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HomeMy WebLinkAbout20081547NUM PGS~~ DOC TAX ' ; ~ ~K# FEESaD'Sa PDo20• D CK# `~ CHG ACCT # RET FEES: CASH R.O.D. CK# RECD -~1-' C3(~`~ o'F ~ . s ~r~ RETURN~C~t~~ ~~c°~n.s ~_ ~~~ x r~`f b Qo n~ph~ t`'E (nSi~32.-oa-lU I~III~IPIIIIM~II'~!IIII~III~III~IIII NUM C!~vn~ (1,~ROo RD. COMP ~ ~ ~ 8 COINPARE ~ CADAS _____. AO __ ~___ ADAMSFIIO~jUN~TY, NE INST. NO ~V~$15~r~ Date `I-... (~ 08 Time a ~. os ,yt J~ a u REGISTER OF DEEDS State of Nebraska Space Above This Line For Recording Data DEED OF TRUST (With Future Advaatce Clause) ^ Construction Security Agreement ^ Master form recorded by ............................. 1. llATE ANll PARTIES. The date of this Deed of Trust (Security Instrutent) is ...................04.14-2008, , . , , , , , , , , , , , , , , , and the parties, their addresses and tax identification numbers, if required, are as follows: TRUS I'OK: MICHAEL A. SHADA AND DEBORAH A. SHADA, HUSBAND AND WIFE 715 EAST 6TH STREET HASTINGS, NE 66901 ^ If checked, refer to the attached Addendum incorporated herein, for additional Trustors, their signatures and acknowledgments. I'RUSTEI: BANK OF DDNIPHAN P. 0. BOX 270 DDNIPHAN, NE 68832 BENEFICIARY: BANK OF DDNIPHAN ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF NEBRASKA P 0 BOX 270 DON!PHAN, NE 66632-0270 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 perfot7nance 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: THE NORTH HALF IN 112) OF LOT SIXTEEN (16), COUNTRY CLUB ADDITION TO THE CITY OF HASTINGS, ADAMS COUNTY, NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF The property is located in .............................. ADAMS............................... at 314 EAST,12TH STREET ...... ........................... (County) ............ . ............................................... . .....................HASTINGS .................... , Nebraska ........68901......... (Address) (City] ~ (7IP Code) 'Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and wafer stock and all existing and future improvements, 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. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one three shall not exceed $ 63,G9.4.2.? ..........................................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 Instrwnent to protect Beneficiary's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT ANll FUTURE ADVANCES. The teen "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guarauty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referenci~ag the debts below it is suggested that yon iracltcde items such as borrowers' names, ~aote amounts, interest rates, maturity dates, etc.J A PROMISSORY NOTE DATED 4114106 ANO MATURING 4115113 NEBRASKA -DEED OF TRUST (NOT FOR FNMA, FHLMC, FFiA OR VA USE) F~-hem ©1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1/30/2002 / 0~~ ,..: i i 2(~Q$154'7 B. ~Il,,~future advanc©sK~l~ont Beneficiary to 'Trustor or other future obligations of Trustor to Beneficiary under any """"""""""""'""proinis"soiy`~~iiote,"contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary after this Security.~Itts~rwr~ut ,whether or not this Security Instrument is specifically referenced. If store than one person signs ~n~,~ y `'~`~this~ Security Instrument, each T rustar..agrecs, tltat_thi~.Security-Instrument will secure all future advances and future obligations 7 that--are; given to or incurred by any one or more Trustor, or any one or store Trustor and others. All ~r' "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°I'itsti•urieiit~sliall" constitute a commitment to make additional or future loans or advances in any amount. Any such comutitntent must be agre-ed to in a.separate writing. C. All obligations Trustor owes to Beneficiary,~~which~imay 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 sutras advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the Property and its value and any other sutrs advanced and expenses incurred by Beneficiary under the teams of this Security Instrument. This Security Instrument will not secure any other debt if Beneficiary fails to give any required notice of the right of rescission. , 5. 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. 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, with power of sale. 'Trustor also warrants that the Property is unencumbered, except for encumbrances of record. 7. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lieu docmnent that created a prior security interest or encumbrance on the Property, Trustor agrees; A. 1'o make all payments when due and to perform or comply with all covenants. B. 'To promptly deliver to Beneficiary airy notices that 'Trustor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lieu docunteut without 3eneficiary's prior written consent. 8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Beneficiary may 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 any claims that would impair the lien of this Security Instrument. 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 improve the Property. 9. llUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be iurnediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. 'I'bis right is subject to the restrictions imposed by federal law (L C.F.R. 591), as applicable. This covenant shall run with the Property and shall retrain in effect until the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS ANll 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, intpairntent, or deterioration of the iroperty. 