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<br />88-
<br />
<br />102788
<br />
<br />ACKNOWLEDGEMENT OF DEED OF. TRUST
<br />
<br />BORROWER READ THIS BEFORE SIGNING:
<br />
<br />Borrower understands that the document that the Borrower is
<br />about to execute is a Deed of Trust and not a mortgage and that
<br />the power of sale provided for in the Deed of Trust provides
<br />substantially different rights and obligations to the Borrower
<br />than a mortgage in the event of a default or breach of obligation
<br />under the Deed of Trust, including, but not limited to, the
<br />Lender's right to have the Property sold by the Trustee without
<br />any judicial proceeding. Borrower represents and warrants that
<br />this acknowledgement ,.,ras executed by it before the execution of
<br />the Deed of Trust.
<br />
<br />OLD SEARS DEVELOPMENT, INC.
<br />
<br />By
<br />
<br />
<br />DEED OF TRUST WITH FUTURE ADVANCES PROVISION
<br />
<br />THIS DEED OF TRUST is made as of the 27th day of
<br />lhy , 1988, by and among the Trustor, OLD SEARS DEVELOP-
<br />MENT, INC., a Nebraska corporation, whose mailing address is
<br />P. O. Box 790, Grand Island, Nebraska (herein "Borrower", whetl.er
<br />one or more), the Trustee, DONALD R. STADING, Attorney at Law,
<br />whose mailing address is NBC Center, 13th and "0" Streets,
<br />Lincoln, Nebraska 68508 (herein "Trustee"), and the Beneficiary,
<br />THE OVERLAND NATIONAL BANK OF GRAND ISLAND, whose mailing address
<br />is 304 West Third Street, P. O. Box 1688, Grand Island, Nebraska
<br />(herein "Lender").
<br />
<br />FOR VALUABLE CONSIDERATION, including the indebtedness
<br />identified herein and trust herein created, the receipt of which
<br />is hereby acknowledged, Borrower hereby irrevocably grants,
<br />transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER
<br />OF SALE, for the bene fit and secur i ty 0 f Lender, under and
<br />subject to the terms and conditions hereinafter set forth, the
<br />real property, described as follows:
<br />
<br />Lots One (1), Two (2) and the Easterl~
<br />Forty-Four (44) Feet of Lot Three (3) ~n
<br />Block Sixty-Three (63) in the Original Town,
<br />Now City of Grand Island, Hall County,
<br />Nebraska;
<br />
<br />Together with all buildings, improvements, fixtures,
<br />streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining tllereto,
<br />and the rents, issues and profits, reversions and remainders
<br />thereof, and such personal property that is attached to the
<br />improvements so as to constitute a fixture, including, but not
<br />limited to, heating and cooling equipment; and together with the
<br />homestead or marital interests, if any, which interests are
<br />hereby released and waived; all of which, including replacements
<br />and additions thereto, is hereby declared to be a part of the
<br />real estate secured by the lien of this Deed of Trust and all of
<br />the foregoing being referred to herein as the "Property".
<br />
<br />This Deed of Trust shall secure:
<br />
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