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,-- _SANKS "., Deed of Trust 88- 106040 THISDEEDOFTRUSTlsmadathls~dayol November ,19!llL,byandbetwaan Ronald E. Purdvand , Louise Ann Purdv. hYRhand ani wi fe whether one or more, (hereinafter called the "Trustor"), whosamaillng address Is 2 7 West 2 st Street. Grand Island. Nebraska 68801 , NORWEST BANK NF.RRA~1{A, NA'l'IONAT A~~nr.T A'l'TnN (harelnafter ca/lad tha "Trustaa"), whosa mailing address Is P.O. Box 1768.Grand Island .NE 68802, and NORWEST BANK NF.RRA~1{A, NA'l'TnNAT A~~nr.TA'l'TmJ ,(hereinafter caJledths "Beneficiary"), whosemallingaddress(s'P n 'Rnv 1ij!:"R f'!....~n...:l T.,.1<=1n...:l, }J~t-r1~k? 6eeQ'J WITNESSETH: IF THIS BOX IS CHECKED ( XXj 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, Trustor Is Indebted to Beneficiary In the principal sum 01 Thi rty 'l'ho"s~nrl ~nrl nnt! nn.hs_ - - - - Dollars ($ 30.000.00 ), which Indebtedness Is evldanced by Trustor's promlssolf. note datedNovem er 9 ,19.ll.!L-, (hare/naftar callad tha "Nota'~, payable 10 the order 01 Banel/clary and having a maturity 01 Mav 8. 1989,. NOW, THEREFORE, lor the purpose of securing: (a) payment 01 the Note, Iogether with Interest thereon, late charges, prapayment penallles, any luIure advances, and all extensions, modifications, substitutions and renewals thereof, (b) payment 01 all other sums, lees or charges, logether with Interest thereon, advanced to protect the security 01 this Deed 01 Trust and the performance of the covenants and agreements of Trustor, whether or not set forth herein, (a) performance, discharge o( 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 01 all other sums or luture advances, wllh Interest thereon, which may herelofore have been or hereafler be advanced by Beneficiary 10 Truslor or Trustor's successor In Interest or UUa, all 01 which Is herelnaller collecUvely called the "Indabtedness", Trustor Irrevocably grants and trenslers 10 Trustee, In trust, WITH POWER OF SALE, the /oJlowlng descrlbad properly: Lot Thirty-five (35), Block One (1). Brentwood Subdivision, to the City of Grand Island. Hall County, Nehraska. .... Iogether with (I) all buildings, structures, addlllons, enlargements, modifications, repairs, replacements, and Improvements now or herealler located thereon, (II) all equipment, machlnary and fixtures (including, without IImnaUon, all lighting, haating, ventilating, cooling, air condlUonlng, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting. furnaces, oil burners, elevators and motors. refrigeration plants or units, communication systems, dynamos, transformers, electrical equipmant, slorm and screen wlndows,doors, awnings and shades) now or hereafter attached 10, or bum in, any building or Improvement now or herealler located thereon, (III) all easements and rights 01 way appurtenant thereto, (lvi, all leasehold estate, right, tIIle and Interest of Trustor In and 10 aflleases, whether now or hereafter exlsllng or enterad Inlo (Including, without Ilmltallon, all cash and security deposits, advance rentals and deposits or payments ala similar nature), partalnlng therelo, (v) all rents, Issues, prol/ts and income therelrom (subject 10 the right 01 Trustor to collect and apply such rents, Issues, proms and Income as they become due and payable so long as no avant of delauflaxists hereunder), (vi) all royall/es, minerai, 011 and gas rights and profits, waler, water rights, and water stock, (vii) all tenements, hereditaments, priVIleges and appurtanances belonging, used or enjoyed In connection therewith, and (viII) all proceeds 01 conversion, vofunlary or invofuntary, 01 any 01 the Ioregolng Inlo cash or liquidated claims (Including, without limitation, proceeds 01 Insurance and condemnation awlllds), all 01 which Is hereinafter collectively called the "Trust Properly". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: T. TlUe. Trustor covenants, warrants and agrees wflh Benaficlary, Its successors and assigns, that Truslor owns the Trust Properly lree /rom any prior lien or encumbrance, thaI this Deed 01 Trust Is and will remain a valid and enlorceable first lien on the Trust Properly, that Truslor, at its expanse, will preserve such tiUe and will maintain this Deed 01 Trust as a first and paramount lien upon the Trust Properly and will forever warrent and defend the validity and priority ollhe lien hereolagainst tha claims 01 all persons and parties whomsoever. Truslor, at its expanse, will cause this Deed of Trust, and each amendment or supplement herelo, to be flied and recordad as a morlgage 01 the Trust Properly In such manner and In such place and will take such action as In the opinion 01 Trustee may be raqulred by any present or future law In order to petfect, maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented lrom time 10 tlma. Truslor will make such lurther assurance or assurances 10 perfect Its tiUe 10 the Trust Properly as may be required by Beneficiary. Truslor hereby relinquishes all right of dower and homestead in and 10 the Trust Properly. 