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<br />TRUST DEED
<br />IBIS TRUST DEED made this ~ j day of November 1988,
<br />between RAYMOND A.WAT5ON and JtSANITA WATSON, as Trustor,
<br />chase address is 1524 Coventry Lane, Grand Island, Nebras&a;
<br />3OHN R. BROWNELL, as Trustee; and COP@fERCIAL SAVINGS Ct7MP'ANX
<br />OF GRAND ISLAND, an Industrial Loan and Znvesta~nt Company,
<br />whose address is 2121 North Webb Road, Grand Island, Nebraska,
<br />as Beneficiary.
<br />WITNESSETH:
<br />'S`hat Trustor conveys, sells, and warrants to Trustee in
<br />trust, with power of sale, the following described real
<br />property
<br />Lacs Twenty One (21), Twenty Two (22), 'Twenty Three
<br />(23), and Twenty Four (24), Piper's Glen Subdivision,
<br />being a Subdivision of Lots Eight (8) and Nine {9),
<br />Warren Subdivision, in the City of ;rand Island, Hall
<br />County, Nebraska.
<br />The intention being to convey hereby an absolute title in
<br />fee simple, together with all buildings, fixtures, improve-
<br />ments, and appurtenances thereto belor,vina.
<br />The Trustor covenants and agrees with the said Trustee
<br />and aeneficiary that he :s lawfully ~c>+:aara :,f ,; .a __st.c•
<br />that he itas good, right, ar.d lawful authority to sell~and
<br />oonvey said ,:,remises; that said premises are free and clear
<br />of all liens and encum_t=-ances; and char Tr:. _ ..ill -arrant
<br />and deft+nd the title tca said premises ~^ro t*:eY_ __ ~_d
<br />l:}a .". L:Y:~cSSar~ and u~.q lei I:ti illr P_~Jer 311aSnst tnP n1:3}m4~:l f',~il
<br />caersons.
<br />FOE THE P'.'RPOSE v'F ?ECURING performance :1 r. eaciz a~sree-
<br />ment o€ Trustor herein ccntaired and ~_ ~ a;rment of ';inety
<br />fi*.ousand iMilars iS9tJ,000.00), as eviden,-mod by nromissorf
<br />note bearing even date cn a floating rate, not to exceed
<br />nineteen percent ;i4~) ncr less than twelve -<rcent tl_'#),
<br />as more full}^ set out therein, per annum until paid; the
<br />prircipai sum and in*_erest shall be r~ayable on demand. I~11
<br />payments shall be made at the office of the Beneficiary,
<br />2121 'North Webb Raad, Grand Island, Nebraska, ~~r ._3t such
<br />other place as the holder may designate ir: wr}*_ine.
<br />It }s agreed by and between *.he r~3rt}es !:t~retc that
<br />while t}tle is vested in the '"rustee and '.n*_:! s1i};';r., ,.F
<br />Netice of ..:.fault, the '1'rustcr shall:
<br />A. Retain possession of the preen}ses and collect the
<br />rents and revenues therefrom.
<br />H. l~~atain the buildincs :and }?n€ro_e_:~nt., _..~u~4d
<br />*_hereon in gacd Bandit}on and rc. Fro ir.
<br />C. Pay all taxes and special assessments levied or
<br />assessed against or due open said premises before
<br />delinquency, and to deliver tc Beneficiary conies
<br />of receipts showing payment cf such taxes.
<br />il. Procure and maiatain pal.icies of insurance against
<br />the usual hazards of fire, hail windstorm, and
<br />other similar risks, in sums and underwritten by
<br />companies acceptable to the Beneficiary, with logs
<br />payable to the parties as their i;?terest *~ay
<br />a~spear.
<br />~f
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