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<br />DEED OF TRUST
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<br />88-
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<br />103721
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<br />THIS DEED OF TRUST ("Security Inslrument") ia made on Ihia 1 s t day 01 J U 1 y
<br />19~, Thetrustotls Robert Chohon and Kathy R. Chohon husband and wife
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<br />, ("Borrower"), The truslee ia COmmerclal Federal Savings and Loan AuociaIIO~,' 1
<br />("Trustee"), The beneficlery ia COmmercial Federal Savings and Loan AssociaUon, which is organlzad and ellsting undar the laws of Nebraska, and whose addlBSS is 4460 Farnam, Omahll. '
<br />Nebraska 68131 ("Lender"), Borrower owes Lender the principal aum 01 Six thousand seven hundred s ixtv six doll ars and 13/1 GIiI.~'
<br />(U,S, $ 6.766 . 13 ), This debtla avidanced by Borrower's note dated the same date as thla Security Instrument ("Notel, which provides lor monthly payments, with !he
<br />lull debt, if not paid earlier, dueand payable on J u 1 V 7. 1 992
<br />This Securily Instrument secures to Lender: (a) the repayment 01 the deb! avidenced by the Note, with Interest and all renewals, eldenslons and modifications: (b) the paymenl aI all other
<br />sums, with Int.......t, advanced under paragraph 7 10 protect the securily 01 this Security Instrument: and (c) the performance of Borrower's covenanl$ and agreements, For this purpose,
<br />Borrower irrevocably grants and conveys to Trustee, in trust, wilh power 01 sale, Ihe following described property located In Ha 11 County, Nebra5ka:
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<br />Lot Eight (8) Virden Subdivision, in the City of Grand Island, Hall County, Nebraska.
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<br />Nebraaka
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<br />68803
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<br />(Streetl
<br />("Property Address");
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<br />Grand Island. NE.
<br />(Cily)
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<br />which has the address 01
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<br />2524 West 4th
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<br />L
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<br />TOGETHER with all the Improvemenl$ now or hereafter erected on the properly, and all easements, rights, appurtenances, renls, royaItias. mineral. oil and gas nghts anD prolil$. water
<br />rights and stocl< and all fiJduree now or hereafter a part 01 the property. All replacements and additions shall also be covered by thiS Security Instrument All of 1I>e tooegomg is rel8fl1lClto on
<br />this Securily Instrumanf as the "Property,"
<br />BORROWER COVENANTS that Borrower is lawfully seised 01 the estate hereby conveyed and has the roght 10 grant and convey the Properly and tha111>e Property is unencumlle!2d
<br />except lor encumbrances of record, Borrower warrants and will delend generally the Ulle 10 the Property agaInst all claims and demands, subject to any encumbrances el recorll
<br />THIS SECURITY INSTRUMENT combines uniform covenants lor national use and non.unilorm covenants with Iimrted-1larialions by jurisdiction to constitute a unrform secunty mstrumem
<br />covering ",III property,
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as lollows:
<br />1. P8Vmenl 01 PYlnclpIIl UId Intentat: Pnlpayment and !.Ite ellllllM. Borrower shell promptly pay when due the principal 01 and Interesl on the lleDll!VJoellClld by ll1e - and any
<br />prepaymanf and late charges due under the Note,
<br />2. Funde lor 1Uee UId ......,.nce. Subject 10 applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under 1I>e Nole, unlJl
<br />the Nola IS paid In lull. a sum ('Funds1 equal 10 ona-lwelflh of: (a) yearly tues and assessments which may attain priority over this Security Instrument: (D) yearty - _n1S '"
<br />ground rents on the Property, d any: (c) yearly hazard Insurance premiums: and (d) yearly morlgage insurance premiums, if any, These Items are called "escrow dems " Lender may_e
<br />the Funds due on the basis of current data and reasonable estimates 01 lulu", escrow Items,
<br />The Funds ahell be held In an Institution the deposits or accounts of which are Insured or guaranleed by a federal or stale agency (Including Lender II Lender is such an mstitutIon), L.enlIer
<br />shall apply IIIe Funds to pIt/1IIe escrow Itams, Lender may not charge for holding and applying the Funds, analyzing thlt accounl or verifying the escrow Items. unless LMder pays aorn-r
<br />interest on the Funds and appIicabIa law permits Lender to make such a charge, Borrower and Lender may agree in writing that Interest Shall be paid on the Funds. Unless an -" is
<br />made or applicable law requires i_t to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds, Lender shall grve 10 Bomlwer. wdl10Ul cnarge, an
<br />annulll aceauntlng a1the Funds tII1Dwing creelhs and debils 10 the Funds and the purpose lor which each dabh to the Funds was made, The Funds are pledged as _ securily 101 the
<br />sums secul1ld by this Security InatnJment.
