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<br /> DEED OF TR"ST N (f)
<br /> (f)
<br />
<br />THIS TR1lST DEIID made ehi~ day of ~,~~~, 2006, between
<br />TODD FRIESEN and LORI FRIESEN, husband and wi~ TRUS'l'ORS~Owhose address is
<br />4131 Faidley AvenUe, Grand Island, Nebraska 68801; JOHN M. CUNNINGHAM, a member
<br />of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 N.
<br />Cedar Street. Grand Island, Nebraska 68801; =d RICHARD E. RIEF and KAROL M.
<br />RIEF, hush=d and wife, as joint tenants with right of survivorship, not
<br />tenants in eommon, whose address is 221 Lakeside Prive, Grand Island, Nebraska
<br />68801, as B~FICIARIES.
<br />
<br />WITNESSETlI:
<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-deseribed real property,
<br />
<br />LOT aNi! (ll, R!El.l'-STANDJNBN S1JIlDIVISI())l', !N TKE CITY OF GRAND
<br />ISLAND, KALL COUNTY, Nl!lBRASKA, ..xcepti~g Ii tract of J.aml. IIlC>re
<br />p&rtic~J.arly deecribed in Warranty Deed recorded as Document
<br />No. 200308995 and excepting Ii tract of land more particularly
<br />described in Deed of Corractio~ recorded &s Document No.
<br />200313515
<br />
<br />together with all improvements and appurtenance~ thereon.
<br />
<br />TheTRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICI~IES
<br />that they are lawfully aei2ed and the owners of the above-described property;
<br />that they have good right and lawful authority to sell and convey said premises
<br />and 'Chat said premises are fret; and clear of all liene and encumbrances, and
<br />further. that TRUSTORS will >larrant and defend the title 'to Baid 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 E1GHTY SEVEN THOUSAND SEVEN HUNDRED FIFTY
<br />DOLLARS ($87,750.00), the TRUS'l'ORS have executed a Trust Deed Note bearing even
<br />date, at the rate of intere~t and on the terms and conditions as set forth in
<br />such Trust Deed Note until paid. The principal sum and interest shall be
<br />payable in accordance with and upon the terms and conditions of said Trust Deed
<br />Note of even date, and in any event the eptire prinoipal balance due hereunder
<br />and any accrued interest shall be paid on January 26, 2009- All payments due
<br />hereunder shall be paid at the address of the aENEFICIARIES as above de~cribed,
<br />or at such other place as such BENEFICIARIES or the holders of said security
<br />shall designate in writins. All installment payments hereunder shall be
<br />applied first to the payment of interest on the unpaid balance, pursuant to the
<br />Amortization schedule, a copy or which has been provided to eaoh of the parties
<br />hereto, and the remaindQr of each payment of such installment LO be applied on
<br />principal.
<br />
<br />It is agreed by and between the parties bereto that while title is vested
<br />in 'Che TRUSTEE and until filing of Notice of Default. the TRUSTORS shall,
<br />
<br />A. Retain possession of the property at ...11 timelO, except as may be
<br />otherwilOe 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. pay all general and special ta.~es and all special assessmepts of
<br />
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