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<br />"CONSTRUCTION AND SECURITY AGREEMENT" (Notice: This instrument constitutes a construction
<br />security interest under the Nebraska Construction Lien Act,)
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<br />NORWEST fiAl\i":-,
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<br />Norwest Bank Omaha, National Association
<br />P.o. Box 3408
<br />Omaha. Nebraska 68103
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<br />DEED OF TRUST
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<br />84-004268
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<br />This Deed of Trust, made this 11 th day of ___~ 19 ..8lL- . by and between
<br />William J. Scheve, Jr and Salli~.s~h"ve, H""hRncl Rncl Wif"
<br />whether one or more. hereinafter called the "Trustor", whose mailing address is 1612 Windsor Place, GrandIsland,NE .
<br />NORWEST BANK OMAHA. NA TlONAL ASSOCIA TlON, hereinafter called the "Trustee", whose mailing address is P. O. Box 3408,
<br />Omaha. Nebraska 68103. and NORWEST BANK OMAHA. NA TlONAL ASSOCIA TlON, heremafter called the "Benel/ciary", whose
<br />mailing address is P 0. Box 3408. Omaha, Nebraska 68103.
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<br />WITNESSETH
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<br />WHEREAS, under even date herewIth. Trustor executed and delivered to Beneficiary a Promissory Note payable to Benel/ciary in the
<br />pnnc~alsumof$_~~~housand Dollars and No/lOOths-------------------~-----------------------
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<br />which note Will be referred to herem as the "Note" or the "Note Secured Hereby",'
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<br />NOW, THEREFORE. lor Ihe purpose of secuflng payment of the Note. according to Its terms and any extension or renewals thereof,
<br />and for the purpose 01 secuflng performance by Trustor of the agreements herein contained, Trustor irrevocably grants and transfers
<br />to Tr/Jstee. In trust. with POWER OF SALE. all of the follOWing descnbed real estate sItuated in Hall County,
<br />Nebraska. hereinafter called the "Descflbed Premises'"
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<br />Lot 19, in Block 2, in Normandy Estates, an Addition to the City of Grand Island, as
<br />surveyed, platted, and recorded in Hall County, Neb'1Ska.
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<br />THIS DEED OF TRUST SHALL CONSTITUTE A FIXTURE FlLING UNDER THE UNIFORM COMMERCIAL CODE
<br />liITH RESPECT TO THE FOLLOlfING TYPES OF FIXTURES:
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<br />together With all bUlldmgs. fixtures and Improvements upon the DeSCflbed Premises. whether now or hereafter existing, all rights-of'way,
<br />easements, rents, Issues. profits. Income, tenements. hereditaments, pnvileges and appurtenances belonging, used orenio)llldln
<br />connection wIth the descflbed premises. or any part thereat (sub;ecl, however, 10 be the fight. power and authority of Trustor to-CptJ&ct
<br />and appll' such rents. Issues. profits and Income as they become due and payable, so long as no detault itxists hereunder):andall
<br />proceeds of conversIOn. voluntary or Involuntary. of any of the foregOing mto cash or Uquidated claims, including, witt:out.-limitathJfJ..
<br />proceeds of insurance and condemnation awards. all of which collectively IS heremafter referred to as the "Trust Property",
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<br />I T IS A GREED, Without aflectlng the generality 01 any of the foregOing prOVISions, that all heating, cooling, air conditioning andplurnbing
<br />appllar.ces and eqUipment now or hereafter attached to. or built m. any buifding or Improvement, now or hereafter erecteduponft1e. -
<br />descf1bed premises, shall be deemed fixtures and a part of the realty, and are a portion of the Trust Property.
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<br />TO HA VE AND TO HOLD the Trust Properry upon and subfect /0 the trusts and agreements hereinafter set forth:
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<br />1_ Trustor agrees to punctua!ly pay the pnncipal of, and Interest on, the Note on the dates and at the place and in the manner provided
<br />[herem and to PUflC!Ua/ly ,:,erlorm all agreements. conditions and prov/slons of any other security instrument given in conn8Cti~lfwjth ~
<br />thIS transaction
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<br />2. Trustor. at ftS expense. WIN mamtam dnd preserve ttle lien Of thiS Deed of Trust as a first and paramount lien upon the Trustf'rti)p8rty.
<br />Will cause thiS Deed 01 Tf~st ana eacn amendment or supptement thereto, /0 be Med and recorded as a mortgage of Ihe Trust PI'optilrty-
<br />in SUC,"1 manner and In such piaced. and wll! take such other action as If1 the opinion of Trustee may be required by any-p~t,(jr
<br />future law In order to perfect, mamtaJfl and protect the hen of thiS Deed of Trust. as the same may be from time to time amended:or
<br />suppf8rnenrea
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<br />3 If !!tIe ro riny part of ale Trust Property shai! be taken In condemnation proceedings, by right of eminent domain or simi~f 8Ction;
<br />Of shall De solei under t.'1reEH of condemnation. all awards, damages and proceeds are hereby assigned and shall be paid to T~tee
<br />Wt10 snalJ apply sucn dmount to the prepayrnem of t.he Note Trustor will prompUy, and with due (digenea. repair, alter and resfore
<br />the remaining part Of the Trust Property to Jts former condlllon substantially to the extent that the same may be feasible and $0 as'-Io
<br />constitute a complete dnci usable (Jill!
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<br />4, Trusta,. at Its el(pense, W'lt'iJi rni:.Nltdl/l Wltfl mSUfors approved by BenefiCiary Insurance with respect to the improvements and personal
<br />Ofot.>""8rty constltut!ng rile 7rust Property agamst toss by !ire. lightnmg, and other perils covered by standard extend9d coverage
<br />ern10fsernenr. ,n an amount equdllo at tBast iO(Y,:; at the full replacement value thereof; and insurance against such other hazards and in
<br />surn a.'1K)tlflt as ,'S cus.tornarsly earned b}' owners and operators of Similar properties and as BenefiCIary may require for its protech'on.
<br />Trustor ~'I.{i:I' cornpiy wilh such ortle! reqUirement as Beneffclary may from time to time request for the protection by insurance of the
<br />interest of ttle respectIve parties AU ,nsurance poliCies mamramed pursuant to this Deed 01 Trust shaJl name Trustor, Trustee and
<br />Benef!c'ary dS f,nS,.j!ea's as the" respec:ilie interests may appeal. and prOVide there shall be no cancellation or modification without 15
<br />t.1a.liS j.)rlQr -.\'fiHen nacd,cat/cn to Trustee and BenefICldf}', In the event any poiJcy hereunder is not renewed on or be/ore 15 days prior
<br />10 Its eXpil'diion ..--tate, Trustee or Benef!cii:iTY' may procure sucn insurance, pay the premiums therefor, and such sums shall immediately
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<br />0eC()rne r:'ut: an'..] OdyaDie f\..th ''"'{forest at ~,11e rate of 1.~___ per annum until paid and shall be secured by thIS Deed of Trust. All
<br />OO!;(:'(>::, ~)f rrl's:./ance reOl,;rea by thiS Oeeo' of Trusr shaf.i be ci&iiVeled to ana" retained bv Trustee, FBIJU(801 Trustor to furnish such
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