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<br />THIS TRUST DEED, made this 12th
<br />be and between:
<br />(A) Lynn S. Elgert. a Ringl e person
<br />
<br />claycf
<br />
<br />TRUST DEED
<br />
<br />()rrnhAl'"
<br />
<br />84 - 005587
<br />,1984
<br />
<br />r
<br />
<br />t:rnl....t ~
<br />
<br />, whether one or more, herein.
<br />Grand IRland NphrARkA hRROl
<br />and
<br />
<br />after called "Trustor" whose mailing address Is Sill Hprn,; r ~g"
<br />
<br />NorweRt Rank Grand Tsl~nd. N~r.ionAl A~Hnri~rinn
<br />
<br />(B)
<br />
<br />hRRO?
<br />
<br />as "Trustee" whose mailing
<br />and
<br />
<br />(C)
<br />
<br />addressis p 0 Rn~ J768, QrAnd Island, NphrARkA
<br />Nn~~acr ~art~ ~....~~O 191~nM~ ~at;nual A€~QgiAti9B
<br />
<br />as "Beneficiary" whose malling address is
<br />
<br />P.O. Box 1768. Grand Island. Nebraska 68802
<br />
<br />WITNESSETH: That Trustor, in consideration of One Dollar ($1,00) and other valuable consideration receipt
<br />whereof is hereby acknowledged, grants, conveys, sells and warrants to Trustee, in trust, 'wlth power of sale, the
<br />following described property, situated in Hall County, Nebraska:
<br />
<br />Lot Seventeen (17), Ravenwood Subdivision, Hall County, Nebraska
<br />
<br />The intention being to convey hereby in absolute title in fee simple, including all the rights of homestead and
<br />dower, together with all buildings, fixtures, improvements and appurtenances thereunto belonging; and all of the
<br />foregoing, together with said property are herein referred to as the "Property,"
<br />
<br />FOR THE PURPOSE OF SECURING performance of each agreement and covenant of Trustor herein contained
<br />and the payment of the principal sum of Thirty- Five Thousand&No Dollars ($ 35.000.00** ).
<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 October ,1985
<br />
<br />Trustor and Beneficiary covenant and agree as follows:
<br />
<br />1. Wannty otTltte. Trustor IS lawfully seized of the Property; It has good righl and
<br />lawful authority to sell and convey the Property; the Property is. free and clear of all
<br />Ilens and encumbrances except liens now of record; and Trustor will warra"t and
<br />defend the title 10 lhe Property unto the Trustee and Us successors and assigns
<br />for8Y8r, against the claims 01 all persons. Trustor, 801 it,s expense, wHl maintain and
<br />preserve the Hen of this Trust Deed as a \len upon the Trusl Propttrty subJecl only 10
<br />enCLlmbrances exIsting as of the date hereof, will cause thIS Trust Deed, and each
<br />8msndfTHInl or supplement thereto, 10 be filed and recorded as a mortgage 01 the
<br />Trust Property in SUCh manner and in suc" place, and wHi taka such Oih8f acllOfl a::i
<br />In the opinion of Trustee may be required by any present or future law in ordef to
<br />perfect, maintain and protect the lien of this Trust Deed, as the same may ba from
<br />UITl4 to time amended or supplemenled
<br />
<br />2. Payment of PrinciPii and Int....... Trustor shall punctually pay the principal of,
<br />and Interest on, saki promissory note inCluding any advances Ihereto as provided
<br />herein on the dates and at the place and in the manner proyldad therein and will
<br />punctually perform all agreements, conditions and proyisions of any olher security
<br />instrument giYen In connection with this transaction
<br />
<br />3. ~tlon and Maintenance 01 Prop4N1y. Trustor will not commit any waSle
<br />upon tM Property and will, al all times, maintain Ihe same in good order and
<br />condition and will make, from time to lime, all repalfS, renewals, replacements.
<br />additions and ImproY&f1lenls which are reasonably required to prevent waste,
<br />Impalrmenl, Of deterioration of saw property. No building or improvement now or
<br />hereafter erected upon the Property shall be altered. removed or demohsheo
<br />without the prior written consent of Beneficiary.
