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85, 001045 CONT5
<br />DEED OF TRUST
<br />Th
<br />lttiia Deed of Trust is made this 1St day of xch 19 85 , by and among Ja1neS W.
<br />5th 9' and Lilah L. Sanith Hus an ' and WIT,— hereinafter referred to as "Trustor,"
<br />whose mailing address is Arend R. Baaek
<br />torngy at Law hereinafter 2 referred to as Trustee,'+ whose mailing address is 1{
<br />Q Is"EO, ' and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address is P. 0. Box 1688, Grand Island, Nebraska 68802.
<br />For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in
<br />trust, with power of sale, for the benefit and security of Beneficiary, under and_gubiect to the terms and
<br />conditions of this Deed of Trust, the following- described property, located in Ball
<br />Nebraska, to -wit: County,
<br />I0t One Hundred _Twenty-Two (122) and I On Hrntlr�a
<br />Twenty -Three (12 3) in Bellmnt Addition to the ri of
<br />Grand Island. all t^oanty, Nebra.
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reversions and the remainders thereof, including all such personal property that is attached to the improve-
<br />marts sa as to constitute a fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the fore-
<br />going shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith in
<br />the principal sum of TVienty -SiX ThO t fed & NO /100 ($ 26.000.00 ), together
<br />with interest at the rate or rates provided therein, or the
<br />future advance not to exceed the total principal sum initially isecured aherebyea:at
<br />dented
<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
<br />and extensions of such notes, both principal and interest on the notes being payable ca in
<br />accordance with the terms set forth therein, which by this reference is hereby made a part
<br />hereof;
<br />(b) the performance of each agreement and covenant of Trustor herein contained; and
<br />(c) the payment of any stmt or sums of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of Trust, together with interest there
<br />rate provided in the note. on at the
<br />To protect the security of this Deed of Trust, Truster hereby covenants and agrees as follows:
<br />1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the indebted-
<br />ness evidenced by the note, charges, fees and all other sums as provided in the loan instruments.
<br />2. Title. Truster 1s the owner of the property and has the right and authority to execute this
<br />Dead of Trust in respect to the property.
<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges
<br />against the property, before the same become delinquent, and, in the event Beneficiary shall so require,
<br />to add to the payments required under the note secured hereby, such amount as may be sufficient to en-
<br />able Beneficiary to pay such taxes, assessments or other charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other hazards as Beneficiary may require, in amounts and
<br />companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss under such
<br />Policies. Beneficiary is authorized to adjust, collect and compromise, in its discretion, all claims
<br />thereunder and, at its sole option, is authorized to either apply the proceeds to the restoration of the
<br />property or upon the indebtedness secured hereby, but payments required by the note shall continue until
<br />the sum secured hereby are paid in full.
<br />5. Repair. Maintenance and Use. To promptly repair, restore or rebuild any buildings or Improve-
<br />ments now or hereafter on the property; to keep the property in good condition and repair, without waste
<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission
<br />to act; and to comply with all requirements of law with respect to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent domain.
<br />Beneficiary is entltled to collect and receive all compensation which may be paid for any property taken
<br />or for damages to property not taken, and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby or to repair and restore the property so taken.
<br />7. Peefa :sorts by Benefici�. Beneficiary may, but shall have no obligation to, do any act which
<br />Truster has agreed but failed to do, and Beneficiary may also do any act it deems necessary to protect
<br />the lien hereof. Truster agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above purposes, and any stns so expended by Beneficiary shall be added to the indebtedness secured here-
<br />by and become secured by the lien hereof. Beneficiary shall not incur any personal liability because of
<br />anything it may do or omit to do hereunder.
<br />8. Aasilntments of Rents. Beneficiary shall have the right, power and authority during time con-
<br />tinuance of this Deed of Trust to collect the rents, Issues and profits of the property and of any per-
<br />sonal property located thereon with or without taking Possession of the property affected hereby, end
<br />Truster hereby absolutely and unconditionally assigns all such rents, issues and profits to Beneficiary.
<br />Beneficiary. however, hereby consents to rrustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable, no long as Truster is not, at such time, in default with re-
<br />aPect to Payment of any indebtedness secured hereby, or in the Perform nco of any agreement hereunder.
<br />If any event of default described hereafter in respect to this Deed of Trust shall have occurred and be
<br />ctmtiwutng. Beneficiary, as a matter of rtght and without notice to Trustor or anyone claiming under
<br />Truetor, and without regard to the value of the trust estate or the interest of the Trustor therein,
<br />shall have the right to apply to any court having Turf« ++littler to appoint a recelver of tux property.
<br />q• I�i%M1NCtttyus. Beneficiary, or Its sgentr+, reprenentativea or workmen, are authorized to enter
<br />at any reasonable time open or In any part of the property for the purpose of lnnpect /ng the dame and
<br />for the purpose of perforating any of the acts It Ln authorized to pe.riorm under the terms of any loan
<br />Instruments executed by Trustor. N
<br />lU. Tranafar nI Peylte rty. if, awl "r any part of the property or env Interest. ,f Tr"wtor therein
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