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<br />DEED OF TRUST N G~
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<br />THIS TRUST DEED made this ~~ day of ~ J ~~= 2009, between
<br />DAVID A. LUTH and MARCY J. LUTH, husband and wife, as TRUSTORS, whose address
<br />is 9129 Indianhead Drive, Grand Island, Nebraska 68803; JOHN M. CUNNINGHAM, a
<br />member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 ~ o
<br />N. Cedar, P.O. Box 2280, Grand Tsland, Nebraska 68802; and IVAN L. BTLSLEND and
<br />MARY S. BILSLEND, husband and wife, as joint tenants with right of
<br />survivorship, not tenants in common, whose address is 15960 w. Holling Road,
<br />Wood River, Nebraska 68883, as BENEFICIARIES.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE,
<br />IN TRUST, his personal representatives, successors and assigns, with power of
<br />sale, the following-described real property:
<br />THE SOUTHWEST QUARTER (SW1/4) AND THE WEST HALF OF THE SOUTHEAST
<br />QUARTER (W1/2 SE1/4) OF SECTION FIFTEEN (15), TOWNSHIP TEN (10)
<br />NORTH, RANGE TWELVE (12) WEST OF THE 6T" P.M., HALL COUNTY,
<br />NEBRASKA, containing approximately 240 acres, more or less
<br />together with all improvements and appurtenances thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARIES
<br />that they are lawfully seized and the owners of the above-described property;
<br />that they have good right and lawful authority to sell and convey said premises
<br />and that said premises are free and clear of all liens and encumbrances, and
<br />further, that TRUSTORS will warrant and defend the title to said premises
<br />forever against the claims of all persons whomsoever.
<br />For the purpose of securing performance of each agreement of TRUSTORS
<br />herein contained and the payment of FIVE HUNDRED THOUSAND DOLLARS
<br />(5500,000.00>, the TRUSTORS have executed a Trust Deed Note bearing even date,
<br />at the rate of interest and on the terms and conditions as set forth in such
<br />Trust Deed Note until paid. The principal sum and interest shall be payable in
<br />accordance with and upon the terms and conditions of said Trust Deed Note of
<br />even date, and in any event the entire principal balance due hereunder and any
<br />accrued interest shall be paid on June 11, 2024. A11 payments due hereunder
<br />shall be paid at the address of the BENEFICIARIES as above described, or at
<br />such other place as such BENEFICTARIES or the holders of said security shall
<br />designate in writing. All installment payments hereunder shall be applied
<br />first to the payment of interest on the unpaid balance, pursuant to the
<br />Amortization Schedule, a copy of which has been provided to each of the parties
<br />hereto, and the remainder of each payment of such installment to be applied on
<br />principal.
<br />It is agreed by and between the parties hereto that while title is vested
<br />in the TRUSTEE and until filing of Notice of Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may be
<br />otherwise agreed by the parties in writing.
<br />B. Maintain the residence and any other improvements located on the
<br />real property in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments of
<br />every kind levied or assessed against or due upon said property
<br />before delinquency, and to deliver to BENEFICIARIES copies of
<br />receipts showing payment of such taxes each year.
<br />_1_
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