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HomeMy WebLinkAbout20075538NUM,PGS "~ ,~ DOCTAX' ~~~ ~ ' i, "" ~~`~~CK# FEES 0•S~ Pn~?D,S.o CK#~_ CHG ACCI'tP RET FEES:_CASN_R.O.D. CK#_ REC'DM ~Qnk a~ ~Jn: ~I,n xn RETURN~?/l~._of ~„On~n~ian ~/ 0 on:~ltan 6VE ~~ot ~A9NididiN~WW~NN NUM ~i ,~ ~~-~- RD. COMP x D1.G 9=oA ~°~ 1,07 COMPARE ~`~'`' CADAS - AO '~ ADAMS COUNTY, NE FiL~~Q'75538 INST. N0. - Date Id-d -~o Time1~ p/~I U' RECiSTER OF DEEDS State of Nebraska Space Above This Llne For Recording Data REAL ESTATE DEED OF TRUST (With Future Advance Clause) ~ ^ Construction Security Agreement. - ^ Master form recorded by ...............:............. 1. DATE AND PARTIES. The date of this Deed of Trust (Security Iustruuteut) is . ~?:10:2007 .................................. . The parties and their addresses are: TRUSTOR: THOMAS S. RAITT AND REBECCA J. RAITT, HUSBAND AND WIFE 911 SYCAMORE HASTINGS, NE 68901 ^ If checked, refer to the attached Addeudmn incorporated herein, for additional Trus[ors, their signatures and ackuowledguteuts. TRUSTEE: BANK OF DONIPHAN P 0 BOX 270 DONIPHAN,NE 68832 BENEFICIARY: BANK OF OONIPHAN ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF NEBRASKA P 0 BOX 270 OONIPHAN, NE 688320270 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Trustor's perfonnauce under this Security Ius[rutneut, Trustor irrevocably grants, conveys and sells to Trustee, iu trust for the benefit of Beneficiary, with power of sale, Ute following described property: LOT ONE 111, BLDCK TWO 121, IMPERIAL VILLAGE FIFTH ADDITION TO THE CITY OF HASTINGS, ADAMS COUNTY, NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF. The property is located iu ADAMS ............................................................ at ,911 SYCAMORE.,,..,,.,,.. .................. (County) :............................................................ .HASTINGS ........................................, Nebraska .88901:............... (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, ntiueral rights, oil and gas rights, all water and riparian rights, ditches, and water stack aud.all existing and future hnprovemeuts, structures, fixtures, and replacements that may now, or at any thne iu the future, be part of the real estate described above (all referred to as "Property"). 3.' MAXIMUM OBLIGATION LIMIT. The total principal atuount secured by this Security Iustrwnent at any one time shall not exceed $ ,50.000;00 .This lnuita[iou of atnouut does not include interest and other fees and charges validly made pursuant to this Security Iustrmneut. Also, this Ihnitatiou does not apply to advances made under the teruts of this Security Instrument to protect Beneficiary's security and to perform any of the covenants contained iu this' Security Iustruuteut. 4. SECURED DEBT AND RUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terns of all promissory note(s), contract(s), guarauty(ies) or other evidence of debt described below and,all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and yon should include the final maturity date of such debt(s).) HOME EQUITY LINE AGREEMENT OATEO 12110107 NEBRASKA -HOME EQUITY LINE OF CREDIT DEED OF TRUST (NOT FOP FNMA, FHLMC, FHA OR VA USE) ~ (P 1 0/ 4J ~r~® ©7994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 / OT / t: ,., '!i f 1 '. i ~ c a :, ,:_ r. , B..AII" future advances",from Beneficiary to Trustor or other future obligations of Trustor to' Beuefictary' Hader auy `promissory-note; contract, guaranty, or other evidence of debt executed by Trustor.m favor. of..,Beuefictary.after'this: ,. Security Iustrutnent whether or not this Security Instrument is specifically referenced. If Wrote than oue person signs . ~ ,--this Security Instrutiient, each Trustor-agrees"that.this.Security lustnuueut will sCCUCe"all future"advauces`and future obligations that are';ggiven to or incurred by any one or more Trustor, or any oue,.,or.mote..-Trustor_.aud.othets. AlC ;'~'~ ".~" future:"advances and tither future obligations are secured by this Security Instrwnent even though all or part Wray not ' yet be advanced. All future advances and other future obhgatious are secured as ifntade ou the date of'this Security h>strwnent. Nothing in this Security,,Instrument_Shall;cot>stitute a commituteut to make additiottal or future loans or advances iu auy azuoutit. Any such commitinent umst be agreed to in a separate writing. C. All other obligations Trustor owes. to Beneficiary, __whtch may later arise, to the extent not prohibited by law, including, but not limited to, liabilities "for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary" for insuring, preserving or otherwise protecting the Property anti its value and any other sums advanced and expenses incurred by Beneficiary under the terms of thts Security Instrwnent. Iu the event that Beneficiary fails to provide any required notice of the right of rescission, Beneficiary waives atiy subsequent security interest in the Trustor s principal dwelling that is created by this Security Instrument. 