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day of_.__._Ma`' ._, 19__. 86, byandbetweenl?pnald_F�and.Donna L. Moss, x - -s .��a Misr «t►.i ta�soCliiLlb�T .__ thereinafter called the "Trustee" ), whose mailing address is P. 0. Box 2768 -Grand Is1a�d, YE_. , and NORWEST BANK _ tie,braska1. Natopal�o�i�on _ , !hereinafter called the "Beneficiary'), whose mailing address is _.P.__.hr.:.__$stx_1Z.6. @ -G [and.__1 &sari$.,E.__6$$92_______ WITNESSETH IF THIS BOX IS CHECKED f J THiS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECt IRITY INTEREST IN THE PROPERTY DESCRIBED HEREiNSELOW WHEREAS, Trustor is indebted to Beneficiary in the pnnctoal sum of _TWQ Hl N jD_ TWE�xTY _ T}�Q�1 (1NDjjZNp1100_______ Dollars (S 220. MAD ), which indebtedness is evidenced by Trustor 's promissory note dated .__'May_ ._.. 19 _M , (hereinafter called the "Note "), payable to the order of Beneficiary and having a maturity of _. February_3, _ 1987__ and __ all renewals and __ NOW, THEREFORE, for the purpose of securing extensions tf�ereoi. _ - -- (a) payment of the Note. together with interest thereon. late charges, prepayment penaitres, any future advances, and an extensions. modifications. substitutions and renewals thereof. (b) payment of all ct`:er sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements of Trustor, whether or not set forth herein, (c) performance. discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note. and (d) the repayment of all other sums or future advances, with interest ther eon, which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Truslor'S successor In interest or title, all of which is hereinafter collectively called the °indebtedness' Trustor irrevocably grants and transfers to Trustee, III trust, WITH POWER OF SALE, the following described property the Southeast Quarter (SE}) of Section Sev (12) West of the 6th P.M., Hall County, Ne Northeast Quarter of Section Twenty (20), Principal Meridian, Hall County, Nebraska together with (i) all buildings, structures, additions, enlargements. modifications. repairs, replacements, and improvements now or hereafter located thereon, (r) all equipment, machinery and fixtures (mciudrng. without limitation. all lighting, heating. ventilating, coo ling, air conditioning, sprinkling and plumbing fixtures, water and power .systems. engines, boilers. ranges, ovens, dishwashers. mirrors and mantels, carpeting, furnaces, oil burners, elevators and motors. refrigeration plants or units, communication systems, dynamos, transformers, electrical equipment, storm and screen windows,doors. awrv-gs and shades) now or hereafter attached to, or burst vi. any ourlding or improvement now or hereafter located thereon, (iii) alf easements and rights of way appurtenant thereto. ilv). all leasehold estate, right, title and interest of Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitation. all cash and security deposits. advance rentals and deposits or payments of a similar nature), nertarning thereto, rvl ati rents, issues, profits and income therefrom (subject to the right of Trustor to collect and apply such rents, issues, profits and Income as they become due and payable so Icing as no event of default exists hereunder), (vi) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements, hereditaments, privileges and appurtenances belonging, used or en/oyed In connection therewith, and fvin) all proceeds of conversion, voluntary or involuntary. of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereinafter collectively called the 'Trust Property TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOP COVENANTS AND AGREES AS FOLLOWS. 1. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns. that Trustor owns the Trust Property tree from any prior lien or encumbrance, that this Deed of Trust Is and will remain a valid and enforceable first lien on the Trust Property, 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 Property and will forever warrant and defend the validity and priority of the i /en hereof against the claims of all persons and parties whomsoever. Trustor, at its expense. will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and recorded as a mortgage of the Trust Property in such manner and in such place and will take such action as m the opinion of Trustee may be required by any present or future jaw in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trustor shall punctually pay the Principal of and interest on the indebtedness secured hereby. 3. Construction of improvements Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore, and not to permit any construction, lien against such Trust Property. In the event construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything m this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary. (c) to comply with all the terms of a building loan agreement, if any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a pan hereof (d) to allow Beneficiary to Inspect the Trust Property at all times during construction, and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice trom Beneficiary of such fact. 4. Funds for Payment cf Charges Sub)ect to applicable law or to a written waiver by Beneficiary, Trustor shalt pay to Beoeh�tary on the first day of each month, O such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum (hereinafter called the "Funds ) equal to 1 12th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Property, if any, plus 1 12th of the yearty premium installments for hazard insurance, plus t 12th of the yearly premium installments for mortgage insurance, if any, all as reasonably estimated Initially and from time to tinie Vy Beneficiary on the basis of assessments and 'bills and reasonable estimates thereof The Funds shall be held ,ii an Institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency inclur ing Beneficiary Beneficiary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds Beneficiary shat give to Trustor, without charge. an annual accour)ring of the Funds showing credits and debits to the Funds and Me purpose for which each debit to the Funds was made The Funds are pledged as addmona' security fo, Me indebtedness .secured by this Deed of Trust. It the amount of the Funds held by Beneficiary, together with It'& future monthly installments of Funds payable prior to the due dales Of taxes. assessments, insurance premiums and grourio rents. shall exceed the amount required to pay sad tuxes, assessments. insurance premiums and ground rents as they tafl due such excess s.: r be at Trustor's option, either hrcirript7y ropa(d to Trustcx or credited to Trustor against future mores! iy . Ttal4n Iir.c ,! Folds if III,? a .roi,ct ..)I the Funds held try shall em he sufficient to pay. ,axes, assessments insurance are „ s s iY q : ant is thel "as duo ,rustor shift pity to Ber?6+hce,•y any amount ^ e, sssa y to rnake up the defic,erc . . .w I n 1"y,'J rustew py nnt hen i „t .,CK' n a! 1, i ole: es. r •y 5'fa• B @:e Trust" Sn1 Fas a+74 r era tr lei a i •a i , e ti s P operry - i- Su "'J Ir tya i ow r , by fie r,efh 'ary Br k. is -.w, sit&i bf1 i i - I, a S r prff f f "he Sale I hp. (it a,, a i t . a ,,r'echf .4