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HomeMy WebLinkAbout20075348NUM PGS_~ _T FEESQSV-~u P ~. A CK#~ L CHG ACCI'A REl"FEES: _ CASH._ R.O.D. CKtF_.,.~ REC'D~---77~~Glnk o~ f~on' en REFURNI/~nk r>r an~a?tan a o Do~;pha~ Nt a-oa7o I~IN~IV~inIaINiNN NUM ~un~ru ~ u6 I,ttiw RD. COMP ~ ~=~°~ COMPARE ~~~ CADAS - AO ADAMS COUNTY, NE INST. NO.~F~~~ 4 8 Dateld-'7-07 Time 9=©~O M TER Of DEEDS 1 State of Nebraska Space Above This Ltne For Recording Data REAL ESTATE DEED OF-TRUST (With Future Advance Clause) ^ Construction Security Agreement .. ^ Master forrn recorded by ................::........... . " 1. DATE AND PARTIES. The date of this. Deed of .Trust (Security Iustrmneut). is .??:30:2007 The parties and t(teir addresses are:: TKUSTOR: MIKE BONIFAS ANO KELLY BONIFAS, HUSBAND AND WIFE 421 LAKESIDE HASTINGS, NE 68901 ^ If checked,;. refer to the attached Addeudmn incorporated herein, for additiottal Trustors, their signatures and ackuowledgtneuts. TRUSTEE: BANK OF OONIPHAN P 0 BOX 270 DONIPHAN, NE 66832 - BENEFICIARY: BANK OF DONIPHAN ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF NEBRASKA P O BOY, 270 DONIPHAN,NE 68832-0270 2. CONVEYANCE. For good and valuable cotvsideratiou, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Trus[or's performance under this Security [ustrumient, Trustor irrevocably grants, conveys and sells [o Trustee, iu trust for the benefit of Beneficiary, with power of sale, the following described property: LOT SEVENTY-EIGHT 1781, IN COUNTRY CLUB ADDITION TO THE CITY OF HASTINGS, ADAMS COUNTY, NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF The property is located itt ADAMS ............................................................ at 421 LAKESIDE................................ (Cow7ty) ............................................................. .HASTINGS ......., Nebraska .68901................ ................................. (Address) (City) (ZIP Code) Together with all„rights, easetneuts, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian riglus, ditches, and water stock and all existing and future hnprovemeuts,'structures, fixtures, and replacements that may now,. or at any time iu the future, be part of the real estate described above (all referred to as "Property"). 3. MAXINILIM OBLIGATION LIMIT. The total principal amount secured by this Security Iustrmueut at any one time shall not exceed $ ,?3,000; 00 . . . ... . . . . .... . . .... . . . . . .. . . .This lunitatiou of atnouut does. not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this liutitatiou does not apply to advances made under the tenus of this Security Instrmneu[ to protect Beneficiary's security and to perform any of [he covenants contained in this Security Insttmueut. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under .the terms of all promissory note(s), contract(s), guarauty(ies) or other evidence of deb[ described below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured mtd yon shadd include tlae final maturity date of such debt(s).) HOME EQUITY AGREEMENT GATED 11130107 ANO MATURING 1113012012' NEBRASKA -HOME EQUITY LINE OF CREDIT DEED OF TRUST (NOT FOR FNMA, FHLMC, FHA OR VA USE) (page of 4J -,er ®©7994 Bankers Systems, Inc., St. Claud, MN Form OCP-REDT-NE 5/10/2005 /tlf )' '•r of R~ /1 r ' ~ ~. ,', - E~,im ~.` ~~" ~~ ., :' ' ~^ i it "~"SIX ~ ''1 { g ry.. y B.,QII; future advance from Beneficiary to Trustor or other future obli atious of-Trustor to' Beueficia tiiider au __. ~r`omissory•~note,';contract, guaranty, or other evidence of debt executed by Trus[t2C,.in"favor lof~Beueficiary..after this ~ ~ ;,Security, Instrttlneut whether or not this Security Instrument ~is specifically referenced. If more than one person signs ... •:. t :, - •thi§' Security, dnstrmrient, each Trustor-a revs.that.this_:Security;:Iitsfruinent will secure•all-future-advances anti future ' obligations thut' are `g}veu to or incurre by any one or more Trustor, or any oue._or- more Trustor„_and. others. All ,'r~future .advances;alnd tither future obligations are secured, by' lltis' Security Instrmneut even thougli all or part may not yye['be'addanced.