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<br />Deed of Twt
<br />� h 86-- -- 105273
<br />E:
<br />TtlfS ED OF TRUST is made this 16th day of September . 19 86 . by and between Max Lorenzen and
<br />r` ?tor ea i ^terser., Husband and Wife whether one or n:Gom, , i.� c "Tx," _
<br />whose mailing address �soute ox Grand Island NE 68801
<br />WE TBANK a vas , National Association {f tereinaf fer called the "Tntstee' "),whoser addmssis
<br />l'D Box 768, Grand Island. tE 688D2anc%0§WES � Vf Nebraska. National Association_ , {herd
<br />Galled the "Beneficiary"), whose mailing address is FO Sox r �ranc� .land NE 68,902
<br />WITNESSETH:
<br />( IF THIS BOX 1S CHECKED ( j THIS DEED OF TRUST CONSTITUTES A CONSTRUCTP)N
<br />E' 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 rn the principal sumo Eighty Five Thousand and not ine-- ------- - - - - -- - --
<br />DoAars (5 85.000.00 ). which indebtedness is evidenced by T•usror s promissory note dated Sept. 15 -tg 86 fhereffxaftr
<br />called rite - Note"), payable to the order of Beneficiary and having a ,maturity of January 30 1987
<br />NOW THEREFORE, for the purpose of securing:
<br />(a) payment of the Note, together with interest thereon. late charges. prepayment penattes. any future advances. and all extensions,
<br />modifications. substitutions and renewals thereof".
<br />(b) payment of aft other sums. tees or charges, together with Ie est Meteor. advanced to protect the security of this Deed of Trust and
<br />the performance of the covenants and agreements of Trustor, whether or- I set forth herein.
<br />(c) peribrmance. discharge of and compliance wivr every term. covenant, obligation and agreement of Trustor contarre here or .
<br />incorporated by reference or any other security instmment at anytime given to secure the Note. and
<br />(d-) the repayment of ail other sums or future advances. with interest thereon. which may heretofore trove been or he eat er be advanced
<br />by Beneficiary to Trustor or Trustor's successor in interest or fide.
<br />all of which is hereinafter collectively called the -Indebtedness T,ustcr irrevocably grants and transfers to Trustee. in trust WITH POWER
<br />OF SALE. the following described property:
<br />E2 SW'k- Section 10, Township 12 North, Range 9 West of the 6th P.M., Hall Countv
<br />SE41 SEz Section 3, Township 12 North, Range 9 West of the 6th P.M., Hall County
<br />together with (21 aft buildings. structures. additions. error gemerns. m+tricatrpris. repai rs, reptacements, and im;proii nterits now or hereafter
<br />located thereon. (ii) all equipment machinery and Sxtures !including. without Imitation. alt fightrig, beating, ven'trk ing, cooft. ar
<br />conditioning. sprinkling and plumbing fixtures. water and power systems- engines, boilers, ranges, ovens. dishwashers, mirrors and mansets,
<br />carpeting. furnaces. oil burners. elevators and motors. re;=ngeatorr plants or units. communication systems, dynarxrs, transiorrners. eiecticai
<br />equipment. storm and screen windows. doors. awnings and shades) nnw or hereafter attached to, or built in. any Dmiding or imorcivernent
<br />now or nereafter located thereon. (iii) all easements and rights of way appurtenant thereto, tivi, all leasehold --nde, irgtl#, �` a aw trAwev of
<br />Trustor in and to ali leases, whether now or .hereafter existing or entered into ('including, without krratation, all cash and security dam.
<br />advance rentals and deposits or payments of a similar nazurel. pertaining thereto. (vi all rents, issues. prof& amid incorne tfm2refi2xri ds rbfect
<br />fto the right of Trustor to collect and apply such rents. issues, profits and income as they become due and payable so king as no event of
<br />default exists hereunder). vi) at royatties. rr neral, oil and gas rights and profits. water. water rights. arid water sto& t wl a# tenemeads,
<br />hera*amertts, privileges and appurtenances belonging. used or enpoyed in connection therewith. and fr *l all proceeds of y
<br />vokmtRry or involuntary; of any of rice foregoing into caste or fiquidated claims iinci -udmg, without kmitation. proc—eects cff irstraince, ans
<br />co6demnation awards), ali of which is hereinafter cofiec€fveiy vatted trie ' Trust Property'-_
<br />T- PROTEC.Y THE SECURITY OF THIS DEED' OF TRUST. TRUS TOP CilvttiANTS AND AGREES AS FOLLOWS-
<br />1. Title_ Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns. drat T-jsstor owns -+* Trust Proppwe ty . from any pnor Iten or encumbrance, that rr „s Deed of Trust is and waV remain a .valid and enforceable first Tien on the T-rust, m:,
<br />that Trustor, at its expense. will preserve such title and wrli mamtain this Deed of Trust as a ffisrandpararrgiurr.riaen trprx^r tip T�rust .
