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r <br />L <br />NOANKS 87-- 1025 8 Speed of Trust <br />THIS DEED OF TRUST is made this.. 6 _ day of MAY , 19 -U, by and between <br />whether one or more, ( hereinafter called the "Trustor"), <br />whosemattingaddreaais 342 Pheasant Drive Grand__ 101 d Nebragk& ig8_ <br />IVORWEAa 17 (he etnager called the "Trustee 1 ►those malgn address !s <br />P. o. Sex 7768, [`rand T.1and� �F , and NORWESTBANK a raska, National Assoc <br />called the "Bans/tciary'), whose malting address is P.O. Box 1 768 rand Island. Nnhr..4. goon) (hereinafter <br />WITNESSETH: <br />IF THIS BOX IS CHECKED[ ) THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION <br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, <br />GRANTS AND CONSTITUTES A CONSTRUCT /0N SECURITY INTEREST IN THE PROPERTY <br />DESCRIBED HEREINBELOW. <br />WHEREAS, Trustor is Indebted to Beneficiary in the principal sum of FOURTEEN I <br />Dbliars 0-14400-M—), which indebtedness is evidenced by Trustor 's promissory note dated MAY 6 ig _$7 (hereinafter <br />called the "Note'), payable to the order of Beneficiary and having a maturity of Nov jnher , 1987 <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 />modifFcabbns, substitutions and renewals thereof, <br />(b) Payment of 811 other sums, fees of charges, together with interest thereon, advanced to protect the security of this Deed of Trust and <br />Me 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 />LOT TWENTY —SEVEN (27) IN HIDDEN LAKES SUBDIVISION $2 BEHIND A PART OF THE SE114, NE'k <br />AND PART OF THE N31, NE14, SEh, OF SECTION 13, TOWNSHIP 11 NORTH, RANGE 9 WEST OF THE <br />6TH P.M., HALL COUNTY, NEBRASKA <br />together with (t) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter <br />located thereon, (it) all equipment, machinery and fixtures (including, <br />without !imitation, all lighting, heating, ventilating, cooling, air <br />Conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, <br />carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, <br />transformers, electrical <br />equipment, storm and screen windows, doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement <br />now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (iv), all leasehold <br />estate, right, title and interest of <br />Trusts 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 <br />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 <br />default <br />payable so long as no event of <br />exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements, <br />hereditaments, privileges and appurtenances belonging, <br />used or enjoyed in connection therewith, and (vtll) 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 "Trust <br />called the Property". <br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: <br />a <br />1. Tiffs. Trustoncovenants, 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 Dead Trust is <br />of and will remain a valid and enforceable first lien on the Trust erty, <br />that Trustor, at its 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 <br />L' <br />validity and priority of the lien hereof against the claims of all persons and parties <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 manner in <br />and such place and will take such action as in the opinion 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 <br />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 fight of dower and homestead in <br />and to the Trust Property. <br />2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the indebtedness secured hereby. <br />3. Construction of kprovements. Trustor shall complete in <br />good and workmanlike manner any buildings, improvements or repairs relating <br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note <br />secured hereby, to pay when <br />due all costs and kabilroes incurred therefore, and not to permit uny construction lien against such Trust Property. In the event <br />construction of buildings, improvements or repairs are <br />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 <br />same in <br />promptly, (b) to complete the <br />accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan <br />agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference <br />and made a part hereof, <br />(d) to aI Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials <br />unsatisfactory to Beneficiary within fifteen (15) days after <br />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 Beneficiary on the <br />!hM day of each month, or such other date each month <br />as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum <br />(hereirie ter called the "Funds') equal to 1/121h of the yearly taxes and assessments which may attain priority over this Deed of Trust <br />and ground rents on the Trust Property, if any, plus 1/ 12111 the <br />_ <br />of yearly premium installments for hazard insurance, plus I/ f2th of the <br />yaady premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on <br />the basis of assessments and bills and reasonable <br />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 rents. Beneficiary <br />ground shall not be required to pay Trustor any interest or <br />arrrings on the Funds. Beneficiary shag give to Trustor, without <br />charge, an annual accounting of the Funds showing credits and <br />debits to the Funds and the purpose for which each deGit to the Funds was made. The Funds are pledged as additional security for <br />the indebtedness secured by this Deed of Trust. If the <br />amount of the Funds held by Beneficiary, together with the future monthly <br />nerds of Funds payable prior to the due dates of taxes, assessments, insurance premiums <br />and ground rents, shall exceed the <br />amount required to Pay said taxes, assessments, insurance premiums and ground rents as they tail due, such excess shall be, at <br />Trustor s , wffw Promptly repaid to Trustor <br />or credited to Trustor against future monthly installments of Funds. if the amount of <br />Uie Funds Mid by Beneficiary shall not be suflkienl to pay taxes, assessments, insurance premiums and ground rents as they fair due, <br />Trustor shag pay to fierreficisry any amount necessary <br />to make up the deficiency within thirty days from the date notice is r•.7aiied by <br />00ne0lcrary to Trustor requesting payment thereol. Upon payment in tug of alt Indebtedness, Beneficiary shall ,nroniptl y refund to <br />Trustor any Funds hold by Beneficiary. ii the Trust Property is sold under the <br />power of sale or the Trust Property is otherwise acquired <br />by Beneffcrery, Beneficiary shag apply, Immediately prior to the sale of the Trust Property or rts acqu+srhon by t3enehaavy, any Funds <br />f is a 8000 c"fry, <br />held by BensHCisry st bite lima of appltcatiun as a credit hind <br />against the Indebtedness If Bone executes a written r (it is <br />obkgatttrrms under rius paragraph 4, Th:slor covenanfs And agrees fi, pay. before the same hewn>e deH,nquen!. alt taxes. <br />'Issessrnents, <br />