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85-00,3921
<br />TRUST DEED
<br />` THIS TRUST DEED made this /f day of j?bGu3 J— 1985,
<br />between RICHARD E. RIFF, a single person and JOSEPH STANDEVEN, a single
<br />person, as Trustors, whose address is 405 North Pine, Grand Island, NE 68801 ;
<br />JOHN R. BROWNELL, as Trustee; and JAMES S. REED and PRECIOUS REED or the
<br />survivor, whose address is Box 168, Grand Island, Nebraska 68802, as Beneficiaries.
<br />WITNESSETH:
<br />That Trustors convey, sell, and warrant to Trustee in trust, with
<br />power of sale, the following described real property:
<br />Lot Five (5), Block Thirty (30), Original Town
<br />of Grand Island, Hall County, Nebraska
<br />The intention being to convey hereby an absolute title in fee simple,
<br />together with all buildings, fixtures, improvements, and appurtenances thereto
<br />belonging.
<br />The Trustors covenant and agree with the said 'Trustee and Beneficiaries
<br />that they are lawfully seised of said premises; that they have good, right,
<br />and lawful authority to sell and convey said premises; that said premises
<br />are free and clear of all liens and encumbrances; that that Trustors will
<br />warrant and defend the title to said premises unto the Trustee and his
<br />successors and assigns forever against the claims of all persons,
<br />FOR THE PURPOSE OF SECURING performance on each agreement of Trustors
<br />herein contained and the payment of Thirty Five Thousand Dollars ($35,000),
<br />as evidenced by a promissory note bearing even date at the rate of ten percent
<br />(101) per annum until paid; tue principal sum and interest shall be payable
<br />on September 1, 1995. All payments shall be made at the office of the
<br />Beneficiaries, Box 168, Grand Island, Nebraska 58802, or at such other
<br />place as the holder may designate in writing.
<br />It is agreed by and between the parties hereto that while title is
<br />vested in the Trustee and until filing of Notice of Default, the Trustor
<br />shall:
<br />A. Retain possession of the premises � -id collect the
<br />rents and revenues therefrom.
<br />B. `laintain the bui!dings and improvements located
<br />thereon in good condition and repair.
<br />C. Pay all taxes and special assessments levied or
<br />assessed against or due upon said premises before de-
<br />linquency, and to deliver to Beneficiaries copies of
<br />receipts showing payment of such taxes.
<br />D. Procure and maintain policies of insurance against the
<br />usual hazards of fire, hail, windstorm, and other similar
<br />risks, in sums and underwritten by companies acceptable
<br />to the Beneficiaries, with loss payable to the parties
<br />as their interest may appear.
<br />E. Pay to the Beneficiaries, if Beneficiaries so require,
<br />together with and in addition to the regular monthly
<br />payments of principal and interest, on the date set forth
<br />for the leaking of the payment each month, a sum as established
<br />by the Beneficiaries equal to the taxes and special assess-
<br />ments next due on the Premises, plus the premium that will
<br />next become due and payable on insurance policies covering,
<br />the premises, divided by the number of months to elapse
<br />L before one month prior to the date. when such taxes,
<br />special assessments, and premiums will he due. Said sums
<br />to be held by the Beneficiaries in trust to pav the too es,
<br />special and insurance premiums. Anv deiicicnre
<br />in the amount of env aggregate 'nonthlp pav".1ontr+ tprinc ipnl
<br />interest, titxea, gpei i;ai axwessmente;, and ill's IkIance pr4-miIwle-
<br />sha,tl "on "At itut I default. 1-114, .1rranw�r•meI.te; pr: >vi de, I
<br />,1. 1 i;9s ar,h pat ;IgInph arc i',r the d trrt hr
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