'Trustor will keep the Property free of noxious weeds and grasses. Trustor agrees that the nature of the occupancy and use will not 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. Beneficiary 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 tore 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 on Beneficiary's inspection. 11. AUTHORITY TO PERFORM. If Trustor fails to perform any duty or any of the covenants contained iu this Security Instrument, Beneficiary may, without notice, perform or cause them to be performed. 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. If any construction on the Property is discontinued or not carried on in a reasonable manner, Beneficiary may take all steps necessary to protect Beneficiary's security interest in the Property, including completion of the construction. 12. ASSIGNMENT OF LEASES AND RENTS. Trustor irrevocably assigns, grants and conveys, to Trustee, in trust for the benefit of Beneficiary as additional security all the right, title and interest in the following (all referred to as Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agr~etnents for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (all referred to as Leases); and rents, issues and profits (all referred to as Rents). Iu the event any item Listed as Leases or Rents is determined to be personal property, this Assigmnent will also be regarded as a security agreetitent. 'Trustor will promptly provide Beneficiary with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assigmnent, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not in default. Upon defaulC, Trustor will receive any Rents in trust for Beneficiary and will not conmmingle the Rents with any other funds. Trustor agrees that this Security Instrument is imm~ediately effective between Trustor and Beneficiary and effective as to third parties on the recording of this Assigmnent. As long as this Assigmnent is in effect, Trustor warrants and represettts that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable la_w_ on leases, licenses and landlords and tenants. 13. LEA5EIIOLDS; 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. I /page 41 ~~ Ito ©1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1/30/2002 ~n~~ ~' : ~'~ 2008154' 14. DEFAULT. Trustor will be in default if auy party obligated on the Secured Debt fails to make payment when due. Trustor will be in default if a breach occurs under the terms of this Security Instrument or-any other documment executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Beucficiary that Beneficiary at any time is insecure with respect to any person or entity obligated ou the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute au event of default. 1_5, REMEllIES ON DEFAULT. Iu some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure or other notices and Wray establish time schedules for foreclosure actions. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose -this Security Iustruntent in a manner provided by law if Trustor is in default. At the option of Beneficiary, all or auy part of the agreed fees and charges, accrued interest and principal shall become immmediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Beneficiary shall be entitled to all the remedies .provided by law, the teens of the Secured Debt, this Security Instrument and arty related documents, including without limitation, the power to sell the Property. If there is a default, 'T'rustee shall, in addition to any other permitted remedy, at the requesf 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 interest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place oi' sale and a descrip[i;un 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 principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary Wray purchase the Property, The recitals in any decd of conveyance shall be prhua facie evidence of the facts set forth therein. All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any Bunt in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed 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, Beucficiary does not waive Beneficiary's right to later consider the event a default if it continues or happens again. 16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant in this Security Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest. These expenses will bear interest from the date of the payment until paid iu full at the highest interest rate iu effect as provided iu the terns of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beucficiary in collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This amount Wray include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. 17. ENVIRONMENTAL LAWS ANll HAZARDOUS SUBSTANCES. As used iu this section, (1) Euviromnental Law means, without limitation, the Comprehensive Enviromnental 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) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contantittant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environnent. The tern includes, without lintitatiou, 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 in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or iu 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 itt writing to Beneficiary, Trustor and every tenant have been, are, and shall remain in full compliance with any applicable Euvirotnnental 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 Euvirotumeutal Law concerning the Property. In such an event, Trustor shall take all necessary remedial action iu accordance with any Environnental Law. 