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I 88-101496 NOTICE: THIS DElEO OF TRUST SHALL CONSTITUTE A CONSTRUCTION SECURITY AGREEMENT WtTHIN THE MEANtNG OF THE NEBRASKA CONSTRUCTION LIEN ACTIN THE EVENTTHEAMOUNTSADVANCED UNDER THE LINEOFCREDlTARE USED TO FINANCE IMPROVEMENTS TO THE PROPERTY DESCRIBED IN THtS DEED OF TRUST. 4317 0619 5200 3400 Loan No, DEED OF TRUST THIS DEED OF TRUST is made this 24th day of _~~r~~__, HjS~_._, among the Trustor, Robert C. Whaley 1 and Pegg~, WhaleY..s.-hlliillilnd and wife. (herein "Borrower"), First Federal Savings and Loan ~~~~~!~~-.L.i.rIcoln (herein "Trustee"), and the Benelic!ary, First Federal Savings and Loan otii'corporallon organized and axisting under the laws 01 U, S, of Amer1.c1L--, whose address is 13th & "N" Street. Lincoln. Nebraska (herein "Lender"). Borrower, in consideration of the indebtedness herein recited and the trust herein created. irrevocably grants and conveys to Trustee, in trust, with power of sale. the following described property located in the County of Hall , State of Nebraska: Legal Descripti'on: Lot One (1), Bishop Heights Third Subdivision to City of Grand Island, Hall County, Nebraska. l In addition to granting and conveying to Trustee, in trust, with power 01 sale. the property described above. we also grant and convey to Trustee, in trust, with power of sale, the following interests relating to that property: (a) all buildings and other structures located on the property; (b) all rights we may have in any roads and alleys next to the property or in any minerals, oil and gas rights and profits, water, water rights, and water slock which are a part of the property; (c) all rents and royalties from the property and any proceeds from the condemnation of, or insurance payments concorning losses to, the property, and (d) alllixtures now on the property or later placed on the property, including replacements of, and additions to, those fixtures. Our grant and conveyance to Trustee of the rights and interests described above includes all rights and interests which we now have or which we may acquire ill the future. OBLIGATIONS BEING SECURED We have ~i.9Ded this Deed of Trust to secure (a) the payment to First Federal Lincoln ot a revolving line 01 credil debt in the amount of U.S. 10, UUU .00 or so much ollha! debt as may be outstanding, plus all accrued interest, fees and other charges owed unde' the First Federal Lincoln Smart Equity Agreement (the "Agreement") relating to this Deed of Trust and dated the same date as this Deed of Trust; (b) the payment of any amounts advanced by First Federal Lincoln to protect the securityol this Deed of Trust. with interest on thoseamounts; (c) the performance by Ihe persons who signed the Agreement 01 their obligations under the Agreement; and (d) our performance of our obligations under this Deed 01 Trust. This Deed 01 Trust secures allluture advances made under the Agreement and advances which have been repaid may be reborrowed, provided thallhe maximum aggregate amount 01 advances to be secured at anyone time by this Deed 01 Trust shall not exceed the amount 01 the revolving line of credit debt setlorth above, The Agreement and this Deed of Trust, taken together. are called the "Credit Documents". REPRESENTATIONS AND OBLIGATIONS CONCERNING THE PROPERTY We promise thaI: (a) we lawlully own the Property, (b) we have the riyhtto grant and convey Ihe Property to Trustee; and (c) there are no outstanding claims or charges against the Property other than il a recorded mortgage, deed at trust or other security agreementconstituling a first lien position. We agree in Ihe event more than one recorded mortgage, deed of trust or other security agreement is recorded. the property will not be considered eligible for securing the First Federal Smart Equity Account or agreement unless the recorded mortgage, deed 01 trust or other security agreement are recorded by and are in favor of First Federal Lincoln in consecutive order and have been recorded in connection with other secured debt to First Federal Lincoln. We give a general warranty of title to First Federal Uncoln. This means that we will be lully responsible lor any losses which First Federal Lincoln sufters because someone other than us has some 01 the rights in the Property which we promise that we have, We promise that we will delend our ownerShip of the Property against any claims 01 such rights. We lurther promise Ihat we will neither take nor permit any action to partition or subdivide all or part 01 the Property. or change in any way the condition of tille 10 all or part of the Property. PROVISIONS OF THE AGREEMENT We understand that the Agreement calls lor a variable interest rate, and that First Federal Lincoln may. prior 10 the end olthe term 01 the Agreement and under certain circumstances specified in the Agreement, cancel future advances, and/or require repayment 01 Ihe outstanding balance, under this Agreement, PROMISES AND AGREEMENTS We agree with First Federal Lincoln as follows: 1, PAYMENT OF PRINCIPAL AND INTEREST. Except as limited by paragraph 9 of this Oeedol Trust, we shall promplly pay when required by Ihe Agreement. the principal and interest due under the Agreement, together with any other charges imposed under the Agreement. 