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<br />.BA"KS
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<br />Deed of Trust
<br />88- 104854
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<br />W dlleYOfSp-pt.;:>mher .19.8..8...-. by and betweon K Michael Oliver and ,
<br />f. whether one or UlPLB, (herelnener celled Ihe "Truslor"),
<br />whosemaillnge G'rand Island Nebraska 688UL .
<br />2 NORWEST BA , end NORWEST BANK NEBR1~~/~aM.'T"tg~'lf'e~;rs~s6~~fr'tJ~IJSe me~~f.~~'{(.~SS Is
<br />callsdlhe"'Bensllc/ary"). whose mailing addrss.i. 202 WeRt Third Street. Grand Island. Nebraska 68881 .
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<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED I xxJ THIS DEEO OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES.
<br />GRANTS AND CONSTiTUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Trustor is indebted to Beneficiary In the principal sum of One Hundred Twent v Thous~nd and no/lOOths
<br />Dollars (.S 120.000 00 J. which indebtedness is evidenced by Trustor's promissorY. note datedSentemDer 2 , 19 ~, (hereinafter
<br />called the "Note"), payable to the order of Beneficiary and having a maturity of March 1. 1 ~89
<br />NDW, THEREFORE. for fhe purpose of securing:
<br />(a) payment of the Note, together with interest thereon, lale charges. prepayment penalties, any future advances, and all extensions,
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of all other sums, fees or charges, regether with Interest thereon, advanced to protect the security of this Deed of Trust and
<br />the performance of the covenanrs and agreemenrs of Trustor, whether or not set forth herein,
<br />(c) performance, discharge of and compliance with eveI}' term, covenant, obligation and agreement of Trustor contained herein or
<br />incorporated by reference or any other security instrument at anytime given to secure the Note, and
<br />(d) the repayment of al/ other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Trustor's successor in interest or titie,
<br />alf of which is hereinafter collectively called the "Indebtedness", Trustor irrevDcably grants and tronsfers to Trustee, in trust, WITH POWER
<br />OF SALE, the following described property:
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<br />Lot Twelve (12), in Brentwood Third Subdivision, in the City of Grand Island, Hall
<br />County, 1:!,ebraska.
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<br />together with (i) all buHdlngs, structures, additlDns, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (iI) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />condit/onlng, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpeting, furnaces, 011 burners. elevators and motors. refrigeration plants or units, communication systems, dynamos, transformers. electrical
<br />equipment, storm and screen wlndows,doors, awnings and shades) now or hereafter aNached to, or built in, any building or improvement
<br />now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (Iv), all leasehold estate, right, tit/e and Interest of
<br />Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits,
<br />advance rentsls and deposits Dr payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and Income therefrom (subject
<br />to the right of Trustor fa collect and apply such rents, issues. profits and income 8S they become due and payable so tong as no event of
<br />default exists hereunder). (vi) all royalties. mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements,
<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion,
<br />lIoluntary or Involuntary, of any of the foregoing Into cash Dr liquidated claims (including, without limitation, proceeds of insurance and
<br />condemnation awards), all of which is hereinafter collectively called the "Trust Property"
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
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<br />T, Tit/e, Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free
<br />from any pn.or lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property,
<br />that Trustor, at its expense, will preSetvB such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Trustor, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and
<br />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
<br />may be required by any present or future law in order to perfect, maintain find protect the lien of this Deed of Trust, as the same may
<br />be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust
<br />Property as may bo required by Beneficiary. Trustor hereby reJlnqulshes all right of dower and homestead In and to the Trust Property.
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<br />2. Payment of fndebtedness, Trustor shall punctually pay rhe principal of and interest on the Indebtedness-secured hereby,
<br />3. Construction af Improvements. Trustor sha/J complete in good and workmanlike manner any buildings, improvements or repairs relatiJlg
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when
<br />due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event
<br />construction of buildings, improvements or repairs are contemplated. Trustor a/sn agrees, anything In this Deed of Trust to the contrary
<br />notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the
<br />same in accordance with the plans snd specifications as approved by Beneficiary, (c) to comply with all tbe terms of a building loan
<br />agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof,
<br />(d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials
<br />unsB1isfactoty to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact.
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<br />4. Funds lor Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benefir:iary on the
<br />first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid In full, e sum
<br />(hereinafter called the "Funds") equal to TI12th of the yearly taxes and assessments which may attain priority Over this Deed of Trust
<br />and ground rents or, the Trust Pmperty, if any, plus 1112th of the yearly premium installments for hazard Insurance, plus 1/T2th of the
<br />yearly premium installments for mortgage Insurance, if any, all as reasonably estimated Initially and from time to time by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof, The Funds shall be held In an instltuUon, the deposits or
<br />accounts at which 8T8lnsured or guaranteed by 8 federal or state agency Including Beneficiary. Beneficiary shall appfy the Funds to
<br />pay said taxes, assessments. insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />debits to rhe Funds and the purpose tor which each debit to the Funds was made. The Funds are pfedgea' as additional security for
<br />the Indebtedness secumd by this Deed 01 Trust. If the amount 01 the Funds held by Beneficiary, together with the future monthly
<br />insraJlments 01 Funds payable prior to the due dates of lalCes, assBssments. Insurance premiums and ground rents, shalt exceed the
<br />amounf required to pay said tUBS, assessments, insurance premiums and ground rents as they fall due, such excess shall be, al
<br />Trustor's oprion, either promptty repaid to Trustor or credited to Trustor against luture monthly Installments of Funds. If the amount of
<br />the Funds held by BBnfItiClsry shall not be sufficient to pay taxBs, assessments, Insurance premIUms and ground rents as they lall due,
<br />T~tOf shtJll pay 10 BenefIcIal}' any amount necessary to make up the defiCiency wlthm thU1y days from the date notice I.'i mailed by
<br />Bene/icJary to trustor fequestmg payment thereof. Upon payment In lull 01 alllndebrodnoss, BenefiCiary shaJl promptly rolund to
<br />Trustor 81lY Funds held by BeneficllJry If the 7'rust Property IS sold under tho powor of sale or the Trust ProPOTty IS orhenvlse acqwfO(j
<br />by 8ellttfJc"ry, BeneflClsry shatt apply. immedIately pnor to the 50/0 of "'0 Trust Property or Irs .1CqUlSltIQI1 OF BlJnoIlCl<1r~ 8"F Funds
<br />held by BeneflClllry at tho time oJ application as B credit aQolnst the IndobrodnfJSS "Bonoflclaf)l OX(lCi.Jtos d VI f/rrO" .",tl~ flf LIt Trustor .\
<br />obbgaDons undet 'his paragraph of, rrustOl CQvunant.'llJnd lJgtooS to p/]~. he'ors the same becOnln (wJmtjcrlJrl( 01/1 law.,> tl.\SI.'S.'immlt.!o
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