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Deed of NSANKS
<br />86-1039
<br />July 86 Michael D. Gonzales and
<br />TS DF €D OF TRUSTis made this 16th dog of 1 g _ . by and between
<br />eryl K. Gonza es, as hu -send an wig _ whether one or more, (hereinafter called the "Trustor "l,
<br />30 7 W s- h �
<br />whoe mailing address is �
<br />NORWEST 8803 --
<br />BANK Nebraska National Associati� (hereinafter called the "Trustee'), whose mailing address is
<br />0RWESTBANK __
<br />P• 0- Box 1768 -Grand 7aland. NE ,and N1Yabraska , 113Gionat a� l is toff_ , (hereinafter
<br />called the " Beneficiary'), whose mailing address is P � 0. Box 1768 —Gr4 nd Island,
<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 />OESCRIBEDHEREINBEL0W. NINETEEN THOUSAND FIVE HUNDRED AND N01100 -----
<br />WHEREAS. Trustor is indebted to Beneficiary in the principal sum of -- - _ - - - -- -- -
<br />Dollars ($ 19,500 00 ),which indebtedness is evidenced by Trustor's promissory not@ dated _ — , 19 86 , (hereinafter
<br />called the "Note"), payable to the order of Beneficiary and having a maturity of _ July_ 2 S__ _ -.-
<br />NOW. THEREFORE. for the purpose of securing: and all renewal and extensions thereof.
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties. any tuture 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 a! 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 />The Westerly Fifty -Six (56) Feet of Lot One (1), Franzen Subdivision, A Replat of Lot
<br />Twenty -One (21), Island Acres, in the City of Grand Island, Hall Countxt, Nebraska
<br />together with (i) all buildings. structures, additions. enlargements, modifications, repairs. replacements, and improvements now or hereafter
<br />located thereon, (if) ail 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 />communication systems. dynamos. transformers, electrical
<br />carpeting, furnaces. oil burners. elevators and motors, refrigeration plans or units,
<br />storm and screen wrndows.doors, awnings and shades/ now or hereafter attached to, or built in. any budding or improvement
<br />equipment,
<br />hereafter located thereon. !iii) all easements ano rights of way appurtenant thereto, fly), ail leasehold estate right title and interest of
<br />now or
<br />Trustor in and to all leases. whether now or hereafter existing or entered into (including. without limitation, an cash arid security deposits.
<br />advance rentals and deposits or payments of a similar naturei. pertaining mereto. it vi all rents. issues, profits and Income therefrom Isubfect
<br />issues, and income as they become due and payable so long as no event of
<br />to the right of Trustor to collect and apply such rents, profits
<br />hereunder). (vi) ail royalties, mineral, oil and gas rights and profits. water. '.eater rights and '.eater stock. (vii) all tenements.
<br />default exists
<br />hereditaments, privileges and appurtenances belongirg, used or entoved In connection therewith, and (virl) ail proceeds of conversion,
<br />voluntary or involuntary, of any of the foregoing into cash or hquidared claims Rnchidrrlg, without ornitanon. 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. 1RUSTOR COVENANTS AND AGREES AS FOLLOWS
<br />Title. Trustor covenants. 'warrants and agrees with Benehcfary, its Successors and assigns. that Trustor owns the Trust Property free
<br />1,
<br />from any prior Gen or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first hen on the Trust Properly,
<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 hen hereof against the claims of all persons and parties
<br />Trustor. at its expense. viii cause this Deed of Trust. and each amendment or supplement hereto, to be filed and
<br />whomsoever.
<br />recorded as a mortgage of the Trust Property in such manner and %n 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 her, . of this Deed of Trust. as the same may
<br />further assurance or assurances to perfect its title to the Trust
<br />be amended or supplemented from time to time. Trustor will make such
<br />Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property.
<br />Property as may be required by Beneficiary.
<br />2. Payment of Indebtedness. Trustor shaft punctually pay the principal at and interest on the indebtedness secured hereby.
<br />3. Construction of improvements. Trustor shaft 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 lien against such Trust Property. in the event
<br />construction of buildings, inlptoverrieWs 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 prompriy, (hl to complete the
<br />same in accordance with tt,e plans and specnccations as approved by Beneficiary, to to comply with all the ferms of a building ban
<br />are incorporated herein by reference and mane a part hereot,
<br />agreement, if any. between Trustor and Berehciarv. the terms of which,
<br />(d) to allow Beneficiary to inspect the Trust Property at ail times during construction, ar,o ref to replace any wore 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 Subfecf to applicable law or to a written waiver by Beneficiary. Trustor shall nay 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 foil, a sum
<br />(hereinafter called the Funds ) equal to 1 12th of the yearly taxes .and assessments which may attain p+;o ity over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus t 12th of the yearly premiuirt Installments for nazwo insurance. plus 1 t 2th of the
<br />yearly premium installments for mortgage insurance, if any, air as reasonably estimated inarall y and from time to time by Beneficiary oo
<br />the basis of assessments and bills and reasonable estimates thereof The Funds Shall be held .n an nsntution the deposris or
<br />accounts Of which are insured or guaranteed by a federal or state agency including Beneficaryy Senefcaary- ;half apply the Funds o
<br />pay said taxes assessments, insurance premiums arid ground rents Beneficiary char' not he requvecs r l V 1 u n + ry ir7if r. st c.,
<br />Tr,.4tor, an a ,nuai ac nfl g ofrvw Fu is S, ro rte, t.c.its 3r o
<br />lMjY
<br />earnings on the Funds. Be h,, ^iay shall give to ,vlthout c.har_ge .ot
<br />dehlts to ;he Funds anti the purpose fr nht h ac! debit o trip ru as was •ape r he r t n " re c, r , c, d i 1 i t < i i `t c r re. c"
<br />&&
<br />1-unas Ie,u t)y f3 N a iJtt N tr
<br />the indebtedness secure-0 tlY this 01qt c rii rlUst if tie a nount li the [ �
<br />,ost'altm nta of Funds payable pin o the i le ate. Of fa ,es.
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