<br />II IIIe amount aI the Funds held by Lender. togetller with the fulure monthly payments 01 Funds payable prior 10 the due dates of the escrow iIems, shall exceed lIle amounl t8QUII8Clll> pay
<br />the escrow hems when due, the excess shall be. at Borrower'a option, either promptly repaid to Borrower or credited 10 Borrower on monthly payments of Furds, If lIle amow1I 01 the Funes
<br />held by Lender IS not sulficlentlO pay the escrow Items when due. Borrower shall pay to Lender any amount necessary 10 make up the oeliCIency In one or '""'" peymenlS as requllBd!ly
<br />Lender.
<br />Upon payment In lull 01 all sums secured by this Security Instrument, Lender shall promptly relund to Borrower sny Funds held Dy Lender II under paragraph 19 the Pmpeny IS SOld '"
<br />acquired by Lender, Lender shall apply, no later than Immediately prior 10 Ihe sale 01 fhe Property or its aCQuisition Dy Lender, any Funds held by Lender at lhe tIme of appItCatlQn as a C!@llrt
<br />egalnat the sums sacul1ld by thla Security Instrument.
<br />3. Appllcetlon'" I'eJmentL Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shell be applied' tllSt. to late charges oue under !he
<br />Nola: SICOnd.lo prepeymanf chargBS due under the Note; third, to amounls payable under paragraph 2: lourlh, 10 interesl due; and last. to pnncipel due.
<br />4. cttergee; U-, Borrower shell pay all lues, assessments, charges, fines and imposilions attributable to the Property which may altaln pnonty over thIS Secunty Instrumen1. .no
<br />leasehold payments or ground rents, iI any, Borrower shall pay these obligations In the manner provided In paragraph 2, or iI nol paid In that manner, ~ shall pay Il>em on l~ dlreclly
<br />10 lIle penlOn owed payment. Borrower shall promptly lumish to Lender all notices 01 amounts to be paid under this peragraph If Borrower makes these payments dlleCl1y, Bomlwer SIUIU
<br />promptly fumillh 10 Lender receipts evidencing the payments,
<br />Borrower shall promptly discharge any lien which has priorily over this Securily Instrumenl unless Borrower; (a) agrees in wntlng 10 the paymem 01 the ObligatIOn S8CUT8CI by lIle Ioen on a
<br />manner acx:eplIbIe to Lender: (b) contests in good failh the lien Dy, or delends against enlorcemenl 01 the lien In, legal proceedings whICh In the Lender's optnlOn operate to _'" tile
<br />enforcement a1111e lien or forfeiture 01 any part of the Property; or (c) secures lrom the holder 01 the lien an agreement satislactory to Lender subordlnabng the Iten to lh1S Secunty Instrumem
<br />If Lender determines that any part of the Property is subject to a lien which may anain priority over this Secunty Instrument, Lender may give Borrower a notice Identifying rtie hen BorTO"Ne'r
<br />shall saIiafy the lien or taka one or more of the actions sellerth above within 10 days 01 the giving 01 notice,
<br />5. "-d IMUrIIlC8. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agalnslloss Dy ~re, hazards Inclu<led wdhln tile tenn -el<1enoeo
<br />coverage" and any other hazards for whtch Lender requires Insurance, This insurance shall be maintained in the amounts and for the periods that Lender reQUIteS The Insurance camer
<br />providing the Insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld,
<br />All Insurance pollciBS and renewals shall be acceptable to Lender and shall include a standard mortgage ctauae, Lender shell have the righllO hold the polrCles and renewalS t! Lender
<br />requires, Bonower shall promptly give 10 Lender all receipts of paid premiums and renewsl notices, In the event 01 loss, Borrower shall give prompt notice to the Insurance camer and Lender
<br />Lender may make prool 01 loss II not made promptly by Borrower,
<br />Unless Lender and Borrower Otherwise agree in writing, insurance proceeds shall be applied 10 restoration or repair ot the Property damaged. if the restoratIOn orrepal: is economically
<br />feasible and Lender's security is not lessened, lithe re610rallon or repair Is not economically leaslble or Lender's security would be lessened, the Insurance proceeds shall be applied to the
<br />sums secul1ld by this Securily Instrument. whelher or not then due. with any elcess paid to Borrower, II Borrower abandons the Property, or does not answer within 30 days a notice trom
<br />Lender that the insurance carrier has Ollered to senfe a claim, the Lender may collecllhe Insurance proceeds, Lender may use the proceeds to repair or restore the Property or to pay sums
