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NMAWS 166206 Deed i�r of
<br />0
<br />is made this T day of ig -U, by turd between Delmar C. Dirks and
<br />whether one or more, (hereinafter called the " Truster"),
<br />M
<br />mailing address is
<br />(hereinafter
<br />Wi7NESSETH:
<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 CONSTRUCTION SECURITY INTEREST iN THE PROPERTY
<br />DESCRIBED HEREINBELOW,
<br />WHEREAS, Trustor is indebted to Beneficiary in the principal sum of .T S=- -F1V.F F,k? -- -- --- -
<br />($ ID.5 D-00- --), which indebtedness is evidenced by Tiustor's promissory note dated . , t 9 (hereinafter
<br />c the "torte "), payable to the order of Beneficiary and having a maturity of April- .12 _ , 1988 ,
<br />NOW, THEREFORE, for the purpose of securing:
<br />(a) payment of the Note, together with interest thereon, /ate charges, prepayment penalties, any future advances, and all extensions,
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of at other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and
<br />the 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 Truster 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 titre,
<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 blowing described property:
<br />Suite No. Six (6), Brentwood By- The -Lake Condominium Property Regime III of Lot
<br />Fifteen (15), Brentwood Third Subdivision in the City of Grand Island, Hall County,
<br />Nebraska
<br />together with (i) ad buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (N) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, We
<br />sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpoheg, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, 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 estate, right, title and interest of
<br />Truster in and to all losses, whether now or hereafter existing or entered info (including, without limitation, all cash and security deposits,
<br />advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and Income therefrom (subject
<br />to the right of Trust to collect and apply such rents, Issues, profits and income as they become due and payable so long as no event of
<br />default sidsts ), (vf) ad royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (0) all tenements,
<br />s, privileges and appurtenances belonging, used or enjoyed In connection therewith, and (viii) 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 />condamrtation awards), all of which is hereinafter collectively called the "Trust Property".
<br />TO PROTECT THE SECURITY OF THiS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. TNe. Truster covenants, warrants and agrees with Beneficiary, its successors and assigns, that Truslor owns the Trust Property free
<br />from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property,
<br />that Trustor, at Its expanse, will preserve such tide 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 validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Truster, 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 and in 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 will make such further assurance or assurances to perfect its title to the Trust
<br />Property as may be required by Beneficiary. Truster hereby relinquishes all right of dower and homestead in 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 improvements Truster shall complete in 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 secured hereby, to pay when
<br />due s# costs and habiddes incurred therefore, and not to permit any construction lien against such Trust Property. In the event
<br />construction of buildings, improvements or repairs are 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 promptly, (b) to complete the
<br />same in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan
<br />N arty, between Truster and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof,
<br />(d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials
<br />sfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact.
<br />i. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the
<br />NM day of sech month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum
<br />called rite "Funds') equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, H arty, plus I/ 12th of rite yearly premium installments for hazard insurance, plus 1112th of the
<br />premium instailinents for mortgage Insurance, if any, all as reasonably estimated initially end from time to time by Beneficiary on
<br />No bests of assessmeft and bills and reasonable estimates thereof. The Funds shall be hold in an institution, the deposits or
<br />accounts of which we Irwhred or guaranteed by a Weral or state agency including Beneficiary. Beneficiary shed apply the Funds to
<br />pay SW taxes, a premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />of the Funds, Beneftiary shed give to Truster, without charge, an annual accounting of the Funds showing credits and
<br />debils to der Funda and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for
<br />■ dA6 Indabledeass secured by M Deed of Trust, t the amount of the Funds held by Beneficiary, together with the future monthly
<br />14 butallmenta of Funds Payable Prior to the due detes of taxes, assessments, insurance premiums and ground rents, shall exceed the
<br />4010unt required to pay sad taxes, asmaments, insurance premiums and ground rents as they fad due, such excess shall be, at
<br />TAWWs repaid to Trustor or credited to Truster against future monthly in.4fallments of Funds. if the amount of
<br />the Fwmfs held by Beneficiary OW not be sufficient to pay taxes, assn nt$, insurance premiums and ground rents as they fall due,
<br />!ery arty nmcaa to make up the deficiency within thirty days inxn the data notice rs mailed by
<br />to T .Upon payment !n tut of alt indebtedness, Beneficiary shaft promptly re ►anti to
<br />1 �y F � N rho Trust Property is sold under fire power or sane or the Trust property is arherwise acquired
<br />by ry, shaft 1 y prier m the o! the Trusf Property err ids acquisition by Beneficiary, an y i ands
<br />� at of apptUO a cr tag t tie Indebtedness. if B ficiary executes a wnnen waiver of Trusfrrr's
<br />this par 4, Truster co and ago s to pay, thefore the earn® hesc;oms dei[nq[renf rill taxes, asserssma nos,
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