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.. ....,. BANKS .. Deed of Trust 88- 105764 r THISDEEDOFTRUSTlsmadathis~dayaf October ,19..IDL,byandb.rw..n Kirk W. Hooker and , Charlene A. Hooker. Husband and Wife whether one ormOr9, (herelnaftercal/ed the "Trustor"), whose mailing a ' NORWEST BAN National Association (herelnan.r call.d the ..Trust....), whvs. mailing address ts P I land NE andNORWESTBANKNebraska. National Association ,(h.r.lnalter called the "Beneficiary"), whose mailing address is P .0. Box 1768. Grand Island, Nebraska b8802 . WITNESSETH: IF THIS BOX IS CHECKED [ J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION UEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW, WHEREAS, Trustor Is Ind.bt.d ta B.n.l/ciary In the principal sum 01 SIXTEEN THOUSAND AND NO/lOO DOLLARS----------- Dollars ($16.000.00 ). which Indebtedl1Bss is evidenced by Trustor's promissory note dilfed October 13 ,19 ~, (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity of Februarv 17. 1989 NOW, THEREFORE, lor Ih. purpose af s.curing: (a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions, modifications, substitutions Bnd 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 oJr iilJt 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 '''strument at anytime given to secure the Note, and (d) the repayment of all other sums or future advances, with interest 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 called the "Indebtedness", Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following d.scrib.d prop.rty: WEST HALF (I) OF THE SOllTH TWENTY-THREE (23) FEET OF LOT FOUR (4) WEST HALF (I) OF LOT SIX (6), BLOCK TWENTY-ONE (21) SCARFF ADDITION TO THE CITY OF GRAND ISLAND. HALL COUNTY, NEBRASKA L together with (I) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and Improvements now or hereafter located thereon, (if) all equipment, machinery and fixturos (inciudlng, without limitation, all lighting, healing, ventilating, cooling, air conditioning. sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, 011 burners, e/9vators and motors, refrigeration plants or units, communication systems, dynamos, transformers, a/ecrn'cal equIpment, storm Rnd screen windows, doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon, (ill) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and interest of Trustor In and to all leases, whether now or hereafter existing or entered Into (Including, without limitation, al/ cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and Income therefrom (subject to the right of Trustor to collect and apply such rents, Issues, pronts and Income as they become due and payable so long as no event of delaull..lsts horeund.r), (vi) all royBitI.s, mlnerel, 011 .nd g.s rights .nd prol/ts, wafer, wat.r rights, and wat.r stock, (vII) all t.n.m.nts, hereditaments, privileges and appurtenances belonging, used or enjoyed In connection therewith, and (vIII) a1/ proceeds of conversion, valuntlllY or Invofuntary, af any 01 the loregolng Inlo cash or liquidated claims (Including, wlthovt limitation, proc..ds ollnsurenc. and condemnation awards), all 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 BenLficlary, 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 valld and enforceable first lien on the Trust Property, that 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 priority of the lien hereof against the claims of a1/ persons and parties whomsoever. Trustor, at {ts expense, wif/ CBuse 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 perfect, maintaJn and protect the /len 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 Prop.rty.s may b. required by B.n.ficlary. Trustar h.r.by rellnqulsh.s all righl af daw.r and ham.stead In ond ta the Trust Prop.rty, 2. Payment of tndebtedness. Trustor shall punctually pay the principal of and Interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shail comp/ete 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 liabilities Incurred therefore, and not to permit any construction lien against such Trust Property. In the event construction 01 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 eccordance with the plans and specifications as approved by Beneficiary, (a) to comply with all the terms of a building loan agreement, If any, between Trustor and Beneficiary, the 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 (e) to replace any work or materiais unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Banefir./ary on the first day of sach month, or such other date each monch as may be specified by Beneficiary, until the Indebtedness Is paid In full. a sum (horelnolter call.d the "Funds'J aqval to 1I12th al the y.ariy t"".s and assessmants which may .lfaln priority ov.r this De.d 01 Trvst and ground rents on tho Trust Property, If any, plus 1I12th af th. yeariy premium Ins/allm.nts lar hazard Insurence, plvs 1/12th of the yearly premium installments for mortgage Insurance, if any, all 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 In an institution, the deposits or accounts of which ate Insured or guaranteed by a federal or state 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 Interest or earnings on the Funds. Beneficiary shall 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 secun'ty for the Indebtednesa secured by this Deed of Trust. tf the amount of the Funds held by Beneficiary, together with the futura monthly Installments of Funds payable prior to the due dates of taxes, assessments, Insurance pramiums and ground rents, shall eKceed the smount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such eKcess shall be, at T,rustor's option, either promptly repa.'d to Trustor or credltad to Trustor against future monthly installmants of Funds. If the amount of the Funds held by Baneflciary shall not be sufficient to pay taxes, assessments, Insurance premiums and ground rents as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the data notice is mailed by BaneticJary to Trustor requesting payment thereof. Upon payment In full of alf Indebtedness, Beneficiary shall promptly refund to TfUstOf any Funds held by Beneficiary. If the Trust Property Is sold under the power of safe or the Trust Property is otherwise acqwred by Beneficiary, Benefic/ary shall appfy,lmmedlately prior to the sale of tha Trust Property or Its acquisitIOn by BenefiCIary. eny Funds held by Beneficiary at the time of eppllcaflon as a credit against the 'ndebt~dness If BeneficlBry 8Kocutes 8 wnttefl wOIver of T'lIstor's obIir/8tJonS under this paragraph 4, Trustor covenants and agrees to pay. before the seme become dellnquont. nil tnXtlS, Rssessmonts. lIIrS,uor'-ll<.....Ontrt