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<br />CONT5:d
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<br />DEED OF TR~ST
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<br />Q.d _ 006212
<br />u.
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<br />t~__..Thi D . 19 84 , by and among Gerald B. Kluthe and
<br />~U:5(;:IJ.T. M. .. hereinafter referred to as "Trustor t "
<br />a ; Arend Baack .
<br />Attorney at Law, hereinaft.er referred to as ee, II whose mailing address is Post Office Pox 790,
<br />Grand Island. NE 6880~ and TIlE OVERLAND NATIONAL BANK OF GRAND ISLAND. hereinafter referred to as
<br />'IBene:f1ciary," whose mailing address is P. O. Box 1688, Grand Island, Nebraska 68802..
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<br />For valuable consideration, Trustor i"rrevocahly grants, transfers, conveys and assigns to Trust:ee-,. in
<br />trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust, the roilowing-described properey, located in Hall County,.
<br />Nebraska, to-w-it:
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<br />together with all buildings, improvements, fixtures,. streets, alleys, passageways, easeme,nts, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, prQf1.ts,
<br />reversions and the remainders thereof, including all such personal property that is attached to the improve-
<br />ments so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of. .the fore-:-
<br />going shall be hereinafter referred to aa the "Property. II
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<br />FOR THE PURPOSE OF SECURING:
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<br />(a) the payment qf indebtedne-SI'] eV.idenC~}:! b.~~. '.LY""1..3:",.'S j'-tifftM.e~~-.'J. date h.erewith.in
<br />the principal SUllI of Elght~n Tho~(j F2!:t:':':..lL.^(.>e &.~~ 1!'\ ).. together
<br />with interest at the rate or rates P-T0-;7ided thel::e~.l, or the principal and inteTest on any
<br />future advance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes stating they are secured hereby~ and any and all renewals, modi.fications
<br />and extensions of such notes, both principal and interest on the nOt-es being payable in
<br />accordance with the terms set forth therein, which by this reference is hereby made a parr
<br />h ereaf ;
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<br />(b) the performance of each agreement ~nd covenant of Trustor herein contained; and
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<br />(c) the payment of any sum or sums of money which may be hereafter paid or advanced
<br />by Beneficiary tmder the terms of this Deed of Trust" together with interest thereon at the
<br />rate provided in the note.
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<br />To protect the securit:y of this Deed of Trust, Trustor herelly covenant:8 and agrees as. follows:
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<br />1. Pa'y"l!lent of Indebtedness.. To pay 'When due, the principal of. and the interest on-. the indebted-
<br />ness evidenced by the not:e, charges~ fees and all other sums as provided in the loan instruments.
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<br />.t... Title.. Trustor is the owner of the property and has the right and authority to eXecute this
<br />Deed of Trust in respect to the property..
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<br />3. Taxes and Assessments. To pay, when due). all taxes~ special assessment-s and all other charges
<br />against the property, before the same become deliI\quent, and, in the event Beneficiary shal1.so require,
<br />to add to the payments required under the note secured hereby, such amount 'as may'be sufficient 1:0 en-
<br />able Beneficiary to pay such taxes ~ assessments or other charges as they become due~
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<br />4. Insurance. To keep the improvements now <.Jr hereafter located on the Teal estate described
<br />herein insured against damage by fire and such other hazards as Beneii-ciary may require" in &!1Ounts and
<br />companies acceptable to Beneficiar}". and wit h loss payable to Beneficiary. In case of loss under' such
<br />policies, Beneficiary is authorized to adjust, collect and compromise, in its discretion, all claims
<br />thereunder and, at its sole option~ is authorized to either apply the proceeds to the restoration of .the
<br />property or up-on the indebtedness secured hereby~ but payments required by the note shall continue until
<br />the sums secured hereby are paid in full.
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<br />5. Repair" Maintenance and Use. To promptly repair. restore or rebuild any buiJ41ng5 or improve-
<br />ments now or hereafter on the property; to keep the property in good condition and repair, without- waste
<br />and free from mechanics or other liens not exprea-sly subordinated to the lien hereof; to not make, suffer
<br />or penult any nuisance to exist nor to diminish or imp-air the va.lue of the property by any act OT omission
<br />to act; and to comply with all requirements of law with respect to the property.
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<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent domain,
<br />B-eneficlary is entitled to collect and receive a.ll compensation which may be paid for any property taken
<br />or for damages to -property not taken, and Beneficiary shall apply such compensation, at its option.
<br />either to a reduction of the indebtedness secured hereby or to repair and restore the property so taken.
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<br />7. Performance by BenefiCiary. Beneficiary may, but shall have no obligation to, do any act which
<br />TrustQr has agreed but f~iled to do.. and Bene:ficia.ry aay ah~:c de any act it deems- necessary to protect
<br />the lien hereof. Trustor agrees to repay, upon demand, any sums so expended by Beneficiary for the
<br />above purpose9, and any sum 50 expended by Beneficiary shall be added to the indebtedness secured here-
<br />by and become: secured by the lien hereof. Beneficiary shall not incur any personal liability beC8\l8-e of
<br />anything it may do or om1t to do hereul''d:ler.
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<br />8. .Assignments of Rents. Benefi-clary shall have the right t pow-er and authority during the con-
<br />tinuance of this Deed of Trust to collect the rentB~ issues and profits of the property and of any per-
<br />sonal property located thereon "With or .,-ithQut taking possession of the propert.y aflected hereby, and
<br />TruBtur hereby absolutely .and unconditionall}' assigns all such rents, issues and profits to Ren.ef;lc.iary.
<br />Benef-1e1ary" however,. hereby -c-onsents to Trustorts collection anti -re.tention of such rents, .issues:_ and.
<br />profits 46 they accrue and becOMe {)ayable, so long as Trustor is not. a.t such time, in d\\fault wi,:h re-
<br />spect to p8YJacnt of any indebtedness secured hereby~ or in the performance of any agreement h.ereunder.
<br />If oy event of default describe-d hereafter in resplIIlct to this Deed of trust shall have occurred and be
<br />continuing.. BenefiCiary) 48 a matter- of ri(tht and W'itho~t notice to Trustor or s.nyoue claiming under
<br />1"rU&t:t}fl and v1thout :regard to the value of the tt:'ust estate or the- interest of the 1'rustor therein,.
<br />.11.1,1 bK'ioiS tt~ r__1.&ht Hi lipPlY tv any "wft. having jurisdiction to aPPQtnt: a receiver of the proper[y.
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<br />9. l.n.~p.ctions. B.eneflciary", or .lta aient~, f€JH"eaentatives or 1;,,-orkmeD. are authorized to enter
<br />at -any r.45Q:tlAble. ti:mc upon Qr In any part of the property for the pur'pOtU! of inspecting the 8amit .9.nd
<br />f(.rr t.be pur!>>" of ptf["f'oralng MY o.f the acts it is a-ut~lOr lzt'd to pe.rf-c-::m under the terlUS of iW)' 1-oan
<br />-1nsttl.JllH$\tti ttXfh,a.lted hy t'rt.l8tor.
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<br />10. l~t*!L...~~~ro~er!l" If all -or lllW part of tOO pt'cp@'tt:,y or: any ll'lter-est of 1'rufJtm:" ther~!n
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