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of — Deed of Trust
<br />43airrhts 20,
<br />THIS DEED OF TRUST is made.this 18th day pl February 19 86 , by and between Donald R. Skalka,
<br />avjiether one or more, (hereinafter caked the "Trustor ").
<br />P a.,r inAg. -.g+ -, artdNORWEST�(K . o ..- -- (herernafter�
<br />=sr ne NE 66401 U�r++�o Nebraska National Association
<br />caaMed the -`r ciaary'), whose rnailingaddrressis P.O. Box i at ngs, eras
<br />WiTNESSETH:
<br />IF THIS BOX 1S CHECKED j J 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 Eighteen Thousand and no/100----
<br />DONAPIS (8 _18-000-00 ), which indebtedness is evidenced by Trustor's promissory note opted February 18 ig$fi _ , (hereinafter
<br />caked the "Note'). payable tome order of Beneficiary and having a maturity of August its, 1 '
<br />NOW, THEREFORE, for the purpose of securing: .
<br />(a) Payment of the Note, together with interest thereon, late charges, prepayment pe,tel6es, any future advances, and all extensions,
<br />modifcabons, substitutions and renewals thereof,
<br />(b) payrnerit 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 tdWwing described property :
<br />Lot Two (2), Dickey's Sixth Subdivision to the City of Grand Island, Hall County, Nebraska;
<br />together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (u) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />condoning, 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, (iii) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, tike and interest of
<br />Trustor in and to all teases. 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) ail rents, issues, profits and income therefrom (subject
<br />to the tight 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), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements,
<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceed: 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 free
<br />from any prior ken 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 />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_ 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 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 required by Beneficiary. Trustor 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. Trustor shelf 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 all costs and fiabikties 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 />agreement, if any, between Trustor 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 />umsatisfaetory to Beneficiary within ,fifteen (15) days after written notice from Beneficiary of such fact.
<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 />(hetekmW%f called the "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, if any, plus 1112th of the yearly premium installments for hazard insurance, plus 7 %12th of the
<br />yearly prerrkum instafMrents for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on
<br />the beats Of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or
<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 shalt give to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />debk$ to the Funds and the purpose tor which each debit to the Funds was made. The Funds are pledged as additional security for
<br />the Htdebtedrie" secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly
<br />irtstslknerrts Of Funds payable phor to the dire dares of taxes, assessments. insurance premiums and ground rents. shalt exceed the
<br />amount required to pay said tames, assessments, insurance premiums and ground rents as they fall due, such excess shalt be. at
<br />Trtd's Option. either promptly repaid to Trustor or credited to 7rustor against future monthly installments of f -unds. if true amount of
<br />the ponds held by Beneficiary shall nor :tae sufficient to pay tames, assessments, insurance pro, and ground rants as they tali due,
<br />Trustor shall pay to Benehctary any amount necessary to make up the deficiency within thirty days from the _±_arc+ ,otn e ,;: rriatled fry
<br />HwwklsfY to 7rtleAOr reiluesfF0Q payrrheint tht# 001 Upon nayment it) ftt8 of all Indebtedness, berrel c lary ra p!oorptly returlo t
<br />r rustur any Funds held Ry Menotticiery ff the TnrSt PrratwiTY rs swlo under the power of sd)v or ?t Trost o (herw+ r 3 ;arfP,7
<br />by fllrntift ely, 80fifiM:'lary 5h6h aplriy, pri()r tit the sale pf the Tru.R) ptc)pv ty x ,; - w'ursrt i ' i +errr_rrvr ry
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