<br />secul1ld by this Security Instrumenl. whether or not then due, The 3D-day period will begin when the noUce Is given,
<br />Unfess Lender and Borrower otherwise agree In writing. any applicaUon of proceeds to principal shall nol extend or postpone the due dste 01 the monthly psyments reterred to in paragraphs
<br />1 and 2 or changlthe amount 01 the payments, d under paragraph 19 Ihe Property is acquired by Lender, Borrower's righlto any insurance policoes and proceeds resulllng from damage to
<br />IhI Property prior to the acquisition shall pass 10 Lender to the eldent of the sums secured by this Security fnslrumentlmmedlalely prior to the aCQuisition,
<br />.. p~ UId MIl_nee 01 Property; LeuelloldL Borrower shall nol destroy, damage or subslantially change the Property, allow the Properly 10 delenorate or commit waste
<br /><<thi. Security 'nstrumenlls on leuehold, Borrower shall comply with the provisions ollhe iease, and II Borrower aCQUires lee tille to the Property,'he leasehold and tee tille Shall not merge
<br />unIeII Lender 8(/_10 the merger In writing, -
<br />7. ProtectJon of Lander'. RlghU In the Property; Mortglge Insur.nee. If Borrower fails to perform the covenants anC2 agreements COnlained in this Secunty Instrument or tnem IS a
<br />legef proceeding Ihlt may significantly affect Lender's rights In the Property (such as a proceeding In bankruptcy, probale, lor condemnation or 10 enforce laws or regulations I. lhen Lender
<br />may do and PlY for wtultever is necessary to protect the value of Ihe Property and Lender's rights in the Property, Lender's actions may Include paYing any sums secured by B lien which has
<br />pr60rity overfhll SecuritY' Instrument, appearing In court. paying reasonable anorneys' lees and entering an the Property 10 make repairs_ Although Lender may take actIon under thIS paragraph
<br />7, Lender does not hlllHlIO do so,
<br />Any amounts dlllburaed by Lender under this paragraph 7 shall become additional debf 01 Borrower secured by Ihis Security Instruman!. Unless Borrower and tender agree to olhe' lenns
<br />el payment, IneH emountl shall bear Inlerest from Ihe date 01 dlabursement at the NOle rale and shall be payable, wilh inferest. upon notice Irom Lender 10 Borrower requesting paymenl
<br />II Lander requi",d mortg!lOe Inlurance as a condition 01 making the loan secured by this Securily Instrument, Borrower shall pay Iha premiums reqUired to maintain Ihe Insurance rn eftecl
<br />until such time as the requirement for fhe insurance terminates In accordance with Borrower's al1d Lender's wrillen agreement or appllcabla law,
<br />.. 1,.,.ctIon. Linder or It I agent may make reasonable entries upon and Inspections of the Property. Lender ahal! give Borrower nolice at the time of or prior 10 an Inspecllon specifying
<br />~ C8UH for the inspection,
<br />I. Condemnltlon. The proceeds of any award or claim for damages. direct or consequential, in connecllon with any condeln"ation or other taking of any part 0' the Property. or 'or
<br />a:mveyance In lieu of condemnaflon, are hereby assigned and shall be paid to Lender,
<br />In lIle event all fotlltaking of the Property, Ihe proceeds shall be applied 10 the sums secured by Ihis Securily InSlrumenl, whether or nollhen dua. 'Nllh any .xcess paid to Borrower In
<br />the event of a parlJallaklng of the Property. unlesa Borrower and Lender otherwise agree In writing, the sums secured by this Security Instrument shali De reduced by Ihe amounl 01 the
<br />p:oceeds multiplied by the following Iractlon: (a) fhe total amounl ollhe sums secured Immadlately belore Ihe laking, divided by (bllhe fair markel valu. of the Properly Immedlafely beloro
<br />Ihe taking, Any balance ahall be paid 10 Borrower
<br />If the Property" abandoned by Borrower, or If. afler notice by Lender to Borrower that the condemnor offers to make an award or settle a claIm lor damages Borrower lalls to respond to
<br />Lender within 30 days after the date the notice is given, Lender 19 authorized 10 collect and apply the proceeds. at Its option. ellher 10 restoralion or repair 01 the Propbl1y or to the sums
<br />secured by this Security Instrument. whether OJ not then due.
<br />Unless Lender and Borrower otherwise agree in writing, any appltcaUon 01 proceedB to pnnclpal shall nol extend or postpone Ihe due date 0' the month IV paymenls referred to In paragraphs
<br />1 and 2 or change the amount of such payments, '
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<br />LN.' 153.NE 112JB'T1
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