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<br />THIS TRUST DEED, made this
<br />be and between:
<br />(A) Larry D. Coffin and Mae
<br />
<br />~3
<br />
<br />;' TRUST DEED
<br />
<br />aayof
<br />
<br />h7.4';'
<br />
<br />84 ~d~~68
<br />
<br />,19 8'"
<br />
<br />E. Coff in
<br />
<br />, whether one or more, hereln-
<br />
<br />and
<br />
<br />after called "Trustor" whose mailing address is
<br />
<br />(B) John A. Wolf
<br />
<br />as "Trustee" whose mailing
<br />and
<br />
<br />addressls P, O. Box 428 - Grand Island, Nebraska 68802
<br />
<br />(C)
<br />
<br />The First National Bank of Grand rRl~nd as "Beneficiary" whose mailing address is
<br />202 West Third Street - P, O. Box ]768 - Grand Island, Nehraska 6RR07
<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 Ha 11 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 of record,
<br />and
<br />All of Lots Four (4) and Five (5), in Block Eight (8), Rollin's Addition to the City
<br />of Grand Island, Hall County, Nebraska, subject to easements, restrictions, and rights
<br />of 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 />
<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 appurte'lances 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 -FIFTEEN THOUSAND & No/.'ars($15,000.00 l,
<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 30th day of Avril ,19 R'i
<br />
<br />Trustor and Beneficiary covenant and agree as follows:
<br />
<br />1 W.rrant)' of Tme. Trustor IS lawfully se,zed of the Property: 11 has good ngl'1t and
<br />I,hltlul authority to sell and convey the Property; the Property's Iree and Clear 01 all
<br />liens and encumbrances eltcept hens now 01 record: and Trustor will warrant and
<br />defend the title to Ihe Property unto the Trustee and tts successots and assigns
<br />lorever, against the claims 01 all persons. Trustor, atlt!3- eltpense, will maintain and
<br />preserve the lien 01 this Trust Deed;as a lien upon the Trust PrOpttr1y SUbjKt only to
<br />encuml)rances e.istlnQ as of the date hereol, WIll cause thIS Trust Deed, and each
<br />amendment or supplement thereto, to be 1II&d and recorded as a mortgage olth&
<br />Trust Property in SUCh mannar and in SUCh place, and will lall.e such other action as
<br />in the opinion 01 Trustee may be reQulrltd by any present or future law in order to
<br />petlect, maintain and protect the Iten 01 tOtS Trust Deed. as the same may be trom
<br />ti~ to time amended or supplemented
<br />
<br />2 P.,menl 01 Pftnclpal.nd Inl...1. TrustOl shall punctually pay the prinCIpal ot,
<br />and interest on, said promissory note including any advances thereto as provided
<br />herein on the dates and at the place and to the menne.' prOVIded therein and wtll
<br />punclulllly perform all agreements, conditions and proviSIOns of any other secullty
<br />Inslrument given In connection with this transactIon
<br />
<br />3. ...........0.. end ..I.......nce 01 Property. Trustor WIll not commIt any ....asle
<br />upon the Property and will, at all times. maintatfl the. same tfl good order and
<br />condition and will make, Irom lime to time, all repalfS. renewals. replacements,
<br />additions and Improvements which are reasonably required 10 prevent wasta
<br />Impairment. or deter.orallon 01 said properly No bu'ld.ng or lmplovement now or
<br />hernfter erected upon Ihe Property shall bill allmed, removed or demoliShed
<br />without the prior wrllten conS8llt of BenellClary
<br />
<br />4. 0........10 Property. In case 01 any damage to, or deStruction 01, the bUlldlOgs.
