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<br /> TRUST DEED
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<br />THIS TRUST DEED is made on 07/19/2007 by and between the Trustor. Grcl!orv B LOl!sdon and Marv J LOl!sdon, husband and wifc _ {herein ~
<br />"Borrower"), Security Federal Savinl!s, a Federal Savill!l:s Bank (herein "Trustce"), and the Beneficiary, Securitv Federal Savin\!:s, a Federal Savinl!s Bank (hercin ~
<br />"Lender"). Lender's address is 1330 N Street, P.O. Box 80609, Lincoln, NE 68501-0609. -0
<br />BORROWER, In consideration of thc indebtedness herein reeitcd and the Trust herein crcatcd, irrevocably grants and eonvcys to Trustee, in trust, with the
<br />POWER OF SALE, the following dcscribed property located in the County of !!i!.!LState of NE:
<br />
<br />Lot Three (3), Pleasant View Eighth Subdivision to the City of Grand Island, Hall County, Nebraska
<br />
<br />TOGETHER with all buildings, fixtures, and improvements now or hereafter erected thereon and all rights-of-way, easements, leaschold inkrests rents, issues,
<br />profits, income, tenements, hereditaments, privileges, appurtenanecs, royalties, and mineral, oil, gas and water rights thereunto belonging, used or enjoycd with said land or
<br />,my part thereot; all of which, including rcplacemcnts and additions thereto shall be deemed to be and rcmain a part of the property eovcrcd by this Trust Deed; and all of the
<br />foregoing together with said property are herein referred to as the "Property". Borrowcr further pledges and a~signs to Lender all right, title and interest to any and all
<br />monics on deposit with any city, county, public body or agency, sanitary district, gas and/or electric company, telephone company and any other body or agency for
<br />installation or to secure the installation of any utilities or improvements pertaining to thc Property.
<br />TO SECURE to Lender the repayment ofindcbtedness evidenced by Borrower's note dated 07/19/2007 (herein "Note") in the principal sum 01'$116,370,00 with
<br />a tlnal maturity, if not sooncr paid, of Octo her 01, 2007 and as security for any future advances that may be made by Lender to Borrower trom time to timc and as security
<br />for the payment of any and all other indebtedncss of the Borrower to the Lender which may now exist or hereafter arise, all of said sums not to exceed in the aggregate a
<br />sum equal to threc times the original principal amount of Ole above recited Note.
<br />BORROWER covcnants that Borrower is lawfully seized of the Property hereby conveyed and has the right to grant and convcy the Property, that the Property is
<br />unencumbered by any mortgagc, trust deed, contract to purchase, or otherwise. Borrower further covenants to warrant and defend the title to the Property against all claims
<br />and demands. Horrower agrees to executc and deliver trom time to timc such further instruments as may be requested by Lcnder in form and substance satisfactory to
<br />Lender to confirm the lien of this Trust Deed on any of the aforcmcntioned Property.
<br />Borrower and lender further covenant and agree as follows:
<br />1. Borrower shall promptly pay when due the principal and interest on the indebtedness evidenced by the Note.
<br />2. At least ten days before they become delinquent, Borrower shall pay all taxes and special assessments levied or assessed against Ole Property, or any part
<br />thereot; and all taxes, levies and assessments levied upon this Trust Deed or the debt which it secures and all payments or monetary obligations required of the owner of the
<br />Property under any covenants, declaration, agreement, conditions or restrictions pertaining to the Property or any modification thereof In the event of the passage of !lny
<br />law changing the collection of such taxes or assessments so as to impair the security of this Trust Deed or the holder hereof or changing in ,my way the laws for the taxation
<br />of Trust Deeds or debts secured by Trust Deeds tor state and local purposes thc Lender shall have the right to declare all sums securcd hcreby due and payable in full as ofa
<br />date to be specified by not less than thirty (30) days prior written notice to Borrower, provided however, that such election shall be inetrective if Borrower is permitted by
<br />law to pay the whole of such tax in addition to all other payments required hereunder and if prior to such specified date docs pay such tax and agrees to pay the same wben
<br />levied or assess cd thereafter before delinquency.
