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HomeMy WebLinkAbout20075595DOCTAXS ~ cK# ADAMSFIOEU TY, NE FEES~Q..PD~_//~ #~ ~~~~ 20075595 INST. N0. 2 0 0 "~ 5 5 9 5 CHG ACC1 # RETfEES:_CASH_R.O.D.CK#_ ~ DatB /1•Z'7_ogT1f118 3~.24P~11 RETURN(L7I~rcdiN~hiinifv K2~tre~a niea~'NUM __(~~[ / _41~~tf/~}' )'~O~ )pT7 ~/~~~- flich~ior/~j ~' (I YY ~~ -~=`--- REGISTER Of DEEDS ya.st,;~gyo~ RD. COMP, ./~~i!-/G COMPARE ~_ . CADAS - AO ~ ;~ DEED OF TRUST This Deed of Trust is made this 2"d day of April 2007, between HEIDY BOYD AND SCOT DEWITT, TRUSTOR, whose address is 1121 Pleasant .Street, Hastings, Nebraska 68901, ROBERT M. SULLIVAN, TRUSTEE, whose address is 747 N. Burlington Avenue, Suite 305, Hastings, Nebraska 68901; and the COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF HASTINGS, NEBRASKA, BENEFICIARY, whose address is 301 S. Burlington Avenue, Hastings, Nebraska 68901. WITNESSETA: 1. Conveyance. The Trustor hereby conveys, sells and warrants to the Trustee, in trust, with power of sale, the following described real estate: Lot 23, Block 19, Original Town, County of Adams, Hastings, Nebraska. the intention being to convey hereby an absolute title in fee simple. The Trustor covenants and agrees with the said Trustee and Beneficiary that it is lawfully seized of said premises; that Trustor has good, right and lawful authority to sell and convey said premises; that said premises are free and clear of all liens and encumbrances; and that Trustor will warrant and defend title to said premises unto the Trustee and Beneficiary and their successors and assigns forever against the claims of all persons. 2. Trustee's Primary Oblieation: This Deed of Trust is given for the purpose of securing performance of Trustor's Loan of Agreement of even date with the Beneficiary upon the terms set forth in a written Promissory Note bearing even date herewith in the amount of Eighteen Thousand Dollars ($18,000.00), and for the purpose of allowing the purchase of the Property described in Page 1 of 6 ~sy6 ''i 4 ~ ~ Xn R Il r\ {k~{~:~~ V ~~ 9~ ~;. ~k 200'75595 Paragraph I above. In the event that Trustor may default in its obligations to Beneficiary causing Beneficiary to declare a default of said Loan Agreement, Beneficiary shall have the option of satisfying the obligations of Trustor; and, thereafter, any sums paid by Beneficiary on behalf of Trustor shall become an obligation of Trustor to Beneficiary, including, but not limited to, any principal, interest, fees, or costs. 3. Trustor's Secondary Rights and Duties: While title is vested in Trustee and until filing of Notice of Default, the Trustor shall: A. Retain possession of the real estate. B. Pay all taxes and assessments against the above-described real estate and, at least annually, provide proof of payment of such to the Trustee and/or Beneficiary. 4. Default: Trustor covenants and agrees that its failure to make any payment of either principal or interest on the Promissory Note referenced above and secured hereby when due and payable, or its failure to comply with any teens or covenants of said Loan Agreement or Trustor's failure to comply with the covenants of this Deed of Trust, shall cause the whole sum of money secured on behalf of Beneficiary to become due and collectible at once at the option of the Beneficiary, and the Beneficiary shall have the right to cause notice of default to be given and the premises sold as provided herein. 5. It is Mutually Agreed That: A. Trustee's Ordinary Duties: At any time and from time to time, upon written request of the Trustor, payment of fees and presentation of this Deed of Trust and the Promissory Note for endorsement (in case of full reconveyance, for cancellation and retention), without affecting the liability of any person for the payment of this indebtedness, Trustee shall (a) consent to the making of any map or plat of said property; (b) join in granting any easement or creating any restriction thereof; (c) join in any subordination or other agreement affecting this Deed of Trust or the lien or charge thereto; (d) reconvey, without warranty, all or any part of said property. B. Reconveyance: When the obligation secured by this Deed of Trust has been satisfied, the Beneficiary shall, upon. written request by the Trustor, sell or provide for the reconveyance of the trust property by delivering to Trustor a Deed of Reconveyance in recordable form duly executed by the Trustee. The Trustee and/or Beneficiary shall