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.. _BANKS Deed of Trust 88- -103752 THIS DEED OF TRUST is made this 8th day 01 July 19~, by and between Jefferey A. Binfield . and Pamela Jo Binfield. husband & wife whether one or more, (hereinafter called the "Trustor"). whosemaiJingaddmssls Rt. 121 Box ~ A - W~od River. NE . NORWEST BANK Nebraska. Nat ona1 sociat on (hereinafter called the "Trustee"), whose mailing address Is P.O. Box 1048 - Hastings. NE ,andNORWESTBANK N..hT,...kR. N"l"innRl A....nf'i"Hon .(hereinafter called the "Beneficiary"), whose mailing address Is P.o. Boxl048---Hastinis.NE 68902-1048 WITNESSETH: IF THIS BOX IS CHECKED I J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREA TES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS Trustor is indebted to Beneficiary in the principal sum of Fif tv Six Thousand and no / kOO------------ Dollars ($ 56.000.00 ). which indebtedness is evidenced by Trustor's promissQryjlote dated Julv , 19~, (hereinafter caJ:ed the "Notfl'), payabfe to the order of Beneficiary and having a maturity of July 1 . 1998 NOW, THEREFORE, lot the purpose 01 securing: (a) payment 0' tile Note, together with interest thereon, late charges. prepayment penallles, any future advances, and all eXlenslOfls, modifications. substitutions and renewals thereof. (b) payment 01 alf other sums, Iei3s or charges. together with interest thereon, advanced to protect the security of this Deed of Trus~ and the performance of the covenants and agreements of Trustor. whether or not set forth herein. (c) performance, discharge of and compliance with every term. covenant, obfigation 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 ,nterest or litle. all 0' which is hereinafter collectively called the "Indebtedness". Trustor Irrevocably grants and translers to Trustee, In lrust. WITH POWER OF SALE. the folloWing described proparty. See Attached Exhibit 'A' togetIIfN WIth (i) all buildings, structures. additIons, enlargements. modiflcatlOfls, repaIrs. replacements. and Improvements now or hereafter located thereon, (ii) all eql/ipment. machinery and fixtures (including, without limItation. all lighting. healing. ventilating. cooling. IJIr conditioning. sprinkling and plumbing fixtures, water and power Sysroms, engines, OOi/ers, ranges. ovens, dishwashers. mirrors and mantels. carpeting. furnaces. oil burners. elevators and motors. retngerBllon plants or Units. communication systems. dynamos. transfonners. el6Cl1iClJI equipment. storm and screen windows. doors. awnings and shades) now or hereafter attached to. or built m. any building or improvement now or herealter Iocaled thereon. (iii) atl easements and rights 01 way appurtenant thereto, (Iv). all leasehold estate. nght, title and interest 0' Trustor In and to all leases. whether now or hereafter existing or entered InIO (including, Without timitation. all cash and security deposits. advance rentals and depV:;!lS or payments 0' a similar nature). pertaining theruto. (v) all rents. issues. protits and mcome therefrom (subfec/ to the right 01 TruslOt' 10 coIlecl and apply such renl!;;. issues. profits and income as they become due and payabfe so long as no eWlnt of deflJUlt exists hereunder). (vi) all royalties. mineral. OIt and gas rights and profits, water. water rights. and water stock. (vir) all t8IIem8nts. hereditaments, pnvileges and appuf1enancftS belonging, used or enjoyed In connection therewlm, and (viii' 811 proceeds of conVSBion, voIuntwy or inVOluntary, of any of the forvgoIng InIO cash or lIquldaled cllJlms (Including. without limitation, proceeds of msurance and condemnatioII awards). all of which is hereinalter collectively called the ., Trust Property" TO PROTECT THE SECURfTY OF THfS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOLLOWS. 1 rifle. Truslot covenants. warranls and agrees wrth Benehclary. lIs successors and assIgns, that Trustal' owns the Trust Property free from any prior Nen or BrIC!.mbrance. malth,s Deed of Trus/ls and Will remain a valid and en1otr:eabfe first lien on the Trust Property. that Trustor. at/liS expense, will preserve such lJtIe and WIll mamtlJln this Deed of Trust as a ',rst and paramounr Ilfm upon the Trust Property and will forever warrant and defend the validity and priority 0' the lien hereof against the cllJlms 0' ttll persons and partJes whomsoever. Trustor. et its expense. witl cause thiS Deed ot Trusl, and each amendmenr or supp/ernerJ/ hereto. to be filed and recorded as a mortgage of the Trust Property In such mannel and In such place and Will take such action as m the opmlOfl of Trusree may be requrred by any presenl or future law In order 10 perfect, maintam and protecllhe lten of thIS Deed ot Trust. as the same may be amended or supplemonted trom rrme to lime Trus/or will malfe such fulTtler assurance or assurances 10 perfect Its tille ro tile TlUst Property as may be required by BenefICIary TruslOl hereby relinqUIShes all ngm ot dower and homestead m and to the Trusl Property 2 Payment of Indebtedness. Trustor shall punctually pay the pnnClpal of and mterest on the Indebtedness secured hereby. 