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Deed of Trust
<br />86- 101662
<br />1 THIS DEED OF TRUST is made this .- 1.._____.. day of - . t9 Hfi by and between _Robert- S. Proffitt and
<br />_Thais Ann Proffitt, as- husband and_ wife whether one or more. (hereinaftercalled the"Trustor ",
<br />whose mailing address is 711
<br />NORWESTBANK_Nebraska- Nnrinnal AaQnr ;ar :nn rhereinafter called the" Trustee' ,whosemailingaddressis
<br />p.O. Box _jZba, .rand Tsl and :_jy,__ , and NORWEST BANK 14ebraraka._National AssneiatinII (hereinafter
<br />called the " Beneficiary`), whose mailing address is __)'.,a�__Bos_ -176$, Grand..sland�_Ya,4k� �$$QZ _ .___________.—
<br />WITNESSETH:
<br />IF THIS BOX 1S CHECKED i J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUC T l:.-jN LIEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY 1NTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Trustor is indebted to Beneficiary in the,,rincipal sum of _N1NETY---SEVT_, U_ THOUSANI)__TWQ .H IN'DR.�D__S�E �/ NE_
<br />Dollars (s 97,279-41 — ), which indebtedness is evidenced by Trfrstor's promissory note dated _t�gril 1 - -- . 19ab—_ . r !Pf r
<br />called the "Note "), payable to the order of Beneficiary and having a maturity of
<br />NOW, THEREFORE, for the purpose of securing:
<br />(a) ,payment of the Note, together with Interest thereon, late charges, prepayment peratires, any future advances, and all extensions.
<br />modifications, substitutions and renewals thereof,
<br />(b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and
<br />the performance o. the covenants and agreements of Trustor, whether or not set forth herein,
<br />(cl performance, discharge of and compliance with every term, covenant. obligation and agreement of Truster contained herein or
<br />incorporated by reference or any other security Instrument at anytime giver, to secure the Note. and
<br />(d) the repayment of all other sums or future advances. wah interest thereon, A•:h.ch may here!ofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Trustor "s successor rn interest or title,
<br />all of which is hereinafter collectively called Me , Indebtedness Truster irrevocably g,rar.ts and rransfers to Trustee. in trust, WITH POWER
<br />OF SALE, the following described property:
<br />LOT TWO (2), IN MEDICAL PARK THIRD SliBDIVISION TO THE
<br />CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />together with (l) all buildings, structures, addffiens. enlargements, modrfic ations repairs. replacements, and rmpro.e.rr,ents now or hereafter
<br />located thereon, ('iii all equipment, machinery and ! ixtures rrnoud;ng. without finrtatron. ail iryhtrng, heating, ventilating, cooling, air
<br />conditioning, sprinkling and plumbing fixtures. water and power systems. engines, boilers, ranges. ovens dishwashers. mirrors and mantels.
<br />carpeting, furnaces, oil burners, elevators and motors. refrigeration Pants or units, communication systems, dynamos. transformers, electrical
<br />equipment. storm and screen windows,doors. awn,rgs and shades now or hereafter aaached to. or omit in, any building or improvement
<br />now or hereafter located thereon, (iii) all easements etnu rights of way appurtenant thereto. ovl, all ie-asehord es -rate. right title and interest of
<br />Trustor in and to all leases. whether now or hereafter existing or entered rnio (inciudrng, without 6r itafion, ail cash and security deposits.
