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<br />ACKNOWLEDGEMENT OF DEED OF TRUST
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<br />88- 101183
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<br />BORROWERS READ THIS BEFORE SIGNING:
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<br />Borrowers (Trustors) understand that the document that the Borrowers are about to execute is a Deed of TrUS~d not a mortgage and that the power of sale provided
<br />for in the Deed of Trust provides substantially different rights and obligations to the Borrowers than a mortgage. i the eve~t o~ ~ default or ~reach of obligation under the
<br />Deed of Trust. including. but not limilod to. the Lendor'~ right to have the Real p~ y 5~ld 9Y the Trystee WIt o~t any Judicial proceeding or foreclosure. Borrowers
<br />represent and warrant thai this acknowledgement was executed by them beforrh~ ex c~tlO / of t.. ~Af)' St. Ii
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<br />PREFACE TOYED OF TRUST
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<br />COMPLETE thlB portion ONLY If tile rell property described conllsts ollNDIVIDUAll Y OWNED AGRICULTURAL lAND.
<br />Ulppllclble. complele ONLY ONE ellhe, A, B, or C:
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<br />o A. DISCLAIMER OF RIGHT TO DESIGNATE HOMESTEAD:
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<br />The Borrower(s) acknowledge that they are about to execute the follOWing Deed of Trust upon the real estate described therein_ The Borrower(s}. and each of them if
<br />more than one, do hereby disclaim their right 10 designate a homestead pursuant thereto. No part of the homestead of either of the Borrower(s} is presently or will in the
<br />future be situated upon said real estate- The Borrower,s) understand tnat It either establishes a homestead on any part of said real estate during the time the Deed of Trust
<br />remains unsatisfied and a lien upon said real estate. there shall be no !'Ight to make a deSignation of homestead in the event of a foreclosure or trustee's sale with respect to
<br />said Deed of Trust
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<br />o B. WAIVER OF RIGHT TO DESIGNATE HOMESTEAD:
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<br />The Borrower(s) acknowledge that they are aboutlo execute the follOWing Deed 01 Trust upon tno real eslale descnbed therein The Borrower(s). and each oflhem if
<br />more ttlan one. do hereby waive their right to deSignate a homestead pursuant thereto The Borrower(s) understand that they have the right to make a deslgnatlon of
<br />homestead and that by executing this waiver, they are waiving "ghts otherWise available lor the purpose of affording them the opportunity to retain the" homestead in the
<br />event of a default upon the Deed of Trust.
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<br />o c. DESIGNATIl~N OF HOMESTEAD:
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<br />Pursuant to Ihe Farm Homestead Protection Act (Secllon 76-1901 et seq ReVised Statutes of the State of Nebraska). the Borrower(s). do hereby designate Ihe real
<br />property described in the "Designation of Homestead'. attached herEto and Incorporated herem by thiS reference
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<br />Borrower
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<br />Borrower
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<br />DEED OF TRUST WITH FUTURE ADVANCES PROVISION
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<br />THIS DEED OF TRUST. 's made as of the 10- d.y of _ _ Mar.ch-.. '9 J;l~ by and among fhe Trustor. John R. Gunderson
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<br />and Carol J. Gunderson, Husband~Wi~.. __ whosemaollngaddresSIS 29 Kuesters Lake Road, Grand Island,
<br />NE
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<br />~_ (herem .Borrower! the Trustee _Wil.!-J-p.lQ__G_J_lcl':;J5J~!l.xl}-,_A..!\I_eJ!1ber
<br />wt-,se mailing address IS _L_~._ Box ~280. ~I_Cl!1Q. --L~lim<i,-..!'lE. 6!iEill.2 _ __ __ __ __.
<br />and the Beneficiary. _~ve_ Points Ba~k___ _______....___. _~_____.___
<br />whose mailing address IS P.O. Box ..1507_ ~r.al1d Islnad, HE 68802
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<br />of the NE State Bar Assn.
