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<br />:'8S~ 106983
<br />..... I'
<br />DEED OF tRUST '
<br />
<br />CONT5:d
<br />
<br />Th10 D..d of True< 10 ...d. thh 21st day of Decanber ,19 88. by And ....ong ~Iichael J. Nolan
<br />and Beverlv E Nol~ Hu~~Jif8 I t.ueinafte: referred to 8S IlTrust;r,"
<br />who.. .dUnS .ddr... 10 Sl pruce ,rand Hiland, Nr: 68801: Arend Baack .
<br />Attome, .t Lev. hereinafter refened to 89 IITrustee," whose nlslUns address is P.O. Box 790
<br />Grand Island NE 68802; and THE Oll'iWLAHD NATIONAL BAH~ OF GRAHD ISLAND, herelndter referred to ..
<br />ItBeneflclary," whoae 118111ng address is P. O. Box 1688, Grand Island, Nebrallka 6BBD!.
<br />
<br />ror ".luftble conBideratlon, Tl"ustor irrevocably Bunte, tranllfera, conveya and IIl!Jdll'lS to Trustee, in
<br />trUllt, with paver of sale, for the benefit IInd security of lenefichry, under and 8ubjKt to the ter,ne and
<br />condition. of thta n..d of Tru.t. the follovins-d..cribed property. loc.ted in H:::. 11 Count,..
<br />Nebr..b, to-vitl
<br />
<br />lDt Eleven (11), Block Three (3). Bo= and Hill's Addi bon to
<br />
<br />the City of Grand Island, Hall County, Nebraska
<br />
<br />tOlethe~ vith all buildingll, iJlpr'OVl!lIIlI!!htS. fixt.ures, streets, alley", patltlJlgevII)lA, ea!!le.entS. right!'. privi-
<br />les.. and .ppurten...eea located thereon or in any way pertabinl thereto, and the rent., l..uell, profit..
<br />reverllad and t.he 1:'~.indl!!r. thereof, including all such per.onal property that 1. att:ached to r.he i.prove-
<br />.enta 10 .. to eon.tltur.. . flxtul'e, .11 of which. inc1udinS replacement. end additions thereto, ara harabJ'
<br />decluad to be . part of the leal e.tate conveyed in truer. hereb" it bems agreed that. aU or the fore-
<br />1I01n. ahal1 be hue1n,.ft~r referred to .. the "Propert,."
<br />
<br />FOR THE PURPOSE OP SECUIlIHC:
<br />
<br />(e) the payment 0.1 IndebtednulI evJ~l!!nced by Tru!lmif.A9!.q.~tdi!l!!V.. ~1iI=I~h in
<br />the principal sua of Nrne thousand SlX hunared t5 ~2'2 ~I ~~~thl!r
<br />vith interest at the tate or rates provided therein, or the principal and interest OIl any
<br />future .dvance not to exceed the total prlnc1pal au. initially secured hereby .a e.,ldenced.
<br />by prOll18sor,. notes stating they are secured hereby, and an, and. all renev.ls. ..d.UlcatIDllia
<br />and u::tenaiona of .uch notea, both principal and Intereat on the notes beins p.,able in
<br />IIccordance with the tentll ISet forth therein, which by th1B reference ill hereby _de a p.rt
<br />hereof;
<br />
<br />(b) the perforaance of eacll agreelll.ertt and CO'V1!!nant of Trustor herein contained; and
<br />
<br />. (e) the pa)"llent of IIny SUII or su..s of DOney which 1Uy be hereafter paid or advlIIlced
<br />by Beneficiary \mder the te~. of thu Deed of Tru8t. tOlether with intere.t thereon at the
<br />rate provided !.n the note.
<br />
<br />To protect the security of thb Deed of Truatl Trustor hereby covenants and asree. aa fol1ovs:
<br />
<br />l~ '.)Went of ln~ebtednl'!lI&. To pay when due, the principal of. and the !Dtereat on, the indebted-
<br />nus ...ldenem b,. the Dote, charles. fee. and all 'Other aUlla ""s provided in the loan !DstrullU'lU.
<br />
<br />2~ ill!!.~ Tru.tor 18 tbll avner of the property and haa Ole r1aht and autbarit,. to ea..cute thl.
<br />Deed of Truat in re.pect to the property.
<br />
<br />]. Toea and Aa...._nU. To pay, vhen due. all taJlI!I. apecl.1 ..ses.....U .nd all ather charle.
<br />.saln.t the propertJ'. before tha .a.e baeOlle dallnqumtt. and, in the avent BeneUciary .hall aa requiTa.
<br />to add to the pa,..nu required under the note aecured hereb,. auch .~t .. ..,. be aufUclnt tD en-
<br />able Be.fieur,. to p.y auch taxe., ...ea_ente or other charll.. aa they bec~ due.