<br />
<br />.. ~ ig Prop.riy. in case of any damage to, Of destructIon 01, Ihe tll..liJd,:1;gs,
<br />Improvements or personal property constiluting part of the Trust Property. whether
<br />such Iou is coyered by insurance or otherwise, Trustor, at its sole cosl and
<br />expense, will promplly restore, repair. replace and rebuild the same as nsarly as
<br />practicable to its condition Immediately prIor to SUCh damage or destruction or with
<br />sucl'1 cnanges ano alteratIons as ltustor may deem appropnale prO"'lded suCh
<br />changes and aUeratlOns do not meterially lessen the value and utIlity 01 such
<br />b\.llldings, impfovements and personality from that existmg ,mmadiately puar to
<br />such aemage or destrucUon. TruSlor shall be entitled to reimbu:sement ham tha
<br />Trustee to the..h.nl of the nellnsurance proceeds recei...ed by Truslee, but only to
<br />Ihe eden! ot the actual f!um expended under this provision
<br />
<br />5. COrpoia'. Trustor, l! Trustor is a corpmallon. II will do all Ihmgs neC8SS8ir). to
<br />presarJe its corpolate existence. rights lind pn~lhlges undel lhe laws 01 the stalo o!
<br />it, incorporation
<br />
<br />6. I"SUI.nee. Tlo:l1or, at Itll 6XptonSe, WIll mamlaln with InS,Hors appro...ild I)~
<br />8en.tlclary, Insurance with respeCI 10 the Improyernents and personal p,opllfly.
<br />eomlifitutlng lhe Property 8gOllnsl losS tlY hre, IlghlOlng. lomado, ana t'1her rinds
<br />coyerGd by standard el\t;tnded cO'ftlf1lge endorsemftnt, ir\ <lf1 .unoun! eQual 10 ;)1
<br />leeal one hundred percenl 01 tha lull replacoment value Iher~10!. ilnd msural1'CG
<br />agalnat such other hlll.ards and In such amounl .w 1$ CUSIOnli/,ld}' !:arrlt,d by o...nlH5
<br />and operators of slmllaf prop&rtlf'1 ,.m\:l as Bena"ci.r~ 11"10,/ 'eq\.lllS l,)r II~
<br />pfotilcUon. TruiMor \N!I! compl)' W(lt\ 51,/CtJ olhur r1Xlvlrmn",nl", to'" Btlntll,c'i.V~ may
<br />from ',mo to lim"" r&qU","SI lor Ihe prOlaction bV Ini.lorjjrK<:! (;1 lilt, \f11~r(!~t 01 u,€
<br />
<br />respective parties. All Insurance policies maintained pursuant to Utie- TI\I$t Deed
<br />shall name Trustee and Beneficiary as. Insureds, as their rqpecllve IntentSts may
<br />appear, and provide that there shall be no cancellation Of modlftea,tOn wU~t
<br />flft8en daY3 prior written notification to Tnnt" and Beneficiaf)'. In the .~t any
<br />policy hereundef is not renewed on or befot'e fifteen days prlaf to fts expiration
<br />date, Truslee or BenefiCiary I1l6Y prOcure sw:;:h inSUrance and the CQst t~t IJh&II
<br />be added to ttw, loen secured by this Trust Deed and shall beef inter..' at. thl
<br />greater Of the InterMt rate specified thefeto or the hlghett lnIer6st rate authoriHd
<br />by the iawa of tile Siai. oi Nebfa$ka. i'fUsiot sh.ii deiivet' iQ hM-fiG~ry tiw~i
<br />poUeles of Insuranw and renewals thereof or memo copies of such pollQfM .net
<br />renewals thereof. Failure to furnish inaur.nee by Trustor, or renewals .. requt~
<br />hereunder shaH, at the opllon of BenefiCiary, eonslltute a a.l~lt. AI1 unearned
<br />premiums are hereby .ssigned to Tru.t.. .s. edditlonal s8<;urity and a sale and
<br />conveyance of the Property by the Trustee $hall operate to convey to the pvfehaaer
