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man Deed of Trust
<br />BANKS
<br />8?- 101200
<br />01 January 19 oZ . by and between Richard R. Frogge and
<br />wt,(txther one or more, (hereinafter called the "Trustor" .1
<br />whose maifing address iS V1VJ 1yCVdua HVCULLC, uranu istanar an 000vs
<br />NORWEST BANK Nebraska, National Association (hereinafter called the" Trustee'), whose mailing address is
<br />PO Box 1768, Grand Island, NE 6,ORWESTBANKNebraska, National Association (hereinafter
<br />called the "Beneficiary'), whose mailing address is PO Box 1768 Grand Island NE 68802
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED f / THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST iN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Tn✓stor is indebted to Beneficiary in the principal sum of TWO HUNDRED THOUSAND AND N0.1 100---- -
<br />Dollars (s 200, 000.00 ), which indebtedness is evidenced by Trustor's promissory note dated January 30 , ig 87 , (trereinafter
<br />caged the "Note "). payable to the order of Beneficiary and having a maturity of December 30 1487
<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 Tnistor, whether or not set forth herein,
<br />It) 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 />ail 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 Five (5), Ross Heights Second Subdivision, Ha11 Count}, Nebraska
<br />txjedw. with (it all buildings, structures, additions _ enlargements_ m dificatxons repairs. reolacenents. and improvements now or hereafter
<br />located thereon, lit; all equipment, machinery and fixtures ;mcludrng, wthocit ,- r- ravon, al=' rigmng, heating, ventilating, codling. air
<br />conditioning, sprinkling and plumbing fixtures- water and power systems, enYrrses, boners, ranges, ovens, dishwashers. mirrors and rnarteis.
<br />carpeting, furnaces, oil burners, elevators and motors. retngeration plants or ur,;� commu-ri?cation systems. dynamos, marisfomters, ekamiciat
<br />equipment. storm and screen windows.doors. awnings and shades; now or hereafter attached to, or built tn. any building or tmproverr*nt
<br />now or hereafter located thereon, ittii aft easements arc rights of way anp ar`eranr vx reto. +:r air leasehotd estate. right, fill° and interest of
<br />Trustor to and to ati leases. whetter now or hereafter evving or entered:. ^tv ,ono vd rig. without limitation, ail cash and security dam,
<br />advance rentals and deposits or payments of a stindar nature:. pertaining - -iereto. tv; ail rents. ,slues. profits and income thereLrom ,subpect
<br />to the right of Trustor to collect and apply such rents. issues, profits and n orrre as they became due and payable so brig as not event of
<br />dot exists hereunder/. (vii all royalties. mineral. dil and gas rights and Drcfrts_ water. wafer rights, and water stock. (vu) ad terms,
<br />hereditaments, privileges and appurtenances belonging. used or enroyed in connection therewith_ and imi) alt proceeds of converwm,
<br />volurrtary or involuntary. of any of the foregoing into cash or liquidated claims lirrcfu mg. wrVnCrt fendatiom proceeds of insutance and
<br />oormtem.ration awards). all of which its hereinafter collectively calted the Trust Prover r-,
<br />TO PROTECT THE SECURITY OF THiS DEED OF TRUST, TPUSTOn COVENANTS AND AGREES AS FOLLOWS:
<br />1. Title. Trustor covenants, warrants and agrees with Beneficiary. ,rs successors and assigns, that Trustor owns the Trust Property free
<br />from any prior,ien or encumbrance. that this Deed of Trust is and will remar, a valid and enforceable first teen on the Trust Property,
<br />that Trustor, at its expense, will preserve such title and will maimair this Deed of Trust as a first and paramount qen upon the Trust
<br />Property and will forever warrant and defend the validity and ononty, of the her hereof acarnst the claims of all persons and parties
<br />whomsoever. Trustor. at its expense. will cause this Deed of Trust, arid each arilendmert or supplement hereto, fa be Ned ,, --rid
<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 alt ngrn, of dower and homestead to and to the Trust Properly.
<br />2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby_
<br />3. Construction of improvements. Trusty shall compete in good and workmaroke manner any puddn, gs, improvements rx repars •afawtg
<br />thereto which may be begun on the Trust Property or contemplated by the ban evidenced by the Note secured hereby. to pay when
<br />due all costs and liabilities incurred therefore, and not to permit any construction her against such Trust Property. In the evert,
<br />construction of buildings, improvements or repairs are contemplated. Trustor also agrees, anything in this Deed of Trust to the contrary
<br />notwithstanding: (a) to promptly commence any such work and to complete the proposed improvements proth011y, Ib) 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 budding /oar:
<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 lei to replace any work or materiats
<br />unsatistacton, to Beneficiary within fifteen (15) days after written notice from Beriehciary of such fact.
<br />4_ Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary. Trustor shag pay to Benehrrary 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 fuif a sum
<br />(hereinafter called the -Funds") equal to 1: 12th of the yeany taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, it any, plus T 12th of the yearly premium instatiments 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 bans 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 shaft 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 />debits to the Funds and the purpose for which each debit to the Funds was made The Funds are pledged as addinona! security for
<br />the Indebtedness secured by this Deed of Trust. H the amount of the Funds held by Beneficiary, together with the future monthly
<br />instaNments of Funds payable prior to the due dates of taxes, assessments, insurance premiums arid ground rents, shall exceed it*
<br />amount required to pay said taxes, assessments, insurance premiums and ground rents as they fait due, such excess shall be, at
<br />Trustor -s cation either nrmmnt!v r!.pad uSt ^o :: cmamtaa tv , rusiur aywnsi iuiure murnhiy rr,sianrrienis V, Fur,as, " th& - -
<br />the Funds held by Beneficiary shall nor be suh5ctent tc pay taxes, assessments- insurance premiums and ground rents as they fall dire,
<br />Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date rinfice is ma, led Py
<br />8erwh iary to I rustor requesting payment thereof Upon payment in full of at indebtedness. Beneficiary shall promptly refund to
<br />Trustor any Funds held by Beneficiary If the Trust Property is sold under the power of sale or the .Trust Property is otherwise acqurrt, :!
<br />by Baneric,ary R nefrco y shah apply, immediately prior to the sate of the Trust Proper`} ear its acquisition by nenehciaq ,inn F:;nos
<br />herd f ?Y tjonof,c,an, of the trine Of 3rppl,Cahon as a credit against the indebtedness f' FrPrsefi 'ary eye r -rtes ,, N -,,hen lSawc,? n! Trr,src`.r ti
<br />o21'�gai.,�nz under rio, j,arrtt),aph 4 _ Tru >tor rovnnantF and agrees !r? pay restore the 5j -e t i , ;r'r trees iSSaSS,Tiprt }-
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