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BANifS 86- 102324 weed of gust
<br />THIS DEED OF TRUST is made this _li— day of . Apri1 , 19 -86-, by and between Rob--err— B— Lenners__and____ ,
<br />I Hildamae C. Lenners, husband and wife whether one or more, (hereinafter called the "Trustor"),
<br />whose mailing address is_3014_Stinfl —er nri e- -Crand Tsland,
<br />NORWEST BANK Nehraska, gatinnal AaanCiAtjOn _ ___ __ (hereinafter called the "Trustee "), whose mailing address is
<br />P_O_ Box 176R_ Grand Taland_ _NF. __, and NORWESTBANK _Nehra k _Nation3l- _Associ- tJnn__..._, (hereinafter
<br />called the "Beneficiary"), whose mailing address is _- P- 0— gbx176R,_Grand Tgl and_,___r]Qhra
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED ( 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 PLFTY - 'HQUAND_AM, 1y0/100 ----------------------
<br />Dollars ($ 50. QOO - 00 _ ). which indebtedness is evidenced by Trustor's promissory note dated _-_ Apr! "5_. , 19 (hereinafter
<br />called the "Note "), payable to the order of Beneficiary and havi a maturity of March -1 __.__. ,
<br />NOW, THEREFORE, for the purpose of securing:
<br />and aQl extensions and renewals thereof.
<br />(a) payment of the Note, together with interest thereon, fate charges, prepayment penalties, any future advances, and all 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 alt 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 ELEVEN (11) MEADOW LANE THIRD SUBDIVISION
<br />HALL COUNTY, NEBRASKA
<br />together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery and fixtures (includnng, without limitation. all tighhng, 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. (iii) 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) ail rents. issues, profits and income therefrom (subject
<br />to the right 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 proceeds of conversion,
<br />voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without bmitation, 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 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 !ten upon the Trust
<br />Property and will forever warrant and defe ,d 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 hied and
<br />recorded as a mortgage of the Trust Property in such manner and in such place and will take such action as tin the opinion of Trustee
<br />may be required by any present or future law in order to perfect, marntaun 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 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 shall 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 liabilities incurred therefore, and not to permit any construction ben against such Trust Properly. 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 trines during construction and Ie) to replace any work or materials
<br />unsatisfactory 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 13enotic,ary. Trustor shall pay to Benetrrlary on the
<br />first day of each month. or such other date each month as may be specified by Beneficiary, unN the indebtedness is paid rn full. a suns
<br />(hereinafter called the "Funds`) equal to 1 12th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents ca the Trust Property, if any, plus 1 12th of the yearly prentium instalbnents For hazard insurance. plus 1 12th of file
<br />yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and tram time to tone by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof The Funds shall be held in an InslrtuPon. 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 rust he roquirecf to pay Trustor any interest of
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge an annuai tic nunfinq of the Foods showing cret'its and
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<br />debits to the Funds and the purpose for which each debit to the funds was made 'he i one/ti are pled jcd as acid uona! sccirnty Mr
<br />the Indebtedness secured by thrs Decd of Trust If the amount e! hr funds herd by i #rte ilcia y together with the future rnonthiy
<br />Installments of Funds payable ono to tho clue dates of taxes rasse smenfs nsurana e ittermurns lnd qmu rid rents J afl i *(.e ea Cie
<br />amolwf required to pay said taxes assessments. lnsur tnc e p,wniums and q.,ouna e nts :is t e I, 1,V! cYi ie. s ,c ri c're .: ss �:ha i t o at
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