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.. _BANKS .. 88- Deed of Trust 102315 THIS DEED OF TRUSTls made this 5th day of Mav. 19....6..!l, by and between Elmer F, Gartner and . Lola M. Gartner. husband and wi fe whether one or more. (hereinafter called the "Trustor"), whose mailing address Is R~p 1 r Bnx 77, nnniph..n, 1111': IiRR17 , NOR WEST BANK H~k..aA",a l Na~in~1 Aa"nri ..~i nn (hereinafter called the "Trustee"h whose mailing address 1.9 P.O. Box 1 . as inl1;s, ,andNORWESTBANK Nebraska. National Associat;ion ,(hereinafter called the "Beneficiary"), whose mailing address Is P.O. Box 1048. Hastinl1;s.NE 68902-1048 . WITNESSETH: IF THIS BOX IS CHECKED [ J THIS DEED OF TRUST CONSTITUTES A r..ONSTRlI':TION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTIG.": :.Itl~ ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEV.. i i,., THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS, Trustor is Indebted to Beneficiary in the principal sum 01 One Hundred Twenty-Five Thousand and no/lOO - Dollars ($ I 2';.000.00 ), which indebtedness is evidenced b}' Trustor's promissory note dated Mav 5 ,19..JilL, (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity of J anuarv 1 , 1998 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future edvances, and all extensions, modifications. substitur/ons and renewals thereof, (b) payment of all other sums, fees or charges, together with interest thereon. advanced to protect the security 01 this Deed of Trust and the performance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant. obligar/on and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the rapayment of all other sums or future advances, with interest thereon. which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, all of which is herainafter collectively called the" Indebtedness", Trustor irrevocably grants and transfers to Trustee. in trust, WffH POWER OF SALE, the following described property: East Half of the. Northwest Quarter (E~NW~) of Section Thirty-Three (33) in Township Nine (9) North, Range Nine (9) West of the 6th P.M., Hall County. Nebraska. together with (I) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or heteafter located thereon. (ii) all equipment. machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing fildures, water and power systems. engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carper/ng, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos. tnmSformfHS, 9lect1icaf equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any bUl7ding or improvement now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (iv). aJI leasehold estate, right, tille and interesl at Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, aJl cash and security deposits. advance rentals and deposits or payments of a similar nature). pertaining thereto, (v) all rents, issues. profits and income therefrom (subtect to the right of Trustor to collect and apply such rents, issues. profits and income as they become due and payable so long as no el/llllf of default exists heraunder), (vi) all royalties. mlflfJral, 011 and gas rights and profits, water, water rights, and water stock, (vii) all tenements, heradlt/Jlfl8nts, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conWlfSion. lID1untary or involuntary, of any 01 the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereinafter collectively called the "Trust Property". TO PROTECT THE SECURITY OF THfS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: ,. TlIla. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns. that Trustor owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property, that Trustor, at ffs expense, will preserve such title and will maintain this Deed of Trust as a first and paramount tien upon the Trust Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons IUId parties whomsoever. Trustor, at its expensa, will cause this Deed of Trust. and each amendment or supplement hereto, to be filed and recorded as a mortgage of the Trust Property In such mallner and In such place and will take such acllOn as In the Opinion of Trustee may be raqulred by any present or future law in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property. 2. Payment of IndebtedflfJss. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. J. COnstruction or Improvements. Trustor snail complete /n good and wotlmlanli/(e manner any buildings, improvements or repairs reI8bng thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore. and not to permit any construction lien against such Trust Property. In the event construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same In accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan agreement, If any, between Trustor and Benefic/ary, thl1terms of which are incorporal9d herein by reference and made a part hereof. (d) to allow Baneficlary to Inspect the Trust Property at all times during construction, and (e) to replace any worfc or materials unsatisfactory to Beneficiary within fifteen (15) days after written nobce from Beneficiary at such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a written waIVer by BenefiCiary, Trustor shall pay to Benefir:iary on the /irst day of each month, or such other date each month as may be specitied by Beneficiary, until the Indebtedness is paid In full, a sum (hereinafter called the "Funds") equal to 1/12th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Property, If any, plus 1I12th of the yearly premium Installments for hazard Insurance, plus 1f12th of the yearly premium Installments for mortgage Insurance. If any, all as reasonably estimated Initlal1y and from time to time by BaflfJficiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an Insr/tution, the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, IUsessments, Insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any Interest or eamingll on the Funds. BeflfJficlary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional secutity fOI thelndebtedfIfJss secured by this Deed of Trust. If the amount at the Funds held by Beneficiary. together with the future monthly Installments of Funds payable prior to the due dates of taxes. assessments, insurance premiums and ground rents. shall elfceed the amount required to pey said taxes, assessments, Insurance premiums and ground rents as they fall due. such elfcess shall be. at Trustor's option, either promptly repaid to Trustor or credifed to Trustor against luture monthly installments of Funds If the amount 01 the Funds held by Beneficiary shall not be sufflclent to pay tues. assessments. Insurance premiums and ground rents as they fal/ due. TrustOf shllll pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notIce IS /IIalled by Benflticlary to Trustor requesting payment thereof. Upon payment in full of aI/Indebtedness, BenefICiary shall promplly refund 10 TruslOf any Fund.' held by BenefiCiary. If Ihe Trust Property is sold under the power 01 sale or the Trusl Property IS otherwIse RcqUlred by Beneflclllry, BenefiCiary shall apply. Immediately prior ro Ihe sale of the Tlusl Property or 115 acqUlSl/lon by Benellc'ary. any Funds held by Benllflclllry at the time of appli,.r,~.on as a credit agoinst the Indebledness 1/ Beneflc,ary executes a wnrten Wa/VOI 01 Truslor's ~Oh(llltlons under lhis paragraph 4. Trustor coven/Jnt~ Bnd ogrees to pay. boloro tho same tJ(tcome dO/lllqLJerll ,111 Imps. assessmOn/s W 1'4' Y".'." ..,...... "'lit