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<br />tS- 102837
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<br />DEED OF TRUST
<br />
<br />THIS TRUST DEED made this lEt day of ~ , 1988,
<br />between GERALD L. WISSING and SUSAN J. WIQ'SING, husband and
<br />wife, as TRUSTORS, whose address is 203 West 22nd Street, Grand
<br />Island, Nebraska 68801; B. J. CUNNINGHAM, JR. as TRUSTEE; and
<br />RONALD A. IRVINE and ORA M. IRVINE, husband and wife, whose
<br />address is 217 East 22nd Street, Grand Island, Nebraska 68801
<br />as BENEFICIARY (whether one or more).
<br />
<br />WITNESSETH:
<br />
<br />That TRUSTORS hereby grant, bargain, sell, convey
<br />warrant to TRUSTEE IN TRUST, his successors or assigns,
<br />power of sale, the following-described real property:
<br />
<br />and
<br />with
<br />
<br />Lot Thirteen (13), in Block One (I), in Knickrehm Fourth
<br />Addition to the City of Grand Island, Hall County, Nebraska,
<br />subject to zoning laws and regulations, covenants,
<br />restrictions, and easements of record,
<br />
<br />together with all buildings, improvements and appurtenances
<br />thereon, together with the personal property described in the
<br />Installment Sale Contract dated the ~/~day of I?l~ ' 1988,
<br />between the TRUSTORS and BENEFICIARY.
<br />
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and
<br />BENEFICIARY that they are 1 awfully sei zed and the owners of the
<br />above-described property; that they have good right and lawful
<br />authority to sell and convey said premises and that said premises
<br />are free and clear of all liens and encumbrances and further, that
<br />TRUSTORS will warrant and defend the title to said premises
<br />forever against the claims of all persons whomsoever.
<br />
<br />For the purpose of securing performance of each agreement of
<br />TRUSTORS herein contained and the payment of FIFTY-FIVE THOUSAND
<br />DOLLARS ($55,000) the TRUSTORS have executed a Deed of Trust
<br />Note bearing even date, at the rate of interest and on the terms
<br />and conditions as set forth in such Note until paid. The
<br />principal sum and interest shall be payable in accordance with and
<br />upon the terms and condi tions of said Note of even date, and in
<br />any event the entire principal balance due hereunder and any
<br />accrued interest shall be paid on July 1, 1993, or as otherwise
<br />provided in the parties' Deed of Trust Note. All installment
<br />payments hereunder shall be applied first to the payment of
<br />interest computed monthly on the unpaid principal balance,
<br />pursuant to an amortization schedule, a copy of which has been
<br />provided to each of the parties hereto, and remainder of each
<br />installment to be applied to principal. All payments due
<br />hereunder shall be paid at the resi dence of the BENEFICIARY as
<br />above-described, or at such other place as such BENEFICIARY or the
<br />holder of said security shall designate in writing.
<br />
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTORS shall:
<br />
<br />A. Retain possession of the premises at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />
<br />B. Maintain the buildings and improvements and all personal
<br />property sold under the parties' Installment Sale Contract, in
<br />good condition and repair,
<br />
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed agai nst or due upon sai d
<br />property before delinquency, and 0 deli ver to BENEFICIARY
<br />copies of receipts showing payment f such taxes.
<br />
<br />D. Procure and ma~ntain policies of all-risk insurance on said
<br />improvements, in sums and underwritten by companies acceptable
<br />to the BENEFICIARY, in an amount of at least Fi fty-Eight
<br />Thous~nd Dollars ($56,000), which policies Sh<l11 name the
<br />BENEFICIARY as an additional insured, with the loss proceeds
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<br />- 1 -
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