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v"- S6--100177 Deed of Trust
<br />t� THIS DEED OF TRUST is made this 16th day of December , 19 __L5. by and between Norman E. and Sonya M. ,
<br />l Anderson as husband and wife — whether one or more, (hereinafter called the "Trustor ").
<br />1 whow mailing address is
<br />ldORYVESTBAAII( ( heretnafter Called the " Trustee '•) whpse mailing address is
<br />P O Box l , ra s t NE and NORWEST BANK _e rasKa, National AssociatXon (hereinafter
<br />caked the " Beneliciary" ), whose mailing address is a [) Rox 176S, Grand T cl -nit Njbrask?
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED f ] 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 FIFTY NINE THOUSAND SIX HUNDRED FIFTY -SIX &28 /lOD
<br />Dollars (S 54x X256.28 ), which indebtedness is evidenced by Trustor 's promissory note dated December 16, 19 85 , (hereinafter
<br />caked the "Note "), payable to the order of Beneficiary and having a maturity of- 1 -- 16 . 1 Q Rf -
<br />NOW, THEREFORE, for the purpose of securing:
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties. any future advances, and ail extensions.
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of all 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 Trustor 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 title,
<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 following described property:
<br />Lot Seven (7) and the Westerly Seven Feet (W 7') of Lot Eight (8), all in
<br />Block Nine (9), in Morris Fifth Addition to the City of Grand Island, Hall
<br />County, Nebraska.
<br />together with (f) all buildings. structures, additions, enlargements, modifications, repairs, replacements. and improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery and fixtures (including, without limitation. all lighting, heating, ventilating. cooling, air
<br />conditioning, sprinkling and plumbing fixtures, water and power systems. engines. boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpeting. 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. (fit) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right. title and interest of
<br />Trustor in and to all leases, whether now or hereafter existing or entered into (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 eight of Trustor to collect and apply such rents, issues, profits and income as they become due and payable so long as no event of
<br />default exists hereunder), M) ail royalties, mineral, oil and gas rights and profits. water, water rights, and water stock. i viii all tenements,
<br />hereditaments, 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 />condemnation 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. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property tree
<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 expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Prop" and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Trustor, 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 to 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. Trustor hereby relinquishes all right of dower and homestead m and to the Trust Properly.
<br />2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in good and workmanlike mariner any buildings, improvements or repairs retailing
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby. :,, pay when
<br />due all costs and liabilities 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 />some in accordance with the plans and specifications as approved by Beneficiary. (c) to comply with all the terms of a building loan
<br />agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a pan hereof.
<br />(d) to allow Beriehciary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary within fifteen (15) days after written, notice from Beneficiary of such face.
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary. Trustor shall pay to Beneficiary on the
<br />first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum
<br />(twefnehrer called the "Funds ") equal to t 12th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus 1 ' 12th of the yearly premium installments for hazard insurance, plus 1 12th of the
<br />yearly premium installments for mortgage insurance. if any, all as reasonably estimated Initially and from time to time by Beneticiary or
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits if
<br />accounts of which are insured or guaranteed by a federal or state agency including Beneficiary Beneficiary shall apply the Funds to
<br />pay said taxes, assessments. insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for
<br />the indebtedness secured by this Deed of Trust If the amount of the Funds heid by Beneficiary, toget!1e with the future monthly
<br />installments of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed me
<br />amount required to pay said taxes, asroassrrients, insurance premiums and ground rents as they fall dire such excess shall be. 3
<br />Trusior's option, either promptly repaid to Trustor or credited to Trustor against future monthly tnstailments or Funds 1f the amour i >!
<br />the Funds herd by fienefroiary shall not be suffictarrt to pay t axes, assessments insurance pternwlns anti ground ierits ds they fai o:it,
<br />Trustor shall pay to Beneficiary any amount necessary to makeup the defrctencv wrtnir trilr, y days !rani the date not)f :e 5 adeii ''v
<br />Bertetic+ary fo TrUSfdr reguestrng payrnant tlrerenf Upon payment in full of all tndebtedner, 9enehl 3ry hall W( )MI by I u ir7 r(
<br />Trusror any Funds held by Beneficiary If the 7,Lmt Nropeny is Sold aridw Chia t,,owe r f SaiP or fn+? jr , 1- y,;,Pr, 1 ; fhc rM r w 7
<br />try bwartic +ary. apply, immediately i orw Io th+ ,;aie 9f the
<br />owtd by Ber'whf.iyry at r ie hmrie of apvhcatt a: is t;redif
<br />ro AOgations• e,+ -dnr ;tug l:wagrerpn 4 'lush o ai tt,•ti,�r= r .,,, �. , r., , :raAr
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