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<br />CONTS: b
<br />
<br />DEED OF TRUST
<br />(Open End Kultiple Note)
<br />
<br />88-103427
<br />
<br />This Deed of Trust 1s made this 20th
<br />
<br />day of
<br />
<br />June
<br />
<br />
<br />, 1988
<br />
<br />, by and among
<br />Tenan~
<br />d, NE n
<br />
<br />
<br />hereiruifte. ,I,.__ZsL.&.cd tv as 1'l',u5tar." 'WhOSi!: :=:!.ling address is
<br />Arend R. Baack , Attorney at Law, hereinafter referred to as
<br />"Trustee," whosemailingaddressisP.Q.BoX790. Grand Island. NE 68802 ;
<br />and THE OVERLAND NATIONAL BANK OF GRAND Il:'LAND, hereinafter referred to as "Beneficiary," whose mailing
<br />address is P. O. Box 1688, Grand Island, Nebraska 68802.
<br />
<br />For valuable consideration, Trustor irrevocably grlUlts, transfers, 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 Deed of Trust, the following-described property. located in ~l
<br />County, Nebraska, to-wit:
<br />
<br />A certain parcel of real estate located in the Southwest
<br />Quarter of the Sou:thwest Quarter (SW!SW!) of Section Twenty-
<br />
<br />One (21), Township Eleven (11) North, Range Nine (9) West of
<br />
<br />the 6th P.M.. J'OOre particularlv described as follows on
<br />attached Exhibit "A".
<br />
<br />tOllet""r with all buildings, improvements, fixtures. streets, alleys, passageways, easements, rights,
<br />privileges and appurtenances located thereon or in sny way pertaining thereto, and the rents, issues,
<br />profits, reversions and the remain(.~rs ther~~f. including all such personal property that is attached
<br />to the improvements so 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 THE PURPOSE OF SECURING:
<br />
<br />(a) the psyment of personal indebtedness owing from Trustor to Beneficiary, as
<br />evidenced by Pr~sso~ Notes of var~us dates in the total present principal amount of
<br />Ten Thousand DoI.lars and No/1CXL______ ($ 10.000.00 );
<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 principal and interest on any future advance as may be evidenced by
<br />promissory notes 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 />accrued, shall not exceed the SUlll of Twentv-Five Thousand & ID/100 ($ 25.000.00 );
<br />
<br />(d) the performance of each agreelDl![lt and covenant of Trustor herein contained; and
<br />
<br />(e) the payment of any SUlll or sums of money Which may be hereafter paid or advanced by
<br />Beneficiary UDder 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 Inclebtedness. To pay when due, th, principal of, and the interest on, the in-
<br />debtedness evidenced by the note, charges, fees and a.l other sums as 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 e~cute
<br />this need of Trust 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 become delinquent, and, in the event Beneficiary
<br />shall so require, to add to the payments required under the note secured hereby, such araoUDt as
<br />may be sufficient to enable Beneficiary to pay such taxes, assessments or other charges as they
<br />become due.
<br />
<br />4. Insurance, To keep the improvements now or hereafter located on the real estate
<br />described herein insured against dsmage by fire and such other hazards as Beneficiary may require,
<br />in 8IIlOunts and cOlllpsnies acceptable to Beneficiary, and with loss payable to Beneficiary. In case
<br />of loss under such policies, Beneficiary is authorized to adjust, collect and cOlllprom1se, 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 ore paid in full.
<br />
<br />5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or
<br />improvements now or hereafter on the property; to keep the property in good condition and repair,
<br />without waste and free frOlll mechanics or other liens not expressly subordinated to the lien hereof;
<br />to not make, suffer or permit any nuisance to exist nor eo 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 lIroperty.
<br />
<br />6. Condemnation. In the event the property, or any part thet:eof, shall be taken by eminent
<br />dOlllllin. Beneficiary is entitled to collect and receive all cOlllpensation which may be paid for any
<br />property takea or for damages to property not taken, and Beneficiary ahall apply such compensation,
<br />at its option, either to a reduction of the indebtedness secured herehy or to repair and restore
<br />the property so taken.
<br />
<br />7. Perfonunce by Beneficiary. Beneflcltlry may, but shall have no obligation to, do 1IIl)' act
<br />which Truator has agreed but failed to do, &nG Beneficiary may also do any act it deems necesaary
<br />to protect the lien hereof. Trustor agrees to repay, upon delll8Dd, any sums so expended by Bene-
<br />ficiary for the ..bOYS purpose.., and any sum so expEltded by Beneficiary shall be added to tha in-
<br />4ebtednua 5ecure4 hereby and becOlllll secured by the lien hereof. Beneficiary shall not incur any
<br />persoaal lial>llity because of anything it may 40 or omit to do hereunder.
<br />
<br />8, Inapect1011a. Benefic:Lary, or its agonta, repreaent.tivl!s or workmlll1, .u authorhed to
<br />..nter at any reallOllable tfAe upon or in any part of the propeny for the purpose of inspecting thl!
<br />..- and for the purpoae of perfoming any of the .cts 11: 18 authorized to perform Ullder the tl!rms
<br />of any losn instr.-nts executed by TrUlltor,
<br />
<br />9, AesiRR8Bnt of Reats. Beneficiary ahall have the right, power and authority during the
<br />continuance of tbis Del!4 of Trust to collect tha rl!nts, i8.~. and profits of the propl!rty and of
<br />any personal property locatl!d therecn with or without taking possession of the property .ffe~ted
<br />hereby. and Trunor hereby abs"lutely and uncondit ionally ....1I11's all such re.'lt., iuues and profit"
<br />to 1e!lS'lct.ry~ Benl!fic1ary. however, hereby consents to Tr-u8(Or'F1 collect.ion and retention ~'f lIIUdl
<br />renta. 18111U1!!III and profits a8 they accrue and bl'com(ll p...yablt1, 80 lDOp: as Trulltor Is not. At Bueh time.
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