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<br />(herein "Trustee").
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<br />___~~__~ (herein .'Lender..)
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<br />FOR VALUABLE CONSIDERATION. Includmg the andebtednes.s Identll:ed her('ln and trust t",erelfl created the receipt of which IS hereby acknowledged. Borrower
<br />hereby irrevocably grants. transfers. conveys and assIgns to Trustee IN TRUST WITH POWEr-.: OF SALE tor the benefit and security of Lender. under and subject to the
<br />terms and conditions hereinafter set forth. the real property descflbed as follows
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<br />he W=st Qle Hurrlred Thalty-Eight (128) feet of the =rth sixty-bve (65) feet of lot seventeen (17) of the Camty &1b::livisien of
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<br />he W=st half of the ~ qua.rter (wt ~l) of Secticn fifteen (15), 'Ib"nship eleven (11) =rth, Range nine (9), \~ of the 6th
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<br />.M., aloo kna."l1 as: '!he ~t me hurrlred am t\o.enty eight (128) feet of the folla.ving descriJE] prq:Erty to-wit: ChmEncing at
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<br />p::>int me hurrlred feet IXlrth of a p::>int t\o.enty-three am me half (23,) reds rnrth of a p::>int thirty-three (33) feet east of the
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<br />arJTv.est oomer of Sectien fifteen (15), 'IM1ship eleven (11) north, Rar.ge Nine (9) ~t of the 6th P.M., thence frun the first
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<br />ailEd p::>int (said p::>int being the east l:x:xJrrlaIy line of the Camty Read adjoining) running thence =rth alcng en the east b::urrlary
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<br />ine of said road for a distance of sixty-five (65) feet, thence east running at right an;}les with said east b::urrlary line of said
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<br />oodfora distance of sixteen (16) reds, thence s::A.lth p:rrallel v.Tith said east line of said rmd for a distance of sixty-five (65)
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<br />eet, t:hencE \~ to pla02 of b2ginning for a distan02 of sixteen (16) reds, in Hall lliIDty, Nebraska, except a tract a:nveyed to
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<br />he City of Grarrl Islarrl as sho.-.n in Wrrranty Leed reamjed in Ib::k 164, r:age 377.
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<br />Together with all buildings. improvements. fixtures. streets alleys. pas.sageways. easements fights. priVileges atld appurtenances located thereon or In anywise
<br />pertaining thereto, and the rents. issues and profits. reverstOns and remainders thereof: Including. but not limited to. heating and coohng equipment and such personal
<br />property that i5 attached to the improvements so as to constitute 2 fixture. and together With the homestead or marttallnterests. If any. which mterests are hereby released
<br />and waived: all of which. including replacements and addItions thereto. 15 hereby deClared to be a oart of the real estate secured by the hen of thiS Deed of Trust and all of the
<br />foregoing being referred to herem as the "property"
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<br />ThiS Deed of Trust shall secure (al the payment of the prinCIpal sum and Interest evidenced by Borrower s note ana or credit agreement dated ____
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<br />.--March 10, 1 988 . haVing a matunty date 01 ~llar.ch.._u)_._ .l.99..L_ .... .n 'he on9,no' D'mcopal amount 0' S __24__..0DO _ 00 and any and all
<br />modifications. extenSions and renewals thereof or thereto and any and all future advances and readvances hereunder pursuant to one or more promiSSOry notes or credit
<br />agreements (herein called "Note'-); (b) the payment of other sums advanced by Lender to piotect the security of the Note (clthe performance all covenants and agreement
<br />of Borrower set forth herem: and (d) alllOdebtedness and oblIgations of Borrower to Lender whether !Juect indirect. absolute or contingent and whether arlsmg by note.
