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lII!A~~S .. RE.RECORDEjl~- 105422 CXlRRECIED FILING 86- 106069 Deed of Trust THISDEEDOFTRUSTlsmadethls----22--.dayof O....t-nn&>r .19-B..6..byandbetwBen Larrv D. Coffin and I Mae E. Coffin. Hu:~and and Wife whether one Of more, (herelnaftar called the "Trusto,"). whose malfmg address is n 'Rnv 11 lib. t:rnnn TQl nnn I N""hrnl"l1tn fiAAn?_l' r:;.l. , NORWEST BANK Nphrn Rolen Ns:t" ion," 1 ARRori 11 to i on (hereinafter called the "Trustes"), whose mailing address is PO Rn'X 176R Grnnd TR1Jmd NE ,andNORWESTBANK Nphra.Rkn Nnt-innnl ARRo,..iAt-inn ,(herelnaftsr called the "Beneficiary"), whose msifing address is P 0 Rox 176R. GrAnd TAl Rnd Np.hrARk~ (IRRn? WITNESSETH: IF THIS BOX IS CHECKED { J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECUnlTY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS, Trustor is indebted to Beneficiary in the principal sum of THIRTY THOn~ANTl ANn NO /1 00 nOT T A'R~ ---------- Dof/ars ($ l.n nnn nn ), which indebtedness is evidenced by Trustor's promissory note dated Or..tober 22, 19....8.ti-, (hereinafter caf/ed the "Note"), payable to the order of Beneficiary and having a maturity of October 22, 1 CJCJl 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 and 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 perfonnance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance, discharge of and compliance with eveTY term, covenant. obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure thfi!i.9te, and (d) the repayment of all other sums or future advances.. with interest thereon, which may her'.!o~iv~~ereaner be adranced by Beneficiary to Trustor or Trustor's successor In InterBst or titie, Six (6), :.', 10/ ~-:t.J'. Rl! all of which is herein~fter colle.ctively called the "indebtedness", Trustor iffeJocably grants an&J&.fMs'fe to , In trust, WITA fOflftR OF SALE,lhe followmg descnbed property: All of Lots Five (5),1and Seven (7), in Block Five (5), in South ~~~~~im~~~,A~~~t~~nh~~ ~~ew~~t&fo~eg~~~~ I~~dA1~a~l t~~~ttou~e~W~~d ~~~!e1V~ne;~~~nts, Eight (8), Rollin's lddition to the City o~ Crand Island, Hall County, Nebraska, subject to easements, restrictions and rights of way of record. L together with (i) all buildings, structures, additions, enlargements, modifications. repairs, replacements, and improvements now or hereafter located thereon, (ii) alJ equipment, machinery and fixtures (including, without limitation, all fIghting, hoating. ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges. ovens, dishwashers, mirrors and mantels, carpeting. furnaces, oil burners. elevators and motors, refrigeration plants or umts, commUnication systems. dynamos, transformers, electrical equipment, storm and screen windows, doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon. (iii) all easements and rights of way appurtenant thereto, (iv), aI/leasehold estate. right, title and interest 01 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 pByments 01 a similar nature), pertaining thereto, (v) all rents, issues, profits and i"come therefrom (subject to the right of Trustor to coffect 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, mmeral, oil and gas rights and profits, water, water rights. and water stock, (vii) all tenements, hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion, voluntary or involuntary, of any of the foregomg mto cash or liquidated claims (Including, WIthout limitation, proceeds of insurance and condemnation awards), al/ of which is hereinafter collectively called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. Title. Trustor covenants, warrants and agrees with Beneficiary. its successors and assigns, that Trustor owns the Trust Property free from any prior lien or encumbrance. that this Deed of Trust Is and will remain a valid and enforceable first flen on the Trust Property, that Trustor, at its expense. will preserve such title and will maintain Ihis Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and priority of the (Ien hereof against the claims of all persons and patties whomsoever. Trustor, at its expense, wifl causa 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 perlect, maintain and protect the Jien 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 ,ts title to the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes al/ right of dower and homestead in and to the Trust Property. 2. Payment of Indeotedness. Trustor shall punctuaJly pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. 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 liaoilities 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 worl< and to complete the proposed improvements promptly, (b) to complete the same in accordancB with the plans and specifications as approved by Beneficiary, (c) to comply with afl the terms of a building loan agreement, if any, between Trustor and Beneficiary, the teons of which are incorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at afl times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Subject to applJcable law or to a written waiver by Beneficiary, Trustor shall pay to Benefir.iary on rhe first day of Bach month. or such other date each month 8S may be specified by Beneficiary, until the Indebtedness ;s paid in full, a sum (hereinafter called the "funds") equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Property, if any, plus 1/12th of the yearly premium installments for hazard insurance, plus 1/12th of the yearly premium installments for mortgage insurance, if any. alIas reasonably estimated initially and from time to time by Beneficiary on the basis 01 assessments and bills and reasonable estimates thereof. The Funds shafl be held in an institution. the deposits or accounts o( which are insured or gU81'B1lt88d by 8 federal or srafe agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments, Insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any tnrerost or 6amings on the Funds. Beneficiary shall give to Trustor. without charge, an annual accounting of the Funds showing credits and debits ro the Funds and 'he purpose tor which each debit to the Funds was mads. The Funds are pledged as additional security lor the Indebtedness secured by thJs Deed of Trust. II the amount of the Funds held by Beneficiary, together with the future monthly installments 01 Funds payable prior to the due dates of taxes, assessments, Insurance premiums and ground rents, S/1811 exceed the tpnOunt required fa pay saJd taxes, assessments, insurance premIUms and ground rents as they tall due, such excess shall be. af Trustor's opt/OIl, Olthor promptly repaid to Trustor or credited to Truslor agamsf future monthly Installments of Funds If the amount of the Funds held by Beneficiary shall not be sufficient to pay tBAes. assessments, ,"sumnce premiums Bnd ground rollts as I1JOY Ifill duo. Tru:ltOl shall pay 10 BenefICIary any amount necessary to make up the detlclency WIthin fhlrty days 'rom Ifm d()lB notIce IS mwlt.1d by BenefIelat}' to Trusror requostmg payment thereof. Upon payment In tuff at all Indebtedness. BenefiCIary ~'IHII f"lromprly wfuna ro TrustOT any Funds held Oy 88naflClsry "rhe Trust Proporty IS sold under the powor of sale Of 'hf' T rusr P.opor1\1IS lltfwrwl.'w <It '(JIJI"'t1 b)' &nefiaSIy. BenefICISf)' shaff apply. Immediately pnor to the sale 0' the Trust Property nr ,'-~ IJCIIIJlS1r'O(l IJ~ Hl'n""l .Imy "t1~- 'lJ"d~ hold by Bonef/ClIlI)' ot the lIme 01 oppltcatlOn 8S a credIt agalnsI 'he Indebtedness It Brmol'rcl,l'\ 1!.n,,"jJrf'.~ .j ,,"'nfl,,,, ",j'P" ,0/ Irll",pl , obbuoflOf15 undo: tht.s paragrap'l 4, Tlustor covenllnr~ and agroes to pay. bofor<<' Uw ~olme lJOl ,lftlt' ,,,./I"l.',,,'/l1 ,I" '''I'''~ ,....I'~.,m'.,ll., .....