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I , 10132'7 C0NT5:d
<br />DEED OF TRUST
<br />jj This Deed of Trust is made this 9th day of MaI'C.h 19 87 by and among Emmett C.
<br />E Arnett and De o hereinafter referred to as "Trustor,"
<br />4- whose mailing addresa is I N� Arelld Ri B89.C1[_,_.__.
<br />k Attar..ey at Law, hereinafter referred to as "Trustee," whose +�ai_liag address is �07C-
<br />gf �r'81Hi Is18Ild, NE 688M and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />F "Beneficiary," whose mailing address is P. 0. Box 1688, Grand Island, Nebraska 68802. -
<br />t For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in -
<br />- trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and -
<br />conditions of this Deed of Trust, the following- described property, located in Hall County, -
<br />Nebraska, to -wit: - - - - -_- --
<br />The South Fbrty (40) Feet of Lot Four (4), and the North
<br />Twenty Five (25) Feet of Lot Six (6), in Block Two (2), in
<br />College Addition to West Lawn, in the City of Grand Island,
<br />Hall County, Nebraska.
<br />together with all buildings, improvements, fixturas, streets, alleys, passageways, easements, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits, - -
<br />reversions and the remainders thereof, including all such personal property that is attached to the improve- -
<br />ments so as to constitute a- fixture, all of which, including replacements and additions thereto, are hereby - -
<br />declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the fore-
<br />going shall be hereinafter referred to as the 'Property."
<br />FOR THE PURPOSE OF SECURING: - - - -
<br />(a) the payment of indebtedness evidenced by Tr,stor's note of even date herewith in
<br />the principal sum of Fourteen Thousand and No/100----<s 14,000.00 ), together
<br />with interest at the rate or rates provided therein, or the principal and interest on any
<br />future advance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
<br />and extensions of such notes, both principal and interest on the notes being payable in
<br />accordance with the terms set forth therein, which by this reference is hereby made a part
<br />hereof;
<br />(b) the performance of each agreement and covenant of Trustor herein contained; and
<br />(c) the payment of any sum or sums of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the
<br />rate provided in the note.
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
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<br />1. Poynent of Indebtedness. To pay when due, the principal of, and the interest on, the Indebted-
<br />ness evidenced by the note, charges, fees and all other suss as provided in the loan instruments.
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<br />. Title. Trustor is the owner of the property and has the right a,id authority to execute this
<br />Deed of Trust in respect to the property.
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<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges
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<br />against the property, before the same become delinquent, and, in the event Beneficiary shall so require,
<br />to add to the payments required under the note secured hereby, such amount as may be sufficient to en-
<br />able Beneficiary to pay such taxes, or other charges as they become due.
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<br />4. - Insurance. To keep the improvements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other hazards as Beneficiary may require, in amounts and
<br />companies acceptable to Beneficiary, ar,d with loss payable to Beneficiary. In case of loss under such
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<br />- policies, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all clatats
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<br />tbereurnder arc, at it, sole option, is authorized to either apply the proceeds to the restoration of the .
<br />property or upon the indebtedness secured hereby, but payments required by the note shall continue until
<br />the nurse secured hereby are paid in full_
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<br />5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or xmprove-
<br />ments now or hereafter on -he propert :•; to keep the property in good condition, and repair, without waste
<br />- and free from mechanics or other liens net expressly subordinated to the lien hereof; io not make, suffer
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<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission
<br />to act; and to comply with all requirements of lay with respect to the property.
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<br />6. Goncennation. In the event the property, or any part thereof, shall be talten by eminent domain,
<br />Beneficiary is entitled to collect and receive all compensation which may be paid for any property taken
<br />or for damages to property not taken, and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby or to repair and restore the property so taken.
<br />7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act which
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<br />Trustor has agreed but failed to do, and Beneficia -y may also do any act it deems necessary to protect
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<br />the lieu hereof. Trustor agrees to repay, upon demand, any sumps so expended by Beneficiary for the
<br />above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured here-
<br />by and become secured by the lien hereof. Beneficiary shall not incur any personal liability because of
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<br />anything it may do or omit to do hereunder.
<br />8. Assignments of Rents. Beneficiary shall have the right, power and authority during the con-
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<br />tinuance of this Deed of Trust to collect the rents, issues and profits of the property and of any per -
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<br />Trustor hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
<br />Beneficiary, however, hereby constnta to Trustor's collection and retention of such rents, issues and
<br />profits as they accree and become payable, so long as Trustor is not, at such time, in default with re-
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<br />spect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder.
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<br />If any event of default described hereafter in respect to this Deed of Trust shall have aocucred and be
<br />continuing. Beneficiary, ar a matter of right and without notice to Trustor or anyone claiming under
<br />Trustor, and without regard .o the value of the trust estate or the interest of the Trustor therein,
<br />shall have the right to apply to any court having }urisdlcticm to appoint a receiver of the property.
<br />9. Inspections. Beneficiary, or its agents, representatives or workmen, are authorized to enter
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<br />' at any reasonable time upon or in any part of the property for the purpose of inspecting the. same and
<br />for the purpose of performtnR any of the acts it is authorized to perform under the terms of any loan
<br />instruments executed by Trustor.
<br />10. Transfer of PtU�iSrty. If all <,r any p. +tt of the property or anz Interest ,.. lr—tor tiwrein
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