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<br />THIS TRUST DEED, made this_
<br />be and between:
<br />(A) Lynne F. Gregg
<br />
<br />24th
<br />
<br />TRUST DEED
<br />
<br />oayof
<br />
<br />August
<br />
<br />83:" u04534
<br />,19 83
<br />
<br />, whether one or mor~,l'Iet~.n-~
<br />Island, Nebraska 6880.1, .
<br />a~'
<br />
<br />(B)
<br />
<br />John A. Wolf
<br />
<br />after called "Trustor" whose mailing address Is 310. West Hedde, Grand
<br />
<br />as "Trustee" whOserriailfl'ig
<br />al1d'
<br />
<br />P.O. Box 428. Grand Island. Nebraska
<br />
<br />address is
<br />
<br />(C)
<br />
<br />6380.2
<br />
<br />The First National Bank of Grand Island as "Beneficiary" whosemallingaddressis'
<br />20.2 West Third Street. P.O. Box 1768. Grand Island. NE 6880.2
<br />
<br />WITNESSETH: That Trustor, in consideration of One Dollar ($1.00) and other valuable consideration receipt
<br />whereof is hereby acknowledged, grants, conveys, sells and warrants to Trustee, in trust; with power ot salei the
<br />following described property, situated in H" 11 County. Nebraska:
<br />
<br />Lot Four (4) in Block One (1) in Pleasant View Addition
<br />to the City of Grand Island, Hall County, Nebraska
<br />
<br />The intention being to convey hereby in absolute title in fee simple, including all the rights of homestead and
<br />dower, together with all buildings, fixtures, improvements and appurtenances thereunto belonging; and all of the
<br />foregoing, together with said property are herein referred to as the "Property."
<br />
<br />FOR THE PURPOSE OF SECURING performance of each agreement and covenant of Trustor herein contained
<br />and the payment of the principal sum of !';Ji:VFN 1'HnTT!,;ANT1 & NO!loGDollars($ 7.0.0.0..00. ).
<br />as evidenced by a promissory note bearing even date at the rates of interest thereon which may hereafter be paid
<br />or advanced under the terms of this Trust Deed; both principal sum and interest thereon being payable according
<br />to terms set forth in said promissory note, reference to which is hereby made, at the office of the Beneficiary or at
<br />such other place as the holder may designate in writing, the final payment of principal and interest, if not sooner
<br />paid, shall be due and payable on the 21st day of Mav ,19 83
<br />
<br />Trustor and Beneficiary covenant and agree as foilows:
<br />
<br />1 WarT.nty 01 Title. Truslor IS l..",fuHy st'lle\1 of the Property. ,\ !las gooo "9tl1 ana
<br />lawful authority 10 sell and convey the Property,lt\e Properly'S !fee and ciear 01 ali
<br />liens and encumbrances ell.cept !lens now vI record. and TrUSlor will waHant and
<br />dt'!tend trle lltie 10 lhe Properly unlo ITle Trustee ana Its successors and assigns
<br />tore..er, against the claims of atl perSOl'1S. TrUS10r, atlts e..penS6, Will malnlaln and
<br />preserve Ihe Hen ot Ihis Trust Dead as a lien upon the Trust Property subject only to
<br />sncumbfall(;6S 6ljsting as 01 the oate hsreof, WIll cause Ihls Trusl Deed. and each
<br />amendmant or supplemenl therelo. 10 be filed and recorded as a mortgage 01 the
<br />Trust Propert) in such manner and In SuCh phlCtl, and WIll take such Olher aChon ciS
<br />In the opinion of Trustee may be r&quirlJO by any presenl or fulule law In order to
<br />perftl<:t, maintain and protect Ihe lien of thIS Trust Deed, as tile samB ma) be Irom
<br />lim" to lime amended or supplemented
<br />
<br />2. PaYnMnl of Pri~lptrl.nd Int.f.,t. Trustor shaH punctually pay the prlncipal 01,
<br />and Interest on, said promiasory note Including any aovances theretO as prO..ided
<br />herein on lhe dates and at the place and in the manner pro..ided lherem ..nd WIll
<br />punctually perform all agreements. condItions and p;o~ISlons of an~ other Secuflt,.
