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<br />CONT5:d
<br />DEED OF TRUST
<br />87-- 101878
<br />This Deed of Trust is made this 3 day of April 19 87 by and among Harry T.
<br />�11c1W_3nd Tla hereinafter referred to as "Trustor,"
<br />Whose mailing address is 4'_kJ5 W. Koenig, rand IsIancl,- Andy Baack
<br />Attorney at Law hereinafter referred to as "Trustee," whose mai g address is P.O. BOX 790
<br />Grand Island, NE 68802; and THE CVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address is P. 0. Box 1688, Grand Island, Nebraska 68802. -
<br />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 sutl)J ec# to the terms and
<br />conditions of this Deed of Trust, the following- described property, located in iial County, - - -
<br />Nebraska, to -wit:
<br />Tats Five (5) and Six (6) and the West Six Feet (W6') of
<br />Seven (7) Block Twelve (12), Arnold and Abbott's Addition
<br />to the City of Grand Island, Hall County, Nebraska.
<br />together with all buildings, improvements, fixtures, streets, alleys, passage ays, easements, rights, privi-
<br />leges and appurtenances located thereon or in ary 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 />sents 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 Trustor's note of even date herewith in
<br />the principal sum of Twen -five thmisandl an dj rtn�il: 2��i)(k') S 0 ), together
<br />with interest at the rate or rates provided therein, or the principal and interest an 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 interesr 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, Truster hereby covenants and agrees as follows:
<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 suns as provided in the loan instruments.
<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.
<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges
<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 tares, assessments or other charges as they become due.
<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 outer 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
<br />policies, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all clal
<br />thereunder and, at its sole oprion, is authorize! to either apply ,:.he proceeds to the restoration of the
<br />property or upon the indebtedness secured hereby. *ut payments required by the note shall continue not it
<br />the sums sa_cured hereby are paid in full.
<br />5. Repair, Maintenance and Use. To pr=pti, repair, restore or rebuild any buildings or improve-
<br />ments now or hereafter on the property; to keep the property in good condition and repair, without waste
<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />qr 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 law with respect to the property.
<br />6. Condetmlation. 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.
<br />7. Performance by Beneficiary. Beneficiary may, but shall have no obligation to, do any act which
<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 sum so expended by Beneficiary shall be added ca the indebtedness secured here-
<br />by and became 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 />S. Assignments of Rents. Beneficiary shall have the right, power and authority during the con-
<br />tinuance of this Deed of Trust to collect the rents, issues and profits of the property and of any per-
<br />sonal property located thereon with or without taking possession of the property affected hereby, and
<br />Trustor hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
<br />Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and
<br />Profits as they ar =:rue and become payable, so long as Trustor is not, at such time, in default with re-
<br />speet,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 />Trustor, 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 any court having jurisdiction to appoint a receiver of the property.
<br />9. Inspections. Beneficiary, or Its agents, representatives or workmen, are authorized to enter
<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 performing any of the acts it is authorized to perform under the terms of any loan
<br />increments executed by Trustor.
<br />10_ Transfer of ProIertx. If all or any part of the property or any interest of Trustor therein
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