<br />Improvements or personal property conshtuhng parl 01 the TrUSI Property. whelher
<br />such .oss is covered by insurance or otherwise, TruSlor. al Its sole cosl and
<br />expense. wHl promptly restore, repalf, replace and rebuild the same as nearly a;;
<br />practicable to lIS conditIon Immediately pnor 10 such damage or destruction or With
<br />such changes and alterations as Trustor may deem appropllate prov,ded such
<br />changes and aU.faltons do l'Iot matenslly lessen Itle value and ulllJty 01 such
<br />buildings, Imptovaments and personality Irom lhal C""ISlIng ,mmed,ately p"Of 10
<br />such damage or deslrucllon. Trustor shall be entitled 10 re,mbursemenl hom the
<br />Trustee to Ihft elttent of the nat insurance proceeds rece,vlHl Dy Truslee. bul Only 10
<br />the edenl 01 the actual sum eJ<pan:1ed under thIs ~Ho\"s,on
<br />
<br />L
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<br />5. Corpora'. TN.tOJ. II Truslor IS a corporal lon, '1 "",n 00 all 1hlngs nect;s!.ar) 10
<br />preserve lis corporale elllstence. lightS ana pr,v>le\;je:; undt;! the la",,:; or the :;Iale vl
<br />ItSlr1COtpOfatiOh
<br />
<br />6. lnau,.nce. TrustOf, al liS e.o:pense, "",II I'natntaln ""11'1 1'l"Clr("~ approve\J t.'~
<br />Beneflci4ry, ItllluliiflCV .....,!h reSpaCI to Ihe Improvements i1llCl p,"S0nd! property
<br />constltullng I"e Plopatl)' agaJn511t>ss lly hre, !lghlrung. 10"'<1:.1,-, dll.l '.i~ft" l,'(>l"~
<br />cO>o'6Utd by staTllJllld 6denCled coverege f.H.t1orsemeni. ,n ,1'\ ilr"<l:.Jnf t'qua, ..' 1l~
<br />teilsl one hunl1leQ p6fcenl of fhe full repliKt>me"t ~alue """r,,-,l il.'llJ -r,~u...q,,(,
<br />agalllst !luCh othl'lr tla/aHjs anD In S\-H...h am,'l!"l as's ':ut;lU'''<!''.\' .~'''e'J by '~''f>'-t,,~
<br />and Goeralar!! c~1 SImilar vloperlle~ Ilno i1~ B€neln;-_l'<i!y "",,,,,, 'w ,l~
<br />prOI&ClI0r'_ T'....SIO-: ","II! compl". ""'111 o;;"ell olhf!! 'eQ",,'em(>f;!~ ..s 'r'ill
<br />hom 11m<! to "fTU! 'aqua:>! fm n'e DtDtecl,O'.' t)1 ,,-,~j,">'\c.'" "r the ,r.l""tf~l 111"
<br />
<br />respective parties. All Insurance poilcles IT'If;inlalned pursuant to Ihls Trust ee.d
<br />shall name Trust" and Benl!ficiary as insureds, as their respecthl. interests may
<br />appear, and provide th.' ~her. shall be no canceUaUon or modlfic.~1on .lt~I
<br />lIlt"n days prior wrlllen notlflcatlon 10 Trustee afld Be,..flclary, In tM eYeRt any
<br />policy hereunder Is not renewed on or belore fifteen days prior to Its e..pir.Uon
<br />data, Trustee or Beneflciary may procure such Insurence and the cost ~hef_eotshall
<br />be added to lhe loan s~ured by this Trust DMd and snail bear.-lotefHtallrw
<br />grealer of the loter.st rale specified lher.ln or the hlgh...Ira.tilfWt rat. AuthOrIzed
<br />by the law&. of the State at Nebraska. TrustOf" sn.1l de-llvar to- BeMllclary the originet
<br />policies 01 Insurance and renewals thereof or memo caples of such poliCle. and
<br />renewals thereof. Failure 10 furnIsh insurance by Trustor, Ot renewals as requlrltd
<br />hereunder shall, at the option 01 BenefiCiary, consmute a delault. All unearned
<br />premiums are hereby assigned to Trustee lIS addltlan.1 security and a sale and
<br />conveyance 01 the f1rop&rty by the Trustee shall operate 10 convey to the purchaser
<br />the Truslor.:! interest in and to aU policies 01 Insurance upon the Truet Property.
