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.... _BANKS "'" Deed of Trust 88- 10.3729 THIS DEED OF TRUST IS made Ihls 24th day of Mav ,19~,byandbetween Carl P. Bowman, a single, p",rRon. "nn K""'''~ K 'I'''gg''. CI Ringl", perRon whether one or more, (hereinafter called the "Trustor"}, whosemaillngaddressls 3111 W"Rt" r.ol1"!r No 17, f:r"nn TR1"nn, N"hr""ka 61\1\01 , NORWESTBANK NEBRASKA. NATIONAL A S6CIATION (hereinafter called the "Trustee"), whose mal/lng address Is 202 W. 3rd. Grand Island. NE 68801 ,and NORWEST BANK NEBRAHKA, NA'I'TONAT, AHHOCT A'I'TON ,hereinafter calledthe"Beneflciary'J,whosemailingaddressis202 West Third Street Grand Island Nebra a WITNESSETH: IF THIS BOX IS CHECKED { X J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTfON SECUR,ITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION liEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTfON SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS...T'rustor is Indebted to Beneficiary in the principal sum of Sevent v- five Thous a nd ,and no 11 DOt hs----- Dollars ($ I 5,000.00 ), which Indebtedness is evidenced by Trustor's promissory nole dated , 19..8.8-, (hereinafter called the "Note"), payable 10 tlJe order of Beneficiary and having a maturity of November 20~ 1988 NOW, THERE,cORE, for the purpose of securing: (a) payment of the Note, togelher wilh Interest thereon, late charges, prepayment penalties, any future advances, and all extensions, modifications, substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with Interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements of Trustor, whether or not set f:Jrth herein, (c) performance, discharge of and compliance with every term, covenant, obligation 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 repayment 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 tille, all of which is hereinafter collectively called the "Indebtedness", Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following described property: Lot Five, Colonial Estates Fifth Subdivision, in the City of Grand Island, Hall County, Nebraska. together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (Ii) all equipment, maChinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transfonners, efectricaJ equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, eny building or improvement now or hereafter located thereon, (III) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, tiUe and interest of Trustor in and to all feases, whether now or hereafter existing or entered Into (including, without limitation, alf cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and income therefrom (subject 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 event of default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vII) all tenements, hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viII) alf proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (incfuding, without limitation, proceedS of insurance and condemnation awards), all of which is hereinafter colfectlvely called the "Trust Property", TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1, Title. 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 end will remain a valid and enforceable first lien on the Trust Property. that Trustor, at lis expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of alf persons and parties whomsoever, Trustor, at lis expense, 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 manner and in such place and will take such action as in the opinion of Trustee may be required 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 alf right of dower and homestead In and to the Trust Property, 2, Payment of Indebtedness, Trustor shall punctually pay the principat of and interest on the fndebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete In good and workmanlike manner any buildings, improvements or repairs refating therelD 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 foan agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof. (d) to allow Beneficiary to inspect the Trust Property at al/ times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges, Subject to appllcabte law or to a written waiver by Beneficiary, Trustor shall pay to Benefir:iary on the first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum (hereinafter called tile" Funds ") equal to 1112th of the yearly taxes and assessments wlllch may attain priority over this Deed of Trust and ground rents on the Trust Property, If any, plus 1112th of the yearly premium instal/ments for hazard Insurance, plus 1112th of the yearty premium instaflments for mortgage insurance, If any, all as reasonebfy estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof, The Funds shall be held In an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency inctuding Beneficiary. Beneficiary shall apply the FUf/ds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds, Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eech debit to the Funds was made. The Funds are pfedged as additional security for the Indebtedness secured by this Deed or Trust, If the amount of the Funds hefd 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 exceed the 'amount required to pay said taxes, assessments, Insurance premiums and ground rents as they fall due. such excess shall be, at Trustor's option, either prompt/I" repaid to Trustor or credited to Trustor agelnst future monthly installments of Funds, If the amount of the Funds hetd by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency wlthm thirty deI'S from the dete notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness. Beneficl8ry shall promptll' refund to T,ustor any Funds held by Beneficiary If the Trust Propet1y is sold under tile power of sale or the Trust Propet1y IS otherwise acqulled by Beneficiary, Beneliclary shalf apply. Immedlatety pnor to tile sale of the Trusl Property or ItS acqulsillon by Beneflclsry, any Funds /leld by Beneficiary at the time 01 application as a credit against lire Indebtedness If Benelicmry executes a ...."lIen \\'8Iver at Trustnr , obligations undoi" fIllS paJagraph 4, Trustor covenants and agrees to pay, bofore th(t sarno bocom() rt"lmqupnt iI/{ rill ('S. /lssossment:'i OW'-', '!:"' ,....t.."..~.. 11r;~