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~. <br /> ~ <br />~ ~ <br /> <br />N ~ '~ ~ C <br />~ <br />~ = <br />~ ~ <br />~ ~ . <br />~ ~ ~ <br />1~ ~ C <br />„ <br />ririr~w 1 <br />W <br />~~ ~ ~ ~ <br />~ ~ <br /> <br /> +p Q^1 <br />~~ ~ <br />~' C <br /> <br /> <br /> w.: <br /> n v~ ~ <br /> <br />~_ <br />~ ~ --~ <br />~ n n _? l <br />- <br />~ ;~ ~ ~ r\] x'1'1 <br />rn = <br />~ .sa <br />rr; 'a <br />• <br />~} r-+~ <br />-~ ~ rn <br />C7 SCI <br />C ~ _. ~ ~ <br /> <br />~ -~ rU <br />OD C5 ~ <br />- 1--~ ~ <br />2A0 ~ <br /> <br />r <br />n . <br />~.. <br /> <br />p C/) <br />of ~ N <br /> rn ~-~ ;a- eiy C7 <br /> <br /> <br /> F--+ ~ Q C <br /> ~ <br /> ~ W d <br />r1 <br /> <br /> W c~a W ~ <br /> <br />C7 <br />/s' ~~ <br />DEED OF TRUST <br />THIS DEED OF TRUST is made on August 25, 2010 <br />The Trustors are Jerry M. Pierce & Tamothy J. Pierce, also known as Borrowers. <br />The Trustee is the Jason Eley, Grand Island City Attorney. <br />The Beneficiary is City of Grand Island, also known as Lender. <br />Beneficiary's address is PO Box 1968, Grand Island, NE 68802-1968. <br />Borrowers irrevocably convey to Trustee, in Trust, with power of sale, the following: <br />Lot 9, Block 1b, in Rollins Addition to the City of Grand Island, Hall County, Nebraska <br />together with all the rents and profits therefrom and subject to easements and restrictions of record, if any <br />Borrowers owe Lender up to $25,000,00, evidenced by Borrowers' Note of even date, payable according to <br />the terms thereof. <br />This Security Instrument secures to Lender the Debt evidenced by said Note, the payment of all other sums, <br />with interest, advanced under the provisions hereafter to protect the security and the performancy of Borrowers' <br />covenants and agreements. <br />Borrowers covenant that Borrowers are lawfully seized of such real estate and have the legal power and <br />lawful authority to convey the same and warrant and will defend title to the real estate against the lawful claims of all <br />persons. <br />BORROWERS AND LENDER AGREE AS FOLLOWS: <br />1. Borrowers shall pay when due, the principal and interest as provided in said Note. <br />2. All payments received by Lender shall be first applied to advances which may have been made by <br />Lender and then to interest due and last to principal due. <br />3. Borrowers shall pay all general real estate taxes and special assessments against the property before <br />the same become delinquent. <br />4. If Lender determines that any part of the property is subject to a lien, which is or may attain priority over <br />this security instrument, Lender may give Borrowers a notice identifying the lien and Borrowers shall satisfy the lien <br />within ten (10) days. <br />5. Borrowers shall keep the improvements an said premises insured against loss by fire and hazards <br />included within the term "extended coverage" for their insurable value and policies for the same shall include a <br />standard mortgage clause showing Lender herein. In event of loss, Lender may make proof of loss if not promptly <br />made by Borrowers. Insurance proceeds shall be applied to restoration or repair of the property damaged, unless <br />bath parties otherwise agree, except if restoration or repair is not economically feasible or Lender's security is not <br />lessened, otherwise said proceeds shall be paid m the debt herein, whether or not then due. Lender shall be listed <br />on such insurance policy as "Loss Payee". <br />Page 1 of 3 <br />