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HomeMy WebLinkAbout20081356NUM PGS ~_,_ pOC TAX CK# FEES o2~~ pp CK# CHG I~I.OO ACCT#~, ( Prima 1 RET FEE CA5H R.O.p. CK#_~ RECD RCTU N G ~, __ i1~E _ ~O ~ Y~ ~ I~~VIW~VW~~~~N~u'IIV~~ NUM __ ~O~BS ~rsf ~c( RD. COMP ~ ~~~0 COMPARE / I~ ~ CADAS AO / ADAMS COUNTY, NE INST. N0. f ~~D~ ~ 5 ~' Date `~ -~- 08 Time~~.~..L.h'l S~~ W V REGISTER OF DEEDS State of Nebraska Space Above This Line 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 Instrument) is ,04:02.2008 ..................................... . The parties and their addresses are: TRUSTOR: JAMES F. BALDWIN and DAWN D. BALDWIN, Husband and Wife 514 S CEDAR HASTINGS, NE 68901 ^ If checked, refer to the attached Addendum incorporated herein, for additional Trustors, their signatures and acknowledgments. TRUSTEE: Heritage Bank 800 W 3rd Street Hastings, NE 68901 BENEFICIARY: Heritage Bank Organized and existing under the laws oI the state oI Nebraska 800 W 3rd Street P.O. Box 349 Hastings, NE 68901 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 performance under this Security Instrument, Trustor irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, with power of sale, the following described property: LOTS FIVE 15) AND SIX 16), BLOCK NINE 19), COLE'S FIRST ADDITION TO THE CITY OF HASTINGS, ADAMS COUNTY, NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF The property is located in ADAMS ........................................................... at .514 S CEDAR ............................... (County) .................... HASTINGS . , .... , , Nebraska , 68901 .....(........) .......................... ....................Cit................. .......... Address ( y) (ZIP Cale) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ .?5,D00.00 ...This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Beneficiary's security and to perform any of the covenants contained in this Security Instrument. 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), guaranty(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 you should include th.e final maturity date of such debt(s).) PROMISSORY NDTE DATED 0410212008 NEBRASKA -HOME EQUITY LINE OF CREDIT DEED OF TRUST (NOT FOR FNMA, FHLMC, FH.4 OR VA USE) (patg-e~1 off 41 ~--^!-~c~ ~=b® ©1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 ~ ~, ~ ~ Iv ~J 0} / 2f~U8~356 B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any promissory note, contract., guaranty, or other evidence of debt executed by Trustor iu favor of Beueficiary after this Security .Instrument. whether or not. this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Trustor agrees that this Security. Instrument will secure all future. advances and future obligations that are given to or incurred by any one or more Trustor, or any one or snore Trustor. and others..All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of this Security Instrument. Nothing in this Security InstrumenC,shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in 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 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 and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this Security Instrument. In the event that Beneficiary fails to provide 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 Instrument. 5. DEED OF TRUST COVENANTS. Trustor agrees that the covenants in this section are material obligations under the Secured Debt and this Security Instrument. If Trustor breaches anyy covenant in this section, Beneficiary may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Z ruslor'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 Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Intet•ests. With regard to any other 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 with all covenants. Trustor also agrees not to .allow -any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Beneficiary's prior written 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, utilities, and other. charges relating to the Property when due. Beneficiary may rer.~uire '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 any claims that would impair the lien of this Security Iustrumeut. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, claims or defenses Trustor may have against parties who supply Labor or materials to maintain or unprove the Property. Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, unpairmeut, or deterioration of the Property. Trustor a tees that the nature of the occupancy and use will qot substantially change without Beneficiary's prior written consent. 'Trustor will not permit. any change in any license, restrictive covenant or easement without Beneficiary's prior written consent. Trustor will .notify Beneficiary of all demands, proceedings, claims, and actions against Trustor, and of any loss or damage to the Property. Beueficiary or Beneficiary's agents may, at Beneficiary's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Beneficiary shall give Trustor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will in no way rely ou Beneficiary's inspection. Authority to Perform. If 'Trustor fails to perform any duty or any of the covenants contained in this Security Instrument, Beueficiary may, without notice, perform or cause them to be perfornied. Trustor appoints Beneficiary as attorney in fact to sign Trustor s name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will. not preclude Beneficiary from exercising any of Beneficiary's other 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 Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the. condominium or planned unit development. Condemnation. Trustor wilt give Beneficiary prompt notice of any pending or threatened action, by private or public entities to urchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor authorizes Beneficiary to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject Co the terms of any prior mortgage, deed of trust, security agreement or other lieu document. Insurance. Trustor shall keep Property insured against loss by fire, flood, theft and other ha2ards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Beneficiary requires. What Beneficiary requires pursuant to the preceding two sentences can change during the tern of the Secured Debt. The insurance carrier providing- the tnsurauce 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 may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard "mortgage clause" and, where applicable, "loss. payee clause. " Trustor shall immmediately notify Beneficiary of cancellation or termination of the insurance. Beueficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall umnediately give to Beneficiary all receipts of laid premiums and renewal notices. Upon loss, Trustor shall give unmcdiate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made immediately by Trustor. Unless otherwise agreed in writing, ,all insurance proceeds shall be applied to the restoration or repair of the Property 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 payment nor change the amount of any payment. Any excess will be paid to the Trustor. If the Property is acquired by Beneficiary, Trustor's right to any insurance policies 'and-proceeds resulting from. damage to the Property .before the acquisition shall pass to Beneficiary to the extent of the Secured Debt .immediately before the acquisition. ..,, .,...,_. 