N..hr"", k" fiRR07 WITNESSETH: IF THIS BOX IS CHECKED { { 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 m the principal sum of Sixtv Thousand Eight Hundred Thirty-one [, nol100 Dollars ($ 60.831.00 ), which mdebtedness is evidenced by Trustors promissory note dated February 16. 198B-. (hereinafter called the "Note"), payable to the order of BenefIciary and ila'/mg a matunty of }Iarch 1 1989 NOW, THEREFORE, for the purpose of secuffng: (a) payment of the Note, together with Interest thereon. late Charges. prepayment penaJties. an;' future ad~'ances, and all extensions. modifications, substitutions and renewals thereof. (b) payment of all other sums, fees or cha'ges, together with interest thereon. advanced to protect the secunty of thiS Deed of Trust and the performance of the covenants and agreements of Trustor. whether or not set forth herem, (c) performance, discharge of and compliance with every te,m. covenant. ob!igarion and agreement of Truswr contamed herein or incorporated by reference or any other security instrument at anytime giVen /0 secure the Note. and (d) the repayment of all other sums or future advances. with interest the,eon, which may heretofore ha~'e been or hereaher be advanced by Beneficiary to Trustor or Trustors successor m interest or ti/fe. all of which is hereinaher collecrively called the "Indebtedness". Trustor trrevocabty grants and Itansfers to Trustee. Iff trust. WITH POWER OF SALE, the following dascnbed ptoperty: Lot One (1) in Commercial Industrial Park Second Subdivision, in the City of Grand Island, Hall County, Nebraska. L together with (i) all buildings, structures. additions. enla'gements. moolfica/Iolls. repa;,s. replacements. and ImpfO~'emen!s nOIY or hereaher located thereon, (ii) all equipment. machinery and flxrures (mcludmg. ~~1'hOlJt hm-tallen. ail !;ghtlng. heatmg. ~'enMatmg, coo-Jingo air conditio'ling, sprinkling and plumbmg fixtures. wate, and poIVer systems_ engmes. txNters. ,anges_ m'ens. dIshwashers. mirrors and mantels. carpeting, furnaces, oil burners, elevators and mota's. refngeration plants CN units. communication systems. d)'namos. transformers, electrical equipment, storm and screen windows.doOls, awnmgs and shades) no,',' or hereahe, attached to. eM built in an)' bUilding or imprm<ement now or hereafter located thereon. (iii) al/ easements and nghts of IVay apputtenant thereto, (w). allleaset...:>!d f:3tato. fight. tItle and interest of Trustor in and to all leases. whether now or hereafter eXIsting or entered mto finctudmg. Without IlrrJtatlM. all cash and security deposits, advance rentals and deposits or payments of a SImilar natUle). pertsm;ng rhere/o. (v) all,ents, Issues. profits and income therefrom (subject to the right of Trustor to collect and apply such ,ents. Issues. PlOfltS and mcome as the)' become due and payable so long as no event of default exists hereunder). (vi) all royalties. mmeral. 011 and gas "gMs and plOfltS. I~'ater, water tights. and water stock, (vii) all tenements, hereditaments. privileges and appurtenances belongmg. used or enjC)'ed I'rTJ connectioo rherewith. and (V'IIJ all proceeds of COOViNSion, voluntary or involuntary, of any of the foregomg mto cash 0' liquidated claims (including. ;\1thout IJmitation. proceeds of insurance and condemnation awards). all of which IS heremafter coJlect",ely called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS, OLLOWS: 1. Title. Trusto, covenants. warrants and agrees With BeneftClary. ItS successors and assIgns. that Trustor owns the Trust Property free from any prior lien or encumbrance, that thiS Deed 01 T'us/ls and 1~71J remam a I'a/rd and enforceable first lien en the Trust PlOperty, that T,ustor, at its expense. Will p,eseNe such title and 1\'/11 mamta.lll this Deed 01 Trust as a f"st and paramount lien upon the Trust Property and will forever warrant and defend the validIty and pno.nty of the lien hereof against the claims of all persons and parties whomsoever. Trustor, at its expense, will cause thIS Deed of Trust. and eacll amendment or supplement hereto. to be filed and recorded as a mortgage of the Trust PlOperty Iff such manne' and in such place and Iwll take such action as in the opinion of Trustee may be required by any present or lutUle law in o,der to perfect. mamtalff