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<br />88-
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<br />105000
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<br />NOTICE: THIS DEED OF TRUST SHALL CONSTITUTE A CONSTRUCTION SECURITY AGREEMENT WITHIN THE MEANING OF
<br />THE NEBRASKA CONSTRUCTION LIEN ACT IN THE EVENT THE AMOUNTS ADVANCED UNDER THE LINE OF CREDIT ARE !.ISED
<br />TO FINAN<;E IMPROVEMENTS TO THE PROPERTY DESCRIBED IN THIS DEED OF TRUBT. Loai3JZ-0619-5200-4044
<br />
<br />DEED OF TRUST
<br />THIS DEEO OF TRUST IS mado Ihls _~4th day of .~tembe:r . 19 811 , amonJl the Trustor Larrv D. Williams
<br />~nd Deanna L. Williallls___. ___ _ ._ (horeln "Borrowe('I. Firsl:_F.!'derll~av~ngs and Loan
<br />Association of Lincoln thereln"Truslee'" and Ihe Beneficiary _~rst FeaeraI-Savings andLoan
<br />ot~~~c:.ncorporatlon OrganIZed-;~d;xis~ting~der the laws 01 "U'. S. '?I _AnI~rAt;:a'-_~__ ., whose address Is
<br />__._---.-l..3th & "N" Street..L.1.~n!;Q;Il!L Ne!>ras)<a _ ,_ (herein "Lends('I.
<br />Borrower,ln consideration of the Indebtedness herein reciled and the trust herein created, Irrevocably grants and conveys to Trustee, In
<br />trust, with power of sale. the following described property located in the County of Hall
<br />State of Nebraska:
<br />Legal Descrlpt(on:
<br />
<br />Lot 44, Western Heights 3rd Subdivision, Hall County, Nebraska.
<br />
<br />In addilion to granting and conveying to Tru51ee. in trust. with power of sale. the property described above, we also grant and convey to
<br />Trustee. in trust, with power of sale, the following interests relating to that property: (a) all buildings and olher structures located on Ihe
<br />property; (b) all rights we may have In any roads and alleys next to the property or in any minerals, oil and gaB rights and profits. water, water
<br />rights, and water slock which are a part of the property; (C) all rents and royalties tram the property and any proceeds Irom the condemnation
<br />of, or Insurance payments concerning losses to, the property; and (d) aI/fixtures now on Ihe property or later placed on the property. including
<br />replacemenls of. and additions 10, those llxtures. Our grant and conveyance to Trustee of the rights and interests described above Includesall
<br />rights and Inlerests which we now have or which we may acquire In the future.
<br />
<br />OBLIGATIONS BEING SECURED
<br />
<br />u.S~~_~r5oS~~8 this Dee~~~:~~~~oo~~~~tr~~~~ ~~e~i~e~~t~~:~~~~~,e~~~a~I~~~~~~~~fi~I~;~~:~;~~~i~~do~t'h:~~~~~:~~~~~ed aU~~~~:ho~
<br />First Federal Lincoln Smart Equily Agreement (the "Agreement") relating to this Deed at Trust and dated the same date as this Deed otTrust;
<br />(bl the payment of any amounts&dvanced by First Federal Lincoln to protect the security of this Deed ofTrust, with interesl on those amounts:
<br />IC) the performance by the persons who Signed the Agreement 01 their obligations under the Agreement; and ld) our performance of our
<br />obligations under this Deed 01 Trust. ThiS Deed 01 Trust secures all fulure advances made under Ihe Agreemenl and advances which have
<br />been repaid may be reborrowed, provided that the maximum aggregate amount 01 advances to be secured at anyone time by this Deed of
<br />Trust shall not BJlceed the amount of the revolving line of credit debt sellorth above. The Agreement and this Deed of Trust, laken together,
<br />are called the "Credil Documents"
<br />REPRESENTATIONS ANO OBLIGATIONS CONCERNING THE PROPERTY
<br />We promise that: (a) we lawfully own the Property; lb) we have the right to gmnt and convey the Properly to Trustee: and lc) Ihere are no
<br />outstandIng claims or charges against the Property other than If a recorded mortgage. deed oltrust or othersecurllyagreement constilutlng a
<br />first lien position.
