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<br />BB- 105728
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<br />NOTICE: THIS DEED OF TRUST SHALL CONSTITUTE A CONSTRUCTION SECURITY AGREEMENT WITHIN THE MEANING OF
<br />THE NEBRASKA CONSTRUCTION LIEN ACT IN THE EVENT THE AMOUNTS ADVANCED UNDER THE LIN E OF CREDIT ARE USED
<br />TO FINANCE IMPROVEMENTS TO THE PROPERTY DESCRIBED IN THIS DEED OF TRUST. Lo.n N04317 -051 q-5~00-4101
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<br />DEED OF TRUST
<br />THIS DEED OF TRUST I. mad. thl. ..Z5.tb day o..J)ct.ober. .. 1988.. among the Trual.r. .Russal L C.RathJen
<br />. and.Mari4ILRLHatbjen__..._.___.. _._ (hersln "Borrowe~'), __ar.st..EederaLSavJngs-&. Loan-A~oc.i.ati on
<br />_llLLilIcoln.______ .____~._Iher.,n ..Trusl....). and Ihe Beneliclary...Ei.I's.t..Federal.Sav-ings..&.Loan.
<br />Associ..attofi_oicorporation organized and eMlsllng under the laws 01 li..Lo.f.-Amertca__ _ . whoso address is ._-~-~-
<br />L i ncolnm-----13tlL& ..~~...s.treet.,.J.inco1n.,...Rebraska.... _..m' (herein "Lend.n
<br />Borrower. in consideration of the Indebtedness herein recited and the trust herein created. irrevocably grants and conveys to Trustee,in
<br />trust, wilh power of sale, the following described property located in the County of ______HalL-- -~-
<br />State 01 Nebraska:
<br />Legal DescriptIon:
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<br />Lot 33, 8lock 1, in 8rentwood Subdivision to the City of Grand
<br />Island, Hall County, Nebraska.
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<br />In addition to granting and conveying to Trustee. In trusl with power ot sale, the property described above, we also grant and convey to
<br />Trustee. In trust, with power of sale, the following Interes15 relating 10 that property. (a) all buildings and other structures located on the
<br />property; lbl all rights we may have In any roads and alleys next to the property or in any minerals. oil and gas rights and profits, waler. water
<br />rights, and water stock which are a parl of the property. (c) all renls and royalties from the property and any proceeds from the condemnation
<br />of, or Insurance payments concerning losses to, the property; and ldl all fixtures nowon the property or later placed on the property, including
<br />replacements 01, andaddi1ions to, thosetlxtures. Durgrant and conveyance to Trustee of the rights and In1erestsdescrlbed above Includes all
<br />rights and interests which we now have or which we may acquire In the future.
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<br />OBLIGATIONS BEING SECURED
<br />We have signed this Deed of Trust to secure (a) the payment to First Federal Lincoln 01 a revolving line 01 credit debt in the amount of
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<br />(bl the payment of Bnyamounls advanced by First Federal Lincoln to protect the secuntyol this Deed of Trust. with inlerest on those amounts;
<br />(c) the performance by the persons who signed the Agreement of theIr obligations under the Agreement: and (dl our performance of our
<br />obligations under this Deed 01 Trusl This Deed of Trust secures all future advances made under the Agreement and advanceb which have
<br />been repaid may be reborrowed, provided that the maximum aggregate amount 01 advances to be secured at anyone lime by this Deed 01
<br />Trust shall not exceed the amount of the revolving line 01 credit debl setlorth above. The Agreement and this Deed of Trust, taken together,
<br />are called the "Credit Documents".
<br />REPRESENTATIONS AND OBLIGATIONS CONCERNING THE PROPERTY
<br />We promise that: lal we lawfully own the Property. (b) we have the right to grant and convey the Property to Truslee; and (c) there are no
<br />outstanding claims or charges agalnslthe Property other than jf a recorded mortgage, deed 01 trust orother security agreement constilu1ing a
<br />first lien position.
<br />We agree in the e\tent more than one recorded mortgage, deed of trusl or other security agreement is recorded, the property will not be
<br />consIdered eligible tor securing the First Federal Smart Equity Account or agreement unless the recorded mortgage, deed of trust or other
<br />security agreement are recorded by and are in favor 01 First Federal Lincoln in ccnsecullve order and ha\te been recorded in conneclion with
<br />other secured debt to Flrs1 Federal lincoln,
<br />We give a general warranty of title to First Federal Lincoln, This means that we will be fully responsible lor any losses which First Federat
<br />Lincolnsufters because someone other than us has some of the rights in the Property which we promise that we ha\tB. We proml5ethatwewlll
<br />defend our ownership of the Property against any claims 01 such rights.
<br />We further promise that we will neither take nor permit any action 10 paTtillon or subdivide all or part 01 the Property, or change in any way
<br />the condition of title to all or part 01 the Property.
<br />PROVISIONS OF THE AGREEMENT
<br />We understand thal1he Agreement calls for a vanable Interest rate, and that First Federal Lincoln may, prior to the end of the term of the
<br />Agreement and under certain circumstances specilied in the Agreement, cancel future advances. and/or require repayment of the
<br />outstanding balance, under this Agreement.
<br />PROMISES AND AGREEMENTS
<br />We agree with First Federallincoln as follows:
<br />1. PAVMENTOF PRINCIPAL AND INTEREST. Except as limited by paragraph 9 01 this Deed 01 Trust. we shall promptly pay when required
<br />by the Agreement, the principal and interest due under the Agreement. together with any other charges imposed under the Agreement.
<br />2. PRIOR MORTGAGES AND DEEDS OF TRUST: CHANGES: LIENS. We shalllully and timely perform all at our obligations under any
<br />mortgage, deed 01 trust or other security agreement which Is prior tothis Deed 01 Trust, including our obligations to make any payments when
<br />due.
