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XNKS QQ 1033 4feed of Trust THIS DEED OF TRUST is made this _2nd _,, day of `Iona 1.9 31, by and between- Jimmie P. Buescher and ,p n a C- Rn srh r- Husband and Wire whether one or me, c, (hereinafter called the "Trustor'), whose mailing address is 1716 WeRt Anna- Gr' NORWESTBANK Nebraska, National Assoc: ,F—O Rox 1768- Grand Island s and called the "Beneficiary'), whose mailing address is -E whose mailing address fs , (hereinafter WiTNESSETH: IF THIS BOX IS CHECKED ( % THiS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHEREAS, Truster is indebted to Beneficiary in the principal sum of FORTY —ONE THOUSAND FZVE HUNDRED AhTD Dollais (S 3. 500 - 00 ), which indebtedness is evidenced by Truster's promissory note dated -June 2 19 97 , (hereinafter called the "Note "), payable to the order of Beneficiary and having a maturity of November I0, 1987 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions, modifications. substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements of Truster, whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Truster contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced by Beneficiary to Truster or Truster's successor in interest or title, all of which is hereinafter collectively called the "indebtedness -, Truster irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following described property., LOT 7, BLOCK43, CHARLES WASMER'S 2ND ADDITION, CITY OF GRAND ISLAND, HALL COUNTY, NE EAST 12' OF LOT 9 AND ALL OF LOT 10, BLOCK 15, CHARLES WASMER'S ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA together with (i) all buildings, structures, additions, enlargements. modifications, repairs, replacements, and improvements now or hereafter located thereon, (a) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, balers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, al burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon, (iii) all easements and rights of way appurtenant thereto, (tv), all leasehold estate, right, title and interest of Truster in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and income therefrom (subject to the right of Truster to collect and apply such rents, issues, profits and income as they become due and payable so long as no event of default exists hereunder), (vi) all royalties, mineral of and gas rights and profts, water, water rights, and water stock, (vii) all tenements, hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) alf proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereinafter collectively called the "Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: L Title. Truster covenants, warrants and agrees with Beneficiary, its successors and assigns, that Truster owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust P operty, that Truster, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and prionty of the lien hereof against the claims of all persons and parties whomsoever. Truster, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and recorded as a mortgage of the Trust Property in such manner and in such place and will take such action as in the opinion of Trustee may be required by any present or future taw in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may be attended or supplemented from time to time. Truster will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary. Truster hereby relinquishes all fight of dower and homestead in and to the Trust Property. 2. Payment of indebtedness. Truster shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property, In the event construction of buildings, improvements or repairs are contemplated. Truster also agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan agreement, if any, between Truster and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Truster shall pay to Beneficiary on the 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 (hereinafter called the "Funds ") equal to 1 c12th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Property, it any, plus 1, 12th of the yearly premium installments for hazard insurance, plus 1112th of the yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on Me basis of assessments and bibs and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Duster any interest or earnings on the Funds. Beneficiary shall give to Truster, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the indebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Truster's option, either promptly repaid to Truster or credited to Truster against future monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall due, Truster shaft pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice is mailed by Beneficiary to Truster requesting payment thereof. Upon payment in lull of all Indebtedness. Beneficiary shah promptly refund to Truster any Funds held by Beneficiary If the Trust Property is sold under the power of sale or the Trust Property is otherwise acquired by Beneficiary. Beneficiary shall apply, immediately prior to the sale of the .Trust Property or its acquisition by Beneficiary. any Funds held by Beneficiary at the time of application as a credit against the Indebtedness If Beneficiary exewtes a wntfen warvcr of Trustor's obligations under this paragraph 4, Trusle, covenants and agrees to pay. before the same become deiwi7irent ,71.1 taxes, assoss +nests,