<br />Property and will forever warrant and defend rime validity and priority of the lien hereof against the clams of aft persons aria parties
<br />whomsoever, Trustor. at its expense, will cause (.his Deed of Trite and each amendment or supplement hereto to .0-- filed and
<br />recorded as a mortgage of the Trust Property in such, manner and in such place and will take such action assn the op of Trustee
<br />may be requires; by any present or future law in order to perfect, maintarn and protect the lien of Mrs Deed of Trust as satire they
<br />be amended or supplemented from time to time_ Trust will make such, further assurance or assurances to peneth ifs tine to the Trust
<br />Property as may be required by Beneficiary_ Trustor hereby relinquishes all right of dower and homestead ;err and to the Trust Pnovenv
<br />2. Payment of Indebtedness. Trustor err pu r t ra 11 y p ay the p ^ nc:pa I � and
<br />^teesr or the Indebtedness s€ccrrt'o ='ery.
<br />1 Con ,Tructrsn of Improvements. Trustor shat; complete in good and workmanlike manner any buildings, irnprovemens or reparrs reiabrig
<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 ary construction lien against such Trust Property. In rime event
<br />construction of buildings, improvements or repairs are contemplated. Trstor also agrees. anyb*iing m this Deed of Trust to the contrary
<br />notwithstanding, tail to promptly commence any such work and to complete the proposed improvements promptly; iiii ter; complete the-
<br />same rtr accordance waYh the plans arid specifications as approved by Beneficiary. rcl to comply with ail the zernis -of a bwidviig loan
<br />agreement, if any, between Trustor and Beneficiary. the terms of which are incorporated herein by reference and made a part hereat
<br />Id) to allow Beneficiary to inspect the Trust Property at all times during construction. and lei to replace any wort: or materws
<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 Benefin-ar,r on the
<br />first day of each month, or stich other date each month as may be specified by Beneficiary, until rp8 fndebtedriess is paid n, .zoo a sum;
<br />thereinafter called the ' Fur, "J equal m 1 12th of the yearly taxer and assess=ments w; may a tam pr my i:*-er f 1'-s2
<br />and ground rents on the Trust Property. rf any. plus 1 12th of the yearly premium installments for hazard insurance. plus 1 '2;h, of the
<br />yearly premium installments for mortgage insurance. if any, all as reasonably estimated iriitrafhy and from time to time by Berefrcrary ore
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, rice deposits or
<br />accounts of winch are insured or guaranteed by a federal or state agency including Beneffcianl_ 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 shall give to Trustor, without charge, an annual accounting of the Funds showing ceaits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional securty for
<br />the Indebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future mormthJy
<br />installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shalt exceed the
<br />amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shaft be, at
<br />Trustor 's option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. It the amours of
<br />the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as ;trey fall due,
<br />Trustor shalt pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice rs mailed by
<br />Beneficiary to Trustor requesting payment thereof. Upon payment in full of ali Indebtedness. Beneficiary shalt promptly retund to
<br />Trustor any Funds held by Beneficiary. if the Trust Property is sold under the power of sale or the Trust Property rs otherwise acquereo
<br />by Beneficiary. Beneficiary shall apply, immediately prior to the sale of the ?rust Property or its acquisition by Benetic :art.., -. y runts
<br />held by Beneficiary at the time of application as a crer?tt against the indebtedness. if Beneficiary e,ecuies a x,r,tten wait° of Trustor
<br />obligattons under this paragraph 4, Trustor covenant -, and agrees to pay: before me same Deco =rile oe?nquent, alf ra,e _ asses sn�en?s
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