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<br />84 ~ lJ1J2867
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<br />,19 l!4
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<br />THIS TRUST DEED, made this
<br />be and between:
<br />(A) Larry D. Coffin and Mae
<br />
<br />23rd
<br />
<br />TRUST DEED
<br />
<br />May
<br />
<br />E. Coffin
<br />
<br />I
<br />
<br />, whether one or more, herein-
<br />
<br />and
<br />
<br />after called "Trustor" wh?se mailing address is
<br />
<br />(B) John A. Wolf
<br />
<br />as "Trustee" whose mailing
<br />and
<br />
<br />address Is P. O. Box 428 - Grand Island Nehraska fil!802
<br />
<br />(C)
<br />
<br />THE FIRST NATIONAL BANK OF GRAND ISLAND as "Beneficiary" whose mailing address Is
<br />202 West Third Street, P, 0, Box 1768, Grand Island, Nebraska 68802
<br />
<br />WITNESSETH: That Trustor, In consideration of One Dollar ($1,00) and other valuable consideratIon receipt
<br />whereof Is hereby acknowledged, grants, conveys, sells and warrants to Trustee, in trust, with power of sale, the
<br />following described property, situated in Hall County, Nebraska:
<br />
<br />All of Lots Five (5), Six (6), and Seven (7), in Block Five (5), in South Grand Island
<br />Addition to the City of Grand Island, Hall County, Nebraska, subject to easements,
<br />re~~rictions, and rights of way uf record.
<br />and
<br />All of Lots Four (4) and Five (5), in Block Eight (8), Rollin's Addition to the City of
<br />Grand Island, Hall County, Nebraska, subject to easements, restrictions, and rights of
<br />way of record.
<br />and
<br />Lot 4 and the Westerly 56 feet of Lot 3, all in Block 17, in Kernahan and Decker's
<br />Addition to the City of Grand Island, Hall County, Nebraska, subject to all easements,
<br />restrictions, and rights of way of record.
<br />
<br />The Intentlon being to convey hereby in absolute title in fee simple, Including all the rights of homestead and
<br />dower, together with all buildings, fixtures, improvements and appur.enances thereunto belonging; and all of the
<br />foregoing, together with said property are herein referred to as the "Property,"
<br />
<br />FOR THE PURPOSE OF SECURING performance of each agreement and covenant of Trustor herein contained
<br />and the payment oltha principal sum of THIRTY THOUSAND AND No/lll&llars ($ 30 000.00 ),
<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 10th day of April ,19 85
<br />
<br />Trustor and Beneficiary covenant and agree as follows:
<br />
<br />1 Wa""ftty of Tit". Truslor 15 lawlvll.,. selled 01 t~ Property: it ha5 goOd nght and
<br />lawful authority to sell and convey the Property: the Property 1$ 'fee and clear Of all
<br />liens ano encumorances except hens now 01 record; and Truslor will warranl and
<br />defend IIle tille to the Property unto the Truslee and lis successors and assigns
<br />10revef, against the claims of ell persons. Trustor, at Its e.pense. '#tll! maintain IInd
<br />preserve the lien of this Trust Deed as a lien upon the Trust Property subject only to
<br />
<br />:~~~~:~~~~ :~~s~:~~:~to!~~;:t~~~~ ~~~~ \OI~~~~~:~~~~ :~U;I~:~~~~dc~~~:
<br />
<br />Trust Property in such manner and In such place, and WIll lake such oth'H acllon as
<br />In the opinion 01 Trust" may be required bV any present or luture law In order to
<br />perfect, m.int.in and protect the Uen ollhls Trusl Deeo, as the same may be Irom
<br />tlfTMt to lime amended or supplementoo
<br />
<br />2. PeYfl*ll 01 PrinctpetaM InterMIt. Trustor shan punctually pay lhe prinCipal ot,
<br />and interest on, s.id promissory nOle including any advances lhereto as prOVIded
<br />herell1 on tM d.tes and al the place ano m the manner prOVIded therein and will
<br />punctuaUy perform all agreements, conditiOns and p;ovlSl0ns 01 any otller secullty
<br />InSHument glven U' connection with tllis Ifansaction
<br />
<br />3. ................... Metn~ of P........,. Trustor wlil not commit any waste
<br />upon the Property and wlll. at all limes, maintain tile same in good order and
<br />condition and wilt make. from time 10 time, all repaIrs. rene...als, replacemerlts.