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 auy Bnvirotuncntal Law. 18. CONllEMNATION. Trustor will give Beucficiary prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Trustor authorizes Beucficiary to intervene in Trustor's name in any of the above described .actions or clauns. Trustor assigns to Beucficiary 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 assigrunent of proceeds is subject to the -terns of auy prior rnurtgage, -deed of trust, security agreement ur other lien document. 19. INSURANCE. Trustor shall keep Property insured against loss by fire, flood, theft and other hazards 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 Lender requires pursuant to the preceding sentence can change during the term of the loan. 'T'he 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 ntaiutaiu the coverage described above, Beneficiary may, at Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the terns of this Security Iustruntent. All insurance policies and renewals shall be acceptable to Beucficiary and shall include a standard "mortgage clause" and, where applicable, "loss payee clause. " 'Trustor shall inuuediately notify Beneficiary of cancellation or termination of the insurance. Beucficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall immmediately give to Beucficiary ail receipts of paid prentiutns and renewal notices. Upon loss, Trustor shall give iuunediate notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made inn ediately by 'Trustor. ~,,~ s ~ l ~ F3~].~ ~ f~a , ~~i~,,~f9~ •~ p 04,1) ~~ Ito ©1994 Bankers Systems, Inc., St, Cloud, MN Form RE-DT-NE 1/30/2002 ~. py~~lt~~e+ F -~ ~ ~~r''~~ ~~ / i ,, e1 ~ 2008154'7 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 Grantor. 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. 20. ESCROW FOR TAXES AND INSURANCE. Utiless otherwise provided in a separate agreement, Trustor will not be required to pay to ]3eueficiary funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. 'Trustor will provide to Beneficiary upon request, any filtancial statement or information Beneficiary clay deem reasonably necessary: Trustor agrees to sign, deliver, and file any additional docmnen[s or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Ltstruntent and Beneficiary's lien status on the Property. 22. 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 T rustor'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 'T'rustor, 'Trustor agrees to waive any rights that may prevent ;3eueficiary from bringing any action or claim against '1 rustor or any party indebted under the obligation. 'These rights may include, but are not limited to, any anti-deficiency or one-action laws. Trustor agrees that Beneficiary and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Trustor's consent. Such a change will not release Trustor from the tertus of this Security Instrument. The duties and benefits of this Security Instruntettt shall bind and benefit the successors and assigns of Trustor and Beneficiary. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. 'This Security Instrtuneut is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section iu this Security Instrmuent, attaclnnents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, uiless that law expressly or intpliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its teens, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include Che 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. 'I'inte is of the essence in this Security Instrument. 24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, Wray front time to time remove Trustee and appoint a successor trustee without any other fonuality 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 Instrunteut and applicable law. 25. 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 on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one trustor will be deemed to be notice to all trustors. 26. WATiVERS. Except to the exteul prohibited by law, 'Trustor waives all appraisement and homestead exemption rights relating to the Property. 27. OTIIER TERMS. If checked, the following are applicable to this Security Instrument: ^ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrutuent will remain in effect until released. ^ Construction Loan. This Security Instrument secures an obligation incurred for the construction of an hnprovement on the Property. ^ Fixture Filing. Trustor grants to Beneficiary a security interest in all goods that Grantor owns now or in the future and that are or will become fixtures related to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Unifonu Conunercial Code. ® Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the Cenus of this Security Instrument. [Check all applicable boxes] ^ Condominium Rider ^ Planned Unit Development Rider [X~ Other NON.P..WNE9.OCC.uPIEQ ............................ ^ Additional Terms. SICNATUR S: By signing belov., Trustor agrees to the teens and covenants contained itt 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. (Signature) MICHAEL A, SHAUA (Date) (ignature) pE60RAH A. SHAOA (Date) ACKNOWLEDGMENT: STATI OF N.EQRASKA ................... . ................ . COUN'T'Y OF ADAl~1S............................. , ............... } ss. (Hulivi~ual) This instrument was acknowledged before me this ........14TH ....... day of ..............:.....APRIL. 2.009................... by MIGNAEI A..SNAOA;.OEE3.QRAH A•.SHAQA,.HU.SSAN4.AN.R.WIFE ....................................................................... . My commission expires: 09-19.2010 ,(~1~.~ab (Notaz uUlic) ~~; ©1994 ~~~ JUU , SOUKUP (page 4 of 4) C~ p'ra.BfaD NE 7/30/2002 ~~~~