<br />guaranty. overdraft or otherWise
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<br />Borrower. to protecl the securlly of thiS Deed of Trust. covena'lts and agrees WIth Lenoer as follOWS
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<br />1 Payment 01 Prlnclp.land tnter.s.. Borrower shall promptly pay when due the prinCIpal 01 ;lnd mterest on and any fees or charges prOVided In Ihe Note or In thiS
<br />Deed of Trust.
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<br />2 Title. Borrower is the ownerotthe Property. has the fight and authorIty 10convey the Properly and warrants lhal1he lien crealed hereby IS a first and prior lien on
<br />the Property. except as may otherwise be set forth herem. and the execution and delivery of thIS Deed of Trust does nol \,olate any contract or other oblloalton to whIch
<br />Borrower i$ subject -
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<br />3 .T.I.... A....sment.. To pay when due all taxes. speCial assessments and all other charges agalnSllhe Property and upon wrlIten demand by Lender to pay to
<br />Lender ~uch amount as may be suffICient to enable (he Lender to pay SuCh taxes assessments or other charges as they become due
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<br />4 Inau'.~, To ktl'ep the Property InSured against damage by flft." hazardt; mCluded Wlthm the term ex1endpd coverage and such other hazards as Lender may
<br />reQuite, In amounts and With companIes acceptable 10 Lender, and WIth loss payable 10 lhe Lender In case 011055 \Jndef suCh pOlICIes !he Lpnder l~ authofllea to adjust
<br />c.oHeet and comp1omise. all claims thfHeUndf'H and shall have the option of applYing all or pari of the- Insurance pfocc,pds ill 10 any Indf'bl('dn(>~s securrd hereby and lr't Slle.
<br />order Ii Lender may dvtermme (II) to the Borrower to be used for the- I(Ip~U Of restorn~lon 01 tlle Properly (H Ill' 1 'o~ any o'h~t rUI post' ()P oblec 1 S,lllsfartQf\. to l pnd("
<br />with-ou1 affectino the lien of UHI Oped of T rust 1m 1he 1ull Amounl seuHN1 hereby before ~llCt"l payment ("ve' toot. place AflY appllc <\"0" 01 ptOC{'P,1S to IndetltC'dfl('SS S~\rlli
<br />not e7.1e-nd Or POJtpont! the du~ datt.' of any pa.,.nu~nts under Ihe NOle tH (urp Any defaulllhNcundP' Of hc-teU:'lOet
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<br />Mfh\nt."anc:. R.palrl .n~ Complience with l.... Oorrow('r 5-h,ll1 ilerp lhe Properly In good c(}n~'II(H\ "n<:j !("pall <"',);, 1,:,")pti~ "I'Pel" ,-" ff?pld(l' ""}'
<br />lJ1'!-prOl'.m~,...t which m.ct}' It& dam"Q{'-ij or {j~'lfo.,.ecd !lllall not COtlHlHt (H p(Hlm' any 'hll\te or :Jetc'lorat,on r:! tt\f1 Propt'n, !.!li\!i no! <,."'.:','1" 1;'-11'0;:,,'1 [1' ~"t~.sI,)lllli!;))' ,\11(>f
<br />Any ot 1~"lmpfO','~nlenl\on Hi@' Prop~ny ~hJlIl not C(Jmm'l ~uftl.H 01 fH~~rni! any ~H.llc b<t l1onp!n 0' ur'(,r, lllp P'()Pt"I~' ". ~.ol.'\1!{,'" . .1.-. .-1\'" :'.j''-'.i.I(P ,), 'PQul~II(l!) lUhJ
<br />Sot,,,I' ~''''Y arid rHnmptl'f (h~( t''''I)f' at no"n~.t;" !. ("st and e. p('n~p. <lit hef\'j. (~n( tJ'~ll}tltn( (<~ "".1.: f.,!HqP~ '''V'~,'v ,mt.hJ!,I~t1 ,'" ,1.'......."..t"1 ,1 J:'1.fl" " .' F 'H".'~~ .'1 .\'l\ "i'" H.("p,.:,!
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