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<br />RANKS Deed of Trust
<br />M89-103092
<br />THIS, PEED OF TRUST ig made thil _.1.(TfII___. day of .tune , 19 B L , by and between Stephen R. Ri o& and
<br />Cara yn E. Ring, us = a_n _ an- wife - _ whether one or more, (hereinafter called the Trustor"),
<br />whosamaNingaddressis 1910 Rant RlIsmarth_ Sai-#nA, it.anaao AWAni
<br />NORIYEST SANK NEBRASM NATIONAL ASSOCIA ION (hereinafter called the "Trustee ), whose maAing address !s
<br />P _ n- Box 1268-Grand Tn l and ivc xQn03nd NORWEST BANK , (hereinafter
<br />cWd the "BenetFclary ), whose maikng address is p • 0- Box 1768 Grand Island _ Nebraska 6
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED (XR ) THiS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LiEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST iN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Trustor is indebted to Beneficiary in the principal sum of Fifty -two Thousand and no,Jl00ths --------------
<br />DcNars ($ 52.000, 00 ), which indebtedness is evidenced by Trustor's promissory note date June 1 G , 19 $�, (hereinafter
<br />calved the "Note"). payable to the order of Beneficiary and having a maturity of June I I - I �
<br />NOW, THEREFORE, for the purpose of securing.
<br />(a) payment of the Note, toggther with interest thereon, late charges, prepayment penalties, my future acf+f smes, and all extensions,
<br />mocifAcations, substitutions and renewals thereof,
<br />(b) payment of all other sun K. fees or charges, together with interest thereon, advanced to protect the saa:rnty of this Deed of Trust and
<br />the performance of the covenants and agreements of Trustor, whether or not set Broth herein,
<br />(c) performance, QRcharge of and com,WW!ce with every term. qVyellant, obligation and agreement of Trustor contained herein or
<br />incorporefed'..f, - mlerence or any other Warity instrument at,wagime given to secure the Note, and '
<br />(d) the repayment of all other sums or NO= Wvarrcek with interW Mrereon, which may heretofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Trustor's sit nor In .P&Vgst or 660.
<br />all of which is hereinafter collectively called fhe "indebt 60!tess ", Trustor irrevocably grants and (=sfats to rqustee, in trust. WiTH POWER
<br />OF SALE, the folbwing described properly:
<br />Lot Eighteen (18), .Block Two (2), in Brentwood Second SubdivIsl oft, iti;'the City of
<br />Grand Island, Ha11,County, Nebraska.
<br />together with (1) out 4(ifti ings, structures, aed7T.�z m, enlargements, moai�llcations, repairs, rep / acome V, and irnprovemertt� claw or hereafter
<br />located ttrereon, (N) all equipment machinery-af7d fixtures (including, without limitation, all lighting; locating ventilating, cob ing, air
<br />IcwWftnM. sptittl *V and plumbing fixtures, water and power systems, engines. boilers, ranges, ovens. dthwashers, mirrors and mantels,
<br />carpeting, himaces, oN bumers, elevators and motors, refrigeration plants or units, communication systet S .dlynamos, transformers, electrical
<br />equrpmerri; via... screen n wiridiow.doors, awnings and shades) now or hereafter attaoheat to; or !>wl in, any bfirTding.6r- hm- provemeRt
<br />now or hereafter located thereon, (•iii) all easements and rights of way appurtenant thereto, (iv), arlaasehoid estate, right, We and interest of
<br />TnoW irl and to tlf lases, whether now or hereafter existing or entered Into (including, without ilenitaDon, all cash and secur.•tydaposits,
<br />advance ronta/s and deposits or payments of a similar nature), pertaining thereto, (v) all rents, issues, profits and Income therefrom (subject
<br />to the tight of Trustor to cohol.and apply such rents, issues, profits and income as they become due and payable so long as no event of
<br />default exists hereunder), NO a# royalties, mineral, dl and gas rights and profits, water, water rights; and water stock, (vii) all tenements;
<br />hereditaments, privileges and appurtenances be longing, used or enjoyed in connection therewith,. and (viii) all proceeds of conversion.
