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AM Deed of Trust
<br />BgtIN' M BANKS
<br />87- 101527
<br />THIS DEED OF TRUST is made this 11 day of March 19 �Z , by and between Larry W. Coffey and
<br />Sherry A Coffgy Fusband and Wife whether one or more, (hereinafter called the "Trustw "),
<br />whose mailing address .is 201 Oak Creek Drive. Lincoln, Nehra_ska 68501
<br />NORWESTBANK Nebraska, National Ac_coriarion (hereinafter called the" Trustee'), whose mailing address is
<br />P.O. Box 1768. Grand Island. NE , and NORWEST BANK N €b ac a National Acao iati on , (hereinafter
<br />called the "Beneficiary'), whose mailing address is P. O. Box 1768 Grand Tal and, Nabraaka fiRR02
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED ( 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 SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS. Trustor is indebted to Beneficiary in the principal sum of Qu WMAW x1m _
<br />Ooftars (S 104, 6'75.70 ),which indebtedness is evidenced by Trus pr i tiarcfi—II ~- -1TJ �- 'firer— Waiter
<br />called the "Note'). payable to the order of Beneficiary and having a maturity of July 1 1994
<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 />LOTS NINE (9) AND TEN (10), IN BLOCK ELESTEN (11), H. G. CLARK'S
<br />ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />together with (i) all buildings. structures, additions, enlargements, modifications, repairs. replacements, and improvements now or hereafter
<br />located thereon. (if) all equipment, machinery and fixtures (including, without limitation. all fighting. heating, ventilating, cooling, air
<br />conditioning, sphnkiing and plumbing fixtures, water and power systems. engines. boilers. ranges, ovens, dishwashers, mirrors and rnankft
<br />carpeting, furnaces. oil burners. elevators and motors. refrigeration plants or units. communication systems, dynamos, transformers, electrical
<br />equipment storm and screen windows, doers, awnings and shades} row or hereafter attached to. or built in, any building or imp,- ovement
<br />now or hereafter located thereon. (iii) all easements and rights of way appurtenant thereto. riv). 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, :eater. water rights. and water stock. (vii) aff 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 />condemnation awards), all of which is hereinafter collectively called the "Trust Property
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1: Tftle. 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 is 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 anc' part es
<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 mannQr and in such place and will take such action as in the opt. ~n 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 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. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs reiang
<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 aft 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 a-a 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 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 builrino kran
<br />agreement, if any, between Trustor and Beneficiary. the terms of which are incorporated herein by reference and made a part hereof,
<br />td) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or r, iater,als
<br />unsatisfactory to Beneficiary within fifteen (7 5) 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 Benefriary, 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 />+Inzeire- malter called Mfe "Funds") aqua,' to 1 -1 c;.: of the yearly taxes and assessrner,is which may amain pri ofiry over this Deea 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. alf 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 />debits to the Funds and the purpose for which each debit to the Funds was made The Funds are pledged 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, insurance premiums and ground rents as they fall due. such excess shall be, at
<br />Trustor's option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds, if the amount of
<br />the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fail due,
<br />Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice is marled by
<br />Beneficiary to Trustor requesting payment thereof Upon payment in full of all indebtedness Bene6cary shall promptly refund t,
<br />Trustor any Funds held by Beneficiary it flee Trust Property is sold under the power of sale or file Trus: Prove, s on;erwise acquired
<br />by Beneficiary. Beneficiary shall apply, immediately prior to the sale of the Trust Property rr its acquis,!a o fir F4,- efrt,,ary any Funds
<br />herd by Haneticiary, at the time of application as a credit against the fnryf btednass 11 HP, -,R1, ",try oie, ures a w -r,rfen waiver of Trustor s
<br />crh7 €gaM,n; under CRTs par,�graph d, truster covenants and agrees to nay hakire [r,e ,,in,,. ! i„ ;,r , ,ir.,r. •q „r,rt , !ales assessments_
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