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<br />$�— 101582 CONTS:d
<br />DEED OF TRUST
<br />This Deed of Trust is made this 13th day of March 19 87 by and among James H.
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<br />Ber nand Debra -J. Be sl d Wife hereinafter referred to as "Trustor,"
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<br />whose mailing address 1a ee �ratlanfi. Arend R. Baad'.�i
<br />Attarnuiy at Law, hereinafter referred to as 'Trustee," whose mailing address is g.� -��� —�
<br />Grand Island. NE 6M2 and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address is P. O. Box 1688, Grand Island, Nebraska 68802.
<br />For valuable consideration. Trustor irrevocably grants, transfers, conveys and assigns to Trustee, In -
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<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: - -
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<br />Lots Nine (9) and Ten (10) in Scheel's Subdivision,
<br />Hall County, Nebraska.
<br />together with all buildings, improvements, fixtures, streets, alleys, passageeays, easements, rights, pr1v1-
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<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits,
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<br />reversions and the remainders thereof, including all such personal property that is attached to the improve-
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<br />- amts so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby
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<br />declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the fore-
<br />. gain& shall be hereinafter referred to as the "Property."
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<br />FOR THE PURPOSE OF SECURING-
<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith in
<br />the principal sum of Twelve Thousand Five H13ndIed —mss 12,500.00 ), 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
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<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
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<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
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<br />(b) the performance of each agreement and covenant of Trustor herein contained; and
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<br />(c) the payment of any sum or some of away which may be hereafter paid or advanced
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<br />by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the
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<br />rate provided In the note.
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<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
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<br />1. Payment 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 />2. Title. Trustor is the owner of the property and has the right and 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 taus, 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-
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<br />able Beneficiary to pay such taxes, assessments or other charges as they become due. -
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<br />L. - 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, and 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 claim
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<br />thereunder and, at its sole option, is authorized [o either aptly :he proceeds to the restoration of the
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<br />property or upon the indebtedness secured h, -eby, but payments required by the note shall continue until
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<br />the suns secured hereby are paid in full.
<br />Repair, Maintenance and Use. To p_onptly repair, restore or rebuild any buildings or Improve-
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<br />mentsJnow or hereafter m the property; to keep the property in good condition and repair, without waste
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<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or aafssion
<br />to act; and to comply with all requirements of law with respect to the property.
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<br />6. Condemnation, in the event the property, or any part thereof, shall be taken 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. -
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<br />i. 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 Beneficiary may also do any act it deems necessary to protect
<br />the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above Purposes, and any mss 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
<br />anything it may do or omit to do hereunder.
<br />8. Assign!nRts of Rents. Beneficiary shall have the right, power and authority during the con-
<br />- tinuence_of this Deed of Trust to collect the rents, issues and profits of the property and of any per-
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<br />-�. "'"' '- ;.u-9 possessicn oP the property affected hereby, and
<br />'frustor hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
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<br />Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and
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<br />Profits as they accrue and became payable, so long as Trustor is not, at such time, in default with re-
<br />_ spent to Payment Of any indebtedness secured hereby, or in the performance of any agreement hereunder.
<br />If any event of default described hereafter in respect to this Deed of Trust shall have - occurred and be
<br />continuing, Beneficiary, as a matter of right and without notice to Trustor or anyone claiming under
<br />Truator, and without regard to the value of the trust estate or the interest of -the Trustor therein,
<br />shall have the right to apply to my court having jurisdiction to appoint a receiver of the property.
<br />9, Inspection$, Beneficiary, or its agents, representatives or workmen, are authorized to enter
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<br />at any reasonable time upon or in my part of the property for the purpose of Inspecting the same and
<br />for the purpose of performing any of the acts it is authorized to perform under the terms of any Loan
<br />Instruments executed by Trustor.
<br />30. lzmsfer of Pr_oMgy. If ail or any part of the property or any interest of Trustor therein
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