also deliver to Trustor the Deed of Trust and the Promissory Note shown as satisfied and paid in full. Page 2 of 6 ~Z "f~V 200'75595 hi the event the Beneficiary improperly refuses to request a reconveyance from the Trustee, the Trustor shall have the rights and remedies as set forth in Section 76-1014 of the Nebraska Statutes as the same are constituted at the time this Deed of Trust is executed. Additionally, the Beneficiary and Trustor shall provide a reconveyance and/or subrogation agreements as set forth in the parties Loan Agreement of even date herewith. C. Default and Deficiency JudEment Procedure: Upon default by Trustor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder, Beneficiary inay declare all sums secured hereby immediately due and payable by delivery to Trustee of a written declaration of default. If Beneficiary .desires said property be sold, it shall deposit with Trustee this Deed of Trust and all Promissory Notes and documents evidencing expenditures secured hereby, and shall deliver to Trustee a written Notice of Default and election to cause said property to be sold in the form required by law, which shall be duly filed for record by the Trustee. Sale and distribution procedure shall be as follows: (1) After the lapse of such time as maybe required by law following the recordation of said Notice of Default, and Notice of Sale having been given as required by law, Trustee shall sell said property on the "date and at the time and place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price to be payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any .cause he deems expedient, postpone the sale from time to, time until it shall be completed, and in every case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale; provided, if the sale is postponed for longer than one day beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as the original Notice of Sale. Trustee shall execute atld deliver to the purchase its deed conveying said property so sold, but without any covenant or warranty, express or unplied. The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the Beneficiary; may purchase at the sale. (2) When Trustee sells pursuant to the powers herein, Trustee shall apply the proceeds of sale to the payment of costs and expenses of exercising the power of sale and of the sale, including payment of Trustee's fees actually incurred, which Trustee's fees shall not in the aggregate exceed the following amounts based upon the amount secured hereby and remaining unpaid: five percent (5%) of the Page 3 of 6 ~obb ~yi] /+~ 200.'75595 balance thereof; and then to the items in subparagraph (3) in the order there stated. (3) After paying the items specified in subparagraph (2) if the sale is by Trustee or the proper court, and other costs of foreclosure and sale if sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the order stated to the payment of: (a) Cost of any evidence of title procured in connection with any conveyance. (b) All sums then secured hereby. (c) The remainder, if any, to the person or persons legally entitled thereto (4) At anytime within three months after a sale of property under this Deed of Trust and hereinabove provided, an action maybe commenced to recover any balance due upon the obligation as provided in Section 76-1013 of the Nebraska Statutes. _ D. . Option to Foreclose: Upon the occurrence of any default hereunder, Beneficiary shall have the option to foreclose this Deed of Trust in the manner. provided bylaw for the foreclosure of mortgages on real property. E. Substitute Trustee: Beneficiary may from time to time substitute a successor or successors to any Trustee named herein or acting hereunder. Upon such appointment and without conveyance to the successor Trustee, the latter shall be vested with all title, powers and duties confen-ed.upon any Trustee herein named or acting hereunder. Each such appointment and substitution shall be made by written instrument and executed by Beneficiary containing reference to this Deed of Trust and its place of record, which, when recorded in the office of the Register o f Deeds of the county or counties in which said property is situated, shall be conclusive proof of the proper appointment of the successor Trustee. The foregoing power of substitution and the procedure thereof shall not be exclusive of the power and procedure provided for by law for the substitution of a Trustee in place of the Trustee named herein. F. Assisnability and Acceleration: Trustor covenants and agrees that the Beneficiary shall have the option of declaring the unpaid balance immediately due and payable upon any conveyance, assignment or transfer of Trustor's interest in the premises during the term of the loan secured hereby in the absence of written consent from the Beneficiary or its assignees, which consent shall not be unreasonably withheld. If said sum remains unpaid for fifteen (15) days after a nonconsential conveyance, assignment Page 4 of 6 '~~ (o ~~: i ~.