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.. . _B4~"'S RE.RECOROEO 88-105423 Q)RREC!.'ED FILING 86- 106072 Deed of Trust THIS DEED OF TRUSTismada Ihi,-_.z1.___dayol Octob~. 19~.byandborwoon Larry. D. Coffin and . Mnr> F. r.nffint Jtl1~hnnrl nnn "'ifp whether one or more, (hereinaftercellBdtho "Trustor"), whoso mailing address's p n Rnx 11 c;4 Grnnd T R 1 nnd Nphrl1Rkn (iRRO? . NORWEST BANK NahrnCllrn Nntoinnnl AClRn,.i n..." <"'in (hereinafter caffed tho "Trustee"). whose mailing address Is p n Rnv 17nR. t':rnnn TAlnntf. NF. ,andNORWESTBANK NphrnRkn Nnl"innnl AR.Rnrinl"inn ,(hereinafter caIled the "Beneficiary"), whosemailingaddressis.f...Q......Jlo1L..l1..6B..--Grand T!; 1 and. Nphrn .,;k11 faRRO? WITNESSETH: IF THIS BOX IS CHECKED { J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT ".ND CREATES. GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS. Trustor is indebted to Beneficiary in the pnne/pal sum of 'l'WFNTV_FTV'F. THon.c;:ANn ANti No/' nn nOT T A'R~_ -- Dollars ($ ? 'i oon nn ), which mdebtedness is t1videnced by Trustor's promIssory note dated ~ber......2.2..-, 19 JiL , (hereinafter called the "Note"), payable to the order of Beneficiary and haVIng a matunty of NovpmhPT 1Q 1 qR7 I t1nc1 .111 1 ""y"'".n~i nn~ ::mc1. NOW. THEREFORE. for the purpose of securin~r renewals thereof. (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.1 payment of all other sums, fees or charges, together with interest thereon, advanced to protect, the security of 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 of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of afl other sums or future advances. with mte~st thereon, which maf..!).!Jretofore,par.e ~n or hereafter be advanced by Beneficiary to Trustor~r Trustor's successor m Interes~ or tille, Six (6) '-;--, l." '. ,.~-...J,.I...~~6 all of which is herein~fter coJ/ectively called the "Indebtedness' , Trustor Jrretocably grants~~sfers 0 ee, m t~r.Mr'H POWER OF SALE.melollowmg described properTy All of Lots Five (5) fand Seven (7), in Block Five (5) in South Grand Island Addition to the City of Grand Island,'Hall County, Nebraska, subject to easements, restrictions, and rights of way of record., AlID, All of Lots Four (4) and Five (5) in Block Eight (8), Rollin's Addition to the City of Grand Island, Hall County, Nebraska, subject to easements, restrictions and rights of way of record. together With (I) all bUildings. structures, additions, enlargements. modIfications. repalfs, replacements. and Improvements now or hereafter located thereon, (ii) all eqUipment, machmery and fIXtures (Including, Without IimitBtIOn, af/llghtlng, heating, venfllallng, coo/mg, BIf conditioning, sprinkling and plumbing fixtures, water and power systems. engines. bOIlers, fanges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces. oil burners, elevators and motors. refngeratlon plants or units. communication systems, dynamos. transformers, e/actn'cal equipment, storm and screen windows, doors, awmngs and shades) now or hereafter attached to, or built In, any building or Improvement now or hereafter located thereon, (ill) all easements and fights of way appunenant thereto, ('11). aJ( leasehold estate. right. title and interest of Trustor in and to all/eases, whether now or hereafter 9Jtlstmg or entered IOta (includmg. Without (Imitation, all cash and secuflry deposits, advance rentals and depOSIts or payments of a SImIlar nature). pef1aining therelo, (v) all renls, Issues, profits and income therefrom (subject to the right of Trustor to collect and apply such rents. Issues. proMs and mcome 8S they become ':tue and payable so long as no event of default eXIsts hereunder). (vi) af! royalties, mmeral, 011 and gas nghts and profits. water, water rights. and water stock, (vii) alf tenements, hereditaments. pnvileges and appurtenances be/ongmg, used or enjoyed in connectIOn therewith, and IVlii) af! proceeds of conversion, voluntaty or involuntary, of any of the foregOing mto cash or liqUIdated claims (including, wlthouf limitation. proceeds of Insurance and condemnation awards), all of which IS hereinafter colfectlllely 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 TrUSI Property free from any prior lien or encumbrance, that thiS Deed of Trust is anti WIll remain a valid and enforceable first lien on the Trust Property, Chat