<br />Instrumenl given In COnnection with Ihis lfansaction
<br />
<br />3. ~.Uon and Maln~.nc. 01 Pfop.rty. TruslOl WIll not commit any waste
<br />upon the Property and will, at all Umes, maintam lhe same 10 good order and
<br />conditiOn ilnd will make, Irom time to time, aU repairs. renewals, replacemeftls.
<br />addUiO/ls and improvements which are reasonably lli'qU.ted 10 preverH waste,
<br />Impairment, or deterioration 01 saId property, No b'.lIldlng or Improvement now or
<br />heteaftttf erected upon the Property shall be altered, remo~'ed or \.1emollshed
<br />wlthOUllh$ prior written consenl of BenefiCiary,
<br />
<br />~. Damap 10 P~rty.ln case 01 any damage to. or desl/uction ot, the bulidlOgS.
<br />Improvements or personal property consti!utlng pan oj the Trust Pfoperty, whether
<br />such loss Is covered by insurance or olherwise, Trustor, at Its sole cost and
<br />expense, will promptly restore. repair, ra-place and rebuild lhe same as nearly as
<br />practicable to itscondiUon immediately priol to SuCh damage or destruction or With
<br />SUcli changes and altefations as Tlustt.: may deem applopnate pro~ided such
<br />changes and alterations do not materIally lessen Ihe value MKi utility ;)J such
<br />bUildings. Improvements and personality ffom thaI exjstmg l!Iuiledialely prior to
<br />such damage or destruction. Truslol shall be enhtled to reimbursement !rom the
<br />Trustee 10 the eldent of Ihe net insurance proceeds recei....~d by Trustee. but only to
<br />lhe extent of the actual sum expended under this prOVIsion
<br />
<br />5. CoJpor.te T"'.tO(, It Trustor is 1:1 corDarallon, It Will do ali things n€'cesS3f)' 10
<br />preserve 11$ corporate existence, rights and privileges unClel the laws of the litale 01
<br />Its Incorporation.
<br />
<br />6. InaUf.nee. Trustor, al ils llxpense, WIl! maintain wllh In~;FO':'
<br />Ben'eficlaty, Insurance with respect to the improvements and
<br />conslllutlng the Properly against loss by fife, lightning, ",nd other perd'j.
<br />cOl-ered by ,1andard extended coverage endorsement. H\ I'll! dmollnt equal \0 al
<br />least one hundred p6lcen\ 01 the lull raplaeamenl value If,..,rc(}1. all("l IOS\HanCe
<br />against SUCh other hazards and If'! SUCh amount as is cuslo/Tl,1f!lt CCi"If!d t,y owners
<br />and opefslors 01 :l;imUar propenies and as Benoliciary ,nay t!}quite fo. lis
<br />protecllon, TrulOlcr will comply with such ottler roqllllt1mfmls ..IS BcnoHclary Olaf
<br />lrom !lme to llme r~quesl tor tMo p'Olectiol'! by Il'lSUlaI'C€ ()1 Ihe ,nlereSl '..)1 lh',
<br />
<br />'esp.e.ct.ve parties. AU Insurance policies mamtained pursuant to this Trust Deed
<br />shall name Tfusttte ano Beneflcla!y as InsurtKls. as tlieu respectIVe Interests may
<br />appear, and prO'llde thai thele shall be no cancellallon Or modification without
<br />1,fteen days priol _nUan notification to TrushlEl and Beneficiary. In the event any
<br />;>oilc~ hl:'!Ieufldet IS not renewed on or belore filteen days pnor to its elpilstlon
<br />dale, T~uslee Of BenefiCIary may procure such msurance ano the cost Ihereoi shall
<br />:::... addttd to the lO4ln secured by this TruSI Deed and shall beat inletest at the
<br />greahu of thfJr int&rElsl rate SpeCil!ed lherein or the hlgnesl jnterest rat" authorized
<br />by the laws of the State 01 Nebraska. Trustot srlall deliwH 10 Benelicla.ry the original
<br />pOlicies Of Insurance and renewals Ihel60f or memo copies of such pOllCIOS and
<br />'enewals Ihefeol. FaIlure to furniSh insurance by Trustor, or renewals as reqUired
<br />'lelounder shall, al the option 01 Beneficiary, constitute a default, All unearned
<br />premiums are hereby assigned to Trustee as addihonal security and a sale and
<br />com:6yance 01 trle Property by the Trustee shall operate to con..ey to the purchasel
<br />the TruSlors interest 10 and to al! polICies "I insurance upon the Trust Propefl)'.
