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<br />TRUST DEED
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<br />THIS DEED OF TRUST is made on , 2001. The Trustor is
<br />Jarrod E. Spilger, a single person, ('Borrower "). The Trustee is Denise D.
<br />Myers, of Lauritsen, Brownell, Brostrom, Stehlik, Thayer & Myers, 231 S. Locust
<br />Street, Grand Island, Nebraska 68801, ( "Trustee "). The beneficiaries are Gilbert
<br />E. Spilger and Betty J. Spilger, 3424 O'Grady Street, Grand Island, NE 68803,
<br />( "Lender "). Borrower owes Lender the principal sum of Twenty Thousand and 00 /100
<br />Dollars ($20,000.00). This debt is evidenced by Borrower's note dated the same
<br />date as this Security Instrument ( "Note "), which provides for monthly payments,
<br />with the full debt, due and payable on April 18, 2003. The Deed of Trust
<br />(sometimes referred to herein as "security instrument ") secures to Lender: (a)
<br />the repayment of the debt evidenced by the Note, with interest, and all renewals,
<br />extensions and modifications; (b) the payment of all other sums, with interest,
<br />advanced to protect the security of this Security Instrument; and (c) the
<br />performance of Borrower's covenants and agreements. For this purpose, Borrower
<br />irrevocably grants and conveys to Trustee, in trust, with power of sale, the
<br />following described property located in Hall County, Nebraska:
<br />Lot Nine (9), Block Twenty -One (21), Packer and Barr's Second
<br />Addition to the City of Grand Island, Hall County, Nebraska.
<br />TOGETHER WITH all the improvements now or hereafter erected on the
<br />property, and all easements, rights, appurtenances, rents, royalties, mineral,
<br />oil and gas rights and profits, water rights and stock and all fixtures now or
<br />hereafter a part of the property. All replacements and additions shall also be
<br />covered by this Security Instrument. All of the foregoing is referred to in this
<br />Security Instrument as the "Property ".
<br />Borrower COVENANTS that Borrower is lawfully seised of the estate hereby
<br />conveyed and has the right to grant and convey the Property and that the Property
<br />is unencumbered. Borrower warrants and will defend generally the title to the
<br />Property against all claims and demands, subject to any encumbrances of record.
<br />COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest; Prepayment and Late Charges.
<br />Borrower shall promptly pay when due the principal of and interest on the debt
<br />evidenced by the Note and any prepayment and late charges due under the Note.
<br />Prepayment of principal and interest, or any part thereof, shall not be allowed
<br />without the prior written consent of Lender.
<br />2. Charges; Liens. Borrower shall pay all real estate taxes and
<br />assessments attributable to the Property which may attain priority over this
<br />Security Instrument, and leasehold payments or ground rents, if any.
<br />Borrower shall promptly discharge any lien which has priority over this
<br />Security Instrument unless Borrower: (a) agrees in writing to the payment of the
<br />obligation secured by the lien in a manner acceptable to Lender; (b) contests in
<br />good faith the lien by, or defend against enforcement of the lien in, legal
<br />proceedings which in the Lender's opinion operate to prevent the enforcement of
<br />the lien or forfeiture of any part of the Property; or (c) secures from the
<br />holder of the lien an agreement satisfactory to Lender subordinating the lien to
<br />this Security Instrument. If Lender determines that any part of the Property is
<br />subject to a lien which may attain priority over this Security Instrument, Lender
<br />may give Borrower a notice identifying the lien. Borrower shall satisfy the lien
<br />or take one or more of the actions set forth above within 10 days of the giving
<br />of notice.
<br />3. Hazard Insurance. If required by Lender, Borrower shall keep any
<br />improvements now existing or hereafter erected on the Property insured against
<br />loss by fire, wind, or other natural disasters, hazards included within the term
<br />"extended coverage" and any other hazards for which Lender requires insurance.
<br />This insurance shall be maintained in the amounts and for the periods that Lender
<br />requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall
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