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<br />DEED OF TRUST
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<br />88- 101222
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<br />19
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<br />THIS DEED OF TRUST ("Security Instrument") 's made on th,s 8 t h day of Ma rc h
<br />88 Thetrustorls Jack E. Stolle and Mary Stolle- husband and wife
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<br />("Borrower"). The trustee 15 Commercial Federal Savings and Loan Association.
<br />('Truslee"), The beneficiary is Commercial Federal Savings and Loan Association. which is organized and existing under Ihe laws of Nebraska, and whose address is 4460 Farnam, Omaha.
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<br />Nebraska 68131 ("Lender"). Borrower owes Lender Ihe principal sum of Nineteen tholl sand fou r hundred seventeen do 11 a rs and N%&lli}s
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<br />(u.s. $ 1 9 ,41 7.00 ), This debt is eVidenced by Borrower's note dated the same dale as this SecUrity Inslrument ("Note). which provides for monthly payments, with the
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<br />full debt. if not paid eartier. due and payable on ~\1 arc h 1 2 , 1 995
<br />This Security Instrument secures to Lender: (a) the repayment of Ihe debl evidenced by the Note, w,th mterest. and all renewals, extensIons and modifications: (b) the payment of all o:her
<br />sums. with interest. advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements. For this purpose.
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<br />Borrower irrevocably grants and conveys 10 Trustee, in Irust. with power of sate. the following described property located in
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<br />Hi'lll
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<br />County, Nebraska:
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<br />Lot Five (5) in Block Two (2) in Le Heights Second Subdivision being a part of the
<br />Northwest Quarter of the Northwest Quarter (NW ~ NW ~) of Section Eleven (11) Township
<br />Eleven (11) North, Range Ten (10) West of the 6th P.M., Hall County, Nebraska.
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<br />which has the address of 2312 Gateway Ave.
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<br />Grand Island
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<br />Nebraska
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<br />nAAC1l
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<br />(Slree!)
<br />("Property Address'):
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<br />(C,tyi
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<br />TOGETHER with all the improvements now or hereafter erected on the property, and atl easements. rights, appurtenances, rents, royattles, m,neral. 0" and gas nghts and profits. water
<br />rights and stock and all lixtums now or hereafter a part of the property. All replacements and additions shatt also be covered by th.s Security tnstrument All ollhe loregom9 is referred to m
<br />this Security Instrument as the "Property."
<br />BORROWER COVENANTS that Sorrower is lawfully seised 01 the estate hereby conveyed and has the right 10 grant and convey the Property and that the Property IS unencumbered,
<br />except for encumbrances of record Sorrower warrants and will defend generally the title to the Property agamst all claIms and demands, sublect 10 any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants lor national use and non-uniform covenanls with limited vanatlons by JunsdlCtlOn to consttlute a Uniform security instrument
<br />covering real property,
<br />UNIFORM COVENANTS. Sorrower and Lender covenant and agree as follows:
<br />1. PayllKlnl 01 Principal and Interesl; Prepayment a"<I Late Charges. Sorrower shall promptly pay when due the pnnclpal of and .nterest on the debt eVidenced by the Note and any
<br />prepayment and late charges dUb under the Note.
<br />2. Fundi lor Taxaa and Insurance, Subject to applicable law or to a written waiver by Lender, Sorrower shatl pay to Lender on the day monthly payments are due under the Note, unt,'
<br />the Note Is paid in full, a sum ("Funds1 equal to one-twetfth of: tal yearly taxes and assessments which may attain priority over this Secunty Instrument: (bl vearly leasehold payments or
<br />ground rents on the Properly, if any: (C) yearly hazard insurance premiums: and (d) yearly mortgage insurance premiums, if any. These Items are called -escrow .tems. - Lender may estimate
<br />the Funds due on the basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including lender If Lender 1$ such an institutIOn). Lender
<br />shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow Ilems. unless Lender pays Borrower
<br />interest On the Funds and applicallle law permtls Lender to make suCll a CIlarge, Borrower and Lender may agree in wribng that interest shall be palO on the Funds Unless an agreement 'S
<br />made or applicable law requires interest to be paid. Lender shatl not be required to pay Borrower any interest or earnings on the Funds. Lender shall gIVe 10 Borrower, WlUwul charge. an
<br />annual accounting of the Funds showing credits and debits to the Funds and the purpose lor which each debit to the Funds was made. The Funds are pledged as additional security for the
<br />sums secured by this 59CIJrity Instrument.
