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r r� e Deed of Trust BaNxs i � 3 lei y THIS DEED OF TRUST is made this 1 day of .Anna 19 _$.Z , by and between L. T. Bounden and Cher 9 Fpvdan- hn.hand and wife _ whether one or more, (hereinafter coded the " Trustor" ), whores mailing address is NORWEST BANK (hereinafter called the "Trustee "), whose mailing address is a& —, (hereinafter canted the "Beneficiary'), whose malting address is WITNESSETH: IF THIS BOX IS CHECKED / J THiS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREiNBELOW. WHEREAS, Tnlstor is indebted to Beneficiary in the principal sum of SIXTY THOUSAND AND N01100 DOLI.AR�r------- --- - -- Doliars ($ _. ), which indebtedness is evidenced by Trustor's promissory note dated June 1 19 87 , ( hereinafter called &a "Nod'), payable to the order of Beneficiary and having a maturity of —May 1 —1988 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, ffgx f canons, substitutions and renewals thereof, (b) payment of ad other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and Me performance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor 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 Bensdciary to Trustor or Trustor's successor in interest or title, el of which is hereinafter collectively called the "Indebtedness ". Trustor ireevocabty grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following described property : LOT THIRTEEN (13), IN BLOCK THREE (3), IN REPLAT OF RIVERSIDE ACRES, AN ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA ogamer with (i) ad buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter located thereon, (i) ail equipment, machinery and fixtures (including, without lintation, all lighting, heating, ventilating, cooling, air sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electrical equoment, 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, (m) ad easements and rights of way appurtenant therelo, (iv), all leasehold estate, right, title and interest of Trustor in and to ad teases, whetter now or hensafter 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 Trustor to collect and apply such rents, issues, profits and income as they become due and payable so long as no event of it~ exists h erourder). (vi) all royalties, mineral, oil and gas rights and prokts, water, water rights. and water stock, (vii) all tenements, and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion, rvkatay Of involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereffiefter coMoctively called the 'Trust Property... TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free from any pry ken or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first ken on the Trust Property, drat Trustor, at its expense, will preserve such fife and will maintain this Deed of Trust as a first and paramount Hen upon the Trust Property and will forever warrant and dotard the validity and priority of the ken hereof against the claims of all persons and parties whomsoever. Trustor, at its expense, will cause this Dead of Trust, and each amendment or supplement hereto, to be Hied 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 hours law in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may be aid or supplemented hom time to time. Trustor will make such further assurance or assurances to perfect its tide to the Trust Property as may be required by Beneficiary. Trusty hereby relinquishes all right of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of knprovements. Trustor shad complete in gocd 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 of costs and liabilities incurred therefore. and not to permit any construction hen against such Trust Property. In the event construction of buildings, improvements or repairs as cantemplatedd. Trustor also agrees, anything in this Deed of Trust to the contrary notwWWwtiling; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the smite in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the forms of a building loan agreement, it any, between Trusto 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 afar written notice from Beneficiary of such fact. 1. Furl for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the first day of each mitt, or such other date each month as may be specified by Beneficiary, until the indebtedness is paid in full, a sum called the "Funds') equal to 1 121h of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rats tut the Trust Property, d any, plus 1112M of the yearly premium installments for hazard insurance, plus l/ 12th of the y"dy prMNtNn instaftents for mortgage insurance, if arty, ad as reasonably estimated initially and from time to time by Beneficiary on Me basis of sesesernents and bilis and reemneW estimates thereof The Funds shall be held in an institution, the deposits or of which are insured or guaranteed by a lederal or state agency including Beneficiary. Beneficiary shelf apply the Funds to pay sad taxes, assessments, instivence premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or oortungs on the Funds. BenMkiary shag give to Truator, without charge, at annual accounting of the Funds showing credits and debils to the Funds and Me purpose for which each debit to the Funds was made. The Funds are pledged as additional security for L ttw MdOM&MM secured by Na Dead of Trust d the amount of Me Funds held by Beneficiary, together with the future monthly of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay sad taxes, , insurance premiums and ground rents as they fork due, such excess shad be, at 7 s repaid to Trust or credited to Trustor against future monthly installments of Funds. It the amount of Milt Funds /sofd by Soneficiary shy not be sutfcfernf to pay taxes, assessments. insurance premiums and ground rents as they isd due. tnislor OW pay to Bonsficiary any amount necessary to make up the deficiency within thirty days from the date notice is mailed by BonoNciary to T payment thereof. Upon payment in full of all Indebtedness, Beneficiary shall promptly refund to Thalor arty Funds hold by Berreficiary. If Mho Trust Property is sold under the power of sale or the Trust Property is otherwise acquired by . normificiary OW apply, immediately prior to Me sate ol the Trust f'rop" or its acquisition by Beneficiary. any Funds held by sonsilictory of the Of appft~ as a credit against the Indebtedness. If Beneficiary executes a written waiver M Tuition's s WXW Mss paegreph I. Trusts covenants and agrees to tray, before the same become delinquorit, ati taxes. assessments. WN 4"A.01.0s 01W M