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<br />DEED OF TnUST
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<br />88- 101779
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<br />TflJS DEr~D OF TRUST, made as of the 7th day of April
<br />19 J!!L belween Trinity Lutheran Church-Hissouri Synod, in Grand Island. Hall County. Nebraska
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<br />as Trustor, Grand Island Trust Company
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<br />as Trustee, and Lutheran Church Extension Fund-Hissouri Synod
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<br />as Beneficiary:
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<br />WITNF.;SSETH:
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<br />That Trustor irrevocably grants. transfers and assigns to Trustee in lrusl, with power of sale. the following described
<br />prOperl)':
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<br />All of Block 72, Wheeler ~nd Bennett's second
<br />addition to the City of Grand Island, Hall County,
<br />Nebraska
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<br />lojtether wilh all inlerest which Truslor now has or may hereafter acquire in and to said propert}' and in and to: (a) all easements
<br />and riR'hts of way appurtenant thereto: and (b) all buildinjts, slructures, improvements, fixtures, equipmenl, furnishings and
<br />appurtenances now or hereafter placed thereon, it being intended and agreed that all classes of property attached or unattached.
<br />other thlsn consumable goods, used or to be used in connection with said properly. are conclusively deemed to be affixed to and to be
<br />part of the real property that is conveyed hereby, Truslor agrees to execute and deliver. from time to time, such further instru-
<br />ments as ma)' be requested by Beneficiary lo confirm the lien of this Deed of Trust on any of the aforementioned property, The
<br />property so conveyed to Trustee hereunder is hereinafter referred to as "such property".
<br />The Trustor absolutely and irrevocably grants, transfers and assigns to Beneficiary the rents, income, issues, and profits of
<br />all property covered by this Deed of Trust.
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<br />FOR THE PURPOSE OF SECUIUNG: One Hundred Seventy Six Thousand Six Hundred
<br />1. Payment of the prillcipal sum of $ 'rwpnry Thrpe and 4q 1100 - - - - - - - - - - - - - evidenced
<br />hy that certain promissory note dated of even date herewith (herl'inafter referred to as the "Promissory Note") in the original prin-
<br />cipal amount of $ 176.623.49 - - - issued by Trustor and payable to the order of Beneficiary, together with interest the-
<br />reon. late charges, and prepayment bonuses according to the terms of the Promissory Note and all renewals. extensions, 2.fld
<br />modifications thereof. SEE ATTACHED EXHIBIT "B" & "c"
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<br />2. Performance. discharge of and compliance with every obligatioll, covenant, and agreement of Trustor incorporated by
<br />referen('e or ('ontained herein or in any other security agreement or deed oftrust at any time given to secure any indebtedness her-
<br />eby secured, or eny part thereof,
<br />3. Payment of all fees and charges of Beneficiary, whether or not set forlh herein.
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<br />TO PROTECT THE SECURITY OF THIS DEJ.~n OF TIWST. THUS1'OR COVENANTS:
<br />Title: That it is lawfully seized and possessed of a good and indefeasible title Bnd estate to such propel"ty in fee simple and
<br />will forever warrant and defend the title thereto against the claims and demands of all persons whosoever: that it will. at its
<br />expense, maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property,
<br />Maintenance: To keep such property in good condition and repair: to complete or restore promptly and in good and work-
<br />manlike manner any building which may be constructed, damaged or destroyed thp-rron and to pay, when due, all claims for labor
<br />performed and materials furnished therefor and for any alterations thereof; to comply wi Ih the provisions of all insurance policies
<br />covering said premises: to comply with all laws, ordinances, regulations, covenanls, conditions and restrictions affecting such
<br />properly: not to remove. demolish or materially alter any building, or the character or use thereof at any time thereon: not to drill
<br />or extract nor to permit the drilling for or extraction of oil, gas or other hydrocarhon suhslances or any mineralofany kind unless
<br />the written consent of Beneficiary is first had and obtained: not to comm it or Ill'rm il Bny waste thereof or any act upon such prop.
