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<br /> .J) DEED OF TRUST
<br />
<br />/5. So
<br />This Deed of Trust, hereinafter referred to as Security Instrument, is made on this 1st day of May, 2007. The
<br />Trustor, hereinafter referred to as Borrower, is Kirt A. Lambrecht and Gale D. Lambrecht, husband and wife, whose
<br />address is Wood River, Nebraska 68883.
<br />The Trustee, hereinafter referred to as Trustee is Adams County Bank. The Beneficiary, hereinafter referred to as
<br />Lender, is Adams County Bank, which is organized and existing under the laws of the State of Nebraska, and whose
<br />address is Kenesaw, County of Adams, State of Nebraska. Borrower owes Lender the principal sum of One Hundred
<br />Thirty Six Thousand Dollars and No/l00---------------------Dollars ($136,000.00). This debt is evidenced by
<br />Borrower's note dated the same date as this Security Instrument, hereinafter referred to as Note, with the full debt, if not
<br />paid earlier, due and payable on November 1,2007. This Security Instrument secures to Lender: (a) the repayment of
<br />the debt evidenced by Note(s), together with interest thereon, any further advances, and all extensions, modification,
<br />substitutions, and renewals thereof; (b) the payment of all other sums, with interest, advanced under Section Nine hereof
<br />to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under
<br />this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust,
<br />with Power of Sale, the following described real estate:
<br />
<br />Lot One (1) KG Subdivision, Hall County, Nebraska
<br />
<br />, which is located in Hall County, Nebraska, having the address of Wood River, Nebraska, and is hereinafter referred to
<br />as "Property Address."
<br />Together with all the improvements now or hereafter erected on the property and all easements, rights,
<br />appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or
<br />hereafter a part ofthe said property. All replacements and additions shall also be covered by this Security Instrument. All
<br />of the foregoing is referred to in this Security Instrument as the "Property".
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and
<br />convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and
<br />will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />Borrower and Lender covenant and agree as follows:
<br />I. TRUST DEEDS ACT. That this Trust Deed shall be governed by the terms of Section 76-100 I, and
<br />following, of the Revised Statutes ofthe State of Nebraska, also known as the Nebraska Trust Deeds Act.
<br />2. PAYMENT. That the Borrower shall pay to the Beneficiary the principal and interest under the terms of the
<br />Promissory Note(s).
<br />3. TAXES. That the Borrower shall pay al1 general real estate taxes and special assessments levied hereinafter
<br />against the property when the same become due and before the same become delinquent.
<br />4. INSURANCE. That the Borrower shall insure the property against loss by fire, hazards, included within the
<br />term "Extended Coverage" and any other hazards for which the Lender requires insurance in an amount not less than One
<br />Hundred Thirty Six Thousand Dollars and no/l00--------------Dollars ($136,000.00) with a company qualified in the
<br />State of Nebraska by a policy containing a clause for loss payable to the Beneficiary and the Borrower as their respective
<br />interests exist at the time of the loss and to provide evidence of payment of the premium of said policy upon reasonable
<br />demand by the beneficiary.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened,
<br />or the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />any excess paid to Borrower.
<br />If Borrower abandons the Property, or does not answer within thirty (30) days a notice from Lender that the
<br />insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the
<br />proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due.
<br />The thirty (30) day period will begin when the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments referred to in Section 2 hereof, or change the amount of the payments. If the
<br />property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the
<br />Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
<br />immediately prior to the acquisition.
<br />5, WASTE. That the Borrower shall not commit or sutfer any waste ofthe property.
<br />Removal of Improvements. Borrower shall not demolish or remove any improvements from the real property
<br />without Lendr's prior written consent. As a condition to the removal of any improvements, Lender may require Borrower
<br />to make arrangements satisfactory to Lender to replace such improvements with improvements of at least equal value.
<br />
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