<br />lithe amount of the Funds held by Lendsr, together with the future monthly payments 01 Funds payable prior to the due dates of the escrow rtems, shall exceed the amount require<lto pay
<br />the escrow items when due. the excess shall be. at Borrower's option. either promptly repaid to Borrower ex credited to Bormvwer on monthly payments af Funds. If the amount of the Funds
<br />Mid by lender is not sufficient to pay the escrow items when due. BorroW9r shall pay to lender any amount necessary to make up the deficiency In one 01 more payments as required by
<br />Lender,
<br />Upon payment in full of all sums 5eC\Jred by this Security Instl"Ument. Lender shall promptly refund to Borro.....-er any Funds held by Lender. If under paragraph 19 the Property is sola or
<br />RCQuired by lender. lender shall apply. no later than immediately prior to the sale of the Property or its aCQuisition by Lender. any Funds held by Lender althe ',me 01 application as a crGdtl
<br />against tna ~um~ ~a<;Ure<l oy tnis SeGurity In~(f1Jmenl
<br />3. . Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under paragraphs 1 and 2 shall be applied: first. to late charges due under Ihe
<br />Note: second, to prepayment charges due under the Note: third, to amounts payable under paragraph 2: fourth, to ,nterest due: and last. to principal due
<br />4. Charges; Uens. Sorrower shatl pay all taxes, assessments. charges, fines and Impos.tions attributable to the Property which may attain prionty over thIS Secunty Instrument. and
<br />leasehold payments or ground rents, if any. Sorrower shall pay these obligations in the manner provided in paragraph 2, or 01 not paid in that manner. Sorrower shall pay them on time directly
<br />to the person owed paymellt. Sorrower shall promptly furn'sh to Lender all notices of amounts to be paid under this paragraph. " Sorrower makes these payments direclly, Sorrower shall
<br />promptly furnish to Lender receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien whIch has priority over this Security Instrument unless Sorrower; (a) agrees ,n writing to the payment of Ihe obligation secured by Ihe lien ,n a
<br />manner acceptable 10 Lender: (b) contests in good fatlh the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
<br />enforcement of the lien or forfetlure of any part of the Property: or (c) secures Irom the holder of Ihe lien an agreement satIsfactory to Lender subordlnat'ng the lien to this Secunty Instrument
<br />II Lendar determmes that any part of the Property is subject to a lien which may attain pnority over Ih.s Secunty Instrument. Lender may gIVE! Sorrower a notice Ident.fylng the lien. Borrower
<br />shell satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
<br />5. Hazard Insurance. Sorrower shall keep the improvements new existing or hereafter erected on the Property Insured against loss by fire, hazards included within the lerm "extended
<br />coverage" and any other hazards for which Lender requires Insurance. This insurance shall be maintained in the amounts and for the paneds that Lender reqUIres The msurance camel
<br />providing the insurance shatl be chosen by Sorrower subject to Lender's approval which shall not be unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hoid the poliCies and renewals, II LendOI
<br />requires, Sorrower shall promptly give 10 Lender all receIpts of paid premiums and renewal notices. In the event of loss, Sorrower shall give prompt notice to the Insurance carner and Lender
<br />Lender may make proof of loss if not made promptly by Sorrower,
<br />Unless Lender and Sorrower otherwise agree in writing, Insurance proceeds shall be applied to restoration or repair 01 the Property damaged, ,f the restoratIOn or repa" IS economIcally
<br />leasible and Lender's security is not lessened. lithe restoration or repair IS not economically teaslble or Lender's security would be lessened. the Insurance proceeds shall be applied to the
<br />sums secured by this Security Instrument, whether or not then due, with any excess paid to Sorrower. " Sorrower abandons the Property, or does not answer WIthin 30 days a notice from
<br />Lender that the insurance carrier has offered to seltle a claim, the Lender may collect the .nsurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br />secured by this SEl\."Urity Instrument, whether or not then due. The 3o-day period will begin when the notice is given.
