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ACKNOWLEDGEMENT OF DEED OF TRUST 87-106832
<br />SOMOWERS READ THIS SEFORE SIONINO:
<br />Borrowers (Truslors) understand that the document that the Borrowers areabout to execute is a Deed of Trust and not a mortgage and that the power of sale provided
<br />for in the Deed of Trust provides substantially different rights and obligations to the Borrowers than a mortgage in the event of a default or breach of obligation under the
<br />Oleo of Trust, including, but not limited to, the Lendei s right to have the Real Property sold by the Trustee without any judicial proceeding or foreclosure. Borrowers
<br />represent and warrant that this acknowledgement wag executed by them before the ecution of the Deed of Trust_
<br />mes H. Carlson BOffOWef Husband)
<br />7
<br />(Betty Carlson, Borrower Wife)
<br />PREFACE TO DEED OF TRUST
<br />COMPLETE this portion ONLY If the real propel described consists of INDIVIDUALLY OWNED AGRICULTURAL LAND.
<br />If applicable, complete ONLY ONE either A, S, or C:
<br />❑ A. DISCLAIMER OF RIGHT TO DESIGNATE HOMESTEAD:
<br />The Borrowerjs) acknowledge that they are about to execute the following Deed of Trust upon the real estate described therein. The Borrower(s), and each of them if
<br />more than one. do hereby disclaim their right to designate a homestead pursuant thereto. No part of the homestead of either of the Borrowers) is presently or will in the
<br />future be situated upon said real estate. The Borrower(s) understand that if either establishes a homestead on any part of said real estate during the time the Deed of Trust
<br />remains unsatisfied and a lien upon said real estate, there shall be no right to make a designation of homestead i n the event of a foreclosure or trustee's sale with respect to
<br />said Deed of Trust
<br />❑ B. WAIVER OF RIGHT TO DESIGNATE HOMESTEAD:
<br />The Borrowers) acknowledge that they are about to execute the following Deed of Trust upon the real estate described therein. The Borrower(s), and each of them if
<br />more than one. do hereby waive their right to designate a homestead pursuant thereto. The Borrowerls) understand that they have the right to make a designation Of
<br />homestead and that by executing this waiver, they are waiving rights otherwise available for the purpose of affording them the opportunity to retain their homestead in the
<br />event of a default upon the Deed of Trust.
<br />❑ C. DESIGNATION OF HOMESTEAD:
<br />Pursuant to the Farm Homestead Protection Act (Section 76 -1901 at seq. Revised Statutes of the State of Nebraska), the Borrower(s), do hereby designate the real
<br />property described in the "Designation of Homestead" attached hereto and incorporated herein by this reference.
<br />Borrower
<br />Borrower
<br />DEED OF TRUST WITH FUTURE ADVANCES PROVISION
<br />THIS DEED OF TRUST. Is made as of the 19 day of "November 19 _87. -. by and among the Truslor James He Ca :1 son
<br />and_ Betty A. Carlson, Husband & _ Wife_ whose mailing address is 1032 North Custer..._Grand Island,
<br />NE (herein `BorrowerI the Trustee .. William G.__B1-ackburn,._A member of the NE _State Bar Assn.
<br />whose mailing address is __P•_O. _Bo x_2280, _Grand Island, NE 68802 _(herem'Trustee' ").
<br />and the Beneficiary. ___.__Five Points Bank
<br />P O Box 1507 Grand Island, NE 68802
<br />whose mailing address is _____.. Grand ____ _ Inerem'Lentlerl.
