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'! . Deed of Trust 88-103913 .. _BANKS .. WTTNESSETH: IF THIS BOX IS CHECKED {X J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES. GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS. Trustor is Indebted to Beneficiary in the principal sum of Sp"pnl" y Tho...", nn Rnn no /1 nnl" hR---------------- Dollars ($ 70.000.00 ), which indebtedness is evidenced by Trustor's promissory note dated July 14 . 19 ~,(hereinafter called the "Note"). payable to the order of Beneficiary and having a maturity of January 10,. 1989 NOW. THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges. prepayment penalties, any future advances. and all extensions, modifications, substitutions end renewals thereof. (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements 01 Trustor. whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant. obligation 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 interest or title. all of which is hereinafter collectively called the "Indebtedness". Trustor irrevocably grants and transters to Trustee. m trust, WITH POWER OF SALE, the following described property: Lot Thirty-five (35), Block One (1), Brentwood Subdivision, to the City of Grand Island, Hall County, Nebraska. r THIS DEED OF TRUST Is made this 1 41:h day of .1u1y , 1981L-, by and between Ronald E. Purdy Rnn , Louise Ann Purdy. husband and wi fe whether one or more, (hereinafter called the "Trustor"), whosemallingaddressis 217 West 21st. Grand Island. HE 68801 . NORWEST BANK NEBRASKA iNRI: ion..l ARRod "1'1 on (hereinafter called the "Trustee")tWhOse mailing address Is P.D.Box 1768. Grand Is and. HE 688,CllhdNORWESTBANKNEBRASKA. NATIONAL ASSOCIAT ON ,(hareinafter called the "Beneficiary"), whossmailingaddressis l' n 'ROY 17/;A, r.,..,mn T"1,,nn 1ITF. /;ARn? together with (i) all buildings. structures. additions. enlargements, modifications. repaITs. replacements. and Improvements now or hereafter located thereon, (iI) all equipment. machinery and fixtures (Including, without limitavon. all lighting. heetmg. ventilating, cooling, air conditioning. sprinkling and plumbing fixtures, water and power systems. engines, boilers, ranges, ovens. dishwashers, mirrors and mantels. carpevng. furnaces. oil burners. elevators and motors, refrigeration plants or Units, commumcavon systems, dynamos, transformers, electrical equipment. storm and screen windows,doors. awnings and shadfts) now or hereafter attached to, or built In, any building or improvement now or hereefter located thereon. (iil) all easements and rights of way appurtenant thereto. (iv). all leasehold estate, right, title and interest 01 Trustor In and to all leases. whether now or hereafter exishng or entered into (including. without limilalion, all cash and security deposits. advance rentals and deposits or paymonts 01 a similar nature). pertaining thereto. (v) all ronts, issues. profits end income therefrom (subject to the right of Trustor to collect and apply such rents. Issues. profits and income as they become due and payable so long as no event of default exists hereunder). (vi) all royalties. minerai, oil and gas rights end profits, water. water nghts. and waler stock. (vii) all tenements. hereditaments. privileges and appurtenances belonging. used or enloyed In connection therewilh. and (Vlll) all proceeds of co,:,'ersion. voluntary or Involuntary, of any 01 the loregomg Into cash or liqUidated claims (including. without limitation, proceeds of msurence ..,~d condemnalion awards). ell of which IS hereinafter collectively called the .. Trust Property" TO PROTECT THE SECURfTY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOllOWS: 1, Ti~e. Trustor covenants. warrants and agrees WIth fleneficiary. lis successors and l'.5slgns, thel Trustor owns the Trusl Property fff.' from any prior lien or encumbrance. Ihat this Deed of Trust IS and WIll remam a valid and enforceable first lien on the Trust Proper.y, that Trustor. at its expense, will preserve such Me and WIll mamlam /his Deed 01 Trust as a lirst and paramount lien upon Ihe Trust Property and will forever warrant and defend Ihe validity and pnonty 01 the flen hereol against the claims 01 all persons and parties whomsoever. Trustor, at its expense, will cause Ihls Deed of Trust. and each amendment or supplement hereto. to be filed and recD/oed as a mortgage 01 /he Trust Property In such manner end m such place and will rake such action as In the opinion of Trustee may be required by any present or future law in order to perfect. mamtam and protectlhe lien of this Deed of Trust, as the same may be amended or supplemented from time 10 time, Trustor will make such further essurance or assurances /0 perfect its tille to the Trust Property as may be required by Beneficiary, Trustor hereby relinquishes all nghr of dower end homestead in and to the Trusl Property, 2, Payment of Indebtedness. Trustor shall punctually pay the princIpal of and mterest on the Indebtedness secured hereby. 