•` ;~' ~~' ,p, { 200'75595. or transfer occurs, Beneficiary can cause Notice of Default to be given and the premises will be sold as provided herein. G. Rent Assignment: As additional collateral security for the loan and effective forthwith upon filing of a Notice of Default, this. instrument shall serve as an assignment by the Trustor to the Trustee of all rents and revenues resulting from the property, and Trustee is authorized to take possession of the property,:rent or lease the same on terms it deems best and to collect the rents and revenues and apply the same upon unpaid interest, principal, taxes or insurance premiums or for, maintenance. and preservation of the premises. H. Waiver of Defaults: The waiver by Trustee or Beneficiary of any default of Trustor under this Deed of Trust shall not be or be deemed to be a waiver of any other or similar defaults subsequently occurring. 10-Day Grace Period: The power of sale herein conferred upon the Trustee shall not be exercised until a full ten (10) days, including the one (1) month period specified in Sections 76-1006(2) and 76-1012 R.R.S. have elapsed after Notice of Default has been filed as provided by law, J. Costs of Trustee: The Trustor shall pay all charges imposed by the Trustee. K. Effect: The designation "Trustor" herein shall extend to and apply to the undersigned, singular or plural, and the covenants and agreements of the parties herein shall be binding upon their heirs, devisees, executors, administrators, successors and assigns. L. Construction: This Deed of Trust shall be construed according to the laws of the State of Nebraska and the Trustee and the Beneficiary shall have all of the benefits and rights made available by the Nebraska Trust Deeds Act as the same now exists as well as any additional rights which maybe created under any amendments thereto. M. Regulation Z Waiver: The Trustor agrees this transaction is not a transaction between a borrower and a commercial lender and waives any three (3) day right to rescind it may have, together with any rights to disclosures and notices in addition to those made herein, if any, under federal and state Truth in Lending and Consumer Protection legislation. N. Notice of Default: Each party to this instrument requests that a copy of any Notice of Default and a copy of any Notice of Sale hereunder shall be mailed to each person who is a party hereto, at the address of such person set forth herein. Page 5 of 6 S~ 6 dl , 20075595 P. Attorney's Fees: In the event either party defaults in the performance of this contract and the aggrieved party has to resort to a lawsuit to enforce its rights hereunder, the aggrieved party shall be entitled to sue for its damages in connection with said lawsuit, including accrued and estimated court cots and attorney's fees to the full extent then allowed by the court where said action is filed. This provision shall be enforceable in airy.proceeding between the parties hereto and need not be enforced in a separate action for recovery of attorney's fees and expense, acid is inserted in this instrument for the express purpose of implementing Article I, Section 13 of the Nebraska Constitution which provides there shall be a remedy for every injury. Executed the date first above written. HEIDY BOYD By: t eidy~oyd STATE OF NEBRASKA ) ss. COUNTY OF ADAMS ) SCOT DEWITT By: ~Cof (lGl~,~: Scot DeWitt The foregoing instrument was acknowledged before me this day of April, 2007, by Heidy Boyd, known to me as Trustor. ~~. Not y Public STATE OF NEBRASKA ) ~ ENERA: NOiARY•State of Nebraska ~ JANIS H. FELZIEN Ss. My Comm. Exp. Nov. 23, ~/ g COUNTY,OF ADAMS ) The foregoing instrument was acknowledged before me this day of April, 2007, by Scott DeWitt, lniown to me as Trustor. Notar Public ~ GENERA! NOTARY-State of Nebraska V JANIS H. FELZIEN ~. My Comm. Exp. Nov. 23, Page 6 of 6 ;. oa(o .,. ,, ~. P~ {{ I' P~ Y% r: i~ [Y[i Lt' u. !;'. ~. r ~. t{ ~'.