Trustor, at its expense, will preserve such title and Will maintain thiS Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the valIdity and pnortty of the Iten hereof against the claims of all persons and parties whomsoever. Trustor, allts 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 Ifi such manner and In such place and will take such action as in the opinion of Trustee may be required by any present or furure Igw In order to perlect, maintam and protect the fien of thiS Deed of Trust, as the same may be amended or supplemented from time to time. Trustor will make such fur1her assurance or assurances to perlect its title to the Trust Property as may be reqUired by BenefiCiary. Trustor hereby relinquishes all nght of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trustor sha1l punctua1ly pay the principal of and Interest on the Indebtedness secured hereby. 3 Construction of Improvements. Trustor shaf1 complete In good and workmanlike manner any bUIldings. improvements or repaIrs relating thereto which may be begun on the Trusr 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 cons:ruction 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 complete lhe proposed Improvements promptly, (b) to complete the same in accor.:lance with the plans and specifications as approved by Beneficiary. (C) to comply WIth all the terms of a bUlldmg loan agreement, if any. between Trustor and Beneficiary, the terms of which are mcorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at all times during construction. and (e) to replace any work or matenals unsatisfactory to BenefiCiary Within fifteen (15) days after wrirren notice from BenefICIary of such fact 4. Funds for Payment of Charges. SUbJect to applicable law or to a wnnen waiver by Beneflciar,.. Trustor shaJl pay to l::Jenefir.lsry on the first day of each month, or such other dare each monfh as may be specified by BenefiCiary, until the Indebtedness IS paid m full, a sum (hereinaJter called the "Funds") equallo li12th of the yearfy taxes and assessments which may anain fJrionty over this Deed of Tn/st and ground rents on the Trust Property. if any, plus l',2th of the yearly premium installments tor hazard insurance, pfus 1112th of the yearly premium installments for mOr1gage insurance. if any. alf as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held to an InstJtution, the depOSIts or accounts of which ara insured or guaranteed by a federaJ or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rants. Beneficiary shall not be reqUIred to pay Trustor any Interest or earnings on the Funds. Beneficiary shall gIve to Trustor. without charge, an annual accountmg of fhe Funds showing credits and debits to the Funds and the purpose for which each debllto the Funds was made, The Funds are pledged as additIonal secunty for lIJe Indebredness secured by thIS Deed of Trust. If the amount of the Funds held by BenefICIary, together WIth the future monthly Instaflments 0' Funds payable priw to the duo dales of taxes. assessments, Insurance prerr:lums and ground rents, shall exceed the amount fllquired to par said taxes, assessments. Insurance premiums and ground rents as they lall due. such eltcess shall be, at Tnrstor"s option. either promptly rep8Jd to Trustor or credited fo Trustor against future monthly msraUmenrs of Funds If the amount of the Funds held by 8eneficlluy shall not be sufficl9nr '0 pay 'axes, assessments. InS.Jrance premIums and ground rents as they fall due Trustor shaJJ pay to S8neflclary Bny amounf nocessary to make up the defiCIency Within thirty days trom the date norlce IS malleo by Benefiaary to Trustor roquo:stmg payman! rhemo' Upon payment'" 'ufl of alllndobledness. BoneflC/ary shall pwmprty rt~'und ro Trusfor any Fund!; held by BOrtOtlCllJry 11 rho Trust Proper1,/ls sofd under rhe power of sale or rhe Trusr Prnpel1~' IS otherwise c1cqtjtftl(1 by Rone/IOaT)'. Beneflctilry s~aJf apply. Immed!l!Ucly pnOl te rhe 5810 0' the Tnlsr PrOPflf1}i Of Irs' <frQU/Slrlnll DI' Bon,,',nnry ilflV F unO!> raola by BenOr.cJlI'V 01 rh" :lI'tte 0' application as II crod/r BOUlnst the Indebtf'odnRS~ It Ban(1r'Cllt~ t'."I'lIrp.~ .i ~qrrp" \\ <f'\ ," "r 1'IJ..,r,,' ~ obltgalJ()n!l undor r!us paraoraph". Trustor covonants and Bgrees ro pRy t)!>IO'f' rllt. SaTTIf' {'f'! 0"11' (JI'/III(ll1"..r ,ii' 'Il.t.~ "~'.f',~smt'/lI~