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Deed of Trust
<br />N_NKS
<br />85= 004884
<br />THiS DEED OF TRUST is made this r$ d — day of October '1985 , by and between Charles M. Proctor and
<br />whether one or more, (hereinafter called the "Trustor "),
<br />whose mailing rid sand, Nebraska
<br />NORWEST BANK (hereinafter called the "Trustee"), whose mailing address is
<br />P D 80,170 randNORWESTBANKllebrah National Aecnriatinn (hereinafter
<br />called the "Beneficiary'), whose mailing address is
<br />WITNESSETH:
<br />iF THIS BOX IS CHECKED ( J 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, Trustoris indebted to Beneficiary in the principal sum of FOURTEEN THOUSAND FIVE HUNDRED AND NO /100 - - - --
<br />Dollars (3 14,500.0(1 ),which indebtedness is evidenced by Trustor's promissory note dated 0 nbpr R 19 _1E, (hereinafter
<br />called the "Note'), payable to the order of Beneficiary and having a maturity of Or tnhpr 7 ] gAfi
<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, lees 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, whether 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 FOURTEEN (14), IN ROSS HEIGHTS SUBDIVISION,
<br />HALL COUNTY, NEBRASKA
<br />together with (l) all buildings, structures, additions. enlargements, modifications, repairs, replacements, and improvements now or hereafter
<br />located thereon, (ii) 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, or built in, any building or improvement
<br />now or hereafter located thereon, (iii) 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 fight 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), (vf) all royalties, mineral, oil and gas rights and profits. water, water rights, and water stock. (vii) all tenements,
<br />heraditaments, privileges and appurtenances belonging, used or enjoyer m connection therewith, and (viii) all proceeds of conversion,
<br />voluntary or involuntary, of any of the foregoing into 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 AND AGREES AS FOLLOWS:
<br />1, Title. Trustor covenants, warrants and agrees with 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,
<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 defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Trustor, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and
<br />recorded as a mortgage of the Trust Properly 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 time 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 W Indebtedness. Trustor shall punctually pay the principal of and interest on the indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when
<br />due all costs and liabilities Incurred therefore, and not to permit any construction lien 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 any such work and to complete the proposed improvements promptly. (b) to complete the
<br />saute 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 and made a pan hereof•
<br />(d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact.
<br />4. 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 in lull, a sum
<br />(hereinafter called the "Funds') equal to 1 112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, it any, plus 1 i 12th of the yearly premium installments for hazard insurance, plus 1, 12th of the
<br />yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary 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 state agency including Beneficiary. Beneficiary shall apply the Funds to
<br />pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing crod4s and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for
<br />the Indebtedness secured by this Deed of Trust. If the amount of th. Funds held by Beneficiary, together with the future monthly
<br />installments of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the
<br />amount required to pay said taxes, assessments. insurance premiums and ground rents as they fall due, such excess shall be. at
<br />Trustor's option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds it the amount of
<br />the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments. rnsu, ance premiums and ground rents as they fall due.
<br />Trustor shaft pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice is fnaiied by
<br />Beneficiary to Trustor requesting payment thereof. Upon payrrient in full of all Indebtedness, Benelccary .shall promptly refund to
<br />Trustor any Funds held by Beneficiary, Il the Trust Properly is sold under the power of sale or !fu- Uusr Property is alherwse ac yuven
<br />by Beneficiary, Beneficiary, .strait apply, immediately prior to the sale of the lnrst Ogre ;perry by Bone.'.i'rarr, any F.,nds
<br />held by Honuhciary al the thine of application as a credit against the Indebtedness 11 H; nehcc,.y- , c; .ores ,, wnrftrr sir per ;,f ?,actor
<br />UbllganOfl, Wlefef this paragraph 4. 17,wvor Covenants affil agfeGG to ray, tie +f(x(I tit!, iii , b", I r %(1;,.r , ,i' r_i 1,!, .1 =,..:l n,• ;';
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