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HomeMy WebLinkAbout20081590NUM PG5 DOC TA~X~ ~ CK# FEES _[ v,y.,(LPD ~0 ~ CK#.S Y 4179 q CHG ACCT#('~ rt;~~ RET FE CASH R.O.D. CK# RECD - _/?/l Ah.10, g~~ RETUR o~ mod) S .~~ ,~ DEED OF TRUST III~VI~1111191111V~IIIIIIIIIIIVIIIII NUM a5 -`t -IO CADAS -- AO .~ RD. COMP X Rr7 a'.o5 COMPARE ~~ ADAMS GOUNTY, NE FILED INST. NO.~`r..~I,.~ ~ ~ Q Date l~--l~Time~/Y1 5~~ d~ U REGISTER OF DEEDS PARTIES: This Deed of Trust is made on 04/16/2008 among, the Grantor, GARY W KILE and KATHY A KILE, HUSBAND AND WIFE ("Borrower"), AREND R BAACIC, ATTORNEY, whose residence address is P. O. Box 790, Grand Island, Hall County, Nebraska ("Trustee"), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, a corporation organized and existing under the laws of NEBRASKA whose address is 221 SOUTH LOCUST STREET, GRAND ISLAND, NEBRASKA 68801 ("Lender"). CONVEYANCE: For value received, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the real property, of which Borrower is lawfully seized, described below and all buildings, fixtures, and existing and future improvements thereon and all rights-of- way, easements, rents, issues, profits, income, tenements, hereditaments, privileges and any appurtenances thereunto belonging (all called the "property"). PROPERTY ADDRESS: 3245 S BALTIMORE AVE, HASTINGS, Nebraska 68901 LEGAL DESCRIPTION: COMMENCING AT A POINT 1010 FEET SOUTH OF THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION TWENTY-FIVE (25), TOWNSHIP SEVEN (7) NORTH, RANGE TEN (10) WEST OF THE 6TH P.M., ADAMS COUNTY, NEBRASKA, ON THE WEST LINE OF SAID QUARTER; RUNNING THENCE EAS"T ON A LINE PARALLEL WITH THE NORTHLTNE OF SAID QUARTER 273.38 FEET; THENCE SOUTH, PARALLEL WITH THE NEST SECTION LINE 90 FEET; THENCE WEST, PARALLEL WITH SAID NORTH LINE OF SAID QUARTER 272.59~FEET TO SAID. WEST SECTION LINE; AND THENCE NORTH ON SAID WEST LINE 90 FEET TO THE PLACE OF BEGINNING; EXCEPT TRACT ON THE WEST CONVEYED TO STATE FOR ROAD. Located in Adams County, Nebraska. TITLE: Borrower convenants and warrants title to the property, except for SECURED DEBT: This deed of trust secures to Lender repayment of the secured debt and the performance of the convenants and agreements contained in this deed of trust and in any other document incorporated herein. Secured debt, as used in this deed of trust, includes any amounts Borrower owes to Lender under this deed of trust or under any instrument secured by this deed of trust, and all modifications, extensions and renewals thereof. The secured debt is evidenced by (List all instruments and agreements secured by this deed of trust and the dates thereof.): A PROMISSORY NOTE AND SECURITY AGREEMENT DATED 04/16/2008 Future advances: The above amount is secured even though all or part of it may not yet be advanced. Future advances are contemplated and will be secured to the same extent as if made on the date of this deed of trust is executed. ^ Revolving line of credit agreement dated ,with initial annual interest rate of All amounts owed under this agreement are secured even though all amounts may not yet be advanced. Future advances under the agreement are contemplated and will be secured to the same extent as if made on the date this deed of trust is executed. The above obligation is due and payable on October 20, 2008 if not paid earlier. The total unpaid balance secured by this deed of trust at any one time shall not exceed a maximum principal amount of $115,931.82, plus interest, plus any amounts disbursed under the terms of this deed of trust to protect the security of this deed of trust or to perform any of the covenants contained in this deed of trust, with interest on such disbursements. ^ Variable Rate: The interest rate on the obligation secured by this deed of trust may vary according to the terms of that obligation. ^ A copy of the loan agreement containing the terms under which the interest rate may vary is attached to this deed of trust and made a part hereof. RIDERS: ASSIGNMENT OF RENTS DESIGNATION OF HOMESTEAD Pursuant to the Farm Homestead Protection Act, designation of homestead i~ctached to this deed of trust and made a part hereof has ^ been disclaimed; the disclaimer is attached to this deed of trust and made a part hereof. SIGNATURES: By signing below, Borrower agree to the terms and convenants contained in this deed of trust, including those on page 2, and in any rider scribed above signed y Borrower. GAR W LE KATHY~A ICI ACKNOWLEDGMENT: STATE OF NEBRASKA, HALL COUNTY SS: The foregoing instrument was acknowledged before me on 04/16/2008 By GARY W KILE and KATHY A KILE, HUSBAND AND WIFE My commission expires: ~~~-. 2~, Z OcYb' GENERAL NOTARY -State of Nebraska ~ CHRIS L KASKIE My Comm, Exp, Dec. 29, 2008 ~" -'~``~ ~ - K ~- (Notary Public) /OT 9 COVENANTS 1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwise, any payments Lender receives from Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to principal If partial prepayment of the secured debt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full. 2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the property when due and will defend title to the property against any claims which would impair the lien of this deed of trust. Lender may require Borrower to assign any rights, claims or defenses which Borrower may have against parties who supply labor or materials to improve or maintain the property. 3. Insurance. Borrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's benefit. All Insurance policies shall include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as the insured on any such insurance policy. Any insurance proceeds may be applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If Lender requires mortgage insurance, Borrower agrees to maintain such insurance for as long as Lender requires. 