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<br />1.00458 roNTS: r
<br />DEED OF TRUST
<br />(Open End 1tiole Note)
<br />:his Deed of Trust 's made this 26th day of Jan 19g b'7 , by and among
<br />Eknil Schaaf and Beverl
<br />Schaaf , Dios -�aiic 44= Wile '
<br />hereinafter referred to as "Trustor, whose mailing address is Route 7.9.-GLIAnd Tclandt NE 68801
<br />nmd R. Diaaek 'Attorney at Law, hereinafter referred to as
<br />"Trustee," whose mailing address is _ . T x 790, Grand Is1and��iE 688132
<br />and THE OGERI,AND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Beneficiary," whose mailing
<br />address is P. 0. Box 1688, Grand Island, Nebraska 68802.
<br />For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee,
<br />In trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the
<br />terms and conditions of this Deed of Trust, the following- described property, located in Hall
<br />County, Nebraska, to -wit:
<br />See Attached "Exhibit 3"
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights,
<br />privileges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues,
<br />profits, reversions and the remainders thereof, including all such personal property that is attached
<br />to the improvements so as to constitute a fixture, all of which, including replacements and additions
<br />thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed
<br />that all of the foregoing shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of personal indebtedness owing from Trustor to Beneficiary, as
<br />evidenced by Promissory *dotes of various dates in the total present principal amount of
<br />Eidlty -Five Thousand Dollars and N6/100--- ------(s 85,000.00 );
<br />(b) the payment of interest at the rate or rates provided in the afore - described notes and
<br />the payment of both principal and interest on any and all renewals, modifications and extensions
<br />of such notes;
<br />(c) the payment of principal and interest on any future advance as may be evidenced by
<br />promissory notes stating they are secured by this Deed of Trust; provided, however, that the
<br />total principal indebtedness, not including sums advanced to protect the security or interest
<br />accrued, shall not exceed the sum of Eidity -Five Thousand R NO/1 $85,0M-00
<br />(d) the performance of each agreement and covenant of Trustor herein contained; and
<br />(e) the payment of any stmt or sums of money which may be hereafter paid or advanced by
<br />Beneficiary under the terns of this Deed of Trust, together with interest at the highest
<br />rate provided in the notes secured hereby.
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
<br />1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the in-
<br />debtedness evidenced by the note, charges, fees and all other sums as provided in the loan instru-
<br />ments.
<br />2. Title. Trustor is the owner of the property and has the right and authority to execute
<br />this Deed of Trust in respect to the property.
<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other
<br />charges against the property, before the same become delinquent, and, in the event Beneficiary
<br />shall so require, to add to the payments required under the note secured hereby, such amount as
<br />may be sufficient to enable Beneficiary to pay such taxes, assessments or other charges as they
<br />become due.
<br />4. Insurance. To keep the improvements now or hereafter located on the real estate
<br />described herein insured against damage by fire and such other hazards as Beneficiary may require,
<br />in amounts and companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case
<br />of loss under such policies, Beneficiary is authorized to adjust, collect and compromise, in its
<br />discretion, all claims thereunder and, at its sole option, is authorized to either apply the pro-
<br />ceeds to the restoration of the property or upon the indebtedness secured hereby, but payments
<br />required by the note shall continue until the sums secured hereby are paid in full.
<br />S. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or
<br />improvements now or hereafter an the property; to keep the property in good condition and repair,
<br />without waste and free from mechanics or other liens not expressly subordinated to the lien hereof;
<br />to not make, suffer or permit any nuisance to exist nor to diminish or impair the value of the
<br />property by any act or omission to act; and to comply with all requirements of law with respect
<br />to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent
<br />domain, Beneficiary is entitled to collect and receive all compensation which may be paid for any
<br />property taken or for damages to property not taken, and Beneficiary shall apply such compensation,
<br />at its option, either to a reduction of the indebtedness secured hereby or to repair and restore
<br />the property so taken.
<br />7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act
<br />which Trustor has agreed but failed to do, and Beneficiary may also do any act it deems necessary
<br />to protect the lien hereof. Trustor agrees to repay, upon demand, any stars so expended by Bene-
<br />ficiary for the above purposes, and any sum so expended by Beneficiary shall be added to the in-
<br />debtedness secured hereby and become secured by the lien hereof. Beneficiary shall not incur any
<br />personal liability because of anything it may do or omit to do hereunder.
<br />S. Inspections. Beneficiary, or its agents, representatives or workmen, are authorized to
<br />enter at any reasonable time upon or in any part of the property for the purpose of inspecting the
<br />same and for the purpose of performing any of the acts it is authorized to perform under the terms
<br />of any loan instruments executed by Trustor.
<br />9. A_sjjpment o£ Rents_. Beneficiary shall hats= the right, power and auti.orlty during, the
<br />continuance -f nis -Deed of Trust to collect the rent,, issues and profit the property and of
<br />any personal property located thereon with or without taklog possession . e.e r pert* affected
<br />hereby, enu' '.rustezr herebv absolutely and —n n.ditionally assigns ail ,ch rents, :c -.ues and .,roflts
<br />.s Beneficiar,. Beneflciary, however, 8erebv consents to Trust,. ..7 R± �:i retent.on l't <.0 h
<br />r tail ?, t4a;. anti profit, as th,-, act -ue and btr,,me avahle, — 1 711_ a- rotor is nor, at emu,.n rim(,
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