<br />Unless Lender and Borrower otherwlso agree in writing. any application 01 proceeds to principal shall not extend or postpOne the duc date of tho mC:1thly payments referred to In paragraphs
<br />1 and 2 or change the amount 01 the payments. If under paragraph 19 the Property IS acquired by Lender, Sorrower's right to any insurance polic.es and proceeds resulting from damage to
<br />the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security tnstrument immediately prior 10 the acqUIsitIOn,
<br />8. PrftervaUon and Maintenance 01 Properly; Leaseholds. Sorrower shall not destroy, damage or substantially change the Property, allow Ihe Property to detenorate or commn waste
<br />If this S3curity Instrument is on leasehold, Sorrower shall comply with the provisions 01 Ihe lease, and it Borrower acquires fee tiUe to the Property, the leasehold and lee tiUe shall not merge
<br />unless Lender agrees to the merger in writing.
<br />7. Protec,'llon 01 Lender's Rights In the Property; Mortgsge Insurance. If Sorrower la,ls to perform the covenants and-agreements contained In th,s Secunty lostrument. or there IS a
<br />legal proceeding that may significantly affect Lender's nghts in the Property (such as a proceeding In bankruptcy. probate, for condemnat.on or to enforce laws or regulalions). then Lender
<br />may do and pay for whatever IS necessary to prolect the value of the Property and Lende"s rights In the Property, Lender's aclions may include paYing any sums secured by a lien whIch has
<br />priorily over this SecUrity Instrument, appearing in court. paying reasonable altomeys' loes and entering en the Property to make repairs, Although Lender may lake acllon under th,s paragraph
<br />7, Lande< does not have to do so.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become additional debl of Sorrower secured by Ihls Secunty Instrument Unless Sorrower and Lender agree to Olher terms
<br />nI payment, these amounts shall bear interest from the date of disbursemenl at the Note rate and shall be payable. with mlerest, upon notice from Lender to Sorrower requesting payment
<br />tf Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument. Borrower shall pay the premIums required to maintain the Insurance In eHeet
<br />until such time as the requirement for tho insurance terminates in accordance With Borrower's and Lenders wntten agreement or applicable law.
<br />e. 1napecUon. Lender or its agent may make reasonable entries upon and inspectIOns of the Property Lender shaH give Borrower notice allhe time of or prior to an inspection speCifYing
<br />reasonable cause for the .nspection.
<br />I. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnatIOn or othe! taking of any part of the Property, or for
<br />COf\\o'6Y8nC8 in lieu of condemnation, ar$ hereby assogned and shall be paid to Lender
<br />Iff the event of a total taking of the Property. the proceeds shall be applied to the sums secured by thiS Security Instrument whether or "'01 then due .....Ith any excess paid :0 Borrower In
<br />the _nt of a partial taking 01 the Property, uniess Borrower and Lender olherwlse agree In wnllng, Ihe sums socured by thiS Secunty Insllumonl shall be reduced by the amount of Ihe
<br />procIJeds mulhplied by the lollowing fracllon (a) the tolal amount 01 the sums secured Immediately bolore the takIng, diVIded by Ibllho 'alf market value 0' the Property Immedlateiy belo'o
<br />the talung Any balance shall be paid to Borrower
<br />If the Property is abandonm; by 8orrOWElr. or If. atler nollC9 by Lender to Borrower thai the condernnor oHers to make an award m selfle a claim tm damages BoHower lalls to respon(t to
<br />Lender \liItthin 30 days aller tho data the notICe IS glvon. Lender IS authonzed to collect and apply the !Hor.eedS at Its option either 10 restoration or repaIr 01 Hl(l PrOp{--r1y i)r 1(.... !'lo <;Ulll~
<br />secured by thiS Socunty Instrumunl whether Of not then due
<br />Unless Lendor and Borrower othfjrwlse agree In wnhnQ. any appttcatlon of orOCQods 10 pflllClpal st'lali "01 e.tona (H poslpont'l ,t,p duo l1ate of !~e 'Tlpnp"... pilympr'!<" nlforrOr1 lo.n PrlrilIJ'l1pll!.
<br />, 1Vld ? or chanqo tho amount of such paymonts
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