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<br />88- '. 106994.
<br />
<br />DEED OF TRUsr
<br />cmsrRUCl'IOO SJOC:URITY AGREEMENT
<br />
<br />This Deed of Trust Construction Security Agreanent is made this 27th day of
<br />Decanber, 1988, by and lIIIDng Donald M. David and Margaret Hornady David, Husband and
<br />Wife, hereinafter referred to as ''Trustor'', whose mailing address is 2120 West Barbara,
<br />Grand Island, Nebraska 68803; Arend R. Baack, Attorney at Law, hereinafter referred
<br />to as ''Trustee'', whosemailingacldressisPostOfficeBox790.GrandIsland.NE 68802;
<br />and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as ''Benefi-
<br />ciary", wbosemailing'address is P. O. Box 1688, Grand Island, Nebraska 68802.
<br />
<br />For valuabie consideration, Trustor irrevocably grants, transfers, conveys
<br />and assigns to Trustee, in trust, with power of sale, for the benefit and security
<br />of Beneficiary, under and subject to the terms and conditions of this' Deed of Trust
<br />Construction Security Agreanent, the following-described property, located in Hall
<br />County, Nebraska, to-wit:
<br />
<br />All of Lot One (1), John and Marie's Subdivision, an Addition
<br />to the City of Grand Island, Hall County, Nebraska and Lake Front
<br />Tract 1C, being a part of Lake Front Tracts Abutting Brach's Lake
<br />shown on the City of Grand Island Engineering Department Plat
<br />identified as Brach's Lake, dated September 29, 1972, drawn by
<br />T.W.B. located at the southwest corner of Brach's Lake and
<br />abutting Lot One (1), of John &: Marie's Subdivision to the City
<br />of Grand Island, Hall County, Nebraska.
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways,
<br />easements, rights, privileges and appurtenances located thereon or in any way
<br />pertaining thereto, and the rents, issues, profits, reversions and the ranainders
<br />thereof, including all such personal property that is attached to the improvements
<br />so as to constitute a fixture, all of which, including replacenents and additions
<br />thereto, are hereby declared to be a part of the real estate conveyed in trust
<br />hereby, it being agreed that all of the foregoing shall be hereinafter referred to
<br />as the "Property."
<br />
<br />FOP. THE PURPOSE OF SFnJRING:
<br />
<br />(a) the payment of construction indebtedness in respect to SUDS to be
<br />advanced to Trustor fran Beneficiary for the purpose of making an improvement
<br />of the real estate above-described, as evidenced by a Construction Draw Deed
<br />of Trust Note of even date herewith in the original total principal draw
<br />lIIIDunt of Fifty Thousand and No/100 Dollars ($50,000.00);
<br />
<br />(b) the payment of interest at the rate or rates provided in the afore-
<br />described note and the payment of both principal and interest on any and all
<br />renewals, modifications, and extensions of such notes;
<br />
<br />(c) the pa~ment of principal and interest on any future advance as may
<br />be evidenced by pranissory notes stating they are secured by this Deed of
<br />Trust Construction Security AgreeIient; provided, however, that the total
<br />principal indebtedness, not including SUDS advanced to protect the security
<br />or interest accrued, shall not exceed the S\JD of Fifty Thousand and No/100
<br />Dollo...", ($50,000.00);
<br />
<br />(d) the perfonnance of each agreanent and covenant of Trustor herein
<br />contained; and
<br />
<br />(e) the payment of any S\JD or SUDS of money which may be hereafter
<br />paid or advanced by Beneficiary under the tenns of this Deed of Trust Con-
<br />struction Security Agreanent, together with interest at the highest rate
<br />provided in the DOtes secured hereby.
<br />
<br />To protect the security of this Deed of Trust Construction Security Agreanent,
<br />Trustor hereby covenants and agrees as follows:
<br />
<br />1. Payment of indebtedness. To pay when due, the principal of, and the interest
<br />on, the indebtedness evidenced by the note, charges, fees and all other SUDS as
<br />provided in the loan instrunents.
<br />
<br />:!. Title. Trustor is the owner of the property and has the right and authority
<br />to execute this Deed of Trust Construction Security Agreanent in respect to the property.
<br />
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