88104061 - Laserfiche WebLink

Browse

.. _BANKS Deed of Trust 88- 104061-- THIS DEED OF TRUST is made this ??nd day of Tilly ,19...B1L,b}'andbetween Ma.-1. IJ Mn"]](!,l" linG , A lh..rl' W Mn.. T 1..r whetharone or more, (hereinafter called the "Trustor"), whose mailing address is Route 2. Box 96. GrandI"land,NE 68801 , NORWEST BANK NEBRASKA, NA TTONAT, ASSOr.TATTON (hereinafter called the "Trustee"), whose mailing address is .fO....JiDx 1768, Grand h1and, NF. 6R81flt:1NORWESTBANK IIWRIIASlI'A, NATTONAT ASSOCUTION ,(herelnatrer called the "e.'meficiart"), whose mailing address is PO Box 1768. Grand TRl And, NE 6RRO? WtTNESSETH: IF THIS BOX IS CHECKED { J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION UEN 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 Fi fl'....n Thn",:u,"r1 "nrl Nn /1 nn____________________ Dollars ($ 15.000.00 ), which indebtedness is evidenced by Trustor's promissory note dated July 22 ,19 -BlL, (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity of Till y I 1 QRQ NOW, THEREFORE, for the purpose of securing: (a) paymant of the Note, together with interest thereon, late charges, prepayment penalties, any luture advances, and all extensions, modifications, substitutioi7s and renewals thereol, (b) payment of all other sums, fees or charges, together with Interest thereon, advanced to protect the secunty 01 this Deed of Trust 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, obligation and agreement at 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 hereinalter collectively called the "Indebtedness", Trustor Ifrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following described property. The Northeast Quarter of the Northeast Quarter (NEtNEt) of Section Sixteen (16). Township Ten (10) North. Range Ten (10) West of the 6th P.M., Hall County, Nebraska. together with (i) all bul1dings, structures, additions, enlargements, modifications, repairs, replacements, and Improvements now or hereafter located thereon, (ii) all equipment, machinery and fixtures (including, Without limitation, all lighting, heating, ventilatmg, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil bumers. elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical equipment, storm and screen windows, doors, awnings and shades) now or hereafter anached to, or built in, any bul1ding or improvement now or hereafter located thereon, (l1i) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and inlfNest of Trustor In and to all leases, whether now or hereafter existing or entered into (Including, without limitation, all cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and income therefrom (subject to the right of Trustor to collect and apply such ronts, issues, profits and Income es they become due and payable so long as no event of default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, waler, water rights, and water stock, (vii) all tenemants, hereditaments, privileges and appurtenances belonging, used or enloyad In connection therewith, and (viii) all proceeds of conversion, voluntary or Involuntary, of any of the foregoing into cash or liqUidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereinafter collectively called the" Trust Property" TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOllOWS: 7. Title, Trustor covenants, warrants and agrees with BenefiCIary, ilS successors and assigns, that Trustor owns the Trust Property free from any prior lien or encumbrance, that thiS Deed of Trust IS und Will remain a valid and enforceable first lien on the Trust Property, /flat Trustor, at its expense, will preserve such title and Will mamtain this Deed of Trust as a first and paramount lian upon the Trust Property and will forever warrant and defend tI,e validity and priority of the lien hereof against the claims of all persons and parties whomsoever, Truslor, at its expense, will cause thiS Deed of Trust, and each amendment or supplement hereto, to be filed and recorded as a mortgage of the Trust Property in such manner and in such place and will take such action as in the opinion of Trustee may be required by any present or future law in order to perlecl, maintain and prolect the lien of this Deed of Trust. as the same may be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its titie to the Trust Property as may be required by Beneficiary, Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property. 2, Payment of IndrJbtedness, Trustor shall punctually pay the principal at and interest on the Indebtedness secured hereby, 3, Construction of fmprovemants. Trustor shall complete in good and workmanlike manner any buildings, Improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore, and not to 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 comptete the proposed improvements promptly, (b) to complate the same In accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of If building loan agreement, if any, between Trustor and Beneficiary, the.terms of which are mcorporated herein by reference and made a part hereof, (d) to aflow Beneficiary to Inspect the Trust Property at all times dunng construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (75) days alter written notice from Beneficiary of such fact. 4. Funds for Paymenl of Charges, Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benefir.Jary on the first day of each month, or such other date each mon/fl as may be specified by BenefiCiary, until the IndebtFldness is paid in full, a sum (hereinafter called the "FundS") equal to t I 12th of the yearly taxes and assessments which may anain priority over this Deed of Trust and ground rents on the Trust Property, if any, plus 7/72th of the yearly premium installments for hazard insurance, plus 7172th of the yearly premium Installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by BenefiCIary on /fie basis of assessments and bills and reasonable estimates thereof The Funds shall be held in an ,nstJrut,on, the deposits or eccounts of which are insured or guarllYlteed by a federal or state agency Including Beneficiary. BenefiCiary shall apply the Funds to PItY sllid taxes, assessments, Insurance premiums and ground rents. Beneficiary .~hall not be required to pay Trusror any Interest or Hmings on the Funds, Beneficiary shell give to Trustor, wirhout charge, In annual accoufl/Jng of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made The Funds are pledged as additional secunty lor the fndeb~" secured by this Deed of Trust, " the amount of tho Funds held by BenefiCiary, rogotller WIth the luture monthly InstaIIrJrenU of Funds payable prior 10 the due dates of taxes, assessments, Insurance premiums and ground rents, shall oxceed the ~t required to pay said taxes, assessments, Insurance premiums and ground rents as they lall due, such oxcess shall be, at Truslor's option, either promptly repaid to Trustor or credited to Trustor against fulure monthly Installments 01 Funds. If tho amount ot the Funds held by BenefICiary shall not be sufficient to pay tsxes, assessmonts, insuranco premIums and ground rents as they lall due Trustor shalt pey to B/fflflfic/ary any amount necessary to make up the doflclency within thirty days lrom thG dato notlCO IS mailed by Beneficiary to Trustor requesting paymellt thereof Upon paym/lnt In f,,1I of all Indebtedness. Benoflclary shall promplly refund to Trustor any Funds held by Benflficlary "Iho Trust Property IS sold under the power of salo or the Trust Property 1$ alhorw,se 8cqwred by Beneficiary, Bfln&ficlary shall apply, ImmodlBtely pilar ro the salo 01 the Trust Property or Its /)('qlJ/sll/on bV Berl(l~clary. My FlImls h&/d by Beneficiary 8t the lime of IfPpllcfltrorl es n crodll ngeinsl the '"deblodness If Bene~crary o""(,lIllls " wIltlen "''''ver of Trus~lr ,; obljfjlJt1ons uno,., this Pltflllj'.p.I1" TrustOl COVOf1lJnlS nnd CJf1TOOS to pay, bolorfJ '''(1 foama bocomo c1o/UlQuonr (III flups nssossmonts ..g'~I~I""'~1