3 ConstruclJon of Improvements. Trustor shall complete In good and WOt1rmanllke manner any but/dings, Improvements or replJJlS relatmg mereto wnrch may be begun on the Trusl Property or contemplated by the loan eVidenced by the Note secured hereby. 10 pay when due an costs and liabilities IncUrred theretore. and not to permll any construction lien against such Trust Prope"y. In the event conJtTlJCtiOIJ 01 buildings, Improvements or repaIrs Bre contemplated. Trustor also agrees. anything In thiS Deed ot Trust to the contnlly notwithstanding; (a) to promptfy commence any such worlr and to complete the proposed improvements promptly. (bJ to complete the same in accordance WIth the plans and specifications liS approved by Beneficiary. (C) 10 comply With all the tenns of a building loan agr8MTlflnt. if any, between Trustor and Beneficiary. the lerms of which are Incorporated herein by re'erence and made a part hereot. (d) to allow Beneficiary to inspect the Trust Property Ii' all times dunng construction, and (e) to replace any work or matena/s unaatisfaclory to Beneficiary wIthin fifteen (t5) days after wntten notlCo flom Beneficiary of such facl 4. Funds for Payment ot Charges. Subject to applicabfe law 01 to a wntten waiver by BenefiCIary. Trustol shall pay to Beneflr:l/Jry on the fltst day 01 each month, or such other date each month as may be specified by Beneficiary. until the Indebtedness IS pBld '" full. a sum (hweinatter called the ooFunds'" equal to 1112th of the yearly lalles and assessments which may analn pnonty over Ihls Deed ot Trusl BIId ground rantli on the Trust Property, if any. plus tit 2m of the yearly premium Installments lor hazard Insuranco. plus l' 12th 01 the r-arlY pram/urn Installments for mor7gage Insurance, it any, all as reasonabfy ostlmllted InIIlally and from tIme 10 time by BeneficIary on the basis at assessments and bflls and reasonable estimates Ihereof. The Funds shall be held In an institution, rhe deposits 01 accounts 01 which am Insured or guaranhHKf by a federal or state agency including BenefiCiary Bene'/clary shatl appt~. the Funds 10 "'1' said taxas, ilssassment.. insurance premiums and ground renls Beneficiary shall nor be reqwmd to pay TlUstor Itny Interesl OT lIarning. on the Funds. Beneficiary shall give to Trus,or. without charge. an annual accounting at 'ho Funds shOWing credils and Mbitt to the Funds and the purpose tor which each dabit to Ihe Funds was made The Funds are pledgod liS additional secunr-,. lOT the Indebtftdnen secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, tOgOthOT WIth rtle II/lure monrh~ Installmllnt. of Funds payable prior to the dua dates 01 taxes. assessmen's. Insurallce premiums and ground rarlls, shall ollceed t!lf> amoun' required to pay said talles. Ilsse!lSmenlS, insurance plemlums and ground rents 8S Ihey tall due, such OllCOSS shall be. at Trustor'. optIOn, either promptly repaid '0 Trustol or c/odited to TrusloT against fUlure monthly Installments of Funds /I th8 IImount 01 the Funds held by &Jne'iclary shall not be sumc/ent to pay tllllOS. assossments, Insursnce premlJms and grourl(1 mnrs RS thel' tall dllP 11u5tOl !halt pay to BenefiCIary any llmount necessary ro make up the deficlOnc:y WIthIn rhlltv days trom tho datllllotlCf' IS mll/lod by' 8llnetICI/Jry to 1wSIDI requesting payment 'hereof Upon payment In lull or alllndebr8c1noss, Bonefic/tlry Sllllll pmmpfly ,,,,,,,,,1 '" 'ruotar "ny FundS held by Donetlclary /I tho Trust Property /s Sold undellho POWOI 01 .~/lIO OT Iho Trllst PruPPrll " llrh"'WISt' o'lcqwP" by B8neflC/ary, 8enof/Cllf/Y sllllllllpply, immedlllrely 1"10' to tile 51110 of Ihe Trust Pmperty 0' Its RCQIII.~/It(ln hy R,,",,IIl'I.'I'\ o'l"l / ,,"'1' fN11(J by Belleflc/llry at tho tlmll 01 appllestlOll 85 8 clodlt agslnst 'ho Indl1bt"drms~ 1/ BOIlIlfl(:1IJ1l' ,.."ell"" ., ",,,rw,, \~'i1I\'''! ", T ,,,,,,,,, oIJIJUlttJOn!J und~SI rJli~ PlffllUflfpll 4 r,u!Jlor covotJlltlf9 and 00'00., to pnv bnf(),,~ Ih(1 sanlt') hpcnmp f"1r11mquflllf ...11 r,1HU. :1'-.\P""nJfl"r~ ,.' ... V' , '.... ~.t~.u. 'lfif..