<br />
<br />7 Ta.u and Assassmants. Truslof shall paji all taxes and speCial assessments
<br />le'iied or aSSessttd agaiost or due upon the Property betofe deimquency. and Will
<br />deliver 10 Beneticiary copIes 01 receipts shOWing payment 01 such tales and
<br />special assessments, If BenefiCIary shall so request, Trustor agrees that there Shi'ii
<br />be addeu to each penodlc payment required 10 be made hereunder an amounl
<br />esllmated by Trustee 10 be suthClent to en'lble Trustor to pay. al least 30 dajis
<br />wlore aelmQuency, all taxes. assessments or other pubhc Charges a~amst the
<br />Trust Property. the Note secUled by ~hls Trust Deed. 01 UpOl1 a..;count 01 H'1~ aebl0f
<br />Ine lien 01 tnls Tlust Deed, together wllh premiums for IIlsuranC8 lequlled l() be
<br />prO\iided under IhlS Trust Deed U:1d no mte/esl shaH be payable to Truslor 1.'1
<br />respect lhereot. Upon demand b)' Trustee, TruslOI shall delNet to Trustee SUerl
<br />.add:tlona! sums 01 money as are necessar)' to make up any detlc:enc.y In n)e
<br />amounts nece~sar, to enable Trustee to pay any of the loregomg Items
<br />
<br />8. Addttlonal liens. Trustor shall make all payments ot IOle,esl and prlnc,pal and
<br />payments of any other charges, fees, and expenses contracted 10 be paid to any
<br />e;.;isllng lien holders or p/ior beneficiaries under any prior Trust Deed, MOrlgage 01
<br />other secur;t}. agreement, before lhe. date they aro deilf'lQuen( and to pa) dO; other
<br />claim which jeopardizes the security granted herem
<br />
<br />9. Protection of 8enellcl.ry'a Security. Should TrustOl taU 10 make llny payment,
<br />fail to do any acl as herein pro~ided, 01 if an)' action 01 proceeding IS commenced
<br />which matetiall}' affecls Beneflciary's interest In the Property, inCluding, bul not
<br />limited 10. eminent domain, insol~enc)'. arrangel11enls. or prDceedmgs lO\iol....lOy a
<br />bankrupt or decedent, then BenefJcla!y Of Trus.tee but without obligation to do SQ,
<br />and without notice 10 0/ demand upon Truslor, and without re!easlng TrustOI from
<br />any obliyation hereunder, may make Of do the It.1fne. and may pay, purchase
<br />conteSI or compromise any ancumb1anGa, charge (lr t'flll, wllich in 1/11] Judgement of
<br />either appeal's to a!fect said Property. In e~ercistng an)' such pOWNS Ihe
<br />[leneficiary or Tlustee may incur an} liabilit~ and ax pend whatever ,lrl1ounls,
<br />Inc!uding disbufsements of rl'J8S0nabJe attolTltly'S !tHIS. which absoiute
<br />discretion, may bE' neCeS$,(lfy In the event thal Trusto! sha:1 tl.! ~I!ocuru
<br />+nsu!am:e 0' to pay tAles, and special assessments or to <,wlt{! il'ly Ii'
<br />",~istl!lg Of prior lien tlO!ders or bQnefklade5, tile B~II~lfiL'riJly <-lhll
<br />ill$Urancounlj mako 5UCI'l pilyrmml!l Ail
<br />Of Trustee ,n i.$CCoffJan.;e '\ilh !ht:l pr(I"ISiOPS Ow;
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