3, Construction of Improvements. Trustor shall complele in goot1 and worl<manlike manner any buildings. improvements or repairs relavng thereto which may be begun on ths Trust Property or contemplated by the loan evidenced by the Note secured hereby. to pay when due all costs and fiabllities incurred therefore. and not ro permit any construction lien against such Trust Property, In the event construction of buildings. improvements or repairs are contemplated. Trustor also agrees. anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complere the proposed improvements promptly, (b) 10 complete the same in i!CCOfdance with the plans and speciffcalions as approved by Beneficiary, (c) to comply with all the terms 01 a building loan agreement, if any. between Trustor and Beneficiary. /he terms of which are incorporated herem by relerence and mede a part hereof. (d) to allow Beneficiary to inspect the Trust Property at all limes during construction. and (e) to replace any work or matenals unsabsfactory to Beneficiary within fifteen (15) days after written novce from Beneficiary of such fact, 4. Funds for Payment 01 Charges. Subject to applicable law or to a written waiver by BenefiCiary, Trustor shall pay to Benefir.iary on the first day of each month. or such other date each month as may be specified by Beneficiary. until the Indebledness is paid in full. a sum (hereinafter called the "Funds") equal to 1I12m 01 the yearly tares and assessments which may attain priority over this Deed of Trust and ground renls on the Trust Property. if eny. plus 1!12th of the yearly premium installments for hazard Insurance. plus 1!12th of the yearly ptemium InstaJ/mants for mortgage insurance. if any. all as reasonably estimated initially and from time 10 time by BenefiCIary on Ih8 basis of IISS8SSI7I8nts and billS and reasonable estimates thereof, The Funds shall be held in an 'nsMution. the deposits or accoums of which 81& insured Of guaranteBd by a federal or stete agency including BenefiClery, Benehciary shall epply the Funds to pay said t8l<8S. assessments. inwrance premiums and ground rents, Beneficiary shall not be reqUired 10 pay Trusto, any interest or IJIJII'IIngs on the Funds. BeneficiBty shall give to Trustor, wrthoul charge. an annuel accounting of me Funds shOWing credlrs and debita to the Funds end the purpose tor whiCh each debit to the Funds was made, The Funds aro pledged as addinonal SBCuriry 10' ilia IndebtBdnEtSS 51JCured by thi, Deed of Trust If the amount of the Funds held by BenefiCiary, together wllh /he tuture monthly installments 01 Funds payable prior to /he due dates 01 taxes. assessmenrs, insurance promiums and ground renrs. shall exceed lhe amount required to pay said tares, assessmenlS. Insurance premiums end ground rants as mey fall due. such ercess shall be. al Trustor's option. eithfN promptly rPpaid to TruslOt' or credited to Truslor agamsl lurure monthly inSlallments 01 Fund~ II the amounr at :he Funds IHJId by BenelicJBty shaH nol be sufricianl to pay tares. assessments. Insurance premIUms and ground renls as they fall due, Trustof Shell pay to BenaficiBty any amounr necessary to make up Ihe defiCIency Wllhln Ihl/'fy days lrom Ihe date nohce IS mBiled by &nefichJty to Trustor requesting paymanllhereot Upon paymenr m full of all 'ndebredness. BenellClar}' shall promprfy refund '0 TruslOt any Funds IHJId by Beneficiary, If /he Trust Prope/'fy IS s!>ld under fM power of salo 0' rho Trusr PropeT!t IS otl1efWlso acqUllOc1 by Beneficiary. Beneficiary shan apply. ImmedlBtely pnor to the sale of tho Trusr PropoT!t or Irs RcqUlSlr/on tll' BpnpIIC"'r}' Rn~ Fund. held by 8enefieJaryal the time of applicatlOt18S a c/fJdn agamst rhe Indoblednoss "Benpfzc,af'y eUJc"lt~s iJ Wfl"efl 1\'<]1\'0' or Trustor_'" obIrgiftJOn$ ~ tl'ws paftlqlllph.a, TrustOf COlflJflanfs and ByrB8S ro DB}t bufort1 the .lj:sme baCOfTlff do/movfln( at! rn U1S j..s.sl~s.:;nlltflrS ...'...."'t. ..t_...;lo'IIy: