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<br />88- 105141
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<br />DEED OF TRUST
<br />CONSTRUCTION SECUR!TY AGREEMENT
<br />This Deed of Trust is made this 22nd day of SRntpmhRr , 19.-aa., by and among
<br />LYNN & TOM PARTNERSHTP. A NEARASKA OAPrN,p~~TO
<br />hereinafter referred to as Trustor, whose mailing address is 660 N. Orleans. Gfsnd IRland,
<br />NE 6BB03 ; AREND R. BAACK, Attorney at Law, hereinafter referred to as 'Trustee,"
<br />whose mailing address is P. O. Box 790, Grand Island, Nebraska 6BBD2; and HOME FEDERAL
<br />SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Beneficiary,"
<br />whose mailing address is 221 South Locust Street, P. O. Box 1009, Grand Island, Nebraska
<br />68802,
<br />For valuable consideration, Trustor irrevocably grants, transfers, conveys and
<br />assigns to Trustee, in trust, with power of sale, for the benefit and security of 8ene-
<br />ficiary, under and subject to the terms and conditions of this Deed of Trust, the fol-
<br />lowing described property, located in HALL County, Nebraska, to-wit:
<br />
<br />LOT ONE (l), BLOCK TWO (2), COLONIAL ESTATES SECOND SUBDIVISION, TO THE CITY OF
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<br />GRAND ISLAND, HALL COUNTY, NEBRASKA.
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<br />together with all buildings, improvements, fixtures, streets, alleys, passegeways,
<br />easements, rights, privileges and appurtenances located thereon or in any way pertaining
<br />thereto, and the rents, issues, profits, reversions and the remainders thereof, includ-
<br />ing all such personal property that is attached to the improvements so as to constitute
<br />a ~ixture, all of which, including replacements and additions thereto, are hereby de-
<br />clared to be a part of the real estate conveyed in trust hereby, it being agreed that
<br />all of the foregoing shall be hereinafter referred to as the "Property."
<br />
<br />FOR THE PURPOSE OF SECURING:
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<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith
<br />in the principal sum of ONE HUNDRED SIXTY THOUSAND AND ND/IDn---------------------
<br />($ 160,000.00 ), together with the balance of such indebtedness, if not sooner
<br />paid, due and payable on March 1 ,1999; with interest at the rate or rates
<br />provided therein, along with the payment of all other sums, with interest thereon,
<br />advanced in accordance herewith to protect the security of this Deed of Trust,
<br />together with the principal and interest on any future advance as evidenced by
<br />promissory notes stating they are secured hereby, and any and all renewals, modifi-
<br />cations and extensions of such notes, both principal and interest on the notes
<br />being payable in accordance with the terms set forth therein, which by this refer-
<br />ence is hereby made a part hereof. The holder hereof shall have the option to
<br />accelerate the maturity of the note for which this mortgage is given as security,
<br />at any time after the NA loan year after first giving the undersigned or
<br />the then owner of the premises described herein a wr i tten notice three months
<br />in advance of its intelJt to do so. At no time shall the pr incipal amount of the
<br />indebtedness secure!! by t>I:Iis Deed of Trust, not including sums advanced in accord-
<br />ance herewith to protect tJ-esecurity of the Deed of Trust, exceed the original
<br />amount of the note plus $ 0.00
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<br />(b) the performance of each agreement and covenant of Trustor herein contained;
<br />and
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<br />(c) the payment of any Sl.o,O or sums of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms ofth1s Deed of Trust, together with interest thereon
<br />at the rate provided in the note.
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<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees
<br />as follows:
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