ed of Trust
<br />TRUST is made this 24th day of December 19 8 , by and between William M. Wyatt and
<br />t, 11tt 4 r&A —wife _ _ _ - _ whether one a more, (hereinafter calved the "Trustor"),
<br />called the
<br />rreBciory' ), whose mailing address is
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED j ) THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES.
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBED HEREINSELOW.
<br />mailing address is
<br />• , (hereinafter
<br />WHEREAS, Tmslor is indebted to Beneficiary in the principal sum of THIRTY —SIX THOUSAND FIVE HUNDRED AND N01100--
<br />DoMars ($36.500.00 ), which indebtedness is evidenced by Trustor's prom isr�nr d ft D=--24 , 19 86_ (hereinafter
<br />caP,ad the "Note"), payable to the order of Beneficiary and having a maturity of P 99
<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 alf extensions,
<br />modifcabons, substitutions and renewals thereof,
<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 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 title,
<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 foNowing described property:
<br />Lot Ten (10), in Block Seven (7), in Woodbine Addition to the City of Grand Island, Hall
<br />County, Nebraska.
<br />together with () all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air
<br />conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels,
<br />carpeting, fumaces, 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 in, 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 royafties. mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements,
<br />hereditarnents, 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), alf 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. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free
<br />from art} prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien 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 tier, 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 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 in order to perfect, maintain and protect the lien 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. Construction of Improvements. Trustor shag 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 gabigties 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 />notwi(hstanding; (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 airy, 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 Trost 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 tact.
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary. Trustor shall pay to Benefictary on the
<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 />(tereiriefter caged the "Fiords ") equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, it any, plus 1112th of the yearly premium installments for hazard insurance, plus 142th of the
<br />yearly premium installments for mortgage insurance, If any, aft 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 an the Funds. Benefciary shag give to Trustor, without charge, an annual ar:counting 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 />Me Indebtedness secured by this Deed of Trust if the amount of the Funds held by Beneficiary, together with the tuti ••e monthly
<br />instalhMUNa of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents. shall exceed the
<br />amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at
<br />Tnrstor's option, sitter promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. If the amount of
<br />the Funds held by Beneficiary shag not be sufficient to pay taxes, assessments. Insurance premiums and ground rents as they tall due
<br />Trutor shag pay to Beneficiary any amount necessary to make up the deficiency within mrny days Nom the date notice iS marled by
<br />90"Oliciary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness. Benetwiary shall promptly refund to
<br />Trustor any Funds held by Benegctary If the Trust Property is sold under the power of safe or the trust Prooerty )s olherw +se acgwr ra
<br />bye »wwriettriary, Benbhciary shag apply, immediately prior to the sale of the Trust Property or ifs acqulsdfon by Senehcrary any Funds
<br />hell by 6WWiciary at the time of appkcatiorr as a credit against the indebtedness if Beneiicuarv, exen:uters e w,:rrrrr wa,rnr _,t 7,1,sror
<br />o1*9at 8 under this ptrragniph 4, Trustor t-ovenarits and agrees to pity. twfoie rho carne hrrrcti�ea �i«•;r„ryuetnr. a "', axes.:as:,e s•?.enr.;
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