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85- 1003987 CONTS:d DEED OF TRUST . This DDaa}}d of Trust is made this 2nd day of July 19 85 by and among Donald D. Mehri aIKI Rebecca L. Mehri band a hereinafter referred to as "Trustor," Those nailing address is Arend R. Baack , Arto(ney }t Law, herei after referred to as ruetee,' whose mailing address is GrBfIQ 1Slarld, NE ; and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Beneficiary," whose mailing address is P. O. 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 terse and conditions of this Deed of Trust, the following- described property, located in Hal county, Nebraska, to -wit: Lot Two (2), of Park Gardens Second Subdivision in the City of Grand Island, Hall County, Nebraska together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privi- loges 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 - neat, 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 that 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 Fifty -Four 1110usand and No /100 - _(554.000.00 ), 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 prpsissory 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 term set forth therein, which by this reference is hereby made a part hereof; (b) the performance cf each agreement and covenant of Trustor herein contained; and (c) the payment of any Bum or suss of money which may be hereafter paid or advanced by Beneficiary under the terms of this heed of Trust, together with interest thereon at the rate provided in the, note. To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows: 1. Payment of indebtedness. To pay when due, the principal of, and the interest on, the indebted- ness evidenced by the note, charges, fees and all ocher sums as provided in.. the loan Instruments. 2. Title_. Truster is the owner of the property and has the right and authority to execute this Deed of Trust In respect to the property. ). Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges against the property, hefore the wane 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 raxes, assesamento or other charges as they become due. 4. Insurance. To keep the improvements now or hereafter located on the real estate described a herein insured gainst damage by fire and such other hazards as Beneficiary may require, to 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, in its discretion, all claims thereunder and, at [t:S sole, opt Ion, 1�, author tied t.. .-tthcr apply the proceeds to the restorat ion of the property or upon the indebtedness secured hereby, tart payments required by the note shall continue until the sews secured hereby are paid in full. 5. Repairs 11a1_raenance and Use. To promptly 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 sechenles or other hens nor expressly subordlnared 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 cosply with all requtresents of law with respect to the property. 6, GondeEmnatIon. In the event the property, or any part thereof, shall be taken by eminent domain, Beneficiary is entitled to collect and receive all c.ompensatton which may 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 property so taken. ). Performance by Bene,ficiarj. Beneficiary mav, but shall have no obligation to, do any act which Trustor has agreed but felled to do, and Beneficiary stay also do any 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 tiny 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 say do or omit to do hereunder. B. Aas- _igrtstentm of Rents. Beneficiary shall have the right, power and authority during the. con - tinuance of this Deed of Trust to collect the rents, Issues and profits of the property and of any per- sonal property located thereon with or without taking possession of tine property affected hereby, and Trustor hereby absolutely and uncondlttonally assigns all such rents. Issues and profits to Beneficiary. Beneficiary, however, hereby consents to Trustor's collection and retention of such rents, issues and profits as they accrue and become payable, so long ms Trustor is not, at such time, in default with re- spect to psymont of any indebtedness secured hereby, or to the performance of any agreelsent hereunder. If may event of default described hereafter In respect to this Deed of Trust shall have ,cvurred and he continuing. Beaofie.tary, as a %otter of right and without notice to Trustor or anyone clatming under 'true trsr, and without rvvsrd to the value, of the trust estate or ttbr interest of the trustor therein, shall have the right to apply to any court having Jurladic.tion tc, appoint a recetver of the property, 9. dnsjrectlone. Beneficiary. or Its agents, reprcventatives cur we rkmen, are authrrtze,i to enter at arty remso„abis t.i%e upon or in my part of the property for the purpose oI Inspe;ting the tame and fnr tort, purpooe of performing any of the acts it is author12e1 to perform under the terms .1 any Loan instruments execured by lrustot, 10E raoifeE of „hrolterrlr. If all or any part of 14�e 4rnprrt, ..,r ., u': Lit ere.a ;rnv;m t!}. -r a•En d.