<br />advance rentals and deposits or payments of a similar nature,. pertainmg thereto, ivi au rents. issues, profits and income therefrom (subject
<br />to the right of Trustor to collect and apply such rents. issues, prohts and income as they become due and payable so rang as no event of
<br />default exists hereunder), (n) all royalties, .^orient!. oil and gas rights and prohts. water water rights and .rarer stock, ivt;) all tenements,
<br />nereditaments privileges and appurtenances beigng,rlg. ,.sed or eri:yecl1n connP. :•ion !hierew,Cn ant+ f v •!i aii proceeds of cunversior
<br />voluntary or involuntary, of any of the foregoing into cash, _,r liquidated •.:!arms tinciuding. without umrtatign. proceeds of insurance and
<br />condemnation awards), all of which !s hereinafter �ofle ^lively r „111to N?e Trust Property
<br />TO PROTECT THE SECURITY OF THIS DEED C)F TRUST TRUSTOR C()VENANTS AND AGREES AS FOLLOWS
<br />t. Title. Trustor covenants, warrants and agrees min Beneficiary. its sticce3sors and assigns, that Trustor owns the Trust Property free
<br />•from any prior lien or encumbrance, that this Deed of Trust ,s a.nd wW remain a vafid and entorceable 'irsr tren on the Trust Property
<br />that Trustor, at its expense, will preserve such title and will maintain this Deed of Trusl as a !tits! anti paramount ben upon the must
<br />Property and will forever warrant and defend the 'validity and prionry of the ben hereo! agar.rrsl the claims of a!i persons and oartie.s
<br />whomsoever. Trustor. at its expense, will cause this Deed of Trust, ana each amendment or suppiemenr hereto. to be filed and
<br />recorded as a mortgage at the Trust Property in such manner and ;9 such piace and wu1 take sucri action as ;r, the gpeuon of Trustee
<br />may be required by any present or future taw ;n order !o perfect, maintain and protect the lien of this Deed of Trust, as the same may
<br />be amended or supplemented from lime to rime Trustor will make such further assurance or assurances to perfect its titre to the Trust
<br />Property as may be required by Beneficiary. Trustor hereby relinquishes art right of dower and hornestead in and to the Trust Property
<br />2, Payment of indebtedness. Trustor shalt punctually pay the priropal of and !nferest on the indebtedness secured hereby
<br />3. Construction of improvements. Trustor shall complete tri good and worwranhice manner any buildings, arprovements or repairs relating
<br />thereto which may be begun on the Trust Property or contemplated by the loan evidenced by fhe Note secured hereby, to pay when
<br />due all costs and liabilities incurred therefore, and not to permit any construction Iien against such Trust Property In the event
<br />construction of r%uildmgs, improvements or repairs are contemplated. Trustor also agrees. anything r.n this Deed of Trust to the contrar;
<br />notwithstanding. ia) to promptly commence any such work and !o complete the proposed improvements promptfy. ;b) to complete the
<br />same in accordance, with the plans anlf specrticatrons as approved by Beneficiary, is ,o compiy witn aii the terms of a building loan
<br />agreement, if any, between Trustor and Beneficiary. the rerrns of which, are ! ncorporatea herein by reference and mane a pan heretol.
<br />fit) to allow Beneficiary to inspecr the 1 'rust Property at ail times dunng construction. and (e) to replace any work or il7afeffals
<br />unsatisfactory to Beneficiary v,thin fifteen i'5) days after winter. notice from Reneficia,• o! such !act
<br />d Funds for Payment of Charges. Subject to applicable law or tf, a written waiver by Benetwiary Trustor ,haft pay to SenPf, %airy on the
<br />first day of each month,, or such other mare each month as may be specified by Beneficiary untli the lnuebtedress !s paid :n foil - o s,,...
<br />thereinafter called the 'Funds”! art") to 1 12th of the yearly taxes ano assessments which may atran Priority over this Deed o! Trust
<br />and ground rents on the Lust Property. d any. plus I. 121h of the yearry premiurn installments fnr 1?azard insurance. Pius t ", pi the
<br />yearly premium installments for mortgage insurance, if any all as reasonably estimated Inrtralfy ant! from time to rime by Henetrc,ar,: Lc;
<br />the basis of assessments and bills and reasonable estanates rhoreof The Funds Shall be neicl j,, er !ho ,ipositss rr
<br />accounts of which are assured or guaranteed by a federal or state agency !nc'luaw(I _Renefc;,3P,, Pene!rc :ltfry shalt ,apply the r ,r ;n<is !c
<br />pay said races assessments rnSrdanry premiums and ground wits 9enefrc ary sh )i� of he re t� e i iy v,
<br />earnings yl, the Funds Beneficiary shall Gtr" r istr;r . witho i I rfrgc a inn iai act nt •„7 ,l ,f -i r o
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