|
i i i a
<br />ACKNOWLEDGEMENT OF DIED OF TRUST 86 n A Q
<br />MAO T11411111 1iA Stamm*
<br />Borrowers ((Truelors) understand that the document that the Borrowers are about to execute is a Dead of Trust and not a mortgage and that the power of sale
<br />provided for In the of Trust provides subsbmtially dlffereot rights and obligations to the Borrowers than a mortgage in the event of a default or breach of obligation
<br />under the Lead of Trust, Including, but not limited to, the Lander's right to have the Real Property sold by the Trustee without any judicial presaging or foreclosure .
<br />Donrowers represent and warrant that this acknowledgement was executed by them before the am yon of the _ of Trust. )
<br />air r(Harold Rosenkotter)
<br />(Husband & WiY ) Borrower (Judith A.
<br />DEED OF TRUST WITH FUTURE ADVANCES PROVISION Rosenkotter )
<br />THIS DEED OF TRUST, is madses o1 the 22 day o1
<br />husband & Wife
<br />DeC'—. 1986 by and among the Truster, Harold
<br />;hose mailing address 153349 W. Capital, Grand Island
<br />(herein "Borrower"), the Truetae, _Atto r n N E
<br />whose retailing address is P.O. BoXi 80 r Grand I s 1 and, N E 158802 (herein "Truslrfe" ), and the Beneficiary,
<br />Five Points Bank whoesmailingaddressis P.O. BOX 1507. drana Island, r(tlorein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including the indebtedness identified herein and trust herein created, the receipt of which is hereby acknowledged, Borrower
<br />hereby irrevocably grants, transfers, convoys and assigns to Trustee, IN TRUST. WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the
<br />terms and conditions hereinatter set forth, the real property, described in Exhibit A attached hereto and incorporated herein by this reference:
<br />Together with all buildings, improvements, fixtures, streets, alleys. passageways, easements, rights, privileges and appurtenances located thereon or in anywise
<br />pertaining theatre, and the rents, issues and profits, reversions and remainders thereof; including, but not limited to.. heating and cooling equipment and such personal
<br />property that is attached to the improvements so as to constitute a fixture: and together with the homestead or marital interests, if any, which interests are hereby released
<br />and waived; NI of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the
<br />foregoing being referred to herein as the "property"
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by Borrower's note dated December 22, 1986
<br />having a maturity date of J Une 22, 198 % , in the original principal amount of $ 70 r 000 . 00 and any and all modifications. extensions and
<br />renewsla thereof or thereto and any and all future advances and readvances hereunder pursuant to one or more promissory notes (herein called "Note "); (b) the payment of
<br />other sums advanced by Lender to protect the security of this Deed of Trust, with interest thereon as provided in the Note: and (c) the performance of all covenants and
<br />agreement of Borrower set forth herein.
<br />Borrower, to protect the security of this Deed of Trust, covenants and agrees with Lender as follows:
<br />1. PsyewM of►rUtatpal sad Interest. Borrower shall promptly pay when due the principal of and interest on. and any lees or charges provided in, the Note or in this
<br />Deed of Trust.
<br />2, TO@. Borrower fslhe owner of the Property, has the fight and authority to convey the Property, and warrants that the lien created hereby is a first and prior lien on
<br />the Property, except "may otherwise be set forth on Exhibit A hereto, and the execution and delivery of this Deed of Trust does not violate any contractor other obligation
<br />to which Borrower is subject.
<br />3. Tries, AsseemosohL To pay when due all taxes. special assessments and all other charges against the Property and, upon written demand by Lender, to pay to
<br />Lender such amount as may be sufficient to enable the Lender to pay such taxes, assessments or other charges as they become due.
<br />f. Insurance. To keep the Property Insured against damage by fire. hazards Included within the term "extended coverage', and such other hazards as Lender may
<br />require, in amounts and with companies acceptable to Lender, and with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust.
<br />c West and compromise, all claims thereunder and shalt have the option of applying all or part of the insurance proceeds (t) to any indebtedness secured hereby and in such
<br />order as Lender may determine, (it) to the Borrower to be used for the repair or restoration of the Property or (Ili) for any other purpose or object satisfactory to Lender
<br />wilhoutaf ec"t; thehan of this Deed of Trust for the full amount secured hereby before such payment overtook place. Any application of proceeds to indebtedness shall
<br />not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder
<br />5. Yshgsnsufe N padre and ConepNanw wHh Ltaws. Borrower shall keep the Property in good condition and repair; shall promptly repair, or replace any
<br />Improvement which may be damaged or destroyed: shall not commit or permit any wsafe or deterioration of the Property; shall not remove. demolish or substantially alter
<br />anyof the improvements on the Property; shall not commit, suffer or permit any act to be done in or upon the Property in violation of any law, ordinance, or regulation; and
<br />shalt pay aril promptly discharge at Borrowers cost and expense all hens. encumbrances and charges Levied. imposed or assessed against the Property or any part thereof.
