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<br />CONSTRUCTION
<br />DEED OF TRUST
<br />
<br />THIS TRUST DEED made this JL day of ~ , 2005, between
<br />- -JUDE R. BYRNE and MYRTLE E. BYRNE, husband and wife, as joint tenants with
<br />right of ~rvivorshiJ?' not /tenants in common, as TRUSTORS, whose address is
<br />:dIg 10. g.:!!'- ;:J&amJJJJM~'flP JOHN M. CUNNINGHAM, a member of the Nebraska State
<br />Bar Association, as TRUSTEE, whose address is 222 N. Cedar St., Grand Island,
<br />Nebraska 68801 i and COMPETETIVE MORTGAGE whose address is 3333 W. State St.,
<br />Grand Island, Nebraska 68803, as BENEFICIARY.
<br />
<br />
<br />WITNESSETH:
<br />
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE,
<br />IN TRUST, their heirs, devisees, personal representatives, successors and
<br />assigns, with power of sale, the following-described real property:
<br />
<br />LOT SEVEN (7), BLOCK EIGHTY-FIVE (85), WHEELER & BENNETT'S FOURTH
<br />ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />
<br />together with all improvements and appurtenances thereon.
<br />
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARY
<br />that they are lawfully seized and the owners of the above-described propertYi
<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 />
<br />For the purpose of securing performance of each agreement of TRUSTORS
<br />herein contained and the payment of THIRTY-FIVE THOUSAND DOLLARS ($35,000.00),
<br />the TRUSTORS have executed a Trust Deed Note bearing even date, at the rate of
<br />interest and on the terms and conditions as set forth in such Trust Deed Note
<br />until paid. The principal sum and interest shall be payable in accordance with
<br />and upon the terms and conditions of said Trust Deed Note of even date, and in
<br />any event the entire principal balance due hereunder and any accrued interest
<br />shall be paid on January 14, 2006. All payments due hereunder shall be paid at
<br />the address of the BENEFICIARY as above described, or at such other place as
<br />such BENEFICIARY or the holders of said security shall designate in writing.
<br />All installment payments hereunder shall be applied first to the payment of
<br />interest on the unpaid balance, pursuant to the Amortization Schedule, a copy
<br />of which has been provided to each of the parties hereto, and the remainder of
<br />each payment of such installment to be applied on principal.
<br />
<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 />
<br />A. Retain possession of the property at all times, except as may be
<br />otherwise agreed by the parties in writing.
<br />
<br />B. Maintain the residence and any other improvements located on the
<br />real property in good condition and repair.
<br />
<br />c.
<br />
<br />Pay all general and special taxes and all
<br />every kind levied or assessed against or
<br />before delinquency, and to deliver to
<br />receipts showing payment of such taxes each
<br />
<br />special assessments of
<br />due upon said property
<br />BENEFICIARY copies of
<br />year.
<br />
<br />D. Procure and maintain policies of all-risk insurance on said
<br />improvements, in sums and underwritten by companies acceptable to
<br />the BENEFICIARY, in an amount at least equal to the property's full
<br />insurable value, which policies shall name the BENEFICIARY as
<br />additional insured, with the proceeds payable to the parties as
<br />
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