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<br />"OM..",S
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<br />Deed of Trust
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<br />f 88-
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<br />105573
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<br />THIS DEED OF TRUST is made this ~ d.y 01 Au~ust , 19 J!.!l. by end b.rw.en T. F, S., Inc. .
<br />whather 'j'ne or mQce (her./naNar <Lellod Iho "T,u.'o,"),
<br />whosemailingBddT8-aShS Route 2. Box 126. South Hi hwa 281 Grand Is and Nebraska 6"8U3 ,
<br />NORWEST BANK eras a , Na t ona Associa tion (here/noNer coiled rhe "Trustee"), whose melling eddre.s /.
<br />1919 Doudas Street, Omaha. Nebresk.!\3ndNORWESTBANK Nebraska, National Association . (llers/n.Ner
<br />caJledfho"Beneficia'Y"). whosemaillng address is 1919 Domz1as Street:. Omaha. Nebra.ska fiR102
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<br />WITNESSETH:
<br />iF THiS BOX is CHECKED ( ) THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES.
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY iNTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW,
<br />WHEREAS. Trustor is indebted 10 Beneficiary in the principal sum of **Six Hundred Thousand and 00/100***********w***
<br />Dollars ($ 60n non on ), which indebtedness;s evidenced by Trustor'~ pro"1issory note dated June 28 , 19 ~. (here/naHer
<br />CfI'/JIPlliG "r/of!l;;'l:.fllrWe KI../fl! "6'1'" g&1m!l'l!ici.,ry fl#9~~ving . m.tunty 01 On Demand:' and note dated Aueus t 17. 1988
<br />NOW, 'tHEREFORE, ror the purpose of sflouring:
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions,
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and
<br />the performance of the covenants and agreements of Trustor, whether or not set forth herein,
<br />(c) petfrJrmance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or
<br />incorporated by reference or any other security instrument at anytime given to secure the Note, and
<br />(d) the repayment of all other sums or future advances, with interest thereon, whic" may heretofore have been or hereafter be advanced
<br />by BeneDciary to Trustor or Trustor's successor in interest or title,
<br />all of which is hereinafter collectively caJ/ed the "Indebtedness", Truslor irrevocably grants and transfers to Trustee, in trust, WITH POWER
<br />OF SALE. ths following described property:
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<br />Lots Eight (8), Nine (9), Ten (10), Eleven (11), Twelve (12), and
<br />Thirteen (13), all in Wildwood Subdivision, Hall County, Nebraska,
<br />together with (i) all buildingsl structures, additions, enlargements, modifications, repairs. replacements, and improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />conditiDning, sprinkling and plumbing fixtures, water and pDwer systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpeting, furnaces, Dil burners, elevators and motors, refrigeration plants or units, communication systems, dynamDs, transformers, electrical
<br />equipment, storm and screen windows, doors, awnings and shades) now or heraafter attached tD, or bum In, any building or improvement
<br />now or hereafter located thereon, (iiI) a/1 easements and rights of way appurtenant thereto. (Iv), all leasehold estate, right, titie and interest of
<br />Trustor in and fa all leases, whether nDW or hereafter existing or entered into (including, without limitation, all cash and security deposits,
<br />advB.nc;e rentals anri d~posit$ or payments 01 a similar nature), pertaining thereto, (v) all rents, issues, prDfits and Income therefrom (subject
<br />co che right of Trustor to collect and apply such rents, issues, profits and incomB as they becoms due and payable so long as no evant of
<br />defautt exists hereunder), (vi) all royalties, minersl, 011 and gas rights and profits. watsr. watsr rights, and watsr stock, (vii) all tenements,
<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds cf conversion,
<br />voluntary or invofuntary, Df any of the foregoing into cash or liquldatad claims (including. without limitation, proceedS of insurance and
<br />cDndemnation awards), ali of which is hereinafter collectively called the "Trust Property".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. nUe. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Properly free
<br />from any prior lisn or encumbrance, that this Deed of Trust is and wJII remain a valid and enforceable first lien on the Trust Property,
<br />rIlat Truscor, ae its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Property and will forever warrant and defend the validity and pn'ority 01 the lien hereof against the claims of all persons and pa/ties
<br />whomsoever. Trustor, at its expense. will cause this Deed of Trust. and each amendment or supplement hereto, to be flied and
<br />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
<br />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
<br />be amended or supplemented from time tD time. TrustDr will make such funht;1r assurance or assurances to perfect its title tD the Trust
<br />Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dDwer and homestead in and to the Trust Property.