<br />
<br />1I. Inlurance. To keep ehe lnpraVtllllenta nov Dr hereafter loc.ted on the real eltate lIe.crib"
<br />herein 1n~in8t. d"'lt! by fbe and. loch other haurde .1 BllnefleiarJ M, requiTe. In .-nmt. m4
<br />COIIpanlu ar:eeptab1e to BenefICiary, and wIth 10l1li pay.ble to hnI.Uebr,. In e.'1! of 10le mder soch
<br />pelicie., Beneficiary la authorlzed to adjust, collect and cOllpr~l.e, in Ita IIl.eretloo. all cla1_
<br />thereunder and, at iu IDle option, 18 authorhed to either applJ the proceeda to the reatoration of tit.
<br />propert, or upon the Indebtedne.. aecured hereb" but p.,.ent. required b, the note ....U eOlltlnue ....tll
<br />the. lwae lIIeur.4 hereb, .re paid In full.
<br />
<br />5. ILI!pa1r. tlalntenance IInd Use. To pr~tly repair. relltore or rebuild MY bulldlnsa or illpl'O"I'e-
<br />~t. now 01' blr..fter on bile propert,.; to keep the propert, In sood condltiOft and repair, vithout .,.ate
<br />and free fl'Oll .chanica at' other U.na not expr...l)' .ubordlneted to the lien hereof: to not ..ae, auU.r
<br />or pelWlt anJ' nul..nce to .a18t nor to dt.lntah or 1..air the value of the propert, b,. an,. act or ~1aalon
<br />to aetl ...d to c0IIp1, .with all r.quir....t. of law vith reapect to the propert,..
<br />
<br />6. Cond......tton. In the event the flropert" 01' an, part thereof, ahdl be tabn b,. IIIl1lnent doaaln.
<br />BanafietarJ' il entitled to collect .nd -receiye aU cOllpen.at Ion ....ich M' ba paid for an,. propert,. tabl\
<br />or for d...... to propert, not taken, and leneHelar, .hall .ppl, auch eo.penlaUon, at ita optlon,
<br />lither to a reduction of the Indebtedne.. a.cure. hereb, or to repair and natol'l the propel't,. 10 taka.
<br />
<br />7. Perforaance by Ienel1cbry. Bendleial'Y ..,.. but shan h.ve no obUzation to, do aftJ' act vtI1ch
<br />Trolltor ha. asreed but raUed to do, and Beneflebr,. .., alao do .ny oet it deeaa neces"ry to protect
<br />the U:n ;...reaf. Truatar agrees to rep." upon deaand. an, IUIII 10 eKPendad b)' Beneficiary for the
<br />abowe purpo..., muI an,. aUII .0 ..pended b, .eneficial')" shall be .dded to the ind.btedna.. ..curact b.ra-
<br />b, and beco.e ..cured b,. tbe Uen hereof. ....ficl.ry ah.ll not incur an, perianal li.bllltJ' becausa of
<br />an)'thins It .., do or oalt to do h.-r8\mder.
<br />
<br />B. AaaillR_nt. of Rents. leneUcl.~ y shall have the rlRht, pover and authorlty durlna the con-
<br />tinuance 01 this Deed of Trust to collect the rf"~ltSI l..vea and proUte of tbe propert7 and of any per-
<br />aon.l prop.rt, located thl!l'I!IOft with 01' vlthout taklnl pOllen ion of the property .ffeeted hereb,.. and
<br />Traator har.b, ab.olutely and unconditionally ..allna .U lIut:h rentll, tsaue.1I IInd profit II to Beneficiar,.
<br />BeneUc:1a'fJ, havenr, hereb, cOfll,enU to Trustor's collection and retention of auch renU, h.uea and
<br />proUta .. tb., .cere .nd becOIM!I ps,able, .0 lOOK a. Trulltor 111 not, at luch Hlle, in de(au1t with 1'11-
<br />apact to ,.,.ent of an, Indebtedn... secured hereby. or In the per(orllARce of any alre_ent heremdllr.
<br />If anJ ..,.nt of default dvscrlbed hareafter In n.paet to thh Deed of Truet ahall haft occurred....d ba
<br />cantinuln., leneflc:iary, .. a ..tter of rl&ht and without notice to Truator or anyone elaS.lna mdel'
<br />rEUltOI'. anti wlthout 1'018rd to the v8lue of tha trult eaUte or the interest of the Trustor therein.
<br />.han ba... tM 1'1lht to appl, to an,. court havlnll Jurhdlction to .ppolot a receiver of the proputy.
<br />
<br />9. In.paction.. leneftdary. or Its .senU, reflreaentat1vu or WOrkNft, an authorized to enter
<br />at .., reUlonabl. t'" upon or in 1m' ~art at the property for the purpo.. of in.pectlnll the ...e .nd
<br />for t" pU1'poIIl of ,erforaina an, of the acta it h authorized to perfo... under the teras of any loan
<br />lMtr.-ta .aecut" b)' Tru.tor.
<br />
<br />10. Trauf.r of hdperty. If .11 or eny part of the property or any Intenat of Trulltor thenin
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