<br />FOR VALUABLE CONSIDERATION. Including the indebtedness ,demd,ed herein and trust herein created. the receipt of which Is hereby acknowledged. Borrower
<br />hereby irrevocably grants. transfers, conveys and assigns to Trustee. INTRUST WITH POWER OF SALE. for the benefit and security of Lender under and subject to the
<br />terms and conditions hereinafter set forth. the real property, described as follows
<br />Lots Four (4) and Five (5) in Block Nine (9) in West Park Addition to the City of Grand
<br />Island, Hall County, Nebraska
<br />Together with all buildings, improvements, fixtures. streets. alleys. passageways easements, rights privileges and appurtenances located thereon or In anywise
<br />pertaining thereto. and the rents, issues and profits, reversions and remainders thereof, including but not limited to. heating and cooling equipment and such personal
<br />properly that is attached to the improvements soas to conshtutea fixture, and together with the homestead or mania, Interests, if any, Which interests are hereby released
<br />and waived: ail of which. including replacements and additions thereto. Is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the
<br />foregoing being referred to herein as the "property"
<br />This Deed of Trust shall secure la) the payment of the principal sum and interest evidenced by Borrowers note andor credit agreement dated
<br />11/19/87 having maturity date of _�1LJ�°[9�_ __. in the original principal amount of 5 18 217 0
<br />g y __.. gm p __ �._ . _�.�_ —and any and an
<br />modifications, extensions And renewals thereof or thereto and any and all future advances and readvances hereunder pursuant to one or more promissory notes or credit
<br />agreements (herein called' Note "). (b) the payment of other sums advanced by Lender to project the security of the Nole. (C) the performance all covenants and agreement
<br />of Borrower set forth herein: and (d) all indebtedness and obligations of Borrower to Lender whether direct. Indirect, absolute or contingent and whether arising by note.
<br />guaranty, overdraft or otherwise.
<br />Borrower, to protect the security of this Deed of Trust, covenants and agrees with Lender as follows
<br />1. Psynisnl of Principal and Interest. Borrower shall promptly pay when due the principal of and Interest on. and any fees or charges provided in, the Note or in this
<br />Deed of Trust.
<br />2, TMs. Borrower is the Owner of the Property. has the right and authority to convey the Property and warrants that the lien created hereby is a first and prior lien on
<br />the Property, except as may otherwise be set forth herein. and the execution and delivery of this Deed of T rust does not violate any contract or other obligation to which
<br />Borrower is subject.
<br />3 Tax". Aaaaa anemia. To pay when due all taxes, special assessments and all other charges against the Property and upon written demand by Lender, to pay to
<br />Lender such amount as may be sufficient to enable the Lender to pay such taxes, assessments or other charges as they become due
<br />a IRaurertelt, To keep the Properly insured against damage by fire, hazards Included within the term "extended coverage and such other hazards as Lender may
<br />require, in amounts and with compenies acceptable to Lender. and With loss payable to the Lender In case of loss under such policies. the Lender is authorized to adjust
<br />collect andcompromise, all claims thereunder and shall have the option of applying all or part of the insutance proceeds UI to any mdebtednpss secured hereby and in such
<br />Order as Lender may determine. (II) to the BOrrpwer f0 hP used for the repair Ur restoration of ilia Property Ur I iIi 1 for any other purpose• or object sale SlactorY IO l enACr
<br />without allacling the hen of this Deed of i lust for the full amount secured hereby before Stich payment ever Iouk place Any appl, C.lh On of r r, cceo, 1 —ndebtn Aness shall
<br />not extend W postpone the due date of any Payments under the Note. or c ure any defaun it— nunder or hereunder
<br />S. Mok"ona a Repils and romptlanee with laws. Ber+o 91.11 keep the Properly �" y:zn<I c rn A,hon ,i n:) f-pa,r ,r, II p„ ?,n pfiy any
<br />,mp!ovemenl which may bodamaged Or deslroYad- shall nutcom. —tor permit Any Waste or delenir,ahi. of Inn P,,,,voy vnnrl ncrl r,�n�;.,Ir:h•n:r,l�cn ,r, sul�stanhally alto,
<br />Any f9e, rmpl."mentsgnihe P,Opart, 9ha11 ntllcommd sult,r ^.r permrtiny act In he AUnn,n .. .:pnrr lheP p•. I r ,.r,),.,a ..r. al
<br />Af?alipay end prl�mtlyl,,.11argaal Rerr �wdr F!r:?Rtnr`dexpe,•.9e iii iten «.k•nf Felnbra ..,e9 snit (:13,.j 'i l,v�l._I f'...r`i ,'. .r4� ,.. -,.)r n ,rat r,'pt 1p I. ,,.
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