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f Deed of Trust
<br />OU"-" iV'Y IGrVO
<br />j' THI DEED pF TRUST is �a this __28th day of _ 3u1�^ , 19.86 , by and between Leland L. Stef f en _
<br />` -HT Marilyn Al Ste ie, .hus�an3 and wide, whether one or more, (hereinafter called the "Trustor "),
<br />whose mailing addr rs , 3, BoX - 3-AI, -Grand_Is 1 and _ ..Neb aska.__68801__�___
<br />ORWEST BANK bras as N . A. (hereinafter called the "Trustee"), whose mailing address is
<br />P.O. Box 176- Grand - Island, Nebr.and N R E e a A (hereinafter
<br />called the "Beneficiary'), �� an sTan`a; ITF 68802
<br />ry''j, whose mailing address is _..— '
<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 Fifty-six Thousand-------------------------
<br />Dollars ($ 56, 000.00 ), which indebtedness is evidenced by Trustor's promissory note dated _ 19 __ , (hereinafter
<br />called the "Note "), payable to the order of Beneficiary and having a maturity of_ August .l 2001***
<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 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 Truster, 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 />SEE ATTACHED EXHIBIT "A"
<br />together with (i) all buildings, structures, additions, enlargements, modifications. repairs, replacements, and improvements now or hereafter
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<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 Hower systems, engines, boilers, ranges, evens. dishwashers, minors 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) all 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
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<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 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 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 hen upon the Trust
<br />Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of ail 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 be required by Beneficiary. Trustor hereby relinquishes ail 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 lien 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 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 fact.
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Benefiriary 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 />(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 on the Trust Property, it any, plus 1; 12th of the yearly premium installments for hazard insurance, plus t 12th of the
<br />yearly premium installments for mortgage insurance, it any, all as reasonably estimated initially and from time to rime by Beneficiary on
<br />the basis 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 snali apply the Funds to
<br />pay said taxes, assessments, insurance premiums and ground rents. Beneficiary $hail not be required to pay Trustor any interest or
<br />earnings on the Funds. Banefciary shah give to Trustor, without charge. an annual accounting dt the Funds showing cre Bits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as addrtfonal security toy
<br />the Indebtedness secured by this Deed' of *rust. It the amount of the Funds held by Beneficiary, oge!ner with the fW ire trio .ntrYy
<br />installments of Funds payable pnbr to the true dates of faxes. assessments, insurance prtnaunrs crud ground rants, shall exceed the
<br />amount required to pay said faxes assessments nsurance premiums Ind ground rents a$ they f iii ourl su[ h e r es sh94 be df
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<br />1 rustor's option, either promptly repaid to Trustor or credited ff.) Trustor ]q i nst foruie monrhiy in.` (Ill 771. r $ of f yet s r file dr`;t1J.1,'1i 0
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<br />the FwKls held by Beneficiary shad not be 5(lfficlent fo paj, r ]xeb, n.,sf,.._;rrrefltS u)surafl, f, i)refnl„ v i1.,t. qe ow �. r,; ?r ,ti ,3"
<br />Trust(.N shah pay to Benelf;lary any amount necessary to make up he de ?fi ;'. -1, n('y A•lthfl Vwlr ,, i;,)i, oli, !I?t, I'Vo oti , ,_ t . ., e... i�1'
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