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<br />CONT5:d
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<br />DEED OF TRUST
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<br />88-102610
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<br />This Deed of Trust is made this 12th day of May , 19~, by snd aml!l\g Philip M.
<br />Martin .It" & Ann 7. MRM:~lhfu~ ~ ~i fro ' hereinafter refe. rred to as "Trustor,"
<br />whosemailingsddrsssis_Box21(;Doniphan.NE 688:B2; ~~ R ~~~
<br />Attorney at Law, hereinafter referred t'.. as f'Trustee, If whose mailing address is. Be .
<br />Grand Island. NE 68802 and TIlE OVERLAND NATTONAL BANK OF GRAND ISLAND, hereinsfter ..sferred to as
<br />"Beneficiary," whose mailing address is P.O. Box 16B8. 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 />cODditionc of this Deed of Trust. the following-described property, locatEd in Hall County.
<br />Nebraska, to-wit:
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<br />I nt Three (3), Ami elk Acres, Hall County, Nebraska.
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<br />together with all buildings, improvements, f1xturf;:s, streets, alleys, passageways, e..:l.scments, rights, privi-
<br />leges Bnd appurtenances locdtcd thereon or in any \lay pertaining thereto, and the rents, issues, profits,
<br />reversions and the re!ll8Jndera thereof. including all such personal property that is attached to the improve-
<br />ments so as t:J constitute 0 fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be Q part of the reol estate conveyed in trust hereby, it being agreed that all of the fore-
<br />going shall be hereinafter referred to as the "Property. II
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<br />FOR THE PURPOSE OF SECUR ItlG:
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<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith in
<br />the principal sum of Thirtv thousand and no/1OO----($30,OOQ,OQ " together
<br />with lr.terest at the rate or rates provided therein, or the principal and interest on any
<br />future advance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes Btating 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) tht.' performance of each agreement and covenant of Trustor herein contained; and
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<br />(c) the payment of any sum or BumS of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the
<br />rate prDvided in the nDte.
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<br />TD protect the security of this Deed of TruBt, 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 indebted-
<br />ness evidenced by the note, charges, fees and all other sums as provided in the loan instruments.
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<br />2. Title. TruBtor is the owner of the property and has the right and authority to execute this
<br />Deed of Truet in respect to the property.
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<br />3. Taxes and Assessments. To pay, when due, nIl taxes, special assessments and all other charges
<br />against the property.. before the same become delinquent, and, in the event Beneficiary shall so require.
<br />to add to the payments required under the 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.
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<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other hazards BS Beneficiary may require. in amounts and
<br />companies acceptable to BenefiCiary, and with loas payable to Beneficiary. In case of loss under such
<br />policies, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all claims
<br />thereunder and, at its sole option, is author.Lzed to either apply the proceeds to the restoration of the
<br />property or upon t.he indebtedness secured hereby, but payments required by the note shall continue until
<br />t he 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 01' hereafter on the propertYi to keep the property in good condition and repair. without waste
<br />and fr.ee f1'om. mechanics or other liens not expressly subordinated to the lien hereof; to not make, Buffer
<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 llll 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 compensat 10n which may be paid for any property taken
<br />or for damages to p1'operty 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.
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<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 Btmeficlary may also do any act it deems ne<:essary to protect
<br />the lien hereof. Trustor agrees to repaYJ 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 indebtedneSB secured here-
<br />by and become secured by the lien hereof. BenefiCiary shall not incur any personal l1ahUity because of
<br />anything it may do or omit to do hereunder.
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<br />8. Asslp;;nmentB of Rents. Beneficiary shall have the right. power ond authority durtng the con-
<br />tinuance of this Deed of Trust to collect the rents, issues and profits of the property nnd of any per-
<br />BaDal property located thereon with or without taking possession of the property affected hereby, and
<br />Trustor hereby absolutely and unconditionally assigns all such rents, iasues and protHs to Benoficiary.
<br />Beneficiary, however. hereby consents to Trustor's collectioa and retention of such rents, issues and
<br />profi!:9 as they accrue and become payable, 80 long as Trustor is not, at such time, [n default with re-
<br />spect. to payment of any indebtedness secured hereby, Dr in the performance of any agreement herclDlder.
<br />If any event of default described hereafter in respect to this Deed of Trust shall have occurred and be
<br />-continuing, Beneficiary, as a matter of right and without notice to Trustor or anyone claiming tmder
<br />Trustor, and loI'lthout regard to th-e valv~ of the trust estate or the tntercet of the Trustor therein,
<br />ohall have the right to apply to any court having jurisdictIon to appoint a receiver of the property.
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<br />9. Inspections. Beneficiary, ur its agents, representatives Dr workmen. are authorized to entl!T
<br />at any reasonable t line upon or in any part of the property for the purpose of inspect Ing the same and
<br />for the purpose of performtns any Df the act R it 1s authorized tD perform l:Jlder the terms of any loan
<br />tnstr\lDeIltq executl"d by TruBtor.
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<br />10. transfor or Prop.!E!..Y.. tt ~11 or any flart of the property or any lnterest of Trmltor therein
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