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<br /> DEED OF TRUST ~,
<br />
<br />THIS TRUST DEED made this 6th day of July, 2007, between CLAY TEEL and
<br />KRISTIN TEEL, husband and wife, as TRUSTORS, whose address is 4109 Allen, Grand
<br />Island, Nebraska 68803; JOHN M. CUNNINGHAM, a member of the Nebraska State Bar
<br />Association, as TRUSTEE, whose address is P. O. Box 2280, 222 N. Cedar St.,
<br />Grand Island, Nebraska 68802 and COMPETITIVE MORTGAGE, INC. whose address is
<br />3421 W. State Street #4, Grand Island, Nebraska 68803, as BENEFICIARY.
<br />
<br />WITNESSETH:
<br />
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE,
<br />IN TRUST, his heirs, devisees, personal representatives, successors and
<br />assigns, with power of sale, the following-described real property:
<br />
<br />LOT TWENTY FOUR (24), GRAND WEST THIRD SUBDIVISION IN THE CITY
<br />OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />
<br />together with all improvements and appurtenances thereon.
<br />
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARY
<br />that they are lawfully seized and the owners of the above-described property;
<br />that they have good right and lawful authority to sell and convey said premises
<br />and that said premises are free and clear of all liens and encumbrances, and
<br />further, that TRUSTORS will warrant and defend the title to said premises
<br />forever against the claims of all persons whomsoever.
<br />
<br />For the purpose of securing performance of each agreement of TRUSTORS
<br />herein contained and the payment of ONE HUNDRED SEVENTY NINE THOUSAND FIVE
<br />HUNDRED DOLLARS ($179,500.00), the TRUSTORS have executed a Trust Deed Note
<br />bearing even date, at the rate of interest and on the terms and conditions as
<br />set forth in such Trust Deed Note until paid. The principal sum and interest
<br />shall be payable in accordance with and upon the terms and conditions of said
<br />Trust Deed Note of even date, and in any event the entire principal balance due
<br />hereunder and any accrued interest shall be paid in Thirty (30) years on July
<br />6, 2037. All payments due hereunder shall be paid at the address of the
<br />BENEFICIARY as above described, or at such other place as such BENEFICIARY or
<br />the holders of said security shall designate in writing. All installment
<br />payments hereunder shall be applied first to the payment of interest on the
<br />unpaid balance, pursuant to the Amortization Schedule, a copy of which has been
<br />provided to each of the parties hereto, and the remainder of each payment of
<br />such installment to be applied on principal.
<br />
<br />It is agreed by and between the parties hereto that while title is vested
<br />in the TRUSTEE and until filing of Notice of Default, the TRUSTORS shall:
<br />
<br />A. Retain possession of the property at all times, except as may be
<br />otherwise agreed by the parties in writing.
<br />
<br />B. Maintain the residence and any other improvements located on the
<br />real property in good condition and repair.
<br />
<br />C.
<br />
<br />Pay all general and special taxes and all
<br />every kind levied or assessed against or
<br />before delinquency, and to deliver to
<br />receipts showing payment of such taxes each
<br />
<br />special assessments of
<br />due upon said property
<br />BENEFICIARY copies of
<br />year.
<br />
<br />D. Procure and maintain policies of all-risk insurance on said
<br />improvements, in sums and underwritten by companies acceptable to
<br />the BENEFICIARY, in an amount at least equal to the property's full
<br />insurable value, which policies shall name the BENEFICIARY as
<br />
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