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Deed of Trust 88-105425 .. .......ll4^"xs .. THISDEEDOFTRUSTismadorhis~dayof September . 79~.byandbetwaan Larrv.D. Coffin , whether one or more, (hereinafter called the "Trustor"), whose address is P. O. Box 1154. Grand Island. Nebraaka 68802 . NORWES NK Nebraska. National Association (hereinafter called the "Trustee"), whose mailing address Is P.O. B 1768 Grand Island NE .andNORWESTBANK~a National Association . (haralnanar Gallad rhe "Bananciaty"). whose mailing address Is P.O. Box 1768. Grand Island. Nebraaka 68802 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 SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS. Tn./li.tor I~ jpdabtad to Beneficlery In tha prinGipal sum 01 FORTY THOUSAND AND NO/IOO DOLLARS------------- Dollars ($ 40 ~ UUO. UU ). which indebtedness is evidenced by Trustor's promissory note dated Seotember 2~ 1 9 IDL- , (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity of September ~8. 1995 . NOW, THEREFORE, for the purpose of securing: (a) payment of the /Vote, 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 performance of the covenants and agreements of Trustor, whether or not set forth herem, (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 all other sums or future advances, with inteiBst thereon, which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, all of which is hereinafter collectively ca/fed the "Jndebtedness.., Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER OFSALE.rhelol/owingdascribadproperty: All of Lots Five (5). Six (6), and Seven (7). in Block Five (5). in South Grand reland Addition to the City of Grand Island, Hall County. Nebraska, subject to easements, restrictions. and rights of way of record, AND. All of Lots Four (4) and Five (5) in Block Eight (8), Rollin's Addition to the City of Grand raland. Hall County, Nebraska. subject to easements, restrictions and rights of way of record. together WIth (I) all bUildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (il) all equipment, machinery and fixtures (including, without limitation, all fighting, heating, venti/ating, cooling, air condItIoning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, 01/ bumers, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical equipment. storm and screen windows, doors, awnings and shades) now or hereafter aNBched to, or built in, any building or improvement now or hereafter located thereon, (iil) all easements and rights of way appurtenant thereto, (iv), aI/leasehold estate, right, title and interest of Trustor in Bnd to all teases, whether now or hereafter existing or entered into (including, without limitation, a/l cash and security deposits, advance rentals and deposits or payments of a simIlar nature), pertaining theraro, (v) all rents, issues, profits and income therefrom (subject to the right of Trustor to collect 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, mineral, oil and gas rights and profits. water, water rights, and water slock, (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 foregoing into cash or liquidated claims (Including, without limitation, proceeds of insurance and condemnation awards), a/1 of whiCh is hereinafter colJectively 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 pn.or lien or encumbrance, that this Deed of Trust IS and will remain a valid and enforceable first lien on the Trust Property, that Trustor, at its expense, will preserve such tJlle and will maintain this Deed of Trust as a first and paramount Jien upon the Trust Property and will torever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties whomsoaver. Trustor, at its expense, will cause this Deed 01 Trust, and each amendment or suppJement 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 perfect, maintain and protect the lien 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 its title to the Trust Property as may be required by Beneficiary. Trustor hereby relinqUIshes all right of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trustor shalf punctually pay the principal ot 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 th3reto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due alf costs and liabilities incurred therefore, and not to permit any construction fien 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 work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary, (e) to comply with all the terms of a building loan agreement, it any, between Tn/slor and Beneficiary, thft terms of which are Incorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (a) to replace any work or materials unsatisfactory to Beneficiary within fjfteen (15) days aher written notice from Beneliciary of such fact. 4. Funds for Paymenf of Charges. Subject to applicable Jawor to a written waiver by Beneficiary, Trustor shall pay to Benefir.iary on the first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness ;s paid in full, a sum (hereinafter called the "Funds.') equal to 1/12th ot the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Propelfy, if any, plus 1/121h of the yearly premium instalJments for hazard insurance, pfus 1 '12th 01 the yearly premium Insta/!ments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Benflfic/ary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution. the deposits or accounts 01 which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shaH apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be rsquired fa pay Trustor any interest or earnings on the Funds. Beneficiary sha1J give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional secunty tor the (ndebtedness secured by this Deed of Trust. II the amount of the Funds held by Beneficiary, together With Ihe futuro monthly installments of Funds payable prior to the due dates of taxes, assessments, Insurance premiums and ground rents, shalf exceed the fII7JOUnt required to pay said taxes, assessmonts. Insurance premiums and ground rents as they tall due, sucl, eKcess shall be. at TIU!lor't; opfJon, Bither promptly repaid to Trustor or credIted to Trustor agamst future monthly Installments of Funds If rho amount at tl1e Funds held by 8enetic18Jy shall nor be sufflc;ent to pay flues, assessments, Insuranco premIUms and ground rents as mey fall due Trustor shaJl pay :0 BenefiCIary any amount necessary to make up the doflclency Wlthm thirty days from the date notIce IS maIled b\' Beneficiary to Trusror TOquesring paymont thereat. Upon payment '" full 01 alllndobtodnOS5. BenefICIary shall promptly refund ro Trustor any Funds held by Beneficlory II tho Trust Properry IS sold undor rho POWOT 01 sale Of the rrust Property IS otflOrwlse f1CQUlfl'!1 by BonefICI8/)'. Benoflculty shall apply, Immod1otoly pnor Ics !he solo 0' the T,us' Properr-,,' 01 Irs ilcqwslrw11 tJl' Bpn,.flclIl'Y. an\, F'Jf1r1s held by Benehcwty at rho limo ot applJcatlOn os a Clod,! against the Illd~blodnt,IS5 II BOnt~'ICr,IfF ('.PI.Uft,'S Ii ",utft'" 1\,1.. It! \" rrUMll( ,., obltgat/Ol15 undor this parag1aph 4. Trustor covonants and ogfoes 10 lJa~. bolu"1 "'t. "':'01(1 t1p,-pm" <I('/II1(J,,('(1,' II. III"". .1.~~I',"'~m,'Ilf"