4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary. 5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust. 6. Prior Security Interests. Unless Borrower first obtains Lender's written contest, Borrower will not make orpennit any changes to any prior security interests. Bonower will perform all of Borrower's obligations under any prior mortgage, deed of trust or other security agreement, including Borrower's covenants to make payments when due. 7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing, Borrower may collect -and retain the rents as long as Borrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take possession and manage the property and collect the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and attorneys' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount of rents will [hen apply to payments on the secured debt as provided in Covenant 1. 8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this deed of trust is on a unit in a condorniniurn or a plarmed unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of the condominium or planned unit development. 9. Authority of Lender to Perform for Borrower If Borrower fails to perform, any of Borrower's duties under this deed of trust, Lender may perform the duties or cause them to be per-fonned. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not carried on in a reasonable mariner, Lender may do whatever is necessary to protect Lender's security interest in the property. This may include completing the construction. Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust. Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust. Such amounts will be due on demand and will bear interest from the date of the payment until paid in full at the interest rate in effect on the secured debt. 10. Default and Acceleration. If Borrower fails to rnake any payment when due or breaks any covenants under this deed of trust or any obligation secured by this deed of trust or any prior mortgage or deed of nest, Lender may accelerate the maturity of the secured debt and demand immediate payment and may invoke the power of sale and any other remedies permitted by applicable law. 11. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a party hereto, at the address of each such person, as set forth herein. 12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall first record in the office of the register of deeds of each county wherein the trust property or some part or parcel thereof is situated a notice of default containing the information required by law. "The Trustee shall also mail copies of the notice of default to the Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default, or two mouths if the trust property is not in any incorporated city or village and is used in farming operaticns carried on by the trustor, the Trustee shall give public notice of sale to the persons and in the rnanner'prescribed by applicable law. Trustee, without demand on Borrowe-, shall sell the property at public auction to the highest bidder. If required by the Fann Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the property at any sale. Upon receipt of payment of the price bid, Tmstee shall deliver to the purchaser Trustee's deed conveying the property. The recitials contained in Trustee's deed shall be prima facie evidience of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of [he sale, including, but not limited to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of trust, and (c) the balance, if any, to the persons legally entitled to receive it. 13. Foreclosure. At Lender's option, this deed of trust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real property. 14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice beforehand. The notice must state the reasonable cause for Lender's inspection. 15. Condemnation. Borrower assigns to Lender 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 will be applied as provided in Covenant 1. This assigmnent is subject to the terms of any prior security agreement. 16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other remedy. By not exercising any remedy upon Borrower's default, Lender does not waive any right to later consider the event a default if it happens again. 17. Joint and Several Liability; Co-signers; Successors and Assigns Bourrd. All duties under this deed of trust are joint and several. Any Borrower who co-signs this deed of trust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the property. to the Trustee under the terms of this deed of trust. 1n addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in the terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust. The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and Borrower 18. Notice. Unless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certified mail addressed to Borrower at the property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's address on page 1 of this deed of trust, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page 1 of this deed of trust. Any notice shall be deemed to have been given to Bon•ower or Lender when given in the manner stated above. 19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any part of the property or any interest in it is sold or transferred without the Lender's prior written consent, Lender may demand irmnediate payment of the secured debt. Lender may also demand immediate payment if the Borrower is not a natural person and a beneficial interest in the Borrower is sold or transferred. However, Lender may not demand payment in the above situations if it is prohibited by federal law as of the date of this deed of trust. Z0. Reconveyance. When the obligation secured by [his deed of trust has been paid, and Lender has,no further obligation to rnake advances under the instruments or agreements secured by this deed of trust, the Trustee shall, upon written request by the Lender, reconvey jhe trust property. The Lender shall deliver to the Borrower, or to Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satisfied: Borrower shall pay any recordation costs. 21. Successor Trustee. Lender, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a copy of the substitution of trustee as required by applicable law, and then, by filing the substitution of trustee for record in the office of the register of deeds of each county in which the trust property, or some part thereof, is situated. The successor trustee, without conveyance of the property, shall succeed to all the polder, duties, authority and title of the Trustee named in the deed of bust and of any successor trustee. m / ~-