` All future advances and other future obhga[ious are secured as if-made on [hc date of thts Security Instrument. Nothing in this Security. htstrument..shall constitute a.cotumitineut to make additional or future loans or advances in any unount. Auy such couunimtent must be agreed to iu a separate writing. C. All other obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not Ihnited to, liabilities for overdrafts relatidg to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and exppenses incurred by Beneficiary for insuringg preserving or otherwise protecting the Property anti its value anti any otCier stuns advanced and expenses incurred by Beneficiary under the terms of thts Security htstrument. lit the event that Beneficiary fails to ~trovide any required notice of the right of rescission, Beneficiary waives any subsequent security interest in the Trustor s principal dwelling that is created by this Security Ins[rmneut. 5. DEED OF TRUST COVENANTS. Trustor agroes that the covenants in this section are material obligations under the Secured Debt and this Securit Instrument. If Trustor breaches anyy covenant iu this section, Beneficiarryy may refuse to ntakc additional extensions ofYcredit and reduce the credit limit. By not exercising .either remedy on Trustor's breach, Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again. ' Payments. Trustor agrees that all payments under the Secured Debf will be paid when due anti in accordance with the terns of the Secured Debt anti this Security Instrument. Prior Security Interests. With regard to any outer mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Trustor agrees.to make all payments when due and to perform. or comply wtth all covenants. Trustor also agrees not to allow any modification or extettsiou of, nor to request any future advances .under any note or agreenteut secured by the lieu docmneut without Beneficiary's prior warren ,approval ' Claims Against Title. Trustor will pay ail taxes (including any tax assessed to this Deed of Trust), assessments, liens, encumbrances, lease payments, ground rents, utili[tes, and other charges relating to the Property when due. Beneficiary may rec~tiire Trustor to provide to Beneficiary copies of all notices that such antouuts are due and the receipts evidencing Trustor s payment. Trustor will defend title to the Property against any claims that would bmpair the lieu of this Security Instrument. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, clabns or defenses Trustor may have against parties who supply labor or materals to maintain or unprove the Property. Property Condition, Alterations and Inspection. Trustor will keep [he Property iu good condition and make all repairs that arc reasonably necessary. Trustor shall not commit or allow any waste, uupatnuent, or deterioration of the Property. Trustor agrees that the nature of the occupancy anti use will not substantially change without Beneficiary's prior written consent. Trustor will not permit any change iu any license,' restrictive covenant or easement wit(tout Benefictary's prior written consent. Trustor will notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, anti of any loss or damage [o the Property. Beneficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property a[ any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before au i~spectiou specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit anti Trustor will m no way rely on Beneficiary's ittspectiou. Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained: tit this Security Iustrmment, Beneficiary maY, without notice, perform or cause them to be perfonued. Trustor ap~toints Beneficiary as attorney in fact to sign Trustor s nature or pay any amount necessary for perfonnauce. Beneficiary's nght to perform far Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's otlter rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Trustor. agrees to comply with the provisions of any lease if this Security btstrmneut is on a leasehold. If the Propperty includes a unu in a coudomuuum or a planned unit developuieut, Trustor will perfonu all of Trustor's duties under t[te covenants, by-laws, or regulations of the condominium or planned unit development. Cattdemnation. Trustor will give Beneficiary prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condeuntatrou, eminent domain, or any other means. Trustor authorizes Beneficiary to intervene in Trustor's Warne in any of the above described actions or clabns. Trustor assigns to Beneficiary the proceeds of any award or claim for dunages comtected with a condemuatiou or other taking of all or any part of the Property. Such proceeds shall be co»sidered payments anti will be applied as provided iu dhis Security nstrmnent. This assigtmtent of proceeds is subject to the [cents of any prior mortgage, deed of trust, security