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87- 1052017
<br />DEED OF TRUST
<br />(Short Form)
<br />KNOW ALL MEN BY THESE PRESENTS: that RAYMOND L. TONKINSON
<br />and MARGUERITE E. TONKINSON, husband and wife, hereinafter
<br />referred to as the "Trustors ", to secure a Deed of Trust Note
<br />bearing even date herewith for the principal amount of Twenty-
<br />Seven Thousand and No /100 Dollars ($27,000.00) payable to the
<br />order of R. DENNIS NORRIS and PATRICIA A. NORRIS, husband and
<br />wife, as joint tenants with right of survivorship, hereinafter
<br />referred to as the "Beneficiaries ", providing for payment of the
<br />entire principal balance, together with interest at the rate of
<br />ten percent (108) per annum, in monthly installments of Four
<br />Hundred and No /100 Dollars ($400.00) each until September 1,
<br />1992, at which time all principal and interest provided for by
<br />this Note shall have been paid, do hereby grant and convey unto
<br />AREND R. BAACK, Attorney at Law, the "Trustee ", the following -
<br />described property:
<br />All of Lot Four (4) in Block Forty -Four (44),
<br />Original Town, Grand Island, Hall County,
<br />Nebraska,
<br />TO HAVE AND TO HOLD the same, together with all appurte-
<br />nances, in trust nevertheless, and in case of default in the
<br />payment of said Deed of Trust Note or any part thereof or interest
<br />thereon or in the performance of any covenant hereinafter set
<br />forth, then the Trustee shall have the power to sell the above -
<br />described property, and upon request of the Beneficiaries, the
<br />Trustee shall file for record in the Register of Deeds' Office of
<br />Hall County, Nebraska, a Notice of Default, setting forth that a
<br />breach of an obligation, for which the said property was conveyed
<br />as security, has occurred, and setting forth the nature of such
<br />breach and the Trustee's election to sell the property to satisfy
<br />the obligation; and after the lapse of not less than one (1)
<br />month, the Trustee shall give written notice of the time and
<br />place of sale which may be between 9:00 a.m. and 5:00 p.m. at the
<br />premises, or at the Hall County Courthouse, and particularly
<br />describing the property to be sold; said Notice to be published
<br />in a newspaper of a general circulation in Hall County, Nebraska,
<br />once a week for five (5) consecutive weeks, the last publication
<br />to be at least ten (10) days but not more than thirty (30) days
<br />prior to the sale; and the Trustee shall then sell said property
<br />at the time and place designated in the Notice, in the manner
<br />provided by law in effect at the time of filing said Notice, and
<br />public auction to the highest bidder for cash and shall deliver
<br />to such purchaser a deed to the property sold, consistent with
<br />the law in effect at that time. Additionally, Trustee shall mail
<br />Trustors a copy of any Notice of Default and Notice of Sale
<br />hereunder upon default addressed to them at 1218 West 12th,
<br />Hastings, NE 68901. Out of the proceeds of said sale, the
<br />Trustee shall retain and pay first all fees, charges and costs of
<br />sale and all monies advanced in the exercise of the power of
<br />sale, including the payment of the Trustee's fees actually
<br />incurred, and pay second the obligations secured by this Deed of
<br />Trust; and the balance, if any, shall be paid to the person or
<br />persons legally entitled thereto. Any person, including the
<br />Beneficiaries, may purchase said property at such sale.
<br />The Trustors covenant that at the time of delivery of these
<br />presents, they are seized of said property in fee simple, and
<br />that said property is free of encumbrances, except encumbrances,
<br />easements, rights -of -way, restrictions and reservations of
<br />L record, and they will properly maintain the property, keep all
<br />buildings insured for fire and extended coverage in an amount
<br />equal to the unpaid balance of the aforesaid Deed of Trust Note,
<br />with loss payable to the Beneficiaries, and will pay all taxes
<br />and assessments against said property and amounts due on prior
<br />encumbrances, and if they shall fail to pay insurance premiums or
<br />taxes on amounts due on prior encumbrances, the Beneficiaries may
<br />pay the same and all amounts so paid shall become ,�c3ditional
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