<br />the Trustor's Interest in and to all policies of Insurance upon the Trust Pfoperty,
<br />
<br />7. T......na ......mentL Trustor shall pay all taxes and special assessmenfs
<br />le...ied or assessed against or due upon the Property betOfe delinquency, and will
<br />deliver to Beneficiary copies of receipts showing paymenl 01 sueh laxes and
<br />special assessmenls, It Beneficiary Shall so requeSl, TrustOt agrees that there Shall
<br />be added 10 .acl'l pe-l'lodiC payment required to be maae hereunder an amount
<br />estlm.tt9d by Trustee to be sufficient to enable TIUS-tOt to pay. al least 30 days
<br />before dehnquen<;y, aU laxes, assessments or other publiC charges againsl the
<br />Trust Property, the Note secured by !his Trust Deed, Of upon accounl ot the- debl or
<br />the lien ot 11'111 Trust Deed, toget~r wllh premmms for lIlsurance f6quired to be
<br />proyided under Ihis Trusl Deed and no interest snail De payable to TruslOl in
<br />resplKt lhereof. Upon demand by Tlustee, TrUSIOI shall deliver to Trustee Such
<br />addltlon~l sums 01 mOM)' as ale nace$SOlry 10- make up an, de"cien.::y in 11'la
<br />amounts necessary 10 enable Trustee to pay any ot the 10regQlng It_ms,
<br />
<br />8. AckHlIonall.... Trustor shall make all payments 01 inter~sl and prlnclpoll and
<br />payments of any other charges, t~", and expell$8& conlracted 10 be paid to any
<br />el.lSllOg Hen holders 01 prior berntiicillfies under ilny prior TrUSl Line. MQligaijV vi
<br />other security agreement, beiOfe the date lhey are delinquent and 10 pay any othe-r
<br />claim whicrt jeopardizes the security glllnt~ herein.
<br />
<br />g. Protection of 8enatlc~ry'. s.curtly, ShOUld TrustOf' lall 10 make .any payment,
<br />lallto do any act as herein prOVIded, or If any action or proceeding is commenced
<br />Which materlallv ",ll~ts Benellcl~lfY'S lnte-reat in the Properly, including, t:>ut not
<br />limited 10. eminent domain, Insol~eOl;;y, 3ffangements or proc~lngs mvolvmg a
<br />bankrupt or doceQent, then 61:lnolldary or Truatee but withoul obhgatlon to do 80,
<br />and withoul nallc(i 10 or demand upon TrustOf, and without releasing Trustor tram
<br />any obligation hereunder, may m811.e or do the same, and moilY pay. purChase,
<br />conle~l or compronHsa an}' tlncumbranctl, Charijl6 01 lien, which in lhe judQ61l\lfnl ot
<br />6lth"r apptlar~ to "UVlcl ,aid PrClpl!,ty. in l!o",,":;ising nny such I'O'oVtlU; tha
<br />BeneliC!IIIY 0' Trusl.,o:l [nay I!\CUI an\! !(abllity Ilnd expand whatever amOlil1t9.
<br />'ocludln;;!: ,1!!!hursor:lenl-s 01 reasonable a\torney.s 100$. wh'ell In IheH abs\,'llula
<br />diliCretlon. InaY' M nflC9SS3l!. 1'1 tho t1\iIHII l!l.llrl Tlu$lor r,hd1i til,1 W prOCunl
<br />ifu';.urance 01 10 pOly lall.&:lo. ~!I(\ special 4sst;lssmttnllll 01 to l11il~G ,i\n~ pa,'(1l..nl~ 10
<br />,helstmg (\, poor !Ien hOltler!.' 01 ben.,t,e(al(i.li'i. Hltl t:!ent,llicll)l1 mOl, pr~l(.\)iC Sud\
<br />lnsur,nce and mail.e suer. pd)'menl$ Ali :H.fl'S mCl'i,QO O( tlll.P(HH.!>ef1 tlY Bl!nel/cld<V
<br />0f Tr1l3\ft<l ,n <I<..<.::onl.tn.:" ....11/'1 tho pri.)vlsn..>nS 01 \f'I,~ r'\131 Deocl are ;;.,lUlfl'lt.l rtt'tleby
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