<br />3. Borrower shall keep the improvements and buildings, if any, upon the Property insured, with a company or companies approved by the Lender, ror an
<br />amount not less than the unpaid balance on the indebtedness secured by this Trust Deed with a standard mortgage clause with loss payable to the Lender. If the Property is
<br />now or hereafter located in a nood hazard area, Borrower shall, at its expense, acquire and at all times maintain nood insurance on the Property in an amount for no less than
<br />the unpaid balance on the indebtcdness secured by this Trust Dced with a standard mortgage clause with loss payable to the Lender. Lender may charge 13orrower a
<br />reasonable fee for the cost of detcrmining whether the Propcrty is in a Hood hazard arca. If requested by Lender, the Borrower shall obtain and at all times maintain
<br />comprehensive general public liability insurance on the Property for an amount not less than $1,000,000.00 per occurrence with an aggregate coverage of$2,000,000,00 and
<br />an umbrella policy in an amount not less than $1,000,000.00. Borrower shall delivcr said policy or policies to the Lender.
<br />In the event of a loss, Borrower shall give prompt notice to the insurance carrier and thc Lender and file a proof of loss. If the Borrower is not otherwise in
<br />default, the 13orrower may elect to apply the insurance proceeds to repair or replace the damaged Property, if economically feasible, and the security of this Trust Deed
<br />would not he impaired. If the Borrower is in default under this Trust Deed or the Note or if Borrower elects not to repair or replace the damaged property or repair or
<br />replacement would not be economically feasible or the security of this Trust Deed would be impaired then the insurance proceeds shall be applied to the last maturing
<br />payments due on the Note. If the insurance proceeds are in excess of the total amount secured by this Trust Deed, the excess shall be paid to the Borrower. Insurance
<br />procecds tor repair or replacement shall be placed in escrow with the Lender and disbursed by Lender during or upon completion of such repair or replacement
<br />4. Upon the request of Lender, for the purpose of providing a fund for the payment of taxes, special assessments and insurance premiums, Horrower shall
<br />deposit with lender, on the dates that payments arc due on the Note, an amount equal to the taxes, asscssments and insurance premiums next due (all as cstimated by the
<br />Lender, less amounts already deposited theretor) divided by the number of payments on the Note that will become due prior to thc date when such taxes, assessments and
<br />insurance premiums will become due and payable. In addition Lender may require Borrower to make an initial escrow deposit and to maintain an escrow cushion during the
<br />term of this loan to tbe extent permitted under state law or federal law or regulations applicable to tedcrally related mortgage loans, whichever is greater. Said limds will be
<br />held by the Lender in a non-interest bearing escrow account for the purposes set forth above. If the amounts of these deposits are not sufficient to pay taxes, assessments
<br />and insurance premiums as they become due, then Borrower shall upon request, pay Lender the amount necessary to make up the deficiency.
<br />5, Borrower agrees that unless the Lender, in its sole discretion elects a differing allocation, or unless applicable law provides otherwise, that all p,lyments
<br />received by Lender shall be applied in the following manner and order: a) reasonable costs and fees including Trustee's rees and attorney fces incurred in exercising the
<br />power of sale, b) interest and principal on funds advanced to preserve, protect or maintain the propcrty or to pay insurance premiums, taxes, assessments, prior liens or
<br />pursuant to any of the terms of this Trust Deed, c) interest on the Note, d) principal oCthe Note, and e) interest and principal on any other future advances or othcr
<br />indebtedness secured hereby.
<br />6. Borrower shall kcep the Property in good repair and shall not commit waste or permit impairment or deterioration oCthe Property. Borrower shall keep and
<br />maintain the Property and conduct any construction thereon, all in compliance with all governmental laws, ordinances and regulatory rcquirements including but not limited
<br />to, zoning regulations, building codes, environmental laws and the provisions of the American with Disabilities Act (ADA), all as now in existence or as hereafter amended
<br />or enacted. Borrower shall immediately advise Lendcr in writing of any actual or threatened action or procceding to enforce any such law, ordinance, regulation or
<br />restriction against the Property or the Borrower. Borrowcr shall be solely responsible tor and indemnify and hold Lender, its directors, officers, agents, successors and
<br />assigns from and against any and all loss, damage, costs, expense or liability arising out of or attributable to Borrower's failure or refusal to comply fully with the
<br />requirements hereof
<br />7. If Borrower rails to: a) maintain or pay the premiums for the required insurance of thc Property, or b) pay taxes and assessments before dclinquent, or c)
<br />pay any amount due under a prior mortgage, trust deed or lien betore delinquent, or d) maintain thc Property in good repair, or c) perform any of the covenants or
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