<br />additions and ImprovemenlS which are reasonably rl:lQulred 10 prevent waste,
<br />Impairment, or deterioration of said property No buildIng or Improvement now or
<br />hereafter erected upon Ihe PrOP"rty shall 08 altered, removed 0/ demoliShed
<br />wtlhoullhe prior written consent 01 Beneliclary
<br />
<br />4. De..... to PYoperty. In case of any damage 10. or deslruclion 01, lhe buildings.
<br />Improvements or personal property conS/ltullng pari ollhe Trust Property, whether
<br />such loss is covered by mSurance or olherwlse, Trustor. al Its sole cost and
<br />e.pense, will promptly restore, repaIr. replace and rebuild Ihe same as nearly as
<br />practicable to its condition Immedialely prior 10 such damage or deslruchon or With
<br />such changes and alterations as TrUSIOr may deem approprIate prOVided such
<br />Change" and aUeratlons dO not materially lessen the value and utIlity 01 such
<br />buildings, improvements and personaUly hOrn lhat e.lusling Immed!ately prior to
<br />such d.mage or destruction Trustor shall be entitled to relmbursement trom the
<br />Trust.. 10 theellent 01 the net insurance proceeds received by Truslee. bu1 oniy to
<br />the extent 01 the actual sum ellpend<!d under this provIsion
<br />
<br />L
<br />
<br />5, Corpora.. TRlllIOr. II Trustor is a corporallon. 11 w.ll do all IfllngS necessary 10
<br />preserve lis corporate elllstence, Tights and prIVileges under lhe laws 01 lI'le Slale 01
<br />lis Incorporation.
<br />
<br />6. I~ance: Trustor, at It$ ellpense, WIll maintall1 With Insu/ors approved by
<br />aeneliclaf)'. mswance with respect 10 lhe Improvements and personal plOpelly.
<br />conslltutlng the Property against loss bv lire, Ilghln1Og. tornado, and other pellls
<br />covered br standard edended co~erage endorsemenl. In an amount equal 10 at
<br />least one hundred percent 01 the lull replacemenl value Hle/eol. <lnd ,nsurilnce
<br />againsl such other hazards and If\ SuCh amount as IS customarily carried bV owners
<br />and operalors of similar properties and as BenefiCiary may require tor lIS
<br />protection. TrustOr will comply wtth such Olher rOQulrements as Benellclary may
<br />!rom lime 10 time request tOl the protection br Insurance 01 the mteresl 01 tne
<br />
<br />'espectlve parties. All Insurarn;e polIcies maintained pursuant to this Trust Deed
<br />shall name Trustft and Beneficiary as insureds, as their respac1lve Interests may
<br />appear, and proyide tnat there shall be no cancellaUon or modification without
<br />flheen d.ys prior wriUlt" notlflcaUon to Truslee and Beneficiary. In thlt e"ent any
<br />pOliCy hereunder Is not renewed on or before fifteen days prior to it. expiration
<br />date, TrusttNl or Benefici.ry m.y procure SUCh Insurance and the oost thentof st'\afl
<br />
<br />~a=~~~ :~at~~~:~ ~~u$:c~rs~:~e~~~~ h~~~~~::~ :;:=~~
<br />
<br />by the tawI of tn. State of Nebraska, Trustor sn.n deliver-to Beneficiary thl! original
<br />policies of Insurance and renewals thereof or memo copies of such polleiaa and
<br />renewalS thereof. Failute to lurnish insuran~ b~ TrustQ(, or r8'new.l* .s required
<br />hereunder sn.ll. at the option 01 Beneficiary, constitute a delault All une.rned
<br />premiums are hereb~ assigned 10 Trust.. .5 additional security and II sale and
<br />conveyance 01 the Property by the Trustee shall operate to conlftly to the purchaser
<br />tne Trusto"s ~nterest In and to all policies of lnsurancol upon the Trust Property.