5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants iu this section are material obligations under the Secured Debt and this Security Instrument. If Trustor breaches anyy covenant in this section, Beneficiaryry may refuse to make additiottal extensions of credit anti reduce the credit limit. By uo[ exercising either remedy ou 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 paynten[s under the Secured Deb[ will be paid when due anti iu accordance with the Cerms of the Secured Debt and this Secunty Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lieu document that created a prior security interest or encumbrance on the Property, Trustor agrees' to make all payments when due anti to perform or comply wtth all covenants. Trustor. also agrees not to allow any modification or extension of, nor to request auy future advances under auy cote or agreement secured by the "lieu docwneut without Beneficiary's prior wrttteu approval Claims Against Title. Trustor will pay all taxes (including any tax assessed to this Deed of Trust), assessments, liens, encumbrances, lease. payments, ground rents, utilittes, and other charges relating to the Property when due. Beneficiary Wray require Trustor to provide to Beneficiary copies of all notices that such amounts are due and the receipts evidencing Trustor s payment. Trustor will defend title to the Property against auy claims that would hnpair the lieu of this Securuy Instrunteut. Trustor agrees to assign to Beneficiary, as requested by Beneficiary any rights, clahms or defenses Trustor may have against parties who supply labor or materials to mauttain or unprove the Propeny. Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Trustor shall not couunit or allow any waste, unpatmtent, or deterioration of the Property. Trustor agrees that the nature of the occupancy anti use will not substantially change without Beneficiary's prior writte^ consent. Trustor will not permit any change iu any license, restrictive covenant or easement without Beuefictary's prior written consent. Trustor will uottfy Beuefictary of all demands, proceedings, claims, anti actions against Trustor, anti of any loss or dazuage to the Property. Beneficiary or 13eueficiary's agents may, at Beneficiary's option, eater the Property at any reasonable tune for the purpose of inspecting the Property. Beneficiary shall give Trustor nonce at the time of or before au inspection specifying a reasonable purpose for tlte~ inspection. Any inspection of the Property shall be"entirely for Beneficiary's benefit and Trustor will m uo way rely ou Beneficiary's iuspecttou. Authority to Perform. If Trustor fails to perform any duty or auy of the covenants contained in this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. Trustor appoints Beneficiary as attorney, iu fact to sign Trustor s nature or pay any amount necessary for, perfonnauce. Beneficiary's rtght to perform for Trustor shall not create au obligation to perform, and Beneficiary's failure to perfonu will uo[ preclude Beuefictary" from exercising any of Beneficiary's other rights under the law or this Security Instrwnent. Leaseholds; Condominiums; Planned Uttit Developments. Trustor agrees to cotttply with the provisions of any lease if this Security Instrwnent is on a leasehold. If the Property includes a nun nt a condomm~twn or a planned unit development, Trustor wilt perform all of Trustor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation. Trustor will give Beneficiary prompt notice of auy pending or threatened action, by private or ublic entities to purchase or take any or all of the Propeny through condenutatiou, eminent domain, or any other means. Trustor authorizes Beneficiary to intervene iu Trus[or's ttazne iu any of the above described actions or claiuts. Trustor assigns to Beneficiary the proceeds of any award or clann for dazuages cantected with a condemnation or other taking of all or auy part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This asstgmnent of proceeds is subject to the terns of any prior mortgage, deed of trust, security agreement or outer lien document. Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards anti risks reasonably associated with the Propeny due to t[s type and location. This iusurauce shall be maintained iu the aznouuts anti for the periods [flat Beneficiary requires. Wltat Beneficiary requires pursuant to the preceding two sentences eau change during the teen of the Secured Debt. The insurance carrier providing the insurance shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage describe above, Beneficiary Wray, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in tite Property according to the teams of this Security Instrwnent. Ail insurance policies anti renewals shall be acceptable to Beneficiary anti shall include a standard "mongage clause" and, where applicable, "loss payee clause." Trustor shall humediately notify Beneficiary of cancellation or terumtatiou of [he insurance. Beneficiary shall-have the xight to hold the polictes and renewals. If Beneficiary requires, Trustor shall immediately dive to Beneficiary all recetp[s of Maid premiums anti renewal notices. Upon loss, Trustor shall give immediate nonce to the insurance carrier and Beuefictary. Beneficiary may make proof of loss if uo[ made mm~ediately by Trustor. Utiless otherwise agreed iu writing, all iusurauce proceeds shall be applied to the restoration or repair of the Proppeny or to the Secured Debt, whether or not then due, at Beneficiary's option. -Any application of proceeds to principal "shall not extend or postpone the due date of the scheduled pa ntent nor change the aznouut of any paytnent. Auy excess will be paid to the Trustor. If t(te Property is acquired by Beneficiary, Trustor's rich[ to any iusurauce olicies and roceeds resulting front damage to the Property before the acqutsntou shall pass to Beneficiary to the extent ofpthe Secured Debt hnmediatel before the acquisition. lag9e al e/'" ®© 1994 Bankers Systems, Inc.,-St. Cloud, MN Form OCP-REDT-NE 5/10/2005 ~~ ~ ofd ~.,; ~:, rt::.