2. Payment of fndebtedness. Truslor shall punctuafly pay the principal 01 and Interest on the Indebtedness secured hereby. 3. Construction 01 Improvements. Trustor shall complete In good and workmanlike mannar any buildings, Improvements or repairs relallng thereto which may be begun on the Trust Properly or contamplated by the loan evldanced by tha Note secured hereby, 10 pay whan due all costs and liabilities Incurred therefore, and not 10 permit any construction lien against such Trust Propa~. In the event constnJclion at buildings, improvements or repairs are contemplated, Trustor also agrees, anything In this Deed of Trust to the contrary notwithstanding; (e) 10 promplly commence any such work and to complete the proposed Improvements prompliy, (b) to complete the same in accordance with the plans and specificallons as approved by Banaflciary, (c) to comply with all the terms of a building loan agreement, If any, between Truslor and Beneficiary, the terms 01 which are Incorporated herein by relerence and made a pEllt hereof. (d) to allow Beneficiary 10 Inspect the Trust Properly at all limes during construcllon, and (e) 10 replace any work or materials unsatislaclory 10 BerJeficiary within fifteen (15) days aller wrltt9n notice Irom Banal/clary 01 such lact. 4. Funds for Payment 01 Charges. Subject 10 applicable law or 10 a written welver by Banel/c/ary, Truslor shall pay 10 Beneficiary on the first day of each month, or such other date each month as may be specl/led by Benel/c/ary, until the Indebtedness Is paid In lull, a sum (hereinafter called the ""Funds"} equal to 1112th of the yearly taxes and assessmenls which may artsln p;iority over rhls Deed of Trust and ground rents on the Trust Properly, 1/ any, plus 1112th 01 the yearly premium Inslallments lor hazard Insurance, plus 1112th of the yaerly premium Insl3lfments for mortgage Insurence, if any, alias reasonably esUmated Initially and Irom Ume 10 time by Benaliclary on the besls 01 assessments and bills and reasonable esllmates thereol. The Funds shall be held in an Insrltution, the deposits or accounts 01 which are Insured or guaranteed by a federal or state agency Including Beneliclary. Benel/clary shall apply the Funds 10 pay said taxes. assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Truslor any interest or eam/ngs on the Funds. Beneficiary shall give to Trustor. without charge, an annual accounting of rhe Funds showing credits Bnd debits to the Funds and the purpose lor which each debit to the Funds was mads. The Funds are pledged as additional security for the Indabtactnes. secured by this Deed of TrusL II the amount 01 the Funds held by Beneficiary, together with t"e tuture monthly lnstaJJments ot Funds payable prior to 'he due dates of taxes, assessments, Insurance premiums and ground rents. shall exceed the . amount 18quJred to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be. at TruSlor's option, either promptly repaid to Trustor or credited to Truslor against luture monthly Installments 01 Funds. If rhe amounr 01 the Funds held by Beneficiary shall nol be sufficient to pay taxBS, assessments. insurance premiums and ground rents BS they fall due, Trusler shall pay to Beneficiary any amount necassBly to make up the deficiency within !fJirty days from the date notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness, Beneficiary shall promptly refund to Trustor any Funds held by Beneficiary. If Ihe Trust Property is sold under the power of sale or rhe Trusr Property is otherwise acquired by Beneficiary, Beneficiary shall apply, immediately prior to the sale of the Trust Property or its acquisition by Beneficiary. any Funds held by Beneficiary at the time of application as a credit sgainst me Indebtedness. If Beneficiary oJrecures 8 wnrten waivor ot Trusro,"s obligations under ttNs paragraph 4, Trustor covenants and agrees to pay, before the same become delmquent. 811 t8lCOS, assessments. N1SUll"...twua_cw.l