<br />
<br />7 T..... and ....aaeamen... Trustor shall pay all talles arnj speCIal assessments
<br />Il,meo or assessed against or due upon Ihfl Property batere delinquency, and will
<br />deli~er 10 Beneficiary copies ot roo.lpts showing payrnen1 of SUCh taxes .nd
<br />special assesaments. If Benehciary sh.1I so request, Trustor agrees thf,llhere ,h.ll
<br />be addact to eacn periodic payment required to be made hereunder an amount
<br />estimated by Trustee to be lIulflclent 10 enable TruSlor to pay, al least 30 days
<br />before delinQuency, aU taxes, assessments Of other pUbHc charges against the
<br />Trust Properly, the Note secured by !hlS Trust Deed, or upon account of the debt Of
<br />the lIen 01 nus Trust Deed. together With premIums lor Insurance reQuired 10 tie
<br />prOVided under this Trust Deed and no mter&st Shall be payable to Trustor In
<br />reSpeCI Ihereot. Upon demand by Trustee, Truslor shall deliver 10 Trustee SUCh
<br />addlllonal sums of money as are necessary 10 make up any deflciancy In the
<br />amounls necessary 10 enable Truslee 10 pay any of the !Olagoing Items
<br />
<br />8_ Adclltk)IMl L.ien.. Trustor shall make all payments ot interest and principal and
<br />payments 01 any other charges. tees, and e:tpenses contracted to be paid to any
<br />eJlisting lien "(llders or prior beneficiaries under any prior Trust Dead, Mor1gage or
<br />other security agreement, batore the date they afe delinQuent and 10 pay any other
<br />claIm wnlch jeopardizes the seOUflly granted herem
<br />
<br />9 Protection of Sen.'lela,,'. security. Shoold Trustor laU to make any payment.
<br />fall 10 dO any aCI as helein provided, or If any acHon Of proceedmg IS commenced
<br />which materially affects Benehciary's intereSl In the Property. Includmg, but nOI
<br />I!mited to, eminent domain, insolvency. anangements or proceedIngs lnvolvmg a
<br />bankrupt or deceden\. then Benehclary or Trustflf' but lli'ltlloul obligation 10 do so,
<br />and Wilhout notice to or demand upon Trustor, and wllhout rejaaslOg Trustor from
<br />any obltgatlon hereunder, may maKe Of do the same, and may pay, Durcnase.
<br />contest or comprorTllse any encumbranco. charge 01 lien, which ,n Ihe judgemenl 01
<br />either appears 10 atlect !laid Properly: In exerCISing 3f)Y SuCh powers the
<br />Benellclary or Trustee may lOCur any !labIlity and expend whatever amounlS
<br />Includmg diSbursements of reasonable atlorney's tees, WlllCh In ITJelr absolute
<br />discretIOn. may be necessary_ In lhe ovenl lhat Trusto' shall (all to plocure
<br />'"SU'lInca ()f 10 pay taJl8S, and spacial assessmenlS or 10 make any paymenls 10
<br />ex.SlIng 01 pllor !len Ilolders or beneliclafles, P'IJ Benellttary may plOCUlO such
<br />'r'fsu(ance and make such payments AlIllumll oncUI/(rd .:If expendea by BenelJclil'y
<br />0' 1 ruslce jf1 accordance wnl'l tl'le prOv,slons of Ihlll Trust Deed Me S!Kured IltlletJr
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