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CONT5:d
<br />ULEL1 Or 'TRUST 86 -� 101977
<br />This Deed of Trust is rude this 15th _day of Uril , 19 _Sr _, by and among _ hi�
<br />hereinafter referred to as Trustor,"
<br />whose mailing address Is numnt d R Haack
<br />Attorney at Lew, hereinafter referred to as "trustee, whose mailing address is P. Q_ Box 790
<br />Grand Islands 6134M ; and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address is P. 0. Box 1688, Grand Island, Nebraska 68802.
<br />For valuable consideration, Truster irrevocably grants, transfers, conveys and assigns to Trustee, in
<br />trust, with parer of sale, for the benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust, the following- described property, located in _ Hall —County,
<br />Nebraska, to -wit:
<br />r s FiVp (5 } n nriy_(6) and 1-hr> West _Si_x Feet: _4J f1' -i_ of Tot
<br />Seven (7), Block twelve (12). Arrmld.and_Abtx?tt's_Addition to
<br />the City of Grand Island, Hall County, Nebraska
<br />together with all buildings, improvements, fixtures., streets, alleys, passageways, easements, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reversions and the remainders thereof, including all such personal property that is attached to the improve -
<br />ments so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be a part of the real estate conveyed in trust hereby, It being agreed that all of the fore-
<br />going shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of indebtedness evidenced by Truster's note of even date herewith in
<br />the principal sum of Wenty -SIX thousand and no /1(0 -(S 26�(M.00 ), together
<br />with interest at the rate or rates provided therein, or the principal and interest on any
<br />future advance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
<br />and extensions of such notes, both principal and interest on the notes being payable in
<br />accordance with the terms set forth therein, which by this reference is hereby made a part
<br />hereof;
<br />(b) the performance of each agreement and covenant of Trustor herein c-ontained; and
<br />(c) the payment of any sum or sums of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of 'trust., together with interest thereon at the
<br />rare provided in the note. _.
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
<br />1. Payment of Indebtedness. To parr when due, the principal of, and the interest on, the indebted-
<br />ness evidenced by the note, charger, fees and all other sums as provided In the loan instruments.
<br />2. Title. Trustor is the owner of the property and has the right and authority to execute this
<br />Deed of Trust in respect to the property.
<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges*
<br />against the property, before the same become delinquent, and, in the event Beneficiary shall so require,
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<br />to add to the payments required under the note secured hereby, such amount as may be sufficient to en-
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<br />able Beneficiary to pay such taxes, assessments or other charges as they become due.
<br />. Insurance. To keep the improvements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other hazards as Beneficiary may require, In amounts and
<br />companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under such
<br />policies, Beneficiary is authorized to adjust, collect and compromise, in Its discretion, all claims
<br />- rhereunder and, at its sole option, is authorized to ,- lther apply the proceeds to the restoration of the
<br />property or upon the indebtedness secured hereby, but payments required by the note shall continue luttil
<br />the sums secured hereby are paid in full.
<br />- 5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or improve-
<br />.. ments now or hereafter on the property; to keep the property in good condition and repair, without waste
<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission
<br />to act; and to comply with all requirements of law with respect to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent domain,
<br />Beneficiary is entitled to collect and receive all compensation which may be paid for any property taken
<br />or for damages to property not taken, and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby or to repair and restore the property so taken.
<br />7. Performance 1� Benefir.iarv. Beneficiary may, but shall have no obligation to, do any act which
<br />Trustor has agreed but failed to do, and Beneficiary may also do any act It deems necessary to protect
<br />the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured here-
<br />by and become secured by the lien hereof. Beneficiary shall not Incur any personal liability because of
<br />anything It may do or omit to do hereunder.
<br />B. Assignments of Reut s. Beneficiary shall have the right, power and authority during the con-
<br />tinuance of this Deed of 'Trust to collect the rents, Issues and profits of the property and of any per-
<br />sonal ptaperty tocated thereon with or without taking possession of the property affected hereby, and
<br />Trustor hereby absolutely and unconditionally assigns all such rents. Issues and profits to Beneficiary.
<br />Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable, so long as Trustor is not, at ouch time. In default with re-
<br />spect to payment of any indebtedness secured hereby, or it- the performance of any agreement hereunder.
<br />If any event of default described hereafter in respect to thin Deed of Trust shall have . ,tarred and he
<br />continuing, Beneftclarv, as a matter of right and without notleo to Trustor or anyone c.l.almi.ng under
<br />"rrchtor, and without. regard to the value of the tro t. -stare or the tntet —t M the Trustor rherein,
<br />shalt have the right to apply tc any court having to appoint a r— elver of th•' property.
<br />4. Ins act Luna. Beneficiary, ,r its agent or wt'rkmen, are aut1:..rizeAl :1 "nter
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<br />at any ra.aa<niable tlsee upon or An :ntv part ;,1 th.. { -. .,e rt for :A�v porpos, of Li:;hectinh t.., �ceme cold
<br />for the ,,urpose of ierforming any "I the art. ^, 1t 11, .,u[Ilctt:•ed :,, :Lott: under The e• ;!, -t rtirr, loin
<br />tnatr,e,•'.uts e•xe ,tvd !�r Fr•aetnt.
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