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<br />DEED 01-- tRUST
<br />(Opeu~~ngle Note)
<br />
<br />CONTS: c
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<br />88- 101702
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<br />this Deed of Trust is made this 29th day of Marc:h , 1981L-, by and among Fredrick A, Bosselman
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<br />and CIa C. Bosse]man~ HlIsh~nd ::Inri Wiff" ' hereinafter referred to as "Trustor,"
<br />
<br />whose mailing address is 3119 Brentwoad Blvd. G. I, . NEi Arend R. Baack
<br />Attorney at Law, hereinafter referred to as "Trustee," whosemailingaddrensisp.O.Box790.GrandIsland.NE
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<br />and TIlE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Beneficiary," whose mailing addresa
<br />is P. O. Box 1688, Grand Island, Nebraska 68802.
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<br />For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions
<br />of this Deed of Trust, the following described property, located in Hall County, Nebraska, to-wit:
<br />
<br />lDt 'l\ven.ty-'l\\D (22), Block Three (3), in Brentwood
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<br />Second Subdivision, City of Grand Island. Hall COllnty,
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<br />Nebraska.
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<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon or in any way pertaining theretO, and the rents, issues, profits, reversions
<br />and the remainders thereof, including all such personal property that is attached to the improvements 90 as to
<br />constitute a fixture, all of which, including replacements and additions thereto, are hereby declared to be a
<br />part of the real estate conveyed 1n trust hereby, it being agreed that all of the foregoing shall be hereinafter
<br />referred to as the "Property."
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<br />FOR THE PURPOSE OF SECURING:
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<br />(a) the payment of personal indebtedness owing from Trustor to Beneficiary, as evidenced
<br />by a Promissory Note of even date her~~jth in the original principal amount of
<br />
<br />($
<br />
<br />) ;
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<br />(b) the payment of interest a. ~hp rate or rates provided in the afore-described note
<br />and the payment of ~~~~ principal and interest on any and all renewals, modifications and
<br />extensions of such notes;
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<br />(c) the payment of principal and interest on any future advance as may be ~videnced
<br />by promissory notes stating they are secured by this Deed of Trust; provided, however,
<br />that the total principal indebtedness, not including sums advanced to protect the security
<br />or interest accrued, shall not exceed the sum of One Hundred 'l\venty-Five Thousand
<br />
<br />and No/lOa Dollars-----------------------------------~$ 125,000.00 );
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<br />(d) the performance of each agreement and covenant of Trustor herein contained; and
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<br />(e) the payment of any sum or sums of money which may be hereafter paid or advanced by
<br />Beneficiary under the terms of this Deed of Trust, together with interest at the highest rate
<br />provided in the notes secured hereby.
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<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
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<br />1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the
<br />indebtedness evidenced by the note, charges, fees and all other sums as provided in the loan instruments.
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<br />2. Title. Trustor is the owner of the property and has the right and authority to execute this
<br />Deed of Trust in respect to the property.
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<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessmp--s and all other charges
<br />against the property, before the same become delinquent, and, in the event cene~_ciary shall so require,
<br />to add to the payments required under C.e note secured hereby, such amount as may be sufficient to ('~n-
<br />able Beneficiary to pay such taxes, assessments or other charges as they become due.
<br />
<br />4. Insurance. To keep the imp.ovements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other ha~ards as Beneficiary may require, in amounts
<br />and companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under
<br />such policies, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all
<br />claims thereunder and, at its sole option, Is authorized to either apply the proceedS to the restora-
<br />tion of the property or upon the indebtedness secured hereby, but payments required by the note shall
<br />continue until the sums secured hereby are paid in full.
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<br />5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or improve-
<br />ments now or hereafter on the propertYi to keep the property in good condition and repair, without waste
<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission
<br />to act; and to comply with all requirements of law with respect to the property.
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<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent domain,
<br />Beneficiary is entitled to collect and receive all compensation which may be paid for any property taken
<br />or for damages to property not taken, and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby or to repair and restore the property so taken.
<br />
<br />7. Performance by BenefiCiary. Beneficiary may, but shall have no obligation to, do any act which
<br />Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary to protect
<br />the lien thereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured hereby
<br />and become secured by the lien hereof. Beneficiary shall not incur any personal liability because of
<br />anything it may do or omit to do hereunder.
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<br />8. Inspections. Benefieiary, or its agents, representslivcs or workmen, are authorized to enter
<br />at any reasonable time upon or in any part of the properly for the purpose of inspect lng the same and
<br />for the purpose of performing any of the acts it is authorized to perform under the terms of any 108n
<br />instruments executed by Trustor.
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<br />9. Assignment of Rents. Beneficiary shall have the right. power and authority durinI'; the con-
<br />tinuance of this Deed of Trust to collect the rents, issues and profits of the property ,md of any
<br />personal property located thereon with or without takinl'; possession of the property affected herehy,
<br />and Trustor hereby absolutely and unconditionally assigns all such rent9. 1ssues ilnd profit" to
<br />Beneficiary. Beneficiary, howevar, hereby consents to Trustor's collection and retenllon of Ruch
<br />rent 8, Issues snd profits as they accrue and become payab Ie, so l'm!/. as Trustor Is nol. at such time.
<br />1n dl!fllult with respl!ct to payment of /lny indebtedness secured hereby. or 111 the perfoTmllnce of any
<br />agreelllent hereunder. If any eVl'l1l of default described hereaft..r In reRPl.n I" IhlH !lee'.! of Trutil
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