<br />We shall payor cause to be paid, at least ten 11 0) calendar days before delinquency. all taxes. assessments and other charges, fines and
<br />impositions relating 10 the Property and all encumbrances. charges, loans, and liens (other than any prior mortgage or deed of trust) on the
<br />Property which may become prior to this Deed of Trust, and leasehold payments or ground rents. If any. We shall deliver to First Federal
<br />Lincoln, upon its request, receipts e\tidencing such payment.lf, at the time First Federal Lincoln elects to terminate the line 01 credit secured
<br />by this Deed 01 Trust (the "Account"l as prOVided In paragraph 16 below, there is an assessment which is payahle in installments at our
<br />election or at the election of the lessee 01 the Property, that assessment wlll ne\tertheless be considered entirely due and payable on the day
<br />the first installment becomes due or payable on lien.
<br />3. HAZARD INSURANCE. We shall, at ourcosl, keep the improvements now existing or later erected on the Property Insured against 10!is
<br />by fire. by hazards included within 1he term "extended coverage", and by such other hazards (collectively referred to as "Hazards~) as First
<br />Federal Lincoln may require. We shall maintain Hazard insurancefortheenllre term 01 the Agreement. oras long as First Federal Lincoln may
<br />require, In an amount equal to the lesser of (a) the maximum insurable \.llue of the property or lb) the amount 01 the Account plus the
<br />oU1standlng amounl at any obligation prior to this Deed of Trust, but in no e\tent shall such amounts be less than the amount necessary to
<br />satisfy the coinsurance reQuirement contained in the insurance policy.
<br />We may choose the insurance company SUbject to approval by First Federal Lincoln; provided, that such approval may not be
<br />unreasonably withheld. All insurance policies. including renewals, must be in 8 lorm acceptable to First Federal Lincoln and must include a
<br />standard mongagee clause in favor of and in a form acceptable to First Federal Lincoln. first Federal Lincoln shall have the righl to hold the
<br />policies and renewals, subjecl10the terms ot any mortgage, deed of trust orotl1ersecurity agreement which is prior tothis DeedotTrusllfwe
<br />pay the premiums directly, we shall promptly turnish to Fitst Federal Lincoln an renewal notices and. il requested by Firsl Federal Lincoln. all
<br />receipts 01 paid premiums. If policies and renewal!> are held by any other persons. we shall supply copies of them to Firsl Federal Lincoln
<br />within ten 110) calendar days after they are issued_
<br />In Ihe event of 105s, we shall give prompt notice 10 the insurance company and First Federal Lincoln. First Federal Lincoln may make proof
<br />01 toss if not made promptly by us.
<br />Subject tothe rights and termso' any mortgage, deed of trust or other security agreement which IS pnor to this Deed of Trusllhe amounts
<br />cotlected by us or First Federal Lincoln under any Hazard Insurance policy may. at First Federal Lincoln's sole discretlon. either be applied to
<br />the sums secured by this Deed of Trust (afler payment of all reasonable costs. expenses and attorneys' lees necessarily paid or incurred by
<br />First,Federal Lincoln and us in this con'"Iection) and in whatever order First Federal Lincoln may determme or be released to us for use 10
<br />repalflng or reconstrucling the Property. First Federal Lincoln has the aUlhority to do any of the above. Regardless 01 any applcatlon or
<br />release by First Federal Lincoln, as described abo\le. this shall not cure or waive any default or notice 01 detault under Ihls Deed 01 Trusl or
<br />lnva.lidate any act done pursuanl10 such nollce.
<br />If th~ Property is abandoned by us., or if we tail to respond 10 First Federal Lincoln In wrlllng Within thlrly (3D, cal~ndar days from the dnlo:
<br />nohce Isgiven tousby Flrsl Federal Lincoln that the Insurance camp.my oilers to settle a claim lor Insurance benehls. FHst FederatLlncoJn
<br />shall have the authority to settle the claim and to collect and apply the Insurance proceeds al Flrsl FedernILln::oln'!, sole option ell her to
<br />restorallon or repau of the Property 01 to lhe sums secured by thiS Dead 01 Trust
<br />If Ihe Properly IS aCQUired by First Federal Lincoln, allofoulllghl. tl11e and Inleres!ln and teany Insulanc~>IJruceod~ tosultlny Irulll uillllilge
<br />10 lhe Property pflm losuch aCQUHiltlon shall bocome the property 01 First FederalLlOcoln 10 Ihe lHhml I)' Ille ~Wll!. !.eClHI!U till 11m; DeHd 01
<br />flulIllmrTUltJ1ately Pflor 10 such aCQulslllon
<br />4 PRESERVAllON AND MAINTENANCE OF PROPERTY, lEASEHOLDS. CONDOMINiUMS f'l At>lNll1lil~ll [ll VHlll't.11 N1S WI'
<br />shaUliSl use. lmprOlltl and malnlaln the Properly m compliance wIlh apphc:atJle law!. !>tllluh!.. ,Hll,n.I'" "', ,,,,II', '. 'l'llll,rl'llll"'l' .11', "'I'" "I
<br />''!luulallons, lbt klttlPlhe Property In uoodcondlllonand replllr, me1udl....U lI1(! '''tJilH (II rt"::.lorllllll" "I .I"Y ,"'1..,...."'..'11'>, ." T'".I""I">II,. ....11" t>
<br />mat t... dlt"'"Q"d O' detil'oyed and ~hal1 p.')y wlllln due ftll r.lu.mr. lor labo, n,.d",,,u'd ,,,,,j '...Ilo..",,'. I" ",,' "'''11'".."" "1"1.1 ....."'1'''41 ,,, I"" '" .
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