|
85— 004092 CONT5: b
<br />DEED OF TRUST
<br />(Open End Hultiple 'Note)
<br />This Deed of Trust is made this 22nd day of A __ 198 5 by and among
<br />Harlan Kenvon and Carol Kenyon. =,1 ind anT i�fe _ __
<br />hereinafter referred to as "Trustor," whose mailing address is_ �B- 2v --BnX $6 Ciral]d Ifila.nd; NE 68801
<br />Arend Baack attorney at law, hereinafter re!rerred to as
<br />"Trustee," whose mailing address is 2
<br />and THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as "Beneficiary,° whose mailing
<br />address is P. 0. Box 1688, Grand Island, Nebraska 68802.
<br />For valuable consideration, Truster irrevocably grants, transfers, conveys and assigns to Trustee,
<br />In trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the
<br />terms and conditions of this Deed of Trust, the following- described property, located in _ Hall
<br />County, Nebraska, to -wit:
<br />See Attachlllent "A"
<br />together with all buildings, Improvements, fixtures, streets, alleys, passageways, easements, rights,
<br />privileges and appurtenances located thereon or in any way pertaining thereto, and the rents, Issues,
<br />profits, reversions and the remainders thereof, including all such personal property that is attached
<br />to the improvements so as to constitute a fixture, all of which, including replacements and additions
<br />thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed
<br />that all of the foregoing shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of personal indebtedness owing from Truster to Beneficiary, as
<br />evidenced by Promissory Notes of various dates in the total present principal amount of
<br />Three Hundred Forty -1tw Thousand and No /100 DQllays -_($-342,0W-00 ;
<br />(b) the payment of interest at the rate or rates provided in the afore - described notes and
<br />the payment of both principal and interest on any and all renewals, modifications and extensions
<br />of such notes;
<br />(c) the payment of principal and interest on any future advance as may be evidenced by
<br />promissory notes stating they are secured by this Deed of Trust; provided, however, that the
<br />total principal indebtedness, not tncluding_ sums advanced to protect the security or interest
<br />accrued, shall not exceed the sum of Six Hlllldred Thousand & NO/100 (S_ 600.000.00
<br />(d) the performance of each agreemeant and covenant of Tnlstor herein contained; and
<br />(e) the payment of any sum or sums of money which teat, be hereafter paid or advanced by
<br />Beneficiary under the terms of this Deed of Trutt, together with interest at the highest
<br />rate provided in the notes secured hereby.
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
<br />1, Patent of Indebtedness. To pay when due, th! principal of, and the interest on, the in-
<br />debtedness evidenced by the note, charges, fees and a.l other sums as provided in the loan lnstru-
<br />nents.
<br />2. IStle. Tractor is the owner of the property And `ias the right and authority to execute
<br />this Deed of Trent in respect to the property.
<br />1. Taxes and Assesetnents. To pay, when due, all taxes, special assessments and all other
<br />charges against the property, before the same be.•cme delinquent, and, In the event Beneficiary
<br />shall so require, to add to the payments required under the note secured hereby, such amount as
<br />may be suffl.a ent. to enable Beneficiary to pay such taxes, assessments or other eharges As they
<br />become due.
<br />4. lnsuzanc_e. 'ro keep the improvements now or hereafter located on the real estare
<br />described herein Insured against damage by fire and such other hazards as Beneficiary may require,
<br />In amounts and companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case
<br />of loss under such policies, Beneficiary is authorized to adjust, collect and compromise, in its
<br />discretion, all claims thereunder and, at Its sole option, is authorized to either apply tine pro-
<br />ceeds to the restoration of the property or upon the indebtedness secured hereby, but payments
<br />required by the note shall contlnue until the sums secured hereby are paid in full..
<br />5. Repair,_lfaintenance and Use. To promptly repair, restore or rebuild any buildings or
<br />improvements now or hereafter on the property; to keep the property in good condition and repair,
<br />without waste and free from mechanics or other liens not expressly subordinated to the lien hereof;
<br />to not make, suffer or permit any nuisance to exist nor to diminish or impair the value of the
<br />property by any act or omission to act; and to comply with all requirements of law wtth respect
<br />to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent
<br />domain, Beneficiary is entitled to collect and receive all compensation which may be paid for any
<br />property taken or for damages to property not taken, slid Beneficiary shall apply such compensation,
<br />at its option, either to a reduction of the indebtedness secured hereby or to repair and restore
<br />the property so taken,
<br />7. Performance by Beneflct1M. Beneficiary may, but shall have no obligation to, do anv act
<br />which Trustor halt agreed but failed to do, and Beneficiary may also do any act it deems necessary
<br />to protect the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Bene-
<br />f1clavy for the above purposes, and any sum no expended by Benef(clary shall he Allied to the In-
<br />debradness secured hereby and become secured by the lien hereof, Beneficiary shall not incur any
<br />personal Stability because of anything It my do or omit to dc, hereunder.
<br />S. Inspect Loris. Beneficiary, or its agents, representativna or workmen, are authorized to
<br />enter at any reaeor!abLe time upon or In any part of tile property for the purpose of Inspecting the
<br />nau and for the purpose of performing any of the acts it 1.9 autherized to perfotm. under the 1. +rms
<br />+f any loan instruments exeeur.ed by Trustor.
<br />4. Asst ®ant of RIMte. Belief to i at %. sh.11 have the right, power and authority during th,•
<br />i. slit lRltAneC
<br />if thla Deed of T'ruar it) collect the rents, lnsuev and profit'l of the p11—1 y 11111 of
<br />any personal property located thateon with or wltheut taking passe NNton ,A tilt, l,r ;•.•rtv
<br />hereby, and TrVFtof hereby absnlutoly and ,.tn. and It 1. :•nal;y ati4l:n,ro ali "x!, ,l, l. f�u . . tR.l i,!•t it
<br />to 9en01 :. tarv. aenef), lar y, h,,wever, hrn,try nnnvntro 7r ra. ro .,err f.m ' ritev!t 1- t „
<br />to rn r,, Inure. and ptofItit aN rhev wren., 1n� kv,i u� pa•;pf,Iv. ,i, l -'e :!,, 1 , �ro.� r�.- a :u .,u.I. j,"'.
<br />Ili
<br />R
<br />4
<br />
|