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Deed of Trust 88- 106531 .. NOfIItDT BANKS .. THIS DEED OF TRUST Is made this ~ day of November .19 IDL. by and between Charles E~ Roehrich and , LOrElt"t:,R A Roehr~ BURband and Wife whethef.PDfJ.prmore, (hereinaftefcalledthe "Trusto,"), whosemallmgaddress/s ~30 Regal Drive. Grand Island~ska btsUU,j . NORWEST BANK ~ebraska. National Association (hereinafter called the "Trustee"), whose mailing address is P.O~ Box 17b8. Grcmd Island, NE, and NORWESTBANK Nebraska. National Association ,(hereinafter calfad the "Beneficiary"), whose maifing address is P.O. Box 1768. Grand Island. Nebraska 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, Trustor is indebted to Beneficiary in the principal sum of TWENTY-TWO THOUSAND FIVE HUNDRED MID NO /100----- Dollars ($ 22.500.00 J, which indebtedness is evidenced by Trustor's promissory note dated November 2~ 19....8..8-. (hereinafter called the "Note"), payable to the order of Beneficiary and having a maturity 0; Februacv 2~ 1989 NOW, THEREFORE, for the purpose of securing: (a) payment of l. 'e Note, 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 herein, (c) performance, discharge of and compliance with everl 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 alf 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 ;ntarest 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 described property: LOT 13. IN CASTLE ESTATES SUBDIVISION, HALL COUNTY. NEBRASKA together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (ii) afl equipment, machinery and fixtures (including, without limitation, all fighting, heating, venli/ating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil burners. elevators and motors, rafrigeration plants or units, communication systems, dynamos, transformers. electrical equipment, storm and screen windows, doors, awnings and shades) now or hereafter attached to. or built in, any building or improvement now or hereafter located thereon, (iii) all easements and rights of way appurtenanr thereto, (ill), all leasehold estate, n'ghr, rit/e and interest 01 Trustor in snd to all leases. whether now or hereafter existing or entered into (including, without limitation, aIJ cash and security deposits. advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) alf 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 payabfe so long as no event of default exists hereunder), (vi) alf royallies, mineral, oil and gas rights and profits, water, water rights, and water stock. (vii) a1/ tenements, hereditaments. prillileges and appurtenances belonging, used or enloyed in connection therewith, snd (viii) a1l proceeds of conversion, voluntary or inlloluntary, of any of the foregoing Into cash or liquidated claIms (Including, without limitation, proceeds of Insurance and condemnation awards), all of which is hereinsfter collectively called the "Trust Property" TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. Ttlle, Trustor covenants. warrants and agrees with Beneficiary, its successors and assiglls, 'hat Trustor owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust is and will remein a lIalid and enforceable first lien on the Trust Property, that Trustor, at its expense, wll1 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 valJdity and priority of the (ien hereof against the claims of all persons end parties whomsoever. Trustor, at its e~pense, wl/l cause 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 rhe opmion of Trustee may be required by any presenl or future law in ordar to perfect, maintain and protect the lien of this Deed of Trust. as the same may be amendad or supplemented from time to time. Trustor will make suc" further assurance or assurances to perlect its Me to the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in l1n~ to the Trust Property. 2. Payment of Indebtednass, Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, Improvements or ropmfS relarmg thereto which may be begun on the Trusl Property or contemplated by the losn evidenced by the Note secured hereby, to P3Y when due all costs and liabilities Incurred therefore, Bnd not to permit any construction lien agaJnst such Trust Property. In the event construction of buildings, improvements or repairs are contempJated, 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, (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 reference and made a part hereof, (d) to allow Beneficiary to Inspect the Trust Property ar all times during construction, and (e) to replace any work or materials unsal/SlaCIOf}' 10 Beneflclaf}' wilhin fineen {151 day. eller wl/nsn noUce fram Beneflciery 01 such feet. 4. Funds for Payment of Charges. Subject 10 applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benaficiery on the first day of eech month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in tufl, e sum (herelnatter caffed the "Funds") equal to 1f12th of the yearly ta-"es and assessments which mey anain priority oller this Deed of Trust and ground rents on lhe Trusl Property, if any, plus 1112th ofths yearly premium instatlmenrs for hazard insurance, prus 1!12th of the yearly premium installments for mortgage Insurance, if any, all as reasonably estimated Inlllally and from time to time by Beneficiary on the basis of assessments and bJ/Js and reasonable estimates thereof, The Funds shall be held in an institution, the deposits or accounts of which are Insured or guaranteed by B 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 shalf give to Trustor, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which e8ch debit to the Funds was made. Tha Funds are pledged as additional security for the Indebtedness socured by this Deed of Trust. If the amount of rhe Funds held by Beneficiary, together wilh the futuro monthly Installments of Funds payable prior to the due dates of laxes, assessments, insurance premiums and ground rents, shall excead the amount raqulred to pay said ta-"es, Rssossments, insurance premiums and ground rents as they fall duo, such excess shall be, at Trustor's option, either promptly repaid to Trostor or croditod to Trustor agamst future monthly installments of Funds II the amount of tho Funds held by BeneficIary sr.al/ not be sufflcient to pay taxos, assossments. Insurance premIums and ground rents as they fall duo. Trostor shall pay to Benoflciary any amount nacessary to make up the deliclency withm thIrty days lrom the date notlCo IS mailed bv BonBficlary to Trusfor requesting pElymont rhereof, Upon payment In lull of 01/ Indebtedness, BenefiCiary shall promplly refund 10 Trustor any Funds held by Beneficlsry. If the Trust Proporty IS sold undnr tllO power at sale or rho Trust Propurtv IS ortlemnse 8CQUltt>i1 by Benetic/ory, Benellclory shall apply, Immodiately prior ro rho 5816 of Iflfl Trust Proporty Of IrS 8cqUlSI!Ion by f1ollofll'lilIV ,1fI~' Funds h91d by BenoflcllJry at tho tIme of applicatIon 85 a cfIJdlt aUII/nar rtw '''doblfJdnoss 11 BOflf.lf,ClfJry o.ecutes if W/ltrUIl Wilr\il'/ ol1rusfOf s obligatIOns undor thIS poragrapfl 4, Trustor covonants and IJ(1mos to pilI', harm,! r/le same become dflllflllufm, .,11 filHL~. dSSf-'ssmenrs