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WITNESSETH.
<br />IF THIS BOX IS CHECKED ( ( THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITYAGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Trusfor is indebted to Beneficiary in the principal sum of TWENTY —FTVF TMTTSANn MM No l I on noi.1.A8S-------
<br />DoAws ($ 75-00-00 ),which indebtedness is evidenced by Trustor's promissory note dated Octaber 22 , 1 g $6_ , {hereinafter
<br />Caked the "Note"), payable to the order of Beneficiary and having a maturity of NovembEr_30 1987. anti all extensions and
<br />NOW,. THEREFORE, for the purpose of securing: renewals thereof.
<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 alf otter 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 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 tide .
<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- All of Lots Five (5) and Seven (7), in Block Five (5) in South
<br />Grand Island Addition to the City of Grand Island, Hall County. Nebraska, subject to easements,
<br />restrictions, and rights of way of record., AND, All of Lots Four (4) and Five (5) in Block
<br />Eight (8), Rollin ,a Addition to the City of Grand Island, Hall County, Nebraska, subject to
<br />easements, restrictions and rights of way of record.
<br />together with (f) all buildings, structures. additions. enlargements, modifications, repairs. replacements. and improvements now or hereafter
<br />located thereon, (G) all equipment, machinery and fixtures (including, without limitation, all fighting, 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 m, 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
<br />default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights. and water stock. (va) 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. Tide. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free
<br />from any prior Gen or encumbrance, that this Deed of Trust is and will remain a � alid and enforceable first hen 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 />Properly and will forever warrant and defend 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 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 it order to perfect, maintain and protect the hen 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. Consmicdon 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 Property. 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, it 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 dale 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, if any, plus 1 12th of the yearly premium installments for hazard insurance. plus 1 12th of the
<br />yearly premium installments for mortgage insurance, it any, all as reasonably estimated initially and from time to time by Beneficiary on
<br />Me 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 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 credits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for
<br />the kidabtedrtess secured by this Deed of Trust. If the amount of the Funds held by Beneficiary. together with the future monthly
<br />Installments of Funds payable prior to the due dates of lazes, assessments. insurance premiums and ground rents. shall exceed the
<br />amount required to pay said taxes, assessments, insurance premiums and ground rents as they fah due. such excess shat! be, at
<br />Trusfor's option, eaither promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. It the amount of
<br />the Funds field by Beneficiary shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they all due
<br />Trustor shall pay to Beneficiary any amount necessary to make uo the deficiency wanir, shiny days horn the date net,cr , rraiieo br
<br />Beneficiary to Trustor requesting payment thereof Upon payment in fun of all indebtedness Benef;ciary shalt prornotiy reiumi ,n;
<br />Trustor any Funds held by Beneficiary if the Trust Properly is sold under the power of sale or the T-t,ct P- e,r,eny .s c thorw tic ac Q,., ...
<br />by Beneficiary. Beneficiary shalt apply, immediately prior to the sale nt the Trust Property or as ic;;�: itior rr r�er,ca •,. ;in, c „•,,.
<br />held by Beneficiary at the time of apo(rcatirx, as a credit against the hndebtednesc tr Barrehc,a ;; e :tie <± + fret n� z;r,.
<br />rb6igeLons under z.us paragraph f tiustor rovenants and agreav io pay beir :rn, rr,F came :,e,:i ,,,,,,
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