agreement or otlter lien document. Insurance. Trustor shall keep Property insured against loss by fire, flood, theft "and other hazards anti risks reasonably associated with the Property due to its type and location. This utsurauce shall be maintained in the atnouuts anti for [he periods that Beneficiary requires. What Beneficiary requires pursuant to the ~recediug two sentences eau change during Ute term of the Secured Debt. ' he insurance carrier providmg'the insurance steal be chosen by Trustor subJ'ect'to Beneficiary's approval, which shall not be unreasonably witlilteld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights iu the Property according to the tenors of this Securty Instrument. All insurance policies and renewals shall be acceptable to Beneficiary anti shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Trustor shall hnmedia[ely uoGfy Beneficiary of cancellation or temmna[ion of the insurance. Beueftciary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall immediately dive to Beneficiary all receipts of paid premiums anti renewal notices. Upon loss; Trustor shall give immediate nonce to the iusurattce carrier and Beneficiary. Beneficiary may make proof of loss if not trade hnntediately by Trustor.. , Utiless otherwise agreed iu writing, all insurance proceeds shall be applied to the restoration or repair of the-Property or to the, Secured Deb[, whether or not. [hen due, at Beneficiary's option. Any application of proceeds to principal shall not extend or postpone [lte due date of flte scheduled pa went nor change the atuouut of any payment. Auy excess will be paid to the Trustor. If the Property is acquired by Beneficiary, Trustor's right to any insurance olicies and proceeds resulting front damage to the Property before the acquisition shall pass to Beneficiary to the extent otpthe Secured~~De~bt iunnediately before the acquisition. _a'_;L rPeyne `2 al -!?[- ®© 1994 Bankers Systems, Inc., Si. Cloud, MN Farm OCP-REDT-NE 5/10!2005 oZ of ~ i 2UQ"d534~ eK Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement or .iufonnation. Beneficiary ma decor reasonably accessary. Trustor aggrees to stgu,.• deliver, and file. any additional documents orcertificatious that Beneficiary may consider necessary toyperfect, continue, and preserve Trustoe's obligations under this Security Iustrumeut and Benefictary's hen status oft the Property. I 6. WARRANTY OF TTTLE. Trustor warrants that Trustor is.or..will be lawfully sexed of the estate. conveyed by [his Security Instrtnmeut and has the right to irrevocably grant, convey, and sell the Property to Trustee, iu trust, .wuh power of sale. Trustor. also warrants Utat fire Property is uuencmnbered, except. for eucmubrauces of record.' 7. DUE ON SALE. Beneficiary Wray, at its option, declare the entire balance of the Secured Debt to be innnediately due and payable upon t-te creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. Phis right is subject to the restrictions iu~posed by federal law (12 C.F.R. 591), as applicable. 8. DEFAULT. Trustor will be iu default if arty of the followi~tg occur: Fraur). Any Cousmner Borrower engages iu fraud.or material misrepreseutatiou iu conuection•'wi[h the Secured Debt that is au open cud home equity plan. Payments. Any Coustnuer Borrower ou any Secured Debt [hat is au open cud home equity plan faits to make a payment w(ten due:.. ... , . , Property. Any action or ittactiou by the Borrower or Trustor occurs that adversely affects the Property or Beneficiary's rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to maintain required insurance on the Property; (b) Trustor transfers rite Property; (c) Trustor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inacttou adversely, affects Beneficiary's security; (d) Trustor fails to pay taxes ou the Property or otherwise fails to ac[ and thereby causes a hen to be filed against the Property that is senior to the lien of this Security Instrtnuent; (e) a sole Trustor dies; (f) if store than one Trustor, any Trustor dies and Beneficiary's security is adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Trustor and subjects Trustor and the Property to action that adversely affects Beneficiary's interest; or (i) a prior liettitolder forecloses on the Property and as a result, Beneficiary's interest is adversely affected. Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower becomes indebted to Beneficiary or another lender iu au aggregate amount greater than the antouut permitted under federal laws and regulations. 