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86 1060 ........� TMS i3iEE0 OF TRUST is made this 29 day of ( rtal e r 79 -M, by and between - 5�4 and Y T 3 s more, (hereinar called the "Truoot' ) Coffin, Husband and Fife whe one a fte X" E ther MdJeM,aMl flg->dr 3S fS _P n Uny 1I S4- Cr rid Taland - Nebraska MR09 1 I S4 NM"WSTBAJWC�TebT_3 °� —v xara 97 �scx -ill lain , ftfc~ the m4WkWKldhassrs „ P._ii. NO2 1758_ fund TalAM— BE-, and NORWEST BANK NebrARkn- !Natinnal Aunne-i'arinn (fiereh►railfetr "'Songgdary), is M2 L� cooed the whose maalirrg address is P O Box 1768, Grand Tai and - Mebreaka — u� WITNESSETH:E IF THIS ,BOX IS CHECKED ( J THIS DEED OF TRUST CONSTi 17ES A CONSTRUCTION CONSTRUCTION AND CREATES,° ; SECURITY AGREEMENT UNDER THE NEBRASKA LIEN ACT GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST iN THE PROPERTY ` DESCRIBED HEREINSELOW. WHEREAS, Trustor is kx0ebred to Beneficiary in The principal sum of THIRTY 19D S ND AND NO f 1 UO DOT.T. ails Dollars {,S 10-OW-00 ), which indebtedness is evidenced by Trustor's promissory rote dated October 22 , 19 85 _ . (hereinafter called the "Nola" j, payable to the order of Beneficiary and having a maturity of October 22, 1991 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together web interest thereon, late charges. prepayment penalties, any future advances, and ail extensions, modifications, substitutions and renewals thereof. (b) payment of all other sums, tees or charges, together with interest thereon. advanced to protect the secunry of this Deed of Trust and the pedlormance of the covenants and agreements of Trustor, whether or not set forth herein. (c) performance, discharge of and compliance with every term. covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of all other sums or future advances, with interest thereon. which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title. all of whch is hereinafter collectively called the 'Indebtedness ", Trustor irrevocably grams and transfers to Trustee, in trust, WITH POWER OF SALE, the following described property: All of Lots Five (5) and Seven (7), in Block Five (5), in South Grand Island Addition to the City of Grand Island, Hall County, Nebraska subject to easements, AND, All Lots Four (4) Five (5) in Block restrictions, and rights of way of record. of and Eight (8), Rollin's 12dition to the City oI Grand Island, Hall County, Nebraska, subject to easements, restrictions and rights of way of record. together with (i) all buildings, structures, additions, enlargements, modifications. repairs. replacements, and improvements now or hereafter located thereon. (ii) all equipment, machinery and fixtures (including. without limitation, all lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges. ovens, dishwashers. mirrors and mantels. carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems. dynamos, transformers, electrical equipment, storm and screen windows.doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement n now or hereafter located thereon, (rim) all easements and rights of way appurtenant thereto, (v), all leasehold estate. right, title and interest of Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto. (v) all rents. issues, profits and income therefrom (subject to the right of Trustor to corlect and apply such rents, issues, profits and intone as they become due and payable so long as no event of deteult exists hereunder), (vr) all royalties, mineral, oil and gas rights and profits, water, water nghM and water stock, (vii) all tenements, hereditamerts, privileges and appurtenances belonging, used or enjoyed in connection therewith. and (vii) all proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards). aB of which is hereinafter collectively called the 'Trust Property". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. Title. Trusor covenants, warrants and agrees with Beneficiary, its successors and assigns. that Trustor owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien an the Trust Property. Mat Trustor, at its expense, will preserve such Title and will maintain this Deed of Trust as a first and paramount lien upon the Trust Pmpety and will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties whomsoever. Trustor, at its expense, will cause #us Deed of Trust, and each amendment or supplement hereto, to be filed and 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 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 be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary_ Trustor hereby relinquishes all nght of dower and homestead in and to the Trust Property 2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 3 Consbucson of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when dire all costs and liabilities incurred thereore, and not to permit any construction lien against such Trust Property. In The event construction of buildings, improvements or repairs are contemplated. Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding: (a) to promptty commence any such work and to complete the proposed improvements promptly. (b) to complete the sane in accordance with the plans and specifications as approved by Beneficiary. (c) to comply with all the terms of a building loan agreement, if any, between Trustor and Beneficray, the terms of which are incorporated herein by reference and made a part hereot, (d) to allow Beneficiary to inspect the Trust Property at all times during construction. and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary. Trustor shall pay to Beneficiary on the first day of each month, or such other date each month as may be specified by Beneficiary. unrir rile inaebreoness is paid rn full, a sum (hereinafter called the "Funds') equal to 1 %12th of the yearly taxes and assessments which may attain priority over this Deed of Trust - - -• and ground rents on the Rust Property, if any, plus 1, 12M of the yearly premium installments for hazard insurance, plus 1 12th of the yealy premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the mss secured by this Deed of Trust tl the amount of the Funds held by Beneficiary. together with the future monthly L instalments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall exceed the Wrniu nt required to pay said taxes, assessments. insurance premiums and ground rents as they fal.' due. such excess shalt be. at Tnaitor's optan, either promptly repaid o Trustor or credited to Trusor against future monthly installments of Funds 11 the amount t:r the Funds held by Beneficiary shall not be sufficient to pay taxes. assessments, Insurance premiums and ground rents as rhey rat; due Trustor shall pay to Beneficiary any amount necessary to make up the deficiency wahm thing• days lrom the dare notice !s marled ry Beneficiary to Trustor requesting pay-me, thereof Upon payment in full of all indebtedness Benehc,a.-i, shah nrcrr%i.: rl y "8func rc Trustor any Funds held by Beneficiary If the Trust Property is sold under the power of sale or the ac.,u,eo by Beneficiary. Senefiriary shall apply'. rmrnediatety prix to the sale of the Truss P +oue^y e• ?, e au, ;: �^ =V FrenehL,ar, ar'y rclnifs hell! by Beneficiary at the time of applfcalon as a credit against the Indebtedness ;f g -oe ?.r .art obltgatians unCW L'irs paragraph 4, Trustw coverxani and agrees !(, pay