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<br /> TRUST DEED � `' �' � —�
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<br /> (') C NSTRUCTION SECURITY AGREEMENT o � n � �
<br /> `� AND � � � �
<br /> SECURITY AGREEMENT "' '"'"
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<br /> This Trust Deed and Construction Security Agreement and Security Agreement made this 31 st �
<br /> day of March , 19 99 , by and between the Trustor, Kenneth S. Banks and Connie E. Banks, �
<br /> husband and wife (herein "Borrower"), whose mailing address is 3322 Parklane Dr. #2, Hastin�s, �
<br /> NE 68901 ; Trustee, City National Bank and Trust Companv , (herein "Trustee"), whose mailing
<br /> address is P.O. Box 349, Hastings, NE 68902-0349 ; and the Beneficiary, Citv National Bank and
<br /> Trust Companv, whose mailing address is P.O. Box 349,Hastin�s,NE 68902-0349 (herein "Lender").
<br /> THIS TRUST DEED IS A CONSTRUCTION SECURITY AGREEMENT AND SECURITY
<br /> AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT. IT SECURES AN
<br /> OBLIGATION WHICH BORROWER HAS INCURRED CONTEMPORANEOUSLY HEREWITH
<br /> FOR THE PURPOSE OF MAKING AN IMPROVEMENT ON THE REAL ESTATE DESCRIBED
<br /> BELOW. THIS TRUST DEED CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION
<br /> SECURITY INTEREST IN THE REAL ESTATE DESCRIBED BELOW.
<br /> Borrower, in consideration of the indebtedness herein recited and the trust herein created,
<br /> irrevocably grants and conveys to Trustee, in trust, with the Power of Sale, the following real property �
<br /> located in Hall County,Nebraska, and legally described as i
<br /> Lot Thirty-nine(39),Amick Acres West Subdivision,Hall County,Nebraska. �
<br /> 310 Sunset Drive, Doniphan,NE 68932 , (herein "Property Address"), together with all
<br /> buildings, fixtures and improvements now or hereafter erected thereon and all rights-of-way, easements, �
<br /> rents, issues, profits, income,tenements, hereditaments, privileges, appurtenances, royalties, and mineral,
<br /> oil, gas and water rights thereunto belonging, used or enjoyed with said land or any part thereof, all of
<br /> which, including replacements and additions thereto shall be deemed to be and remain a part of the �
<br /> property covered by this Trust Deed; and all of the faregomg together with said property, or the i,!
<br /> leasehold if this Trust Deed is on a leasehold, are herein referred to as the "Property" or "Trust Estate".
<br /> FOR THE PURPOSE OF SECURING:
<br /> A. The payment of indebtedness in the total principal amount of One Hundred Twentv
<br /> Thousand and 00/100 ($120,000.00),with interest thereon, as evidenced by that certain
<br /> promissory note of even date (the Note)with a maturity date of September 27, 1999 ,
<br /> or six months after construction is complete as defined in the Note, and executed by
<br /> Borrower,which has been delivered and is payable to the order of Lender, and
<br /> B. Payment of all sums advanced by Lender to Borrower from time to time, and as
<br /> security for the payment of any and all other indebtedness of the Borrower to the Lender
<br /> which may arise, and advances made to protect the Trust Estate, with interest at the rate
<br /> eight percent (8.00%) adjusted monthly prior to completion of construction (conversion
<br /> date)and 8.00% after completion of construction(conversion date).
<br /> TO PROTECT THE SECURITY OF THIS TRUST DEED, BORROWER AND LENDER
<br /> FURTHER COVENANT AND AGREE:
<br /> 1. Covenants. Borrower covenants that Borrower is lawfully seized of the Property hereby
<br /> conveyed and has the right to grant and convey the Property, that the Property is unencumbered by a
<br /> mortgage,trust deed, contract to purchase, or otherwise, except: None. Borrower covenants that there are
<br /> no prior liens of any kind other than noted in this paragraph upon the Property. Borrower further
<br /> covenants to warrant and defend the title to the Property against all claims and demands.
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