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GtRlt>:ri 815— . vaiiou
<br />DEED OF TRUST
<br />This Dead of Trust is made this 25 day of dune 19 86 , by and among James S. Reed and
<br />j�tas Need, Husband A Wile as efistl al►�, hereinafter referred
<br />to ss='iruetor,"
<br />whose mailing address Is CI F • Le NE n
<br />Art at Law It
<br />Art referred to as Trustee." whose sailing address is
<br />Gr Y$ZeTiat ; and TIM OVERLAND NATIMAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Bikaffi aryy, wwhhoseetltsailing address is P. O. Box 1688, Grand Island, Nebraska 68802.
<br />as tena'Af valiuble consideration, Treater irrevocably grants, transfers, conveys and assigns to Trustee, in
<br />trust, with power of sale, for the benefit and security of Beneficiary, tinder and subject to the terms and
<br />Conditions of this Deed of Trust, the following - described property, located in Hall county,
<br />Nebraska, to -wit:
<br />Lot Five (5) in Brentwood Third Subdivision in the City
<br />of Grand Island, Ha-11 County, Nebraska.
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privi-
<br />leges and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reversions and the remainders thereof, including all such personal property that is attached to the improve-
<br />seats so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby
<br />declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the fore-
<br />going shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of indebtedness evidenced by Trustor's note of even date herewith in
<br />the principal sum of One hundred thousand dollars (51000,00 ), together
<br />with interest at the rate or rates provided therein, or the principal and interest on any
<br />future advance not to exceed the total principal sum initially secured hereby as evidenced
<br />by promissory notes stating they are secured hereby, and any and all renewals, modifications
<br />and extensions of such notes, both principal and interest on the notes being payable in
<br />accordance with the terms set forth therein, which by this reference is hereby made a part
<br />hereof;
<br />(b) the performance of each agreement and covenant of Trustor herein contained; and
<br />(c) the payment of any stmt or sums of money which may be hereafter paid or advanced
<br />by Beneficiary under the terms of this Deed of Trust. together with interest thereon at the
<br />rate provided lit the note.
<br />To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows:
<br />1. Pint of Indebtedness. To pay when due, the principal of, and the interest on, the indebted-
<br />ness evidenced by the note, charges, fees and all other stuns as provided in the loan instruments.
<br />2. Title. Trustor is the owner of the property and has the right and authority to execute this
<br />Deed of Trust in respect to the property.
<br />3. Taxes and Assessments. To pay, when due, all taxes, special assessments and all other charges
<br />against the property. before the same become delinquent, and, in the event Beneficiary shall so require,
<br />to add to the payments required under the note secured hereby, such amount as may be sufficient to en-
<br />able Beneficiary to pay such taxes, assessments or other charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described
<br />herein insured against damage by fire and such other hazards as Beneficiary may require, in amounts and
<br />companies acceptable to Beneficiary, and with loss payable to Beneficiary. In case of loss tinder such
<br />Policies, Beneficiary is authorized to adjust, collect and compromise, In its discretion, all claims
<br />thereunder and, at its sole option, is ,uth-orized ro either apply the proceeds to the restoration of the
<br />property or upon the indebtedness secured hereby, but payments required by the note shall continue until
<br />the sums secured hereby are paid in full.
<br />S. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or .improve-
<br />ments now or hereafter on the property; to keep the property in good condition and repair, without waste
<br />and free from mechanics or other liens not expressly subordinated to the lien hereof; to not make, suffer
<br />or permit any nuisance to exist nor to diminish or impair the value of the property by any act or omission
<br />to act; and to comply with all requirements of Iaw with respect to the property.
<br />6. Condemnation. In the event the property, or any part thereof, shall be taken by eminent do+nain,
<br />Beneficiary is entitled to collect and receive all c xnpensatirm which may be paid for any property taken
<br />or for damages to property not taken, and Beneficiary shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secured hereby or to repair and restore the property no taken.
<br />). Performance by Betneflcitary. Beneficiary may, but shall have no obligation to, do any act which
<br />Trustor has agreed but failed to do, and beneficiary may also do any act it deems necessary to protect
<br />the lien hereof. Trustor agrees to repay, upon demand, any scams so expended by Beneficiary for the
<br />•- above purposes, and any sum so expended by Beneficiary shall be added to the indebtedness secured here-
<br />by and become secured by the lien hereof. Beneficiary shall not in<•ur any personal liability because of
<br />anything it may do or omit to do hereunder.
<br />S. Assignments of Rents. Beneficiary shall have the right, power and authority during the con-
<br />tinuance of this Deed of Trust to collect the rents, Issues and profits of the property and of any per-
<br />sonal property located thereon with or without taking possession of the property affected hereby, and
<br />Trustor hereby absolutely and unconditionally assigns all such rent-;. issues and profits to Beneficiary.
<br />Beneficiary, however. hereby consents to Trustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable, so long as Trustor is not, at Ruch time, In default with re-
<br />spect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder.
<br />tf any event o' default described hereafter in respect to this Used of trust shall have r r, red and be
<br />continuing. Benefi(:iary, as a matter of right and without notice to Trustor ur anyone claiming tinder
<br />Trustor, and without regard to the value of the trust estate or the interexr of the Trustor therein,
<br />shall have the right to apply to any cnurt hovtuK 11iriarilrtlon to appt,int s reat•lvet of the property.
<br />r
<br />k. In9 ectiatae. bentflclorY. or its agent -, repreeentatives :•r workmen, ,ore 4,,O)orized to enter
<br />at any reasonable time upon ur to any part :Yf the ;rt� r!v for the purpo se of In+pe:ting the ,.aim,• and
<br />for the yurpose of parforultis any of the ante !i 1•: :. vrtrtxed tr• pertorm uttler the tetars of any 1,>ao
<br />S.natr.saenta executed by Trustor.
<br />Trsna er of -Yn>Se r.l:- if all ur nn• par! -f
<br />•!.e ^r.. Part •r ,o, tntrrre -t ,t `redo :•t .•,, elm
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