2. PRIOR MORTGAGES AND DEEDS OF TRUST: CHANGES: LIENS. We shalllully and limely perform all 01 our obligations under any mortgage, deed 01 trusl or other security agreement which is prior to this Deed of Trust, including our obligations to make any payments when due. We shall payor cause to be paid, at least ten (10) calendar days before delinquency. all taxes. assessments and other charges. fines and impositions relating to the Property and all encumbrances, charges, loans, and liens (other than any prior mortgage or deed of trustj on the Property which may become prior to this Deed 01 Trust, and leasehold payments or ground rents, jf any. We shall deliver to First Federal Lincoln, upon its request, receipts eVidencing such payment. If, at the time First Federal Lincoln elects to terminate the line of credit secured by this Deed of Trust (the "Accounf') as provided in paragraph \6 below, Ihere is an assessment which is payable in installments at our election or at the election of the lessee of the Property, that assessment will nevertheless be considered entirely due and payable on the day the first installment becomes due or payable on lien. 3. HAZARD INSURANCE, We shall, at our cost, keep the improvements now existing or later erected on the Property insured against loss by fire, by hazards included within the term "extended coverage". and by such other hazards (collectively relerred to as "Hazards") a5 First Federal Lincoln may require, We shall maintain Hazard insuranceforthe entire term 01 the Agreement, oras long as First Federal Lincoln may require, in an amount equal to the Jesser of (a) the maximum insurable value of the property or (b) the amount of the Account plus the outstanding amount of any obligation prior to this Deed of Trust, but in no evenl shall such amounts be less than the amount necessary to satisfy the coinsurance requirement conlained in the insurance policy. We may choose Ihe Insurance company subject to approval by first Federal Lincoln: provided, that such approval may not be unreasonably withheld. All insurance policies, including renewals, must be in alarm acceplable to First Federal Lincoln and must include a standard mortgagee clause in favor 01 and in a lorm acceptable to First Federal Lincoln, First Federal Lincoln shall have the right to hold the policies and renewals, subject to the termsol any mortgage, deed 01 trust or other secl.rity agreement which is prior to this Deed of Trust. If we pay the premiums direclly, we shall promplly lurnish to First Federal Lincoln all renewal notices and. if requested by First Federal Lincoln, all receIpts 01 paid premiums, II pclicies and renewals are held by any ether persons. we shall supply copies 01 them to First Federal Lincoln wilhln ten (10) calendar days alter they are issued. In tho event 01 loss. we shall give prompt notice to Ihe insurance company and First Federal Lincoln. Fllst Federal Lincoln may make proal of los8 if not made promptly by us, Subject to the rights and terms of any mortgage, deed 01 trust or other securily agreement which is prior to this Deed 01 Trust. the amounts collected by us or First Federal Lincoln under any Hazard insurance policy may, at First Fed6ral Lincoln's sole discretion, either be applied to Ihe sums secured by this Deed of Trust (after payment 01 all reasonable costs, expenses and attorneys' lees necessarily paid or incurred by First Federal Lincoln and us in this connection) and in whatever order First Federal Lincoln may determine or be released 10 us lor use in repairing or reconstructing the Properly, First Federal Lincoln has the authority to do any of the above. Regardless 01 any applcatlon or release by First Federal Lincoln, as described above, this shall not cure or waive any delault or notice 01 delaull under this Deed ot Trust or invalidate any act done pursuant to such no lice, IIth-l Property is abandoned by us, or if we fail to respond to First Federal Lincoln in writing within thirty (30) calendar days from tho <late ooliee Is given to us by Flrstl"ederal Lincol/lthat the insurance company oilers 10 sellle a claim lor insurance benefits, Filsl Federal Uncoln shall havo the authority to sellle the. claim and to collect and apply Ihe insurance proceeds al First Federal lincoln's sole option either to rosloratlon or repair 01 the Property or to the sums secured by Ihis Deed at Trust. If the Property is acquired by Flrsl Federal Lincoln, allol ourright. lilleand intorestln and 10 any Insurance proceeds rosultlllY trom damage to the Properly prior to !Iuch acquisition shall become the property 01 First fedorallincoln 10 Ihe exlont of lhe sums seclllell by thIS Deed 01 Trust Immodiately prior to such aCQulsilion, 4. PRESERVATION AND MAINTENANCE OF PROPERTY; LEASEHOLDS; CONDOMINIUMS. PLANNED liNIl DEVELOPMENTS We shall: (0) usu, irnprove nnd maintain tho Property In compliunce wilh appliclIll!o laws, stnlules. ordlllilf'lCeS, ordl'fs ronUIII'Ill(!l'IS, (jnne,'s I" ruuulaliooll; {u, koop Ihl! Propmlyin QOOU condition ond repair, indudrny tho 1()~lall or lusforallUn of ,'ny 'lllp'ov'HI"'I1ls on lilt. I 'I<,pl'lly "",,' " IIlf,y bit dftll1n/Jod or dosl(()you. and shall pay whan <lIlO all clolm1i for la~ol plHlolIll'HI olnd 111,,1(' ria I" I", ",~,Il('d Ir1lJIO!')I II I 'llll ""'III11I\I'r ~,"l1"d