<br />We agree In the event more than one recorded mortgage, deed 01 trust or other security agreement is recorded, the property will not be
<br />considered eligible for securing the First Federal Smart Equity Account or agreement unless Ihe recorded mortgage, deed of trust or other
<br />security agreement are recorded by and are in favor 01 First Federal Lincoln m consecutive order and have been recorded In connect/on with
<br />other secured debt 10 First Federal Lincoln.
<br />We give a general warranty of IItle to First Federal Lincoln. This means that we Will be fully responsible lor any losses which First Federal
<br />Lincoln suffers because someone other Ihan us has some at the rights in the Property which we promise that we have. We promise that we will
<br />del end our ownership of the Property against any claIms 01 such rights.
<br />We further promise that we will neither take nor permit any aclion to partition or subdivide all or part 01 the Property, or change in any way
<br />the condition at title 10 all or pal1 of the Property.
<br />PROVISIONS OF THE AGREEMENT
<br />We understand thai the Agreement calls lor a vanable interest rate, and that Fjrst Federal Lincoln may, prior 10 the end 01 the term 01 the
<br />Agreement and under certain circumstances specified in Ihe Agreement, cancel future advances, and/or require repayment of the
<br />outstanding balance, under this Agreement.
<br />PROMISES ANO AGREEMENTS
<br />We agree with First Federal Lmcoln as lollows:
<br />1. PAYMENT OF PRINCIPAL AND INTEREST. Except as limited by paragraph 9 ollhls Deed 01 Trust, we shall promptly pay when required
<br />by the Agreement, the principal and Interesl due undel the Agreement. together With any other Charges imposed under the Agreemenl.
<br />2. PRIOR MORTGAGES AND DEEDS OF TRUST: CHANGES: LIENS. We shall fully and limely perform all of our obligations under any
<br />mortgage. deed of trust or other security agreement which IS prior to Ihis Deed of Trust. including our obligations to make any payments when
<br />due.
<br />We shall pay or cause to be paid, at Jeast ten 11 0) calendar days bel ore delinquency, al/ tax8s, assessments and other charges, tines and
<br />impositions relating to the Properly and all encumbrances, charges, loans. and henslother than any prior mortgage or deed of trust) on the
<br />Propeny which may become prior to this Deed of Trust, and leasehold payments or ground renls, II any. We shaih:lellver to First Federal
<br />Uncqln, ypon Ita request, receipts evidenCing such payment. If, atlhe lime First Federal Lincoln elects to terminate the /lne 01 credit secured
<br />by lhis Deed 01 Trust (the "Account") 85 provided in paragraph 16 below, Ihere is an assessment which is payable In Installments at our
<br />eJection or stthe ejection 01 the lessee of the Property. that assessment will nevertheless be conSIdered entirely due and payable on lhe day
<br />the firsllnstallment becomes due or payable on lien.
<br />3. HAZARD INSURANCE. We shall, at our cost, keep the improvements now exishng or later erected on lhe Pmperty insured against loss
<br />by Inltl. ~v hazards included within the term "extended coverage", and by such other hazards (Collectively referred to as "Hazards"l as First
<br />Federal Lin..;:aln may require. We shall main lain Hazard insurance forthe en:lre term 01 the Agreemenl, or as long as First Federal Lincoln may
<br />require, in an al~ount equal to the lesser ot (8) the maximum insurable value of the property or (bl the amount of the Accounl plus the
<br />outstanding amouni '1f any obligation prior to this Deed of Trust. but In no event shall such amounls be less than the amount necessary to
<br />satisty the coinsurance ~equirement contained In the insurance poliCY.
<br />We may choose the n.~urance company subjecl to approval by First Federal Lincoln, prOVided. that such approval may not be
<br />unreasonably withheld. All insll~.lince policies. including renewals, must be in a form acceptable 10 First Federal Lincoln and must mclude a
<br />standard mortgagee clause in lavo,"'" and in a torm acceptable to First Federal Llncoln_ Fltsl Federal Lincoln shall have lhe right to hold the
<br />policies and renewals. subject lathe 1el~s of any mortgage, deed 01 trust or other secunty agreement which is pflor to this Deedol Trusl. It we
<br />pay the premiumsdlrecUy. we shall plomph)' 'urnish 10 First Federal Lincoln all renewal nolices and, If requested by First Federal Lincoln. all
<br />receipts of paid premiums. If policies and renew.;:~~ are held by any other persons. we shall supply caples 01 them to First Federal Lincoln
<br />within 1en (10) calendar days after they are issued.
