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85- 00586 3
<br />DEED OF TRUST
<br />CONSMUCrICN SECURITY AGRJUMENT
<br />This Deed of Trust Construction Security Agreement is made this
<br />26th day of November, 1985, by and among BISON INVESTORS V LIMITED
<br />PARTI+>1UMIP, By. PUMEROSA ESTATES, INC., GENERAL PARTNER., hereinafter
<br />referred to as 'Trustor," whose mailing address is 2548 North Carleton
<br />Avenue, Suite D, Grand Island, Nebraska. 68803; Arend R. Baack, Attorney
<br />at Law, hereinafter referred to as 'Trustee," whose mailing address is
<br />Post Office Box 790, Grand Island, NE 68802; and THE OVERLM NATICNAL
<br />BANK OF GRAND ISLAND, hereinafter referred to as "Benefi.ciary ", whose
<br />mailing address is P. O. Box 1688, Grand Island, Nebraska.68802.
<br />For valuable consideration, Trustor irrevocably grants, transfers,
<br />conveys and assigns to Trustee, in trust, with power of sale, for the
<br />benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust Construction Security Agreement, the
<br />following- described property, located in Hall County, Nebraska, to -wit:
<br />Lot Four (4), Block Nine (9), Continental Gardens,
<br />an addition to the City of Grand. Island, Hall
<br />County, Nebraska.;
<br />together with all buildings, improvements, fixtures, streets, alleys,
<br />Passageways, easements, rights, privileges and appurtenances located
<br />thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reversions and the remainders thereof, including all such personal property
<br />that is attached to the improvements so as to constitute a fixture, all of
<br />which, including replacements and additions thereto, are hereby declared to
<br />be a part of the real estate conveyed in trust hereby, it being agreed that
<br />all of the foregoing shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the Payment of construction indebtedness in respect to sums to
<br />be advanced to Trustor from Beneficiary for the purpose of making an
<br />improvement of the real. estate above - described, as evidenced by a Con-
<br />struction Draw Deed of Trust Note of even date herewith in the original
<br />total principal draw amount of Forty -Five Thousand and No /100 Dollars
<br />($45,0W.00);
<br />(b) the payment of interest at the rate or rates provided in the
<br />aforedescribed note and the payment of both principal and interest on
<br />any and all renewals, modifications and extensions of such notes;
<br />(c) the Payment of principal and interest on any future advance
<br />as may be evidenced by promissory notes stating they are secured by
<br />this Deed of Trust Construction Security Agreement; provided, however,
<br />that the total principal indebtedness, not including sums advanced to
<br />Protect the security or interest accrued shall not exceed the sun of
<br />Forty -Five Thousand and No /100 Dollars ($45,000.00);
<br />(d) the performance of each agreement. and covenant of Trustor
<br />herein contained; and
<br />(e) the payment of any stn or stms of money which may be hereafter
<br />paid or advanced by Beneficiary under the terms of this L(NA of Trust.
<br />Construction Security Agreement, together with interest. at the highest.
<br />rate provided in the notes; secure
<br />cl hereby.
<br />To protect the security of this Deed of Trust Construction security
<br />Ai r'e(mient, Trustor hereby covenants and agrees as fol l(xvr;:
<br />1. Payment of Indebtedness. To pay when due, the principal of, .3.11(1
<br />the interest on, the indeFt7ct tress ervideneei by the note, (;has{ e 5, fens nncl
<br />all other stms is provi.dixl in the loan instrvrxint".
<br />1. 1111Q. Trtrstor i <; l.he nwnf•.r of the prolvvrt :• ;ind Nu, tilt, i•ilzilt a11d
<br />authurit,y�tU c Xecut,(,� this [k.-ex] of Truro ( -41st. ucti0�n
<br />r(�slx:rct to the prol*wty.
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