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87„_ 100600 Deed of Trust
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<br />THIS DEED OF TRUST is made this _VQt h day of Ianuary_ . 19 87— , by and between ^ter I i„ G -._ nrandr r, axui_.__._
<br />Bonnie C. Br whether whether one or more, (hereinafter called the "'Trustor' "),
<br />whose mailing address is. Hillside Drive, Grand Island NE 68803
<br />NORWEST BANK . Nebraska, nal .AGSn ; a r i nn (hereinafter called the "Trustee "). whose mailing address is
<br />T'0 Box 1768, Grand IslandE 688 �(ORWEST�ANK Nebraska National Association _, (hereinafter
<br />called the "Beneficiary"), whose mailing address is " Box 1 7623, _.r�is i 62
<br />WITNESSETH.
<br />IF THiS BOX IS CHECKED j J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECUPITY INTEREST iN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Trustor is indebted to Beneficiary in the principal sum of TWO HUNDRED THOUSAND ND I100=--- - - -_ -- --
<br />Dollars (S700 - 000 - 00- 00 ), which indebtedness is evidenced by Trustor's prontissoiy note dated January 30, 1 g 87 (hereinafter
<br />called the "Note "), payable to the order of Beneficiary and having a maturity of December 30, 1987_____,__
<br />NOW, THEREFORE, for the purpose of securing:
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions,
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and
<br />the performance of the covenants and agreements of Trustor, whether or not set forth herein,
<br />(c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or
<br />incorporated by reference or any other security instrument at anytime given to secure the Note, and
<br />(d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Trustor's successor in interest or title,
<br />all of which is hereinafter collectively called the "Indebtedness", Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER
<br />OF SALE, the following described property:
<br />Lot Nineteen (19), Westroads Estates Fourth Subdivision, Hall County, Nebraska
<br />together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery "fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers. electrical
<br />equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement
<br />now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and interest of
<br />Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits,
<br />advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and income therefrom (subject
<br />to the right of Trustor to collect and apply such rents, issues, profits and income as they become due and payable so long as no event of
<br />default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights. and water stock, (vii) all tenements,
<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion,
<br />voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and
<br />"Trust ".
<br />"
<br />condemnation awards), all of which is hereinafter collectively called the Property
<br />TO PROTECT THE SECURITY OF THiS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns. that Trustor owns the Trust Property free
<br />from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property,
<br />that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Trustor, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and
<br />recorded as a mortgage of the Trust Property in such manner and in such place and will take such action as in the opinion of Trustee
<br />may be required by any present or future law in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may
<br />be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust
<br />Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property.
<br />2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when
<br />due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event
<br />construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of ,Trost to the contrary
<br />notwithstanding: (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the
<br />same in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan
<br />agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof,
<br />(d) to allow Beneficiary to inspect the Trust Property at all times during construction. and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact.
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the
<br />first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum
<br />(hereinafter called the "Funds ") equal to 1 12th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus 1,12th of the yearly premium installments for hazard insurance. plus 1 12th of the
<br />yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or
<br />accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to
<br />pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />rT
<br />debits to the Funds and thu purpose for which each debit to the Funds was made. The Funds are piedged as additional security for
<br />the indebtedness secured by this Deed of Trust. if the amount of the Funds held by Beneficiary, together with the future monthly
<br />installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall exceed the
<br />amount required to pay said taxes. assessments, ! nsurance premiums and ground rents as they tali due. such excess shall be. at
<br />Trustors option, either promptly repaid to Trustor or credited to Trustor against future monthiv nstatiments or Funds if the an oont of
<br />the Funds held by Beneficiary shall not be sufficient to pay taxes assessments, insurance ive n. urns 3rd thcy tel: Clue.
<br />Trustor shalt pay to Beneficiary any amount necessary to crake up the deficrencv w,trnn rhuly ,,.3i.s "'w" tl6e rr 4 ,c e is maoc-d by
<br />Beneficiary to Trustor requesting payrnent thereof. Upon payment in hilt of all i,70ehte ur ,..,.
<br />Trustor any Funds heft: by Beneficiary . ii the Trust Pro, erry re s , d unr)er .hr l, c w��; ; a° o ,._ •• ors, r, . ,.
<br />p htT' ofictary. appitr. gimme ;la rr�'y' t .rr :, the „tit s rhr
<br />..'i 3e)nefic ary a' Dtc here of applx;atr?,
<br />U r 7 Y "h <. 1 - r 3cr aar; 7 Tr :rSr,v
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