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<br />88-
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<br />101174
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<br />DEED OF TRUST
<br />CONSTRUCTION PROJECT
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<br />
<br />THIS DEED OF TRUST is made as of the lOth day of March, 1988, by and among
<br />Isle Motel, Corp., ("TRUSTOR"), \'lhose mailing address is: P. O. Box 2280, Grand
<br />Island, Nebraska 68802 and Earl D. Ahlschwede, Attorney at Law, ("TRUSTEE") whose
<br />mailing address is: Post Office Box 2300, Grand Island, Nebraska 68802, and Horne
<br />Federal Savings and Loan Association of Sioux Falls, ("BENEFICIARY"), whose
<br />mailing address is: Post Office Box 5000, Sioux Falls, South Dakota 57117-5000.
<br />
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys, and
<br />assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of
<br />Beneficiary, under and subject to the terms and conditions of this Deed of Trust,
<br />the real property located in the City of Grand Island, County of Hall,
<br />State of Nebraska, and legally described as follows: (the "Property"):
<br />
<br />Lots Seven (7) and Eight (8), Bosselrnan Subdivision, an Addition
<br />to the City of Grand Island, Hall County, Nebraska.
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<br />TOGETHER WITH all rents, easements, appurtenances, hereditaments, interests
<br />in adjoining roads, streets and alleys, improvements and buildings of any kind
<br />situated thereon and all personal property that may be or hereafter become an
<br />integral part of such buildings and improvements.
<br />
<br />The property and the entire estate and interest conveyed to the Trustee are
<br />referred to collectively as the "Trust Estate".
<br />
<br />FOR THE PURPOSE OF SECURING:
<br />
<br />a. Pa~nent of indebtedness in the total principal amount of $l,COO,OOO.OO,
<br />with interest thereon, as evidenced by the certain Promissory Note of even date
<br />(the"Note") with a maturity date of October 1, 2008, executed by Trustor, which
<br />has been delivered and is payable to the order of Beneficiary, and which by this
<br />reference is hereby made a part hereof, and any and all modifications, extensions
<br />and renewals thereof, and,
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<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate,
<br />with interest thereon at the rate of 10 percent per annum, variable annually as
<br />provided in the Promissory Note.
<br />
<br />This Deed of Trust, the Note, and any other instrument given to evidence or
<br />further secure the payment and performance of any obligation secured hereby are
<br />referred to collectively as the "Loan Instruments".
<br />
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
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<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of,
<br />and the interest on, the indebtedness evidenced by the Note, charges, fees and
<br />all other sums as provided in the Loan Instruments.
<br />
<br />2. TAXES. Trustor shall pay each installment of all taxes and special
<br />assessments of every kind, now or hereafter levied against the Trust Estate or
<br />any part hereof, before delinquency, without notice or demand, and shall provide
<br />Beneficiary with evidence of the payment of same. Trustor shall pay all taxes
<br />and assessments which may be levied upon Beneficiary's interest herein or upon
<br />this Deed of Trust or the debt secured hereby, without regard to any law that may
<br />be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
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<br />3. ~NCE AND REPAIRS. Trustor shall maintain fire and extended
<br />coverage insurance insuring the improvements and buildings constituting part of
<br />the Trust Estate for an amount no less than the amount of the unpaid principal
<br />balance of the Note (co-insurance not exceeding 80~ permitted). Such insurance
<br />policy shall contain a standard mortgage clause in favor of Beneficiary and shall
<br />not be cancellable, terminable, or modifiable without ten (10) days prior written
<br />notice to Beneficiary. Trustor shall promptly repair, maintain and replace the
<br />Trust Estate or any part thereof so that, except for ordinary wear and tear, the
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