<br />In the event 01 1055, we stu:llglve prompt notice to the inSt1rafl\oo': ~I'lmpany and FlTsl Federal Lincoln. FIrst Federal Lmcoln may make proof
<br />01 loss if not made promptly by us.
<br />Subject to the rtghtsand lerms or any mortgage, deed of Irust or other secuflii <:Iureemenl whIch IS pnor to Il1ls Deed 01 Trust. Ihe amounts
<br />coll~tod byU:5 or FifDt Federal Lincoln under any Hazard insurance policy may. at FIr.;! Federal Lincoln's sole discretIon. ellher be applied to
<br />the sums secured by this Deed of Trust (aller paymen1 ot all reasonable costs. expenses ci'1d allorncys' fees necessanly pOld or Incurred by
<br />First Federal Lincoln and us in this connection) nnd in whatever.order First Federal Lincoln I-;>ay determlnc or be relcased 10 us lor use 10
<br />repairing or reconlltructing the Property. First Federal L1Ocoln has the aulhorltv 10 do any 01 thti IIbove. Regardless 01 any applcallon or
<br />releue by First Federal Lincoln, as described above, this sholl nol cure or waive any detaull or noltctl' ~I dolnull under IIllS Deod 01 Trust 01
<br />mvalidate any ad done punwant 10 sucn nolice
<br />If Ihe.P~oper1y is abandoned by us,. or If we lail to respond 10 Fltst Federallmcoln m wFllmy Wllt1UllhltlV 13~.\ calonllm dtlV!i 1101111110 dil'"
<br />notlce iagr'Wen 10 usby Flts1 FOde,at Lmcoln lhatthe .nsurance company oflcrslo sollie a cla,m lor Insurance htH,~'111:; f- Hlil rl~(jelilll ,nculn
<br />r.hall have the authority 10 settle Ihe t;lalm ilOd to callcel lInd apply Ihe In5uranCll PfOCI'ods al Fllsl Fedelall,ncoll'" soil! ollllon t,'llhco' l{l
<br />'estorllhon or rspalr of Ihe Property -or to the Sums secured by tnl5 Deed at TrUST
<br />1f1ho PIOperty IS aCQullcd bV Fltst Fedorallmcoln, 0111101 our nghl,llllo and Inle'oslln Qnd 10 any 'llsur.lIKU PIOC'--'t!(h H'!tull.. .~I 111)111 (j"rlliIUI.!
<br />10 Ihe Property pnOl 10 5uch aCQUISitIon shall become tho proport\! 01 fll!ll FedorOllmcorn Itlthl! ll~ll>r1' (,Ilht! MHll'; ~I." ""I'd I" l:-'~ D"I'cI,,1
<br />Trult InlfflSdlatoly ptlor to Ilueh eCQuI'lhotl
<br />4 PReSERVATION AND MAINTENANCE OF PROPERTY, LEASEHOLDS c..ONDOMlr~IUMS F'lANNUJ tlNl1 Pl VII' 11".11 N1~', .'.'..
<br />..hall loll uto. Improve an(] malf\laln the Proper1Yln climpllo"lnr:4I .....Ilh .1pphcahh' I."l~~, ~lo1tull.", (,"J.n.u', ,.., ""h".. ""1'''''.''''. ,
<br />r4)gU1altOn..lb) knop Ihl! Plopert)' log,oodcQncl,tJon .1no rup,)lr. mcludlng Ihf! 't'll.II' UI It'~lolillllll' (11,1'1) '011'1['\1"""""_ , ,I". I I""'. .\'
<br />maybe damault'do' r.Iest,oyed andahall p<J\! whon (JUt' nit Cl.1l111!o lor Il)bor pe"o,.".,<t .1'111 01"",. ..\1...'... I, '.fll'ILI"t., "I , I"" ',.1
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