<br />2. Payment of Indebtedness. Trustor shBlI punctually pay the principal of and Interest on the Indebtedness secured hereby.
<br />3. GonsrTlICD.on of Improvements. Trusror shall complere in good and workmanlike manner any buildings, improvements or repairs relating
<br />thereto which may be begun on the Trust Property or cDntemplated by lhe loan eVidenced by the Note secured hereby, to pay when
<br />due.all costs and liabilities incurred therefDre. and not to permit any construction Jien against such Trust Property. In the event
<br />constnJction of buildings, improvements or repairs are conlamplated, Trustor also agrees, anything in this Deed of Trust to the contrary
<br />notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the
<br />same in accordance with the ,Jlans and specifications as approved by Beneficiary, (c) to compl'Y with all the terms of a building loan
<br />agreement, if any, between Trustor and Beneficiary, 'the terms of which are incorporated herein by reference and made a part hereof.
<br />(d) to allow BeneDciary to inspecr the Trust Property at aU times dunng construction, and (e) to roplace any work or materials
<br />unsatisfactory to Beneficiary within fiNeen (15) days alter wrinen notIce from Beneficiary of such fact
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shafJ pay to Benefir:iary on the
<br />first day of Bach month, or such ocher date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum
<br />(hereina/tercaJled the "Funds") equal to 1112th of the yearly taxes and assessments which may anain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus 1I12th of the yearly premium installments for halard Insurance, pius 1112th of the
<br />yearly premium installments tor mortgage insurance. if any, all as reasonably estimated initiaJly and from time to time by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or
<br />accounts of which are insured or guaranteed by u federal or state agency including Beneficiary. Beneficiary shaff apply the Funds to
<br />pay said taxes, assessments. Insurance premiums and ground rents. Bef1eficiary shall not be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall givo to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />debits to the Funds and the,purpose for which each debit to the Funds was made. The Funds are p(edged as additional secuTlfy for
<br />the Indebtedness secured by this Deed of Trust. If the amount of the Funds held by BenefiCIary. togeth9r WIth the future monthly
<br />Installments of Funds payable prior tD the duo dates of taKes. assessments, insurance premIums and ground rents. shalf exceed the
<br />amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due. such excess shaff be. at
<br />Trustor's option, eleher promprly repaid to Truslor or credited to Trustor against furure monehly ,nSlallments of Funds_ If the amount ot
<br />the Funds held by BenefiClsry shall not btf sufficient to pay taKes, assessments, Insurance premIums and ground rents as they fall dUA.
<br />Truseor shall pay to BeneficJary any amount necessary to ms/m up the detlclency wlthm thIrty days from the date norlce ,s mailed by
<br />BenefiCIary co Trustor requostlng payment rheroof. Upon payment If! full of all tndebtedness. Beneflcrmv shall promptly rofund /0
<br />r1ll3tDt anr Funds hold br Benoficlary "tho Trust Property IS sold under tho power of 5.1/e or rile Tft/sf Prnpmry IS OtflflfWISE' BcqlJ/red
<br />by BenefiCIary. Bonof";IIJry sholl apply. Immedlafely pnor to tho riale 01 the Trusl Property Of ,rs ilCqUl.'i,tUlfI ()\ Hmwflcrll''' IIO\'} (JIH'.~
<br />hold by BenetlClary ar tho tlmo at application liS 0 credit aaalOsr the Indebtodness 11 Bene'It:Hlry fI.orlJll'.~ II wnrwn ""d'~'l" ,II "II."rllf ~
<br />C'bhQlItJ0fI5 undm "", paragraph oS, Trustor covonancs and agrDos to pay. beloff~ rho samE' (men"',. "I"lfllllJlll1r ,111/,111". ..\','>.\\"'"111\
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