<br />
<br />7 T..... and A...........ta. Trustor sh.1l pay all taltes and special assessments
<br />levied or assessed egalnst or due upon the Properly betore delinQuenCy, and wilt
<br />deliver to Beneficiary copies ot receipts showing payment 01 suc~ taxes and
<br />special assessments. II Benellcl8ry shall so request, Trustor agrees that thete shall
<br />be added 10 each periodic payment required to be made hereunder an amount
<br />estimated by Trustee to be sullicient to enable TruStOl to pay. at least 30 days
<br />!>elore delinquency, all taltes, assessmenls 01 other public charges agaInst lhe
<br />Trust Property. the Note secured by ~hls Trust Deed, or upon account ot the debl Of
<br />the hen 01 thIS Trust Deea, together with premIums for msurance requited to be
<br />provlaed unael lhis Trust Deed and no interest Shalf be payable to TrustOf HI
<br />reSpect tl'1ereof_ Upon demanQ by Trustee, Trustor shall deliver to Trustee such
<br />addllional sums 01 money as are necessary to make up any deliciency in lhe
<br />amounlS necessary 10 endble Trustee 10 pay any of trle foregOing Items
<br />
<br />8. Addltlonltlllens. Trustor shall make all payments 01 interesl and prinCIpal and
<br />payments 01 any other charges, fees, and e.pens8s conlracted 10 be paid 10 any
<br />oXlsling lien holders or prior beneliclafles undOI any pnor Trust Deed, Mortgage or
<br />olher securily agle6ment, befQre the date they are delinquent and 10 pay any other
<br />claim which jeopardizes the security granted herem
<br />
<br />9. Protection of 8enellclery'. Securltr. Shoula Trustor lailto mak.e any paymenl,
<br />lalllo do any act as l'Iareln prOVldOd, or il any action or proce9ding is commenced
<br />whICh malerlally alfeets BenellclBry's mterest in the Proparty, mcluding, but not
<br />hm'led to. ammenl domilln, IIll>olvency, aflangements or plOceed'f1gs involVing a
<br />bankrupl Of decedent, then BenefiCiary en Truslee but wilhoul obilgallon to do :!Oo,
<br />ana wlthoul notice 10 or demand upon TruslOI. ana withoul releasmg Trustor from
<br />a"~ obligation heleUnallJ. may make or do the same. and may pay, Durchase
<br />CO'lles! 01 comp'amlss a'ly encumb,ance, ct)ar\le 01 hen, wtltc/1ln the J"dg..ment o(
<br />""lhlOr appears \0 !lflllCI said Properly, In e~e!ci:;rn\l any ~o.ll,:h POW~tS the
<br />Bt!r'let,(;lIuy Of T 'US!$e ma~ mc", an)' hablllly ;in(l e~pend ....hail!~I-H "mOunls
<br />,n(.iudmg d'llOulsemenlS 01 r....sofl410h"t a!lornti".-S teos, ....tHcn '1"\ tt'i.J,r atJ${Jiuht
<br />t1lsuet,un IT"'a~ tJ.8 n~('.eSSjvy In In., evenl Ih..t l'uSh;', tir'J.I' l<'ln II' ,Hlll.uflJ
<br />'n~;J'a!';'-~' H; pay la;;,e5. and :;;pt!<,.,..1 ""Sl6',,!,n:,tH',ts _" I" "'.l.M' ;.<<,-"''''10,
<br />c" . .".H I,el"\ r,,-;>Iom:; Ll' t~"6hui""J" 'r'B Hen..~'l .M, '''..,
<br />~",h I-'",-yf"t'nts A'; Su"'5 "'~LJ"flU ,-,r "~iJ"''''h'''~ t)-, th,n"",--'k,
<br />~'4';rC)rO.H\(.'-' ....'11> Ihl> VO'.~"';"~ ~" !f"~ fl\,~i D.....".j', ~tlL";'\'_\ '''_''C1C\
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