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<br />TRUST DEED ~,
<br />
<br />, THIS DEED OF TRUST is made on May JL, 2008. The Trustor is Todd Nitsch and Julie
<br />Nitsch, husband and wife, ( hereinafter "Borrower"). The Trustee is Denise D. Myers, of Lauritsen,
<br />Brownell, Brostrom, Stehlik, Myers & Daugherty, 724 W. Koenig Street, Grand Island, Nebraska
<br />68801, ("Trustee"). The beneficiaries are Steven Lemburg and Dana Lemburg, husband and wife,
<br />(hereinafter collectively "Lender"). Borrower owes Lender the principal sum of Ten Thousand Five
<br />Hundred and 001100 Dollars ($10,500.00). This debt is evidenced by Borrower's notes dated the
<br />same date as this Security Instrument ("Note"), which provides for payment of principal and
<br />accrued interest in monthly payments, under the terms of a promissory note. The Deed of Trust
<br />(sometimes referred to herein as "security instrument") secures to Lender: (a) the repayment of
<br />the debt evidenced by the Note, and all renewals, extensions and modifications; (b) the payment
<br />of all other sums advanced under paragraph 4 to protect the security of this Security Instrument;
<br />and (c) the performance of Borrower's covenants and agreements. For this purpose, Borrower
<br />irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described
<br />property located in Hall County, Nebraska:
<br />
<br />The Westerly One Hundred (1 CO) feet of the Southerly Twenty-three (23) feet of Lot
<br />Five (5), in Block Six (6), and all ofthe West One Hundred (100) feet of Lot Six (6),
<br />and the North Two (2) feet of the West One Hundred (100) feet of Lot Five (5), all
<br />in Block Six (6), of the Original Town of Cairo, Hall County, Nebraska
<br />
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all
<br />easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water
<br />rights and stock and all fixtures now or hereafter a part of the property. All replacements and
<br />additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
<br />Security Instrument as the "Property".
<br />
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed
<br />and have the right to grant and convey the Property. Borrower warrants and will defend generally
<br />the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />
<br />COVENANTS. Borrower and Lender covenant and agree as follows:
<br />
<br />1. Payment of Principal; Prepayment and Late Charges. Borrower shall promptly pay when
<br />due the accrued interest on the debt evidenced by the Note and any prepayment and late charges
<br />due under the Note. Prepayment of principal or any part thereof, shall be allowed without the prior
<br />written consent of Lender.
<br />
<br />2. Charges; Prior Liens. Borrower shall pay all real estate taxes and assessments
<br />attributable to the Property which may attain priority over this Security Instrument, and leasehold
<br />payments or ground rents, if any.
<br />
<br />Borrower and Lender agree and understand that this Trust Deed shall be a second
<br />lien upon the property, after the first lien held by Pathway Bank.
<br />
<br />3. Hazard Insurance. If required by Lender, Borrower shall keep any improvements now
<br />existing or hereafter erected on the Property insured against loss by fire, wind, or other natural
<br />disasters, hazards included within the term "extended coverage" and any other hazards for which
<br />Lender requires insurance. This insurance shall be maintained in the amounts and for the periods
<br />that Lender requires., Th" insurance carrier providing the insurance shall be chosen by Borrower
<br />subject to Lender's ~pptoval which shall not be unreasonably withheld.
<br />
<br />All inSurance policies and renewals shall be acceptable to Lenders and shall include
<br />a standard mortgage clause. If Lender requires, Borrower shall promptly give to Lender all receipts
<br />of paid premium~ In the event of loss, Borrower shall give prompt notice to the insurance carrier
<br />and Lender. ,lender may make proof of loss if not made promptly by Borrower.
<br />
<br />4. Protection of Lenders' Rights in the Property; MortgaQe Insurance. If Borrower fails to
<br />perform the covenants and agreements contained in this Secunty Instrument, or there is a legal
<br />proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in
<br />bankruptcy, probate, for condemnation or to enforce laws or ~ulations), then Lender may do and
<br />pay for whatever is necessary to protect the value of the Property and Lender's rights in the
<br />Property. Lender's actions may include paying any sums secured by a lien which has priority over
<br />this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the
<br />Property to make repairs. . Although lender may take action under this paragraph 4, Lender does
<br />not have to do so. Any amounts disbursed by Lender under this paragraph 4 shall become
<br />
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