9. REMEDIES ON DEFAULT. In addition to any other. remedy available under the terms of this Security Iustrumeut, Beneficiary tray accelerate the Secured Debt and foreclose this Security hts[rumeut in a manner provided by law if Trustor is iu default. In some instances, federal and state law.will require Beneficiary [o rovide Trustor with notice of the riglu to cure, or other notices and ma establish thue schedules for foreclosure actions. Each Trustor requests a copy of any notice of default and any notice of sale thereunder be mailed to each Trustor at the address provided iu Section 1 above. At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. If there is a default, Trustee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or iu separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor at such time and place as Trustee. designates. Trustee shall give notice of sale including the time, tents and place of sale and a description of the property to be sold as required by the applicable law in effect at the [iuie of the proposed sale. Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a decd to the Property sold which conveys absolute title to the purchaser,. and after first paying all fees, charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assesstueuts and prior encumbrances and tuterest thereon, and the pnnctppal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals iu any deed of conveyance shall be pruua facie evidence of the facts set forth therein. The acceptance by Beneficiary of any sutra in paynteut or partial payment on the Secured Deb[ after the balance is due or is accelerated or after foreclosure proceedings are fried shall not constitute a waiver of Beneficiary's right to require complete cure of any existing default. By not exerctsutg any remedy ou Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it happens again. 10. EXPENSES; AllVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Trustor breaches any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such covenants or protecting its security interest m [he Property. Such expenses tttclude, but are not lhuited, to, fees incurred for inspecting, preserving, or othcrwtse protecting the Property and Beneficiary's security interest. These expenses are payable ou demand and will bear interest from the dilate of payment until paid iu full at the highest rate of interest iu effect as provided iu the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary iu collecting, euforcin~ or protecting Beneficiary's rights and remedies under this Secunty Instrument. This antouut may include, but is no[ lmtited to, Trustee's fees, court costs, and other legal expenses. To the extent permitted by the United States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys fees Beneficiary incurs to collect the Secured Debt as awarded by any court exercising ~urisdictton under the Bankruptcy Code. This Security Iustrumeut shall remain iu effect until released. Trustor agrees to pay for any recordation costs of such release. 11. •ENVIItONMENTAL..LAW5 AND HA7,ARDOUS SUBSTANCES,_As used. iu this. section, (1)_Euv,icomnental Law means, without limitation, rite Comprehensive Enviromnental Response, Compensation and Liabillity Act (CERCLA, 42 U.S.C. 9601 et seq,), and all other federal, state and local laws, regulaaous, ordinances, court orders, attorney general opntions or uuerprettve letters concerning the public health, safety, welfare, euvirouutent or a hazardous substance; and (2) I-Iazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous [o the public ]tealth, safety, welfare or enviromuent. The terns includes, without lhuitahon, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Envtroutneutal Law. Trustor represents, warrants and agrees that: A. Except as previously. disclosed and acknowledged iu writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This restnctiou does not apply,.;to~ su}all quantities of Hazardous Substances that are generally recognized to be appro~riate,foralie uomial use aud,titatittettauce of the Property. B. Except as previously disclosed and acknowledged m writiugito~Beneficiary, Trustor and every tenant have been, are, and shall remain in full compliance with any ap~thcable Envitvmueutal Law ~ ~:' ~ ' ~ ' C. Trustor shall immediately notify Beneficiary tf a release'or threatened' release of, a Hazardous Substance occurs ou, under or about the Property or there is a vtolatiou of any Enviromueutal Law concerning the Property. Itt such au event, Trustor shall take all necessary remedial action iu accordance with any Environmental Law. - /~ (Page 3 / 41 Fj( >e ® V 7994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 !