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<br />CONT5:d 88_10~3v7
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<br />DEED OF TRUST
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<br />This Deed of Trust is made th:ls 6th day of May , 19 88 ,by and among Arvid C. Carlson &
<br />Maxine V. Carlson, ~ Inn ~ ' herer.tBfter referred to as "Trustor,"
<br />whuD~ -.Uing address is 122 West 3th, Grand Island, NE; Arend R. Baack
<br />Attorney at Law, hereinafter referred to as "Trustee," whose mailing address is P. O. Rox 700,
<br />Grand Island. NE 68802 ; and TIlE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address 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
<br />trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust, the following-.described property, located in Hall County,
<br />Nebraska, to-wit:
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<br />Lot Six (6), Block Seventy One (71), Wh= 1 F!T lJnrl RFlnn"'TT I '"
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<br />Second Addition to the City of Grand Island, Hall County,
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<br />Nebraska.
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<br />together with all buildings. improvements, fixtures, streets. alleys, passageways, easements, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reverBionB and the remainders thereof, including all such personal property that is attached to the improve-
<br />.~ts so as to constitute s fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be a part of the real estate conveyed in trus~ h~reby, it being agreed that all of the fore-
<br />going shall be hereinafter referred to as the "Property.1f
<br />
<br />FOR TIlE PURPOSE OF SECURING:
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<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith in
<br />the princlp41 SUlD of Twelve Thousand Ei I!ht Hundred---($ 12,ROO.OO ), together
<br />with interest at the rate or rates provided therein. or the principal and interest on any
<br />future sdvance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
<br />and extensions of such notes. both principal and interest on the notes being payable in
<br />accordance with the terms set forth therein, which by this reference is hereby made a part
<br />hereof;
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<br />(b) the perforDlC1nce of each agreement and covenant of Trustor herein cont ained; and
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<br />(el the payment of any sum or sums of money whlch may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the
<br />rste provided in the note.
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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 ~debtcd-
<br />nens evidenced by the note, charges, fees and all other sums as provided in the loan instruments.
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<br />2. Title. Truator is the owner of the property and has the right and authority to execute this
<br />Deed of Tru;c-tn respect to the property. '
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<br />J. Taxes and Aasessaents. To pay, when due, all taxes, special assessments and all other charges
<br />agsinst the property, before the same become delinquent, and, in the event Beneficiary shall so require.
<br />to add to the payaent~ required under tbe note secured hereby, such amount as may be sufficient to en-
<br />able Beneficiary to pay such taxes, assessments or other charges as they become due.
<br />
<br />4. Inaurance. To keep the lmprovements now or hereafter located on the real estate described
<br />herein ins~red against damage by fire and such other hazards as Beneficiary may require. in amounts and
<br />companies acceptable to Beneficiary. and with loss payable to Beneficiary. In case of loss unde~ such
<br />policies. Beneficiary is authorized to adjust, collect and compromise, in its discretion, all clatmB
<br />tht:reunder and, at Its Bole option, 1,.. authorlzL"d to either apply thl! proceeds to the r.estorallon of the
<br />property or upon the indebtedness secured hereby, but payments required by the note shall continue until
<br />the suaa 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 1cprove-
<br />.ents now or hereafter on the property; to keep th~ property in good condition and repair, vithout vaste
<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 tl~ value of the property by any act or omission
<br />to sct: and to comply with all requirements of law with respect to the property.
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<br />6. Condeanation. 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 h~reof. 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 here-
<br />by and becOllle secured by rhe Uen hereof. Beneficiary shall not incur any pe,..onal l1abllity because of
<br />anything it may do or oait to do hereunder.
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<br />8. Aaaitnaenta of Rents. Beneficiary shall have the right, power and authority during the con-
<br />tinuance of this Deed of Trust to collect the rentA, tssues and profits of the property and of any p~r-
<br />sonal property located thereon with or without takinR poss~ssion of the property affected hereby. snd
<br />Trustor hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
<br />Benaflciary. however, hereby consento tv TruRtor'n collection and retention of such rent9, issues and
<br />profita as they accrus and becoae payable, so long as Trustor is not, at such time, in default with re-
<br />spect to par-ent of any tr.debtedne... secured hereby, or tn the performance of any agrel!lllent here....der.
<br />If any event of default described hereafter in reopect to this Deed of Trust ahall have occurred and be
<br />~aot1nuing. Beneficia.ry, 4S a matter of ri~ht and without m.:ttce to Trustor or nnycne clo.lminfl; under
<br />Trustor, and without rpr.ard to the value of the trust eRtatc or the interest. of the Trustor therein,
<br />sull have the right to apply to any court having JUTIRdtct too to appoint a receiver of the pt'op~rty_
<br />
<br />9. Inspections. Beneficiary, or ilY agento, rcprcsentBltvc9 or Y'orkmen, art' J'luthor1tt"d to entf'T
<br />at !illY reasonable t illlll upon or Ln IIIlY part of the property for the purpose of in.pel'll n~ t he BA"'~ nnd
<br />for tt~ pUrp06tl of perfom!nSl any of the acta it 11"1 authorh:rd to perform undt'r ttw I'('rm~ nf anv lOlln
<br />lna~rumento executed by Trustor.
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<br />10. Transfer of Prol'lliI. 1 f all Dr nny [llJrt of the prnp('>rt v or nny In! oreal Ilf Tru~t or t hcn.'ln
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