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86-- 107314
<br />Deed of Trust
<br />lfffED OF TRUST is made this Ibth —_ day of December tg 86 , by and between David C. Huston_. as
<br />s rig a person whether one or more, (hereinafter called the "Trustor
<br />whosema"addressis P O Box 429 -rrand T-gla ra yE__�ggp� —!
<br />NORWESTBANK Nebraska- Natinnat Ancnriatinn _ (hereinafter called the "' Trustee "),whose mailing address is
<br />P. O Rix 17fiR -[ roll.) Igta riand NORWEST BANK Nebraska, National Association
<br />caged the -Beneficiary"), hereinafter
<br />ary"), whose mailing address is ..Ps_QLBox 176)3 -G =and Tsl and _ NF 688(12
<br />WITNESSETH:
<br />IF THiS BOX IS CHECKED ( ( THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UA00ER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES.
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST /N THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, TrvslW is indebted to Beneficiary in the principal sum of .TWE'3TYS7eIQ THnttSANT) FTVF H1JbMRFn AM NO /lpfl ---
<br />Domars (S 22,500,00 ),which indebtedness is evidenced by Trustor's promissory note da!edDeeember 16 .19 86 .(hereinafter
<br />called the "Note"). pdyable to the order of Beneficiary and having a maturity of _ DeCZ ben _I6_ j_ggg_.
<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 thereol,
<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 Trustor, whether or nor set forth herein,
<br />(c) performance. discharge of and compliance with every term, covenant, obligation and agreement of Truster contained herein or
<br />incorporated by reference or any other security instrument a! anytime given to secure the Note. and
<br />id) the repayment of all other sums or future advances, with interest !hereon, which may heretofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Truster's successor in interest or title.
<br />all of which is hereinafter collectively called the 'Indebtedness Trustor :rrevocabiy grants and transfers to Trustee, in trust. WITH POWER
<br />OF SALE. the following described property
<br />Lot 11, Block 4, Koehler Place, City of Grand Island, Hall County, Nebraska
<br />together with (i) all buildings. structures. additions, enlargements.. mCedifications, repairs. replacements. and tmprovements now or hereafter
<br />located thereon, (ii) all equipment, machinery and frxfures lrnclud.n"g, without bmrtahon, all lighting, heating, ventilating, cooling, air
<br />conditioning, sprinkling and plumbing fixtures. water and power systems, ergine.s. boilers ranges, ovens, dishwashers. mirrors and mantels.
<br />carpeting, furnaces. oil burners. eievators and motors. refrigeration plants or units. communication systems. dynamos. transformers, electrical
<br />equipment storm and screen windows, doors, awnings and shaded 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 appunenanr thereto, Rvl, all leasehold estate, right. Ut1e and interest of
<br />Trustor in and to all leases, whether now or hereafter existing or entered into (including. without limitattor,. ail cash and security deposits.
<br />advance rentals and deposits or payments of a similar nature). pertaining thereto. (vi all rents. issues. profits artd income therefrom (subjet;r
<br />to the right of Trustor to collect an(f apply such rpnts. rsups nrofits and incomP ac •'hpv become due and Dayable so long as no event of
<br />default exists hereunder). (vi) all royalties, mineral. oil and gas righrs and profits, water, water nghts. and water stock, iviu 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. True. 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. rhat this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property.
<br />that Trust,)r. at its expense, will preserve such title and wili maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Property 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 airs Deed of Trust, and each amendment or supplement hereto, to be filed and
<br />recorded as a mortgage of the Trust Property m 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 fa ire law in order to parfert_ .mainram and protect th.P lien of fhi� 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 nght of dower and homestead in and to the Trust Property
<br />2. Payment of indebtedness- Trustor shall punctually pay the principal of and interest or 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 contemblated by the loan. evidenced by the Note secured hereby, to pay when
<br />due ail 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. anithing m this Deed of Trust to the contrary
<br />notwithstanding : (a) to promptly commence any such work and to complete the proposed improvements promptly. (bi 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 />fail to allow Beneficiary to inspect the Trust Property at all limes during construction, and ,,el to replace any work or materials
<br />unsatisfactory to Beneficiary wimin fifteen ( tb) days after written notice from Beneficiary of such fact
<br />a. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary. Truster shall pay to Beneficiary on me
<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 ?,i2th 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 ? 12th of the yearly premium installments for hazard insurance, plus ? 12th of the
<br />yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from time to time by Benehcrary on
<br />the basis of assessments and bills and reasonable estimates thereof The Funds shall be held in an rest .,tution. 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 nor be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shah give to Trustor, without charge, an annual accounting of the Funds showing credits an«
<br />debits :b the Funds and the .D&rpose for which each debit fo the Funds was made The Funds are pledged as additional secunty for
<br />the Indebtedness secured by this Deed of Trust. It the amount of the Funds heid by Benef curl tayether with the h ;tore , =+onth.iy
<br />instaA+rnernts of Funds payable prix ro f" due dates of taxes. assessments. insurance premiums and gruna' rents s />alt e xceed :rte
<br />amount required to pay said taxes, assessments, premiums and ground rents as ri -,ey fa)r iyfie, such exc Ps[; shall :ie e
<br />Trustor's opfiosn, anther promptly repaid to Trustor or credited ro Trustor agair,s' hlh,re rno-th,'V ins aun. ; ^t i iii %uis 11 ' ^e <tnr, ., cr
<br />Ir=e Funds held by Beneficiary shall not be suffic;ent to nav taxes assessmer s. n.surance 0--emit, ;nit art i r.- e• .a :i r-,i
<br />Trustor snail pey to Beneficiary ary t*wau.:t necessary to make a:p !ne deftc pry , .vrthn ,n r, cars "< :i,e ; , . c . !'i
<br />Son"kearr, to 'rt stor req?,resting payrrvni 'hevof Upciit pain -en! in full cn t1
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