<br />6. Beennsnl Demalls. Lender is hereby assigned all compensation, awards. damages and other payments or relief (hersinatter "Proceeds") in connection with
<br />condemnation or other taking Oahe Property or part thereof, or for conveyance In lieu of condemnation Lender shall be entitled at its option to commence, appear in and
<br />prosecute in its own name any action or proceedings, and shall also be entitled to make any compromise or settlement in connection with such taking or damage. In the
<br />event any portion of the Property is so taken or damaged. Lender shall have the option. in Its sole and absolute discretion, to apply all such Proceeds, after deducting
<br />therefrom as costs and expenses Incurred by rt it connection with such proceeds. upon any Indebtedness secured hereby and in such order as Lender may determine, or to
<br />apply an such Proceeds. after such deductions to the restoration of the Property upon such conditions as Lender may determine. Any application of Proceeds to
<br />irxMbftdnew shall not extend or postpone the dire date of any payments under the Note, or cure any default thereunder or hereunder.
<br />7. Pertonmomwby LotwW. Intheevantdt Borrower' a failure to perform any of the covenants herein or make any payments required hereby, or if any act is taken or
<br />legel prose" commenced which materially affects lender's interest in the Property. Lender may in its own discretion. but without obligation to do so. and without notice
<br />to or demand upon Borrower and without hilkno ng Borrower from any obligation. do any act which the Borrower has agreed but fails to do and may also do any other act it
<br />deems necessary to protect the security here d Borrower shall, immedtately upon demand therefor by Lender, pay to Lender all costs and expenses incurred and sums
<br />sitpartdsd by lender in connection with tie exercies by Lender of the foregoing rights, together with Interest thereon at the rate provided in the Note. which shall be added to
<br />the indebtedness secured twfty. Lender Shan not incur any personal fisblh!y because of anything it may do or omit to do hereunder.
<br />S. Sine of Dolied. The following shall constitute an event of default under this Deed of Trust
<br />(a) Failure to pay any installment of principal or interest or any other sum secured hereby when due, or failure to pay when due any other indebtedness of
<br />Borrower to Lander:
<br />(b) A breach of or default under any provision contained In the Note, this Deed of Trust. any document which secures the Note, and any other
<br />encumbrance upon the Property,
<br />(e) Awfll of exe cution or attachment or any similar process shalt he entered against Borrower which shall become alien on the Property or any portion
<br />thereof of interest iherern.
<br />(d) There shalt be feted by or against Borrower an action under any present or future federal. state or other statute, law or regulation relating to
<br />bankruptcy, insolvency or other relief tot debtors; or there shall be appointed any trustee, receiver or liquidator of Borrower or of all orally part of the Property, or
<br />the fares, ;dues or "its thereof, of Borrower sell make any genera) assignment for the benefit of creditors,
<br />(a) The an*, transfer, assignment. conveyance or further encumbrance of 911 or any pan of o• any interest in the Property. either voluntarily or
<br />invaWnunaly, without the express written consent of Lender
<br />(t) If Borrower is not an Individual, the sale, transfer, assignment, conveyance or encumbrance of more than _---percent of fit a corporation) its
<br />ossued and outstanding stock or (it a partnership) _____ percent of partnership interests.
<br />g. Momedles'. AapMraden Ural, Bananas. In me event of any Event of Default Lender may declare all indebtedness secured hereby to be due and payable and the
<br />sums thermalson became due and payable ladhoul any Presentment, demand. protest or notice of any kind. Thereafter Lender may
<br />(a) Demand that Trustee exercise the POWER OF SALE granted herein, and Trustee shall thereafter cause Borrower's Interest in the Property to be sold
<br />and tM proceeds to be d iunbuled, all in the manner provided in the Nebraska Trust Deeds Act:
<br />to) Eimer m person or by agent, with or wdhout bringing any action or proceeding, of by a receiver appointed by a court and without regaid to the
<br />adequiscy of its security, enter upon and take possession of the Property, or any part thereof, in its own name or In the name of the Trustee, and do any acts which
<br />it doom milt or deshable to preserve the value, marketability or rentability of the Property or pat thereof or Interest therein, increase the income
<br />thershem or firmest the security tweet and, with or withoul taking possession of the Property. sue for or otherwise collect the rants. Issues and profits thereof,
<br />trt trlobe peat due and unpaid. and applyihe same. lesscosts andexpenses of operation and collection Including attorneys' fees, upon any indebtedness
<br />secured , ate in such Order as Lander may determine The entering upon and taking possession of the Property, the collection of such rents, issues and
<br />pietas Will llte et+ontnareot as sfofesaid, shall not cure or waive any default or notice of default hereunder onnvandale any act done in response to such
<br />tar pwfluaftl to such nahea of defew" and. notwithstanding the continuance In possession or the Property or the collection. receipt and application of
<br />esift.resussorignalits . 1,ustes of Lender shall be *,,fitted to exercise every right prcwided for m any of the L. Dan Insl r uments of by law upon ocr. urence of any
<br />event of ditfsuif. eichading Be right to exerciso the power of sale. and
<br />Is) Commence on action to forectose this Dead of Trust as a mortgage . appoint ale tnvvf, u: apn f.cally enforce any of the covenant§ hereon
<br />Nil astern coorteirod upon a, aaiarr*d to Truslea Or Lander to Intended to he excessive of any,,thvrrernedy herein of Dy law prnv:y,.d ;n prumdtad but each snail be
<br />cum�kl9lve. staal4 Eta in :Uri !i5 *vary other remedy slush h *raundar or olive Dr h *r9affer axistn'ia at law r.r .n a�;nty or by eta 1, ale ar.,S ay tin a , pled ci n, i�„eltliy
<br />,a ny ra 0,r,'e'myorty
<br />r
<br />
|