/ ~ o+y ~D~r~Je~48 D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending or threatened investigation, clams, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Euviromnental Law.' 12. ESCROW FOR TAXES AND INSURANCE. Utiless otherwise provided in a separate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance iu escrow. 13. JOINT AND INDIVIDUAL LIABILTTY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security, Ltstrument are joint and individual. If Trustor signs this Secuiity Instrument but does not stgu an evidence of debt, Trustor does so Drily to mortgage Trustor's interest in the Proparty to secure payment of the Secured Debt and Trustor does not agree to a personally liable ou the Secured Debt. If this Security Instrument secures:a guaranty between Beneficiary and Trustor, Trustor agrees to waive any rigghts that may prevent Beneficiary from bringing any action or claim against 'Trustor or avy parry indebted under the obligation. These rights may include, but are not limited to, any ants-deficiency or one-acttou laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. 14. SEVERABII,ITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any sectimt iu this Security Instrwmeut, attachments, or any agrecntent related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or tmphedly y~enuits the variations by written agreement. If any section of this Security Ins[runteut cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of t(tis Security Ltstrumeut. Whenever used, the singular shall include the plural and the plural the singular. The captious and headings of the sections of this Security Instrument are for convenience Drily and are not to be used to interpret or define the terns of this Security Ltstrmueut. Tone is of the essence in this Security Instrwneut. 1.5. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee without any other formality than the lestgnation in wntmg. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee- by this Security htstrwmeut and applicable law. ~ 16. NOTICE. Utiless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail ~ to the appropriate party s address ou ppage 1 of this Security Instrwneut, or to any other address designated in writing. Notice to one trustor will be deemed to Ue notice.to all trustors. 17. WAIVERS. Except to the extent prohibited by law, Trustoi waives all- appraisement and homestead exemption rights relating to the Property. t 18. LINE OF CREDIT. The Secured Debt includes a revolving lice of credit: Although the. Secured Debt may be reduced to a zero balance, this Security Instrwmeut will remain iu effect until released. 19. APPLICABLE LAW. This Security htstrwuent is goverted by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the junsdiction where the Property is located, and applicable federal laws and regulations. 20. RIDERS. The covenants and agreenteuts of each of the riders checked below are incorporated into and supplement and amend the temts of this Security Instrwneut. [Check all applicable boxes] ^.. Assigmnent of Leases and Rents. ^ Other ................................................................................................ 21. ^ CONSTRUCTION LOAN. This Security Instrwneut is a cons[ructiou security interest which secures au obligation incurred for the construction of au improvement ou the Property. 22. ^ ADDITIONAL TERMS. SIGNATURES: By signing below, Trustor agrees to the tenors and covenants contained in this Security Instrwmeut and iu any attachments. Trustor also acknowledges receipt of a copy of this Security Itts[rwnent on the date stated ou page I. ~ ~. ...... .... ..................................1. ~~~~~.-....... :. ........ l..... 11~.~..laa--- (Sigtature) M NIF (Date) Signature) KELLY NIFAS ' (Date ACKNOWLED MENT: STA E OF .NEBRASKA ............................. COUNTY OF .ADAMS...........:................................} ss. iL'~'"'d"~t This iiistrumeut was acknowledged before me this 30TH day of .NOVEMBER, 2007 by :MIKE BONIFAS; KELLY, BONIFAS, HUSBAND AND WIFE My commissiat expires: D9-t9-2010 GENERAL NOTARY- State of Nebraska (N°'~` it`i JUDY A: SOUKUP J Y A SDUKUP _ My Camm. E>~. Sept 19, 2010 F _rE ®~ 1994 Bankers Systems, Inc., St. Cloud, MN Farm OCP-REDT-NE 5/10/2005 /page 4 of 41 ~.ef.y