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10.5 85— 00555 Ht nnnan and Fallon 5 Wo11 Wancn Ne 68451
<br />DEED OF TRUST
<br />i THIS DEED OF TRUST, is made as of the -r— day ofy&ute A bt i 19 -$5 by and among
<br />�HE ELKS BUILDING ASSOCIATION OF GRAND ISLAND, ( "Trustor "), whose mailing address is
<br />NEBRASKA, A Nebraska Corporation, Grand Island, J
<br />L. W. KELLY, JR. , P.O. Box 1545, Grand Island,
<br />( rtietee "), whose mailing address is
<br />Ne. 688
<br />and REODORE N. JAMSON, Executor of the ( "Beneficiary ") whose mailing address is
<br />'Est. of Nick Jamson Deceased; FRED F. MEHRING, 2316 West Phoenix,
<br />Grand IIs$land Ne. 66�pgRp�ll
<br />FOtt VALUABLE CZ7N VERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms
<br />and conditions of this Deed of Trust, the real property located in the City of GRAM) TSLANn County of
<br />HAT.T. State of Nebraska., and legally described as follows (the "Property
<br />(SEE ATTACHED DESCRIPTION)
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments, interests in adjoining 'roads,
<br />streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may
<br />be or hereafter become an integral part of such buildings and improvements, all crops raised thereon, and all
<br />water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the
<br />"Trust Estate ".
<br />FOR THE PURPOSE OF SEC'URING:
<br />a. Payment of indebtness in the total principal amount of $ 80 000. 00 ___ _ , with interest
<br />thereon, as evidenced by that certain promissory note of even date (the "Note") with a maturity date of
<br />. executed by Trustor, which has been delivered and is payable to the order of
<br />Beneficiary. and which by this reference is hereby made a part hereof, and any and all modifications, exten-
<br />sions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon at the rate-
<br />of ll--;% percent (.- .___ -_ _._ J per annum.
<br />This Deed of Trust, the N ate, and any other instrument given to evidence or further secure the payment and
<br />performance of any obligation secured hereby are referred to collectively as the "Loan Instruments ".
<br />TO PROTE C" 1' THE SECI?HITY Ub' THIS DEED t )F 'TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest ern, the
<br />indebtedness evidenced by the Note, rharges, fees and all other sums as provided in the Loan Instruments.
<br />L. TAXES. 'rustor hail pad each utNtalimem nfatll taxes and special assessmentsuf every kind, noworhereafter
<br />levied against the Trust )state err any part thereof. beforrrl inyuencv, without notice ordemand. atnd shall provide
<br />Beneficiary with eviden�,• o(the payment of sung• Trustor vhatll paty all tax e:, and assessments which may be levied
<br />upon Beneficiary's inierr,t herein or upon this Deed of Trusi or the debt secured hereby, without regard to any law that
<br />may be enacted imposing pa) me•nt ,f the whole I.r atriv part thereof upon the Beneficiary
<br />:1. INSURANCE AND REPAIRS Trustor shall maintain fire and not extended royert{;t•insuranceinsunngthe
<br />improvements and buildings c'„nstitutinp part of the 'Trust Estate for an amount no less than the amount of the-
<br />unpaid principal balance o!'the Note u„ Insuriun'r not exceeding SO" permitted). Such insurance poliry sht)ll contain
<br />astandard mortgage clause in favor of Beneficaa i v find ,hall not becan(•ellahle, terntinahlenr modifiable w•it.hi)utten
<br />(10) days prior written notice to Beneficiary 'Trustor �h,tll promptly repeat, maintain sari replace the Trust Fstateor
<br />any part thereof so th:u, except for ordnutr> wear and tear. the•rrust Estate shall not deteriorate In noevent shall the
<br />Trustor commit waste lot or to chi- Trust Estate
<br />.1. ACrIt)NS AFFECTING TRUST ESTATE. 1'rustor shall appear to and contest any action or proceeding
<br />purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and
<br />expenses, including cost of evidence of title and attorney's fees, in any such tu!tion or proceeding in which Beneficiary
<br />or Trustee may appear. Should Trustor fail to make any pavanent or to do any act as and in the ntantier provided in
<br />any of the lwoan Instruments. Beneficiary and. or Trustee, each in its own discretion. without obligation so to du and
<br />without notice to or demand upon Trustor and without releasing Trustor from any ohligation. may make or do the
<br />same in such manner and to such extent as either may deem ne cessary to protect the security hereof. Trustor shall.
<br />immediately upon demand therefor by lienefivtary, pay all costs and expenses incurred ln• Beneficiam of c mine ctimi
<br />with the tntercise h_v beneficiary of the foregoing rights, including without limitation costs of evidence of title. court
<br />CONiN, apprallNNl9, surveys and attorney's fe es. 'Any such costs and expenses not paid within ten r l()) days lif written
<br />demand shall draw interest at the default rate provided In the Note.
<br />G. EMINENT IMMAIN S-hould thr'Trust Estate or any part therrrf or interest therein, ie taken or damaged by
<br />reason of any public improvemont or condemnation proo-vechng. or In any other manner Including deed tit lieu of Condeni
<br />nation f "Cot+demnaWun "). „r sltould'rrusuo revive am noua:e ur other infirrrnulion regarding such pea crcfing,'Crustor ihall
<br />give prompt written notice thereof to Beneficiar) ltenefictary shall bee entitled tar all compensation, awards and other paty
<br />rner+tr, or relief therefor, and shall tx entitled at +4, option U, commence. appear in and proseo,"te In its own name any action
<br />or pty,ceetlinge. Beneficiary shall also he entitled to make any compromise or settlement in connection with such talking or
<br />damage. Ail such compensation, awards, damages, rights of action and proceeds awarded to Trustor (the "Prooeeds -) are
<br />hereby assig'nwl tit Beneficiary and Trustor agrees to execute such further assignments of the Proceeds as Ben0cmry or
<br />Trustm may "tare.
<br />rl AI'PO INTMEN'T f)1'' o41tC(TSy0R'1'RUSTEE Benefictory mav, frrni tune to tinie, by it written nstrument
<br />exenruttd and acknowledged by Benet'iciarv, imuled to Trustor and Recorded to the County In which the Trust Estate 1s
<br />lim --oted end by otherwise coinpiylrig with the' provisoes of the apphrahle law of I he State of Nohrnska sit hsttute it sur.viosor.
<br />or teueeerwors to the'rrusUv natmrd heretic ,r ,e(vng herminder
<br />SUCCb;f3MMS ANP ASSIGNS This 1)--f of "Trust apphe•s lo. tourers to Ili• Ivnt4it 1I .old 111111i' Ali paa'tes herrD,
<br />their heirs, legutettN, devurrs, pe•rs,auel 1'Mpre• 1•Iltet(I \•1•F si., ±essors and alsatKns hhr tutu Beret , nirt shall mean th,'
<br />owner and holder of the till'.•, •,vhethor ,r not menu! ,u- Ib•nert,'uern herem
<br />A INSPFf "19e)NS Honertciary or Its agents mprenetttttvrr: or worltitwn arc Iwo -,, „a n- enee( at mil witsom;w,
<br />tittle n!M Ie..R a wv part lets' 1'1 "I1w1 EAull" i "I !ell• pl, t'p: ,Mr "t Irl.10'. -tlalg the —rn :, f!il ' i 'I,i ,1 j.r .., •! To'l'l- ell l!1,; m,
<br />rho act. N is Ig0wr,;.A t.. uerform ender the ti -mw "t ;env „! the i.mn lostruno-nt.•.
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