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10,5 87, 106949 Hullmen and Felton & Well, Walton Ne 68461
<br />DEED OF TRUST
<br />THIS DEED OF TRUST, is made as of the --day of December , 19 87 by and among
<br />JAY A. FRENCH, JR. , single, & JUAN A. PORTILLO, single, ( "Trustor "), whose mailing address is
<br />920 West Third Street, Grand Island, Nebraska 68801, and
<br />RUDY PLATE, Licensed Real Estate Broker, ( "Trustee"), whose mailing address is
<br />2514 South Locust Street, Grand Island, Nebraska 68801
<br />and WALTER R. KEMP and VEDA M. KEMP, Husband and ( "Beneficiary ") whose mailing address is
<br />Wife, as joint tenants with right of survivorship, 1723 West Koenig Street, Grand Island,
<br />Nebraska 68803
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms
<br />and conditions of this Deed of rust, tho real property located in the City of Grand Island _ County of
<br />I!
<br />Hall State of Nebraska, and legally described as follows (the "Property "):
<br />East Two — Thirds (E 2/3) of Lot Six (6), in Block Fifty Seven (57), Original Town,
<br />now City of Grand Island, Nebraska
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments, interests in adjoining roads,
<br />streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may
<br />be or hereafter become an integral part of such buildings and improvements, all crops raised thereon, and all
<br />water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the
<br />"Trust Estate ".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtness in the total principal amount of $ 63 ,000.00 with interest
<br />thereon, as evidenced by that certain promissory note of even date (the "Note ") with a maturity date of
<br />October 1, 1992 executed by Trustor, which has been delivered and is payable to the order of
<br />Beneficiary, and which by this reference is hereby made a part hereof, and any and all modifications, exten-
<br />sions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon at the rate
<br />of nine percent {� �,} per annum.
<br />'Phis Deed of Trust, the Note, and any other instrument given to evidence or furthersecure thepayment and
<br />performance of any obligation secured hereby are referred to collectively as the "Loan Instruments ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest on, the
<br />indebtedn ss evidenced by the Note, charges, fees and all other sums as provided in the Loa Inst gmvints.
<br />1987 real estate taxes shall be pai one —half by Trustor and one —half by �ene iciary; thereafter
<br />2. TAXES/ Trustor shall pay each installment of all taxes and special assessments of every kind, now or hereafter
<br />levied against the Trust Estate or any part thereof, before delinquency, without notice or demand, and shall provide
<br />Beneficiary with evidence of the payment of same. Trustor shall pay all taxes and assessments which may he levied
<br />upon Beneficiary's interest herein or upon this Deed of Trust or the debt secured hereby, without regard to any law that
<br />may be enacted imposing payment of the whole or any part thereof upon the Beneficiary.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire andextended coverage insurance insuring the
<br />improvements and buildings constituting part of the Trust Estate for an amount no less than the amount of the
<br />unpaid principal balance of the Note (co- insurance not exceeding 80' "n, permitted). Such insurance policy shall contain
<br />a standard mortgage clause in favor of Beneficiary and shall not becancellable, terminable or modifiable without ten
<br />(10) days prior written notice to Beneficiary. Trustor shall promptly repair, maintain and replace the Trust Estate or
<br />any part thereof so that, except for ordinary wear and tear, the Trust Estate shall not deteriorate. In no event shall the
<br />Trustor commit waste on or to the Trust Estate.
<br />4. ACTIONS AFFECTING TRUST ESTATE. Trustor shall appear in and contest any action or proceeding
<br />purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and
<br />expenses, including cost of evidence of title and attorney's fees, in any such action or proceeding in which Beneficiary
<br />or Trustee may appear. Should Trustor fail to make any payment or to do any act as and in the manner provided in
<br />any of the Loan Instruments, Beneficiary and /or Trustee, each in its own discretion, without obligation so to do and
<br />without notice to or demand upon Trustor and without releasing Trustor from any obligation, may make or do the
<br />same in such manner and to such extent as either may deem necessary to protect the security hereof. Trustor shall,
<br />immediately upon demand therefor by Beneficiary, pay all costs and expenses incurred by Beneficiary in connection
<br />with the exercise by beneficiary of the foregoing rights, including without limitation costs of evidence of title, court
<br />costs, appraisals, surveys and attorney's fees. Any such costs and expenses not paid within ten (10) days of written
<br />demand shall draw interest at the default rate provided in the Note.
<br />5. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest therein, be taken or damaged by
<br />reason of any public improvement or condemnation proceeding, or in any other manner including deed in lieu of Condem-
<br />nation ( "Condemnation "), or should Trustor recive any notice or other information regarding such proceeding, Trustor shall
<br />give prompt written notice thereof to Beneficiary. Beneficiary shall be entitled to all compensation, awards and other pay -
<br />ments or relief therefor, and shall be entitled at its option to commence, appear in and prosecute in its own name any action
<br />or proceedings. Beneficiary shall also be entitled to make any compromise or settlement in connection with such taking or
<br />damage. All such compensation, awards, damages, rights of action and proceeds awarded to Trustor (the "Proceeds ") are
<br />hereby assigned to Beneficiary and Trustor agrees to execute such further assignments of the Proceeds as Beneficiary or
<br />Trustee may require.
<br />)(g*w Ono 5a FUTURE ADVANCES Upon request of Trustor, Trustee or Beneficiary at Trustee's option, prior to recon-
<br />veyance of the Property to Trustor may make future advances to Trustor. Such future advances, with interest thereon, shall
<br />be secured by this Deed of Trust when evidenced by promissory notes stating that said notes are secured hereby.
<br />6. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to time, by a written instrument
<br />executed and acknowledged by Beneficiary, mailed to Trustor and Recorded in the County in which the Trust Estate is
<br />located and by otherwise complying with the provisions of the applicable law of the State of Nebraska substitute a successor
<br />or successors to the Trustee named herein or acting hereunder.
<br />7. SUCCESSORS AND ASSIGNS, This Dowd of rust applies to, inures to the benefit of and binds all parties hereto,
<br />their heirs, legatees, devicees, personal representatives, successors and assigns. The term "Renefieiary'- shall mean the
<br />owner and holder of the Note, whether or not named as Beneficiary herein.
<br />8. INSPECTIONS. Beneficiary, or its agents, representatives - or workmen. ,ire authorizeKl to enter at one reasonable
<br />time upon or in anv part of the "[Must Estate for the purpose of inspecting the same and for the pure o.-w of performing any of
<br />the a(Ya it is authorized to perform under the terms of anv of the Loan Instruments.
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