7Pa9e'~"•dP47 ® © 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5!10/2005 .~j~ ~ o~y ~ao~i35s Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement or information Beneficiary. may deem reasonably necessary.. Trustor agrees to stgn, deliver, and file any additional documents or certifications than Beneficiary. may consider necessary to perfect, continue, and preserve 'Trustor's obligations under this Security Instrument and .Beneficiary's hen status on 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, in trust, wtth power of sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record. 7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be hmediately due and payable upon the creation of, or contract for the creation of, a transfer or sate of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 8. DEFAULT. Trustor will be in default if any of the following occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation. in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a. payment when due. Property. Any action or inaction 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 I roperty; (b) Trustor transfers the Property; (c) Trustor commits 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 agatnst the Property that is senior to the lien of this Security Instrument; (e) a sole Trustor dies; (f) if more 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 lienholder 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 in an aggregate amount greater than the amount permitted under federal laws and regulations. 9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor is in 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 may establish tune 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 in Seaton 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 givtng 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 in separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title and tnterest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time, teens a.nd place of sale and .a description of the property. to be sold as required by the applicable law in effect at the time 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 first paying all fees, charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the princtpal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein. The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt 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 exercising any remedy on Trustor's default, Beneficiary 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 in this Security Instrument, Trustor agrees to pay. all expenses Beneficiary incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or pprotecting Beneficiary's rights and remedies under this Security Instrument. This amount may include, but is not limited 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 jurisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. 11. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment 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 to the public health, safety, welfare or euvirotunent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental 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 restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged to writing to Beneficiary, Trustor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. 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 Environmental Law concerning the Property. In such an event, Trustor shall. take all necessary remedial action in accordance with any Environmental Law. (page 3 of 41 ~~® © 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 i ~~ ~~~ y `~UU8~~56 D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 12. ESCROW TOR-TAXES AND INSURANCE. Unless otherwise provided in 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 Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Trustor or any party indebted under the obligation. These rights may include, but are not lunited to, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument 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 orai agreemreut. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or unpliedly hermits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will 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 Instrument. Time is of the essence in this Security Instrument. 15. 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 designation in writing. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security Instrument 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 in writing. Notice to one trustor will be deemed to e notice to all trustors. 17. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. ~ - - 18. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 19. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 20. RIDERS. The covenants and a reemeuts of each of the riders checked below are incorporated into and supplement and a-neud Che teens of this Security Instrument. [Check all applicable boxes] ^ Assigiunent of Leases and Rents ^ Other .................................. 21. ^ CONSTRUCTION LOAN. This Security Instrument is a construction security interest which secures an obligation incurred for the construction of au improvement on the Property. 22. ^ ADDITIONAL TERMS. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attachments. 'Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. g .....j DAI .....................................................(.... j. igrtature) .,AMES F. BALDWIN (Date) (Si tature JN D. BALDWIN Date ACKNOWLEDGMENT: STATE OP .Nebraska ................. ..........., COUNTY OF ....................................................} ss. a"a'°"'°'`~ This instrument was acknowledged before me this .Z~d ............. Aril 2008 y JAMES F. BALDWIN; DAWN D. BALDWIN, Husband and Wife • • day of ...p.. ~ ........................................... b ................................................................ ............................................................ . My conunission expires: ~ ~~ I1-(o-200 ...... ...' .................................................. (Notary PuUlic) GENERAL NOTARY -State of Nebraska 11 TERRIER. PECK _ c My Comm. Exp. Nov. 6, 2008 u.~~2~® l7 1994 Bankers Systems, Inc., St Cloud, MN Form OCP-REDT-NE 5/10/2005 (page 4 of 4J ~o~y