|
• e _ q A 2..
<br />DEED OF TRUST 87-- 1p1 g p8
<br />THIS DEED OF TRUST, made this 3rd day of — April , 1 g 87 , between
<br />EDWARD L. BELGRADE AND SANDRA P. BELGRADE, Husband and wife as Trustor,
<br />FirsTter Bank, National Association, Omaha, Nebraska as Trustee,
<br />Firs7ier Bank, National Association, Omaha, Nebraska as Beneficiary:
<br />WITNESSETH:
<br />That Trustor irrevocably grants, transfers and assigns to Trustee in trust, with power of sale, the following described
<br />property:
<br />All of Block Five (5), Unit One (1), Continental Gardens, an Addition to the City of
<br />Grand Island, Hall County, Nebraska, less that portion sold to the City of Grand Island,
<br />described as: Beginning at the junction of the East line of Webb Road and the South line
<br />or' College Street, said point also being the Northwest corner of Unit 1, Block 5,
<br />Continental Gardens Subdivision; thence proceeding East along the South line of College
<br />Street for a distance of 8.85 feet; thence deflecting right in a Southwesterly direction
<br />to a point 5 feet South of and 4 feet East of the Northwest corner of Unit 1, Block 5,
<br />Continental Gardens Subdivision; thence deflecting left 4 feet from and parallel to the
<br />East line of Webb Road for a distance of 6 feet; thence deflecting right, perpendicular
<br />to the East line of Webb Road for a distance of 4 feet; thence deflecting right along the
<br />East line of Webb Road for a distance of 11 feet to the point of beginning.
<br />together with all interest which Trustor now has or may hereafter acquire in and to said property and in and to: (a) all
<br />easements and rights of way appurtenant thereto; (b) all tenements, hereditaments, buildings, structures, improvements,
<br />fixtures, equipment, furnishings and appurtenances now or hereafter placed thereon; (c) all leasehold estate, right title,
<br />and interest of Trustor in and to all leases or subleases thereof or any portion thereof now or hereafter existing or entered
<br />into, and all right, title, and interest of Trustor thereunder, including, without limitation, all cash or security deposits, advance
<br />rentals, and deposits or payments of similar nature, and (d) all mineral, oil, gas rights and profits, water, water rights, and
<br />water stock. Trustor agrees to execute and deliver, from time to time, such further instruments as may be requested by
<br />Beneficiary in form and substance satisfactory to Beneficiary to confirm the lien of this Deed of Trust on any of the
<br />aforementioned property. The property so conveyed to Trustee hereunder is hereinafter referred to as "such property ".
<br />The Trustor absolutely and irrevocably grants, transfers and assigns to Beneficiary the rents, income, issues, and profits
<br />of all property covered by this Deed of Trust.
<br />FOR THE PURPOSE OF SECURING:
<br />1. Payment of the principal sum of Six hundred twenty -five thousand and no /100 ($625,000.00)---
<br />evidenced by the certain promissory note dated of even date herewith (hereinafter referred to as the "Promissory Note ")
<br />executed by Edward L. Belgrade and Sandra P. Belgrade, Husband and wife
<br />in said amount and payable to the order of Beneficiary maturing on May 1, 1997
<br />together with interest thereon, late charges, and prepayment bonuses according to the terms of the Promissory Note
<br />and all renewals, extensions, and modifications thereof.
<br />2. Performance, discharge of and compliance with every obligation, covenant and agreement of Trustor incorporated by
<br />reference or contained herein or in any other security agreement or deed of trust at any time given to secure any
<br />indebtedness hereby secured, or any part thereof.
<br />3. Payment of all fees and charges of Beneficiary or Trustee, whether or not set forth herein.
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS:
<br />TITLE: That it is lawfully seized and possessed of a good and indefeasible title and estate to all of such property in fee
<br />simple free from any prior lien or encumbrance, has good right and lawful authority to convey the same, and will forever
<br />warrant and defend the title thereto against the claims and demands of all persons whosoever; that it will, at its expense,
<br />maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property.
<br />MAINTENANCE: To keep such property in good condition and repair; to complete or restore promptly and in good and
<br />workmmnlike manner any building which may be constructed, damaged or destroyed thereon and to pay, when due, all
<br />claims for labor performed and materials furnished therefore and for any alterations thereof; to comply with the provisions
<br />of all insurance policies covering said premises, to comply with all laws, ordinances, regulations, covenants, conditions
<br />MW restrictions affecting such property; not to remove, demolish or materially alter any building, or the character or use
<br />thereof at any time thereon: not to drill or extract nor to permit the drilling for or extraction of oil, gas or other hydrocarbon
<br />substances, water or any mineral of any kind unless the written consent of Beneficiary is had and obtained; not to commit or
<br />permit any weallelhereof or any act upon such property in violation of law; to do all other acts in a timely and proper manner
<br />which from the character or use of such property may be reasonably necessary to protect and preserve said security, the
<br />spiecific enumerations herein not excluding the general.
<br />LCONSTRUCTION OF IMPROVEMENTS: To complete in good and workmanlike manner any building or improvement or
<br />r thereto which may be begun on such property or contemplated by the loan secured hereby, to pay when due
<br />all costeand habildies incurred therefore, and notto permit any mechanic's lien against such property. Trustor also agrees,
<br />anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence work and to complete the
<br />proposed improvements promptly, (b) to complete same in accordance with plans and specifications as approved by
<br />Seneficiary. (c) to comply with all of the terms of any building loan agreement between Trustor and Beneficiary, the terms of
<br />which are incorporated herein by reference to the same extent as if fully set forth herein and made a part of this Deed of
<br />Trust. (d) to ago* Beneficiary to inspect such property at all times during construction, and (e) to replace any work or
<br />materials unsatisfactory to Beneficiary, within fifteen (15) days after written notice from Beneficiary of such fact, which
<br />r:ofroce may to given to Trustor by registered or certified mail. sent to his last known addre vs, or by personal seivice> of the
<br />
|