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Deed of Trust
<br />85--• 094658
<br />THIS DEED OF TRUST is made this 17th day of September , Y9 85 ,by and between Jeffrey M. Hoffman
<br />d rA sa M_ Hoffman- H13sband and Wife whether one or more, (hereinafter called the "Trustor "),
<br />,nm mil4nn'sdrd.nnn f.. G91- ,i..w +L. !,- ....a.. n,___J i_, __� .,_i� - -' -- ,. n.. ...
<br />.9 6.i.v +• —__ tnereinaner called the "Trustee" whose mailing ddress is
<br />?.O.Box- 1768,�Crand Island,NE 68$02, and NORWESTBANKGrand Island, National Association (hereinafter
<br />called the "Beneficiary'), whose mailing address isP_ D..Bsnx tiA _ , Grand. T s._ t a„d, Nphra tka RARn
<br />WiTNESSETH:
<br />IF THIS BOX IS CHECKED If ) 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 HEREINBELOW,
<br />WHEREAS. Trustor is indebted to Beneficiary in the principal sum of _Ti-r�lEgn-lbousand and_no 100-: ----- ----- - - - - --
<br />Dollars (S 15 , 000. 00 ).which indebtedness is evidenced by Trustor's promissory note dated -SeDt er 171985--, (hereinafter
<br />taped the "Note'), payable to the order of Beneficiary and having a maturity of .Gctober I , 20
<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 all extensions,
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of all other sums, fee's 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, wnether 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 following described property:
<br />Lot Forty -four (44), and Lot Forty -five (45), in Belmont Addition to the City of
<br />Grand Island, Hall County, Nebrasaka.
<br />together with (r) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (h) 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, furnaces, 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, er built in, any building or improvement
<br />now or hereafter located thereon, (fit) 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 royalties, mineral, oil and gas rights and profits, -ater, water rights, and water stock, (vii) all tenements,
<br />herediran?ents, 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 solo cash or liquidated claims (including, without limitation, proceeds of insurance and
<br />condemnation awards), all of which is hereinafter collectively called the "Trust Property ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS A14D AGREES AS FOLLOWS:
<br />1. Title. Trustor covenants, warrants and agrees Witt? Beneficiary, its successors and assigns, that Trustor owns the Trust Property free
<br />from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first lien on the Trust Property, t
<br />that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />Property and will forever warrant and defond the validity and priority of the /sets hereof against the claims of all persons and parries
<br />whomsoever. Trustor, at its expanse, will cause t /ns 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 ume 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. Trusty shall complete in good and workmanlike manner any buildings, improvements or repairs relating
<br />thereto winch may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, !n pay when
<br />due all costs and liabilities incurred therefore, and not to permit any construction fen 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 />notwithstanding: (a) to promptly commence arty 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, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference arid made a part hereof,
<br />(d) to allow Beneficiary to inspect the Trust Property af..all times during construction, and (a) to replace any work or materials
<br />unsadslactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact.
<br />I, Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary 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 ith full, a surn
<br />(hereinafter called the "Funds "i equal to 1; 12th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus 1,.r 12th of the yearly premium installments for hazard insurance, plus 1. 12th of the
<br />yeafiy premium installments for mortgage insurance, it arty, all as reasonably estimated initially and from time to time by Beneficrary on
<br />the 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 slate agency including Beneficiary, Beneficiary shall apply the Funds to
<br />Pay said taxes, assessments, insurance premiums and ground rends. Beneficiary, shall riot be required to pay Trustor any interest or
<br />eantulg$ on the Funds. Beneficiary shall give to Trustor, without ch6rge, an annual accounting of the Funds showing credits and
<br />debits to the Funds and the purpose for which each debit to tho Funds was made. The Funds are pledged as additional security for
<br />Mo Indebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly
<br />Is'"te/knents Of Funds payable prior to the dtie dates of taxes, assessments, insurance premiums and ground rents, shall exceed the
<br />Rm(nsnf required to pay ,said taxes, assessments, insurance premiwn5 and ground rents as they fall due, such excess shall be. at
<br />-. lrustor's ofiiorr, either Promptly repaid to Trustor of rrrgdrled to 1nrS1er itgamst fulUre monthly ,rr >;tallmf?ntS of Ftinds. If the amount c!
<br />the Funds field by Beneficiary Shall not be 5uifident ro pay taxes, tsses.Srrrents, insurancre fnenh+ums and ground tome as they fali ,I
<br />lruskw shat pay to Betw6cvary any amoGnf necfRN9ary 0 make uf. by de!ic,ofwy Woh'a Ihvty day 4 I"!- the dale notce is nwiie,f by
<br />' fteitefic4W if) Trustor requaShnq payment thereof Upon hayrnent v, full of 8➢ it lebred rr ,z Ltr nei ci iry small proalptli rvfunrf to r"
<br />trusfas, wiv Rolls heir,! by Htsneficieey. if foes bust Properly s kola unite +r the lit,wol or ., rnie or Nr!r [!I i'l i'rovetry u' on t rw"sc+ acgoe -f"i
<br />lay Bknelrc:rary N%ene!tt;fary ahatf! ttf,pfy, irrtnveinglelY pro+ f h thtl Safe r r!re 1 u it F r ,pe rr w N III i on 1q, 8c �r r i t vny i i IS
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