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<br />xelpvws 86-102182
<br />THIS DEED OF TRUST is made this __15__ -,.---. day of _. E 1Si1 _._ . 19 -8fi _ , by and between _John.. E._. HQdap.p_- and- - - - - -- .
<br />Audxe C- _.HQdapp - hushan$_ and_ wif e_-__-_ _.._..___._._____.____._. —_____ whether one or more, (hereinafter called the "Trustor "),
<br />whose mailing address Is __._310&_Bren"0od- Cizc -e,..- Grand - Island, DIE— b88D1----- -- --- _ - - - -_ -- -- -- - -- -'
<br />NORWEST BANK Kebraska_.Nat J emn t _ Aaranr i a r inn _ (hereinafter called the "Trustee "), whose mailing address is
<br />p�0 Box i 74"rand_ sland.,_NY__ . and NORWEST BANK _ _ebSBSka,.__N- IUQnal- -AsGs' atinn-- , (hereinafter
<br />called the "Beneficiary"), whose mailing address is
<br />WITNESSETH:
<br />IF THIS BOX IS CHECKED j j THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION
<br />SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LiEN ACT AND CREATES,
<br />GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY
<br />DESCRIBED HEREINBELOW.
<br />WHEREAS, Trustor is indebted to Beneficiary in the principal sum of U.TF,HTY- F-IVE- .THUSMD._ -AND _NO. /109 - - - =_ - °_
<br />Dollars (s 25,000, 00 ), which indebtedness is evidenced by Trustor's promissory note dated _ Apr I1 1- 1-- - , 19 8R , (hereinafter
<br />called the "Note "), payable to the order of Beneficiary and hsaving a maturity of — t
<br />Marc _l_ . 19_$Z___.._.____________.__ - - -- ,.
<br />NOW, THEREFORE, for the purpose of securing: and alll extensions and renewals.
<br />(a) payment of the Note, together with interest thereon, late charges, prepayment penalties, 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 of the covenants and agreements of Trustor, whether or no! set forth herein.
<br />(c) performance, discharge of and compliance with every term. covenant, obligation and agreement of Trustor contained herein or
<br />incorporated by reference or any other security instrument at anytime given to secure the Note. and
<br />(d) the repayment of all other sums or future advances, with interest thereon, which may .heretofore have been or hereafter be advanced
<br />by Beneficiary to Trustor or Trustor 's successor in interest or title,
<br />all of which is hereinafter collectively called the 'indebtedness', Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER
<br />OF SALE, the following described property:
<br />LOT TWO (2) IN BLOCK FIVE (5), BRENTWOOD SUBDIVISION IN THE CITY
<br />OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />f. together with (i) all buildings, structures, additions, enlargements, modifications, repairs, replacements, and Improvements now or hereafter
<br />located thereon, (ii) all equipment, machinery and fixtures (Including, without limitation, all lighting, 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 plants or units, communication systems, dynamos, transformers, electrical
<br />equipment, storm and screen windows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement
<br />now or hereafter located thereon. (iii) all easem=nts and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and interest of
<br />Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation, all cash and security deposits,
<br />advance rentals and deposits or payments of a similar nature), pertaining thereto, (v) ail rents, issues, profits and income therefrom (subject
<br />to the right of Trustor to collect 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 all royalties, mineral, oil and gas rights and profits. water, water rights. and water stock. ;vii) all tenements,
<br />hereditaments, privileges and appurtenances belonging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion.
<br />voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and
<br />condemnation awards), all of which is hereinafter 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 at Trust is and will remain a valid and enforceable first lien on the 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 />Property and 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 Property In such manner and in such place and will take such actior as in the opinion of Trustee
<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 time 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 on the Indebtedness secured hereby.
<br />3. Construction of Improvements. Trustor shall complete in good and workmanlike manner 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 liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event
<br />construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary
<br />notwithstanding; (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 specifications as approved by Beneficiary, fc) to comply with all the rerms of a building loan
<br />agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof.
<br />(d) to allow Beneficiary to inspect the Trust Property at all times during construction. and (e) to replace any work or materials
<br />unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact
<br />4. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor snait pay to Beneficiary on the
<br />first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid n full, a sum
<br />(hereinafter called the "Funds ') equal to 1r 12th of the yearly taxes and assessments which may attain priority over this Deed of Trust
<br />and ground rents or. the Trust Property, if any, plus 1:12th of the yearly premium Installments for hazard insurance, plus 1 12th of the
<br />yearly premium installments for mortgage insurance, if 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 herd in an institution, the deposits of
<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 tie tegwred to hay Trust any Interest or
<br />earnings on the Funds. Beneficiary steal) give to Trustor, without charge, an annual accounting of he I ands showing credits :ind
<br />debits to the Funds and the purpose for which each debit to the Funds was made i he r. ands to pledge o 3s addibonat e r p f;v
<br />the Indebtedness secured by this Deed of Trust. it the amount of the Funds held by Hr neha y togelhc r with !htl future mo nth!
<br />'
<br />rnstallrrients of Funds payable prior to the due dates of taxes, assessments, insurance perm ms and a iuno rents mail i .c r ,,n rile
<br />r
<br />antount required to flay said taxes. Assessments. insurance nremnuns and ground r ents as rlwy tall rte e s;;C h e. x e ss .stiaii III! Ar
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<br />r'livof S option ether pro mnrly repaid to Trustor or credited tt% a yr "tg au t !utu e, rnoo,hly nst film r r r. um ,, i File x7yount of
<br />the f ii n is hen! by Herief < i try (hall rut be suflrie.rnt to nay i,rxes tssessnre,nL, in' tiara r , t ii n; ,nr t < i�ie i e, liloy ,n!<l.
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<br />L•nstrz, shalt pii, fo Beret, b,.,ary any amount tier e s-�wv to in,InFr Liz, lht� 40w,oncy
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