<br />erty in violation of law: to do all other acts in a timely and proper manner which from the charncteror useofsuch property ma)' be
<br />rt'l.stmably necessary to protect and preserve said security, the specific enumerations herein not excluding the general.
<br />Conllructlun of Iml.rovements: To ('omplete in good and workmanlike manner any building or improvement or repair
<br />relating thereto which mal' be beK'un on such property or contemplated by the loan secured hereby, to pay when due all costs and
<br />liabilities incurred therefor. and not to permit any mechanic's lien against such property, Trustor also agrees, anything in this
<br />Deed of Trullt to the contrary notwithslanding (a) to promptly commence work and lo complete the proposed improvements
<br />promptly, (b)tocompletesame in accordance with plans and specifications as approved by Beneficiary, (c) to comply with all of the
<br />termB of any building loan agreement between Trustor and Beneficiary, (d) lo allow B{'nefiriary to inspect such property al all
<br />times during construction. and (e) to replace any work or materials unsatisfactory to Beneficiary, within fifteen (15) daY!l after
<br />written notiCt' from Beneficiary of such fact, which notice may be given to Trustor by regi!itered or certified mail. sent to his last
<br />known addreu. or by personal service of the same.
<br />Fir. and CuuaUy Insuranee: To keep such property insured aKaillstloss or darnoJ{e by fire and other risk or risks which,
<br />in the opinion of nenefidary shuuld be insured against. under policit"s lit insurallce with loss JIR)'able to Bellefidar)' ill fonn,
<br />amount, and comJJanies ac('elltable to IJeneficiary. Said policies shall be d('livered lo and rernllin in pos!lession of Uelwficiary as
<br />further IlfCurity for the faithfulllcrformallce or these obligations, which 1111livery !Ihall ('onstitule an assiR'nment by Truslor lo
<br />Beneficiary to all riJl:hts thereunder. includine- nil rcturn Jlremiums; to delivel' lo Beneficiary n policy or policies renewinJ!' or
<br />extendinr any expirinR' insurance with 8 rN'(!ipt r.howinj.t premiums paid utleasllhirt)' (:lU) days before eXlliralion, If Trllslur
<br />f.i1, to 10 deliver any renewal policies, Beneficiary may procure such insurance I\S il may el('ctllnd may make paymcnt of JlI'l'mi.
<br />Ums thereon. which payment is repllyable on demand, Neither Trustee nor U('ncfici nr.v shall he respollsi hie for oblni n i nK IIr rnlli II'
<br />tainintf such insurance. Ueneficiary, from ti me 10 Ii me, may furnish to any illsurunce aKcrw.\' or ('urn I III II)', or nllY ollll.'r Iwrsoll. II n~'
<br />informaUon containt'd in (lr extractE'd from all)' illsurancc policy tht>reto(or{' ddiverl'cJ to Beneficiar,)' IlUrsu8l1llll'r{'lo, uncJllO)'
<br />InformaUon concerninlf the loall J;ecored h{'r('lJy, ) n no event and whether or 1I0t dcflllllllwreulld{'r hilS occurred shalllh'nefil'inrr,
<br />by the rael or Ipprovinf(, al'cl'Jlti np; or obtai ninjr such illsurallc{', j nCllr all)' 1 illbilitr for lhl> :UlIullllt IIf surh inll11rllIH'l', lIw furlllllr
<br />If.al .utriciency of insuranc. contraetll, toolvl'nl'}' of lnsurerli. or paynwlII of loss(,5 I>)' insurers, and Truslor hcrehy l'l(l'r{'ssly
<br />tuum" rull r.lllonlibillty therefur and )iulJility. if an)', thereunder. In lhe l'V{,lll (If luss, Trustor shall Rive illlllWdial1' wrilll'1l
<br />notice to Il~netll.'lary. and Itendicinry 1Il1l)', llllt ill. not obi iscolcd la, make proof of loss if 1101 "Hille promptly h~' Truslol', I n ('liSt' IIf
<br />aflY lotlll the amount tollectt'd under lln)' Jlolit'}' of i nsu raner 011 such pruJll'rty may, ullll(' opt iun II r till' llelll'fH'llIlj'. hi' II pplll'" by
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