<br />voluntary or involuntary, of any of the foregtaAg into cash or liquidated claims (including, without 9 mitation, proceeds of insumnee acrd .
<br />condemnation awards), all of which is here0after collectively called the "Trust Property ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS:
<br />1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free
<br />from any prior lien or encumbrance, that this Deed of Trust is and will remain a valid and eaf wceable first lien on i/te Trust Property,
<br />that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust
<br />PropertySW will forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties
<br />whomsoever. Trustor, at its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and
<br />recorded as a mortgage of the Trust Properly in such manner and in such place and will take such action as in the opinion of frustae
<br />may be required by any present or future law in order to perfect maintain and protect the lien of this Deed of Trust, as the same may
<br />be amended or supplemented from ome to time. Trustor will make such further assurance, or assurances to perfect its title to the Trust
<br />Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property.
<br />2. Payment of indebtedness. Trustor shall punctually pay the principal of and Interest fair. rte Indebtedness secured hereby.
<br />a. Coruhuction of Irnproverronts. Trustor shall complete in good and workmanfiike frrearnw any buildings, improvements or repairs relating
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when
<br />due all costs and kabikties incurred therefore, and not to pemhit any construction lien against such Trust Property. In the event
<br />s
<br />COMM)ChM of buildings, improvements or repairs are contermptataed, Trustor also agrees, anything in this Deed of, Trust to the contrary -
<br />tarldirtg; (a) to promptly commence any such work and to complete the proposed Improvements promptly, (b)• to complete the
<br />same in accordance with the plans and specificaticas aS approved by Benehdary. (c) to comply with all the terms of a building loan
<br />agreement, if any, bs t*"n Trustor and Beneficiary, the terns of which are incorporated herein by reference and made a part hereof,
<br />(d) to Nbw Benefici" 0 inspect the Trust Property at all Dines during construction, and (e) to replace any work or materials
<br />unsatisfactory to Beit00ary within fifteen (15) days after wriKen notice from Beneficiary of such fact.
<br />4. Funds brftyment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the
<br />Brat day OP each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum
<br />( hereinaffer called the "Funds') equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents on the Trust Property, if any, plus 1112th of the yearly premium installments for hazard insurance, plus 1112th of the
<br />Yearly premium installments for mortgage insurance, H any, all as reasonably estimated initially and from time to time by Beneficiary on
<br />the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or
<br />accounts of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to
<br />pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or
<br />samings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and
<br />debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for
<br />OW Indebtedness secured by this Deed of Trust. It the amount of the Funds held by Beneficiary. together with the future monthly
<br />installments of Funds payable prior to the duo dates of taxes, assessments, insurance premiums atnl ground rants, shall exceed the
<br />arrhount required to pay said taxes, assessments. insurance premiums and ground rents as they fail duo, such excess shall be, at
<br />Trustor'S option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. If the amount of
<br />Me Funds held by Beneficiary shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall duo.
<br />Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date 1`10N. -O is mailed by
<br />Beneficiary to Trustor re(msbng payment thereof. Upon payment in fulr of nil Indebtedness. Beneficiary shall promptly reltulfl to
<br />Trustor any Land's llbi(I by Buntilrcrary If the Trust Property is sold under the power of sale or the Trust Property is nthttrwrSP ac.qu •t f
<br />by Beneficiary. Burrelicrary shall apply, rmmod.!alely proof to the aaln of the Trust Property or its ac.qu's,hu,l by Boriefiriary. ah6 r lifla
<br />hail by Llenefic7ttry rIf the time or JpphGUrtnn ati to uvfbt ag8 +fist the rndtttlludne:,• 1113rnehr.77ry +xr. o +dl.. ,r Wnlltrl w'.:7 +t N +fit 1 r,N.'f• ti
<br />ebilyl�t:.'.lflq u!Irlor flits poloyioph 4, Tru;tef COW1101715, and ayrUUS to Clay, bof.)of+ thfr sit!!If) bUt (if))t' Yr +r,luend ,Iii faxlrti
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