and protect the lien of this Deed of Trust. as the same may be amended or supplemented from tIme to tIme. Trusto, WIll make such further assurance or assurances to perfect its title to the Trust Property as may be required by Benoficiary. T,ustor hereby 'e!mqwshes all,ight of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trusto, shall punctua/Iy pay the pnnopal of and Interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete m good and \\"orlunantke lIIanner any bwldmgs. Impro,'ements or repallS relating thereto which may be begun on the Trust Property or contempfated by the loan e~'1denced by the Note secured hereb}'. to pay when due a/l costs and tiabilities incurred therefore, and not to permit any constlucMn lien agarnst such Trust Property. In the event construction of buildings, improvements or repairs a,e contemplated, Trusto, also agrees, anything Iff this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed Improvements promptly, (bJ to complele the same in accordance with the plans and specifications as apP'Ol'ed by BenefiCIary. (C) to comply with alt the telms of a bUilding loan agreement, if any, between T rusto, and BenefiCIary. the te,ms of "'#Uch are inccrporated herein by reference and made a part hereof. (d) to allow Beneficiary to inspect the Trust Property at alt times during construction, and (eJ to replace any work or matenals unsatisfactory to Beneficiary withm fifteen (15) days after IVntten notice from BenefiCIary of such facl. 4. Funds for Payment of Chalges. Subject to appticable law or to a IVritten waive' by BenefiCIary. Trustor shaff pay to Ber.eflr;,ary on the first day of each month. or such other date each month as may be specIfied by Benef,c,ary. untIl the Indebtedness is paId in full. a sum (hereinaher called the "Funds") equal to 1 12th of the yearly taxes and assessments whICh may attam pllonty ove, thIS Deed of Trust and ground rents on the Trust Property, If any. plus 1'12th of the yearly premIum Iffstaltments lor hazard msurance. plus 1 12th of the yearl}' premium installments for mortgage insurance. if any, all as reasonably estimated ill/Mlly and from tIme to time by BenefiCIary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held m an mstltutton. the depoSIts or accounts of which are insured or guatanteed by a federal or state agency includmg Beneficiary. BenefiCIary shaff apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. BenefIciary shaff not be reqUired to pay TlUstor any mterest 01 earnings on the Funds. Beneficiary shall give to r,ustor, without charge. an annual accountmg of tile Funds showing credits and debits to tI,e Funds and the purpose for which each debIt to the Funds was made. The Funds are pledged as additIonal security for the Indebtedness secured by this Deed of Trust. If the amount of the Funds held by BenefICiary. together With the future monthly mstallments of Funds payable prior to the due dales of taxes. assessments, msurance p,emlums and ground rents. shall exceed the amount ,equired to pay said taxes. assessments. insurance premIums and glOund rents as they fall due. such excess shall be. at Trustors option. eilher prompffy repaid to Trustor or credited to Trustor agamst future monthlv mslallments of Funds If the amount of the Funds held by BenefICiary shall not be suffiCient to pay taxes. assessments. msurance prenl/ums and ground rents as Ihel' lall due. Trustor sha/l pay to Benoflc/ary any amounl necessary to make up the defiCIency IVlthm thlrtl' days trom the date notIce IS mailed by BenefiCiary to T,ustor roquestmg payment thereof Upon payment m full of all Indebtedness, BenefICIal}' shall [)Iomp/lv refund la Trustor any Funds fIeld by Deneficlary. If tllO Trust Propelty IS sold under the power 01 sale or 1/'0 T rusl Pr0{10rtl' IS OlllerWIS(' ilCqU/lOI1 by Benellclary BenefICiary shall apply. Immetfl8tely pflor 10 tile sale of Ihe TrllSI Property or lIS aCQillsIIIO" fl; BI'flPl,c"l" ilnl' funds held by Beneftcmry <11 the tlmo of applIcatIOn liS a crodlt agamslllJe InaotJro,1f'osS II Bel/."/clilr, (''''CuIi'S il ,,'nrr,'" "',her of Twsli" , obligations undOI tillS pilmgmph 4. Tlustor covoni'nls amI agrees 10 pay, lJOlnrf' tllf' sam" In'co'I'" (~p"n(](J''''~ .I', ta.", ,ISSeSSTIINIls ~ I '<t' l'- ~ h .,;4,'" .......r"...<;J!.'..,....;. -1