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L 1 107287 CON15.d DEED OF TRUST This Deed of Trust 1s made this 19 day of DeCHDbel' 1986 , by and among tlaMeS P. Za ng J Y. Zane band az�di Wife hereinafter referred to as "Trustor," whose mailing address Is Arend R. Baack Attotwey at Law hereinafter referred to as "Trustee," whose mailing address 1s Wheeler, Grand Island, RE and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Beneficiary," whose mailing address is P. 0. Box 1688, Grand Island, Nebraska 68802. For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of this Deed of Trust, the following- described property, located in Hall County, Nebraska, to-wit: Lot One (1), in Block Nine (9), Continental Gardens, an addition to the City of Grand Island, Hall County, Nebraska. together with all buildings, Improvements, fixtures, streets, alleys, passageways, easements, rights, privi- leges and appurtenances located thereon or In any way pertaining thereto, and the rents, issues, profits, reversions and the remainders thereof, Including all such personal property that is attached to the improve- ments so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed tha, all of the fore- going shall be hereinafter referred to as the "Property." FOR THE PURPOSE OF SECURING: (a) the payment of indebtedness evidenced by Trustor's note of even date herewith in the principal sum of Three Hundred Forty Thousand_ ---(s 340,000.00 ), together with interest at the rate or rates provided therein, or the principal and interest on any future advance not to exceed the total principal sum initially secured hereby as evidenced by promissory notes stating they are secured hereby, and any and all renewals, modifications and extensions of such notes, both principal and interest on the notes being payable In accordance with the terms set forth therein, which by this reference is hereby made a part hereof; (b) the performance of eac agreement and ,-o•.•enant n: "rur,to.r Ywreir. ntalned; and (c) the payment of any sum or sins of money 0iich aav be hereafter paid or advanced by Beneficiary under the tors ,,f this Deed of Trust, together -with interest thereon at the rate provided in the note. To protect the security of this Deed of !rust, Trustor hereby covenants and agrees as follows: 1. Payment of Indebtedness. To paw when due, the principal of, and the interest on, the indebted- ness evidenced by the note, charges, fees and all other sums as provided in the loan instruments. 2. Title. Trustor is the owner of the propert•: and has the right and authority to execute this Deed of Trust in respect to the property. 3. Taxes and Assessments. To pas, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent, and, in the event Beneficiary shall so require, to add to the payments required under the note secured hereby, such .amount as may be sufficient to en- able Beneficiary to pay such taxes, assessments or other charges as they become due. 4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured against damage by fire and such other hazards as Beneficiary may require, in amounts and companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under such policies. Beneficiary is authorized to adjust, collect and compromise, ir. its discretion, all claims thereunder and, at its sole option, in authorized to either apply the p ' oceeds to the restoration of the property or upon the indebtedness secured t,ereby, but payments required by the note shall continue witil the sums secured hereby are paid In full. 5. Repair, Maintenance and Use. To prttmptly repair, restore or rebuild any buildings or improve- ments now or hereafter on the property; to keep the property in good condition and repair, without waste and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission to act; and to comply with all requirements of law with respect to the property. 6. Condemnation. In the event the property, or anv part thereof, shalt` be taken by eminent domain, Beneficiary is entitled to collect and receive all compensation which map be paid for any property taken or for damages to property not taken, and Beneficiary shall apply such compensation, at its option, either to a reduction of the indebtedness secured hereby or to repair and restore the propert:• so taken. 7. Performance by Beneficfarv. Beneficiary may, but shall have no obligation to, do any act which Trustor has agreed but failed to do, and Beneficiary may also do an^: act it deems necessary to protect the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured here- by and become secured by the lien hereof. Beneficiary shall not Incur any personal liability because of anything it may do or omit to do hereunder. 8. Assignments of Rents. Beneficiary shall have the right, ;%over and authority during the con- tinuance of this Deed of Trust to collect the rents, issues and proftt,. of the property and of any per- sonal property located thereon with or without taking possession of the property affected hereby, and Trustor hereby absolutely and unconditionally assigns all such rents, isr. . and proflts to 3eneficiarv. Beneficiary, however, hereby consents to Trustor's collection and ty-�rui�n of sw h rent -, Issues and profits as they accrue and become payable, so long as Trusts a nt±t, at stack time, in default with re- spect to payment of any indebtedness secured hereby, or in the ;,erfc,rmance r.f %n,e axreement Lereunder. :If any event of default described hereafter in respect to th!° Deed .,P. Trust shall, have c urred and be continuing, Beneficiary, as a matter of right and without n<s ite Trustor , ±r snyone claiming tinder Trustor, stud without reward to the value of e crust estate or rnt :n,—rest ,t t' -,e :rustor rheretn, sbali have the right to apply to any crosrt having 9ar5ndirtio,i r,, appoint a rece 1.%•r of the p - perry. q. Tns eCL.f :ins. Beneflcia Cy, cr its ag—t,, :.. pret.rat at Ives n u ricsen, a:e sut� :cr3s,rd ! !r -r At any reasonable time upon or In anv part -4 the ,ry s r th r. ce -p. :r� ,- -ame an.l for the purpose of perfortrinr. any of thr acts t: 1, lnatristenta executed �ruscor. IQ, hart.