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<br />
<br />WHEN RECORDED MAIL TO:
<br />CORNERSTONE BANK
<br />Grllnd Island Main Facility
<br />810 North Diers Avenue
<br />P.O. Box 1074
<br />Grand Island, NE 68802-1074
<br />
<br />[Space Above This Line For Recording Data)
<br />
<br />DEED OF TRUST
<br />
<br />DEFINITIONS
<br />
<br />Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21.
<br />Certain rules regarding the usage of words used in this document are also provided in Section 16,
<br />
<br />(A) "Security Instrument" means this document, which is dated October 11, 2007, together with all Riders to this document.
<br />(B) "Borrower" is David L. Larson, Trustee of the David Larson Revocable Living Trust dated October 15, 2002, as amended as to an
<br />undivided one-half interest and Catherine M. Larson, Trustee of the Catherine M. Larson Revocable Living Trust dated October 15, 2002,
<br />as amended as to an undivided one-half interest. Borrower is the trustor under this Security Instrument.
<br />(CI "Lender" is CORNERSTONE BANK. Lender is a Corporation organized and existing under the laws of Nebraska. Lender's address is
<br />Grand Island Main Facility, 810 North Diers Avenue, P.O. Box 1074, Grand Island, NE 68802-1074. Lender is the beneficiary under this
<br />Security Instrument.
<br />(01 "Trustee" is TIERONE BANK.
<br />(EI "Note" means the promissory note signed by Borrower and dated October 11, 2007. The Note states that Borrower owes Lender
<br />Ninety-five Thousand Two Hundred & 00/100 Dollars (U.S. $95,200.00) plus interest, Borrower has promised to pay this debt in regular
<br />Periodic Payments and to pay the debt in full not later than November 1, 2027.
<br />(F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property,"
<br />IGI "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all
<br />sums due under this Security Instrument. plus interest.
<br />(H) "Riders" means all Riders to this Security Instrument that are executed by Borrower, The following Riders are to be executed by
<br />Borrower [check box as applicable]:
<br />
<br />o Adjustable Rate Rider
<br />o Balloon Rider
<br />~ 1-4 Family Rider
<br />
<br />D Condominium Rider
<br />D Planned Unit Development Rider
<br />D Biweekly Payment Rider
<br />
<br />o Second Home Rider
<br />o Other(s) [specify] ~
<br />
<br />III "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and
<br />orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions.
<br />IJ) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on
<br />Borrower or the Property by a condominium association, homeowners association or similar organization.
<br />(K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper
<br />instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or
<br />authorize a financial institution to debit or credit an account, Such term includes, but is not limited to, point-of-sale transfers, automated
<br />teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers.
<br />IL) "Escrow Items" means those items that are described in Section 3.
<br />(M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than
<br />insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (Ii) condemnation or
<br />other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
<br />value and/or condition of the Property.
<br />IN) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
<br />(01 "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (Ii) any amounts
<br />under Section 3 of this Security Instrument,
<br />(P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. ~ 2601 et seq.) and its implementing regulation, Regulation X
<br />(24 C.F,R, Part 35001. as they might be amended from time to time, or any additional or successor legislation or regulation that governs
<br />the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in
<br />regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA.
<br />(Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed
<br />Borrower's obligations under the Note and/or this Security Instrument.
<br />
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />
<br />This Security Instrument secures to Lender: (I) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and
<br />(ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower
<br />irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in the County of Hall:
<br />
<br />Real Property tax identification number is 400088908.
<br />
<br />The North Forty Four (44) Feet of Lot Two (21, in Block Twenty One (21), in Scarff's Addition to West Lawn, in the City of Grand
<br />Island, Hall County, Nebraska, and a tract of land lying adjacent thereto and being a part of what was formerly West 17th Street
<br />in the City of Grand Island. Nebraska as Vacated by said City by Ordinance Number 3993 dated May 15th, 1963 and more
<br />particularly described as follows, to-wit: Beginning at the Northwest corner of Lot Two (21, in Block Twenty One (211, in Scarff's
<br />Addition to West Lawn, in the City of Grand Island, Nebraska. running thence East along and upon the North line of said Lot Two
<br />
<br />
<br />KA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />Page 1 of 6
<br />
<br />Form 3028 1/01
<br />
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