~;,, ,.r I,,, ~UU7553~ ,.~ L.d i, ~ .,;, Financial Reports and Additional Documents. Trustor will provide to Beueficiary upon request, auy fiuauciai statement or iitforntatiou Beneficiary ma deem reasonably accessary. Trustor agrees to sign, deliver, and fde any additional docwuents or certifications that Beueficiary may consider necessary to perfect, continue, and preserve Trustoe's obligations under this Security Iustruuteut and Beneficiary's lieu status ou the Property. 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, iu trust, wuh power of sale. Trustor also warrants that the Property is uucucumbered, except for eucmubrauces of record. 7. DUE ON SALE. Beueficiary may, at its option, declare the entire balance of the Secured Debt to be itntuediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions httposed by federal law (12 C.F.R. 591), as applicable. 8. DEFAULT. Trustor will be iu default if any of the following occur: ,: Fraud. Auy Coitsmner Borrower engages iu fraud or material misrepreseutatiou iu couuectiod with the Secured Debt that is au open cud home equity plea. - Payments. Auy. Couswuer Borrower ou any Secured Debt that is au open cud home equity plan fails to make a payment when due. Property. An~ action or iitactiou by the Borrower or Trustor occurs that adversely affects the Property or Beneficiary's rights in the I roperty. This includes, but is not linti[ed to, the following: (a) Trustor fails ro maintain required insurance ou the Property; (b) Trustor transfers the Property; (c) Trustor conuuits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects Beneficiary's security; (d) Trustor fails to pay taxes ou the Property or otherwise fails to act and thereby causes a hen to be filed against the Property that is senior to the lieu of this Security Instrument; (e) a sole Trustor dies; (f) if more than one Trustor, auy Trustor dies and Beneficiary's security is adversely affected; (g) the Property is taken thhrough eminent dontaiu; (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 lieuholder forecloses on the Property and as a result, Beneficiary's interest is adversely affected. Executive Officers. Any Borrower is an executive officer of Beueficiary or an affiliate and such Borrower becomes indebted to Beneficiary or another lender iu au aggregate unouut greater than the amount permitted under federal laws and regulations. 9. REMEDIES ON DEFAULT. Iu addition to auy other remedy "available under the tenus of this Security Iustnuueut, Beueficiary may accelerate the Secured Debt and foreclose this Security Instrument iu a manner provided by law if Trustor is iu default. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure, or other notices and tray establish three schedules for foreclosure actions. 1Jach Trustor requests a copy of any uoUCe of default and any notice of sale thereunder be mailed to each Trustor at the address provided iu Sechou 1 above. At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become hnmediately due and payable, after giving notice if required by law, upon the occurrence of a default or auytiute 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 rigght, title and interest of Trustor at such three and place as Trustee designates. Trustee shall give notice of sale including [he tune, teruts and place of sale and a description of the property to be sold as required by [he applicable law in effect at the three of the proposed sale. Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, and after fust paying all fees, charges and costs, shall pay to Beiieficiary all moneys advanced for repairs, taxes, utsurauce, liens, assessments and prior encumbrances and interest thereon, and the pnuapal and interest ou the Secured Debt, paying the surplus, if any, to Trustor: Beueficiary may purchase the Property. The recitals in any deed of conveyance shall be prune facie evidence of the facts set forth therein. The acceptance by Beueficiary of arty sum in pa Wren[ or partial payuteut oit the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not coustuute a waiver of Beneficiary's right to require complete cure of auy existing default. By not exercising any remedy ou Truster's default, Beueficiary does not waive Beneficiary's right to later consider the event a default if it happens again. 10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Trustor breaches any covenant itt this Security Instrument, Trustor agrees to pay all expenses Beueficiary incurs iu perfonuing such covenants or protecting its security interest in the Property. Such expenses include, but arc not lunited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable on deutaud and will bear interest from the date of payment until paid in full at the highest rate of interest itt effect as provided in the teruts of the Secured Debt. Trustor agrees [o pay all costs and expenses incurred by Beueficiary iu collecting, enforcing or pprotecting Beneficiary's rights and remedies under this Securuy Instrument. This amount may include, but is not luuited. to, Trustee's fees, court costs, and other legal expenses. To the extent perutitted by the United States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys fees Beueficiary incurs to collect the Secured Debt as awarded by any court exercising ~urisdicttou under the Bankruptcy Code. This Security Iustrmneut.shall remain iu effect until released. Trustor agrees to pay for any recordation costs of such release. 11. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used iu this section, (1) Euvirountental Law means, without limitation, the Comprehensive Envirownental Response, Contpeusatiou and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, cour orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, enviromneut or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or coutautiuaut which has characteristics which render the' substance dangerous or potentially dangerous to the public health, safety, welfare or envirotwtent. The tern includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under auy Euviromneutal Law. Trustor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged iit writing to Beueficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not. apply. to small.,quautities of Hazardous Substances that are generally recognized to be appropriate for the uonnat.use andsmaiuteuaitce of the Property. B. Bxceppt as previously disclosed and acknowledged nt writing to Beueficiary'; :Trustor and-every tenant leave been, are, and sliall remain in full contpliauce with any applicable EuviroumeutahLaw.~. • ~ " :•' ~ t r C. Trustor shall immediately notify Beneficiary if a release or threatened 'release "of' a Hazardous Substance occurs on, under or about the Property or there is a violation of any Envirotmtental Law concerning the Property. Iu such au event, Trustor shall take all necessary remedial action iu accordance with any Euviromuen[al Law. raege 3 0/ al Fj -er- ®©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 511 012 0 0 5 ,~o+ `I ,f; ~,•,, 200'5538 5,~ r. r l 1 t ,•. D. Trustor shall iuunediately notify Beneficiary iu writing as soon as Trustor has reason to believe there is tiny pending or threatened investigation, claun, or proceeding relating [o the release or threatened release of any Hazardous Substance or the violation of any Envirotuneutal Law. 12. ESCROW TOR TAXES AND INSURANCE. Unless otherwise provided iu a separate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 13. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual If Trustor signs this Security htstrmneut but does not sign an evidence of debt, Trustor does so onlyy to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Trustor does not agree to be personally liable ou the Secured Debt. If this Security Iustrmnent secures a-guaranty between Beneficiary and Trustor, Trustor agrees to waive any rigghts that may prevent Beneficiary from bringing any action or clann against Trustor or any party indebted under the obli~gatiou. These rights Wray include; but are not lunited to, tiny anti-deficiency or one-action laws. The duties and benefits of this Security Iustrmneut shall bind and benefit the successors and assigns of Trustor and Beneficiary. ; 14. SEVERABILITY; INTERPRETATION. This Security Instrument is complete- and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section iu this Security htstrwneut, attaclumeuts, or any agreenteut related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or unphedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to tts ternts, that section wtll be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrmnent. Tune is of the essence in this Security Instrument. 15. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from tune to time remove Trustee and appoint a successor trustee without any other formality than the desigvatton iu wrutng. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security- Iustruntent and applicable law. 16. NOTICE. Unless 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 on page 1 of this Security Instrument, or to any other address designated iu writing. Notice to one trustor will be deemed to e notice [o all trustors. 17. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. 18. LIlVE OT CREDIT. The Secured Debt includes a revolving lice of credit. Although the Secured Debt may be reduced to a zero balance, this Security htstrutncut will remain iu effect until released. 19. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to iu [he Secured Debt, except to the. extent required by the laws of the Jurtsdictiou where the Property is located, and applicable federal laws and regulations. 20. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and upend the teens of this Security Instrument [Check all applicable boxes] ^ Assigtmteut of Leases and Rents ^ Other ............................................................................................. 21. ^ CONSTRUCTION LOAN. This Security Instrummeut is a construction security interest which secures au obligation incurred for the coustructimt of au improvement on the Property. 22. ^ ADDITIONAL TERMS. SIGNATURES: By signing below, Trustor agrees to the teens and covettauts contained iu this Security Instrument and in any attac nts. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. i .......... U~......:.. ~ ........................ ia//~o~g7.. t~~~a~..~cca. ~~................................ ia. -.ro~b~.. (Signature) THOMAS S: T (Date) (Signature) REBECCA J. RAITT (Date) ACKNOWLEDGMENT: STATE OF .NEBRASKA ..................................... COUNTY OF .ADAMS............................................} ss. pm."ca°a~> This instrument was acknowledged before pre dtis .)0TH ,,,,,, day of .DECEMBER: 2D07 by ,THOMAS S, RAITT: REBECCA J. RAITT, HUSBAND AND WIFE, My commission expires: 09.192010 GENERAL NOTARY- State of Nebraska (N° ` abnc> ~ JUDY A. SOUKl1P ' JUD A SOUKUP _ My Comm. E>Qt. Sept 19, 2Q/0 E/- ®© 1994 Bankers Systems, Ine., St. Cloud, MN Form OCP-FEDT-NE 5/10/2005 (page 4 of 41 /~" of:~