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<br />CONT5: b
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<br />DEED OF TRUST
<br />(Open End Multiple Note)
<br />
<br />88- 102624
<br />
<br />This Deed of Trust is I!lo:Ide this 13th . 1981L-, by snd among
<br />John Michael Wanek and Benna . ane
<br />hereinafter referred to as "Trustor." whosemailingaddressisw;reCOac.ranisland.NE
<br />Arend R. Baack , Attorney at Law, hereinafter referred to as
<br />"Trustee," whosemailingadd~essisP.O.Box790.GranelT!.:1l.lnel.NF. j:';$!80?' ;
<br />and TilE OVERLAND NATIONAL BANK OF GRAND ISL!lNn, hereinafter referred to as "Beneficiary," whose mailing
<br />address is p, 0, Box 1688, Grand Island. Nebraska 68802.
<br />
<br />For valuable consideration, TruBtor 'irrevocably grants, transfera to conveys and assigns to Trustee,
<br />in trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the
<br />terms and conditions of this need of Trust, the following-described property, located in Hall
<br />County, Nebraska, to-wit:
<br />
<br />Lot One (1). Riverside Estates Unit II, being a subdivision
<br />
<br />of Lot Forty Nine (49). Riverside Estates Unit I. an
<br />
<br />addition to the Ci tv of Grand Island. Hall Countv.
<br />
<br />Nebraska.
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<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rightBlI
<br />privileges and appurtenanc.es located thereon or in any way pertaining thereto, and the rents, issues,
<br />profits, reversions and the remainders thereof, including all such personal property that is attached
<br />to the improvements 90 as to constitute a fixture, all of which, including replacements and additions
<br />thereto, are hereby declared to be a part of the real estate conveyed In trust hereby, it being agreed
<br />that all of the foregoing shall be hereinafter referred to as the "Property."
<br />
<br />FOR TilE PURPOSE OF SECURING:
<br />
<br />(a) the payment of personal indebtedness owing from Trustor to Beneficiary, as
<br />evidenced by Promissory Notes of various dates in the total present principal amount of
<br />($ );
<br />
<br />(b) the payment of interest at the rate or rates provided in the afore-described notes and
<br />the payment of both principal and interest on any and all renewals, modifications and extensions
<br />of such notes;
<br />
<br />(c) the payment of prim:lpal snd interest on sny future advance as may be evidenced by
<br />promissory notea stating they are secured by this Deed of Trust; provided, however, that the
<br />total principal indebtedness, not including sums advanced to protect the security or interest
<br />sccrued, shall not exceed the swn of Fifteen Thousand and NO/1oo--{$ 15,000.00 );
<br />
<br />(d) the performance of each agreement Bnd covenant of Trustor herein contained; and
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<br />(e) the payment of Bny Stml 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
<br />rate provided in the notes secured hereby.
<br />
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
<br />
<br />1. Payment of Indebtedness. To pay when due, th1 principal of, and the interest on, the in-
<br />debtedness evidenced by the note, charges, fees and n~l other BumS 8S provided in the loan instru-
<br />ments.
<br />
<br />2. Title. Trustor is the owner of the property and has the right and authority to execute
<br />this DeedCiTl'rust in respect to the property.
<br />
<br />3. Taxes and Assessments. To pay, when due. all taxes, special assessments and all other
<br />charges against the property, before the same bec.ome delinquent" and. in the event Beneficiary
<br />shall so requlret to add to the payments required under the note secured hereby. such amount as
<br />may be sufficient to enable Beneficiary to pay such taxes. assessments or other charges 88 they
<br />become due.
<br />
<br />4. Insurance. To keep the ~provementB now or hereafter located on the real estate
<br />described herein insured against damage by fire and such other hazards as Beneficiary may require,
<br />in amounts and companies acceptable to Beneficiary. and with loss payable to Beneficiary, In case
<br />of loss under such policies. Beneficiary is authorized to adjust, collect and compromise, in its
<br />discretion, all claims thereunder and, at its sole option, is authorized to either apply the pro-
<br />ceeds to the restoration of the property or upon the indebtedness secured hereby. but payments
<br />required by the note shall continue until the sums secured hereby are paid in full.
<br />
<br />5. Repair. Maintenance and Use. To promptly repair, rea tore or rebuild any buildings or
<br />improvements now or hereafter on the property: to keep the property in good condition and repair,
<br />without waate and free from mechanics or other liens not expressly subordinated to the lien hereof:
<br />to not make, suffer or permit any nuisance to exist nor to diminish or impair the value of the
<br />property by any act or omission to act: and to comply with all requirements of law with respect
<br />to the property.
<br />
<br />6, Condemnation. In the event the property. or any part the~eof, shall be taken by eminent
<br />domain, Beneficiary is entitled to collect BDd receive all compensation which may be paid for any
<br />PToperty takan or for damages to property not taken, and Beneficiary shall apply such compensation,
<br />at its option, either to a reduct ion of the indebtedness secured hereby or to repair and restore
<br />the propert)' so taken.
<br />
<br />7. Performance by Beneficiary. Beneficiary may, but shall have nO obligation to. do any act
<br />which Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary
<br />to protect the Uen hereof. Trustor agrees to repay, upon demand, nny sums so expended by Bene-
<br />ficiary for the above purposes. and any sum so expended by Beneficiary shall be added t.o the in-
<br />debtedness secured hereby and become secured by the lien hereof. Beneficiary shall not incur Bny
<br />pBTsonal liability because of anything it may do or omit to do hereunder.
<br />
<br />8. Inspect.ions. BertGflc14rv. or its agents, representatives or workmen, Brc author.lzcd to
<br />ent.er at any reaoonable t~ upon or in any part of the prope.rty for the purpose of inspecting the
<br />,.,... and for the purpose of perforioins any of the acts 1t is Buthorbed to perform \D1der the terms
<br />of any loan instruments executed by Truator~
<br />
<br />9. A8alanfleOt: of Rcnt9a Beneficiary ohall have the rlght, power and authorIty during the
<br />continuan~e of th10 Deed of Trust to collect the rents. lflsues Bnd profitR of the property and of
<br />Iln)l' pe:rsonal property locatc.d thereon with or without taking paRsC'oRlon of th' property affected
<br />hereby. and Trustor hereby nbsolutf!!ly Bnd unconditionally assigns nIl 8uch rents, Issues and profits
<br />to 'ftenef1clat"y. Bcneliclnry. howver, hereby consentB to Trustor's t"ollcctlon lUld retention of Ruch
<br />rents. 11lNuel!l dnd vrofltfil 'UJ they acct"ue on4 become pnyable. 00 loop; 86 Tru~tnr 10 not. Ilt ItUdl I.tme.
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