HomeMy WebLinkAbout20080453NUM PGS_,
DOC TAX CK#~
FEE.S~~ P S sa CK#1~p~~3
CHG ACCT#._....~
RET REES:,._..W1SH .QQ CK#_,_.,.
/y1 REC'D ~%~~/~~~
RETURN
P fox $3004
~~neo/n ~l/E (~.fo/-~o~9
i~~u~~~u~x~uH~~~~~n
idJM
d~D. COMP ~ 1 /.~.s
COMPARE _ d`r~l
CADAS -' AO
ADAMS COUNt1(, NE
FILED
INST. NO.~c,~~,~„$rQ ~ 5
Date -s o8 ~m~/~,;;~
~~~~~
REGISTER OF dEEdS
(Space Above This Line For Recording Data)
LOAN NUMBER: 0166015641
DEED OF TRUST
(PREAUTHORIZED (OPEN END) CREDIT -FUTURE ADVANCES ARE SECURED
BY THIS DEED OF TRUST)
THIS DEED OF TRUST ("Security Instrument") is made on January 17, 2008. The grantor is JAMES A
HINRICHS and BARBARA J HINRICHS, HUSBAND AND WIFE, whose address is 910 East 6th Street,
Hastings, Nebraska 68901 ("Borrower"). Borrower is not necessarily the same as the Person or Persons who sign
the Contract. The obligations of Borrowers who did not sign the Contract are explained further in the section titled
Successors and Assigns Bound; Joint and Several Liability; Accommodation Signers. The trustee is
TierOue Bank whose address is 1235 'N' St / P.O. Box 83009, Lincoln, Nebraska 68501. ("Trustee"). The
beneficiary is TierOne Bank, which is organized and existing under the laws of the United States of America and
whose address is 1235 'N' St / PO Box 83009, Lincoln, Nebraska 68501 ("Lender"). JAMES A HINRICHS and
BARBARA J HINRICHS have entered into aEquity -Line of Credit ("Contract") with Lender as of January
17, 2008, under the terms of which Borrower may, from time to time, obtain advances not to exceed, at any time, a
***MAXIMUM PRINCIPAL AMOUNT (EXCLUDING PROTECTIVE ADVANCES)*** of Sixty-seven
Thousand Five Hundred and 00/100 Dollars (U.S. $67,500.00) ("Credit Limit"). Any party interested in the
details related to Lender's continuing obligation to make advances to Borrower is advised to consult directly with
Lender. If not paid earlier, the sums owing under Borrower's Contract with Lender will be due and payable on
January 15, 2013. This Security Instrument secures to Lender: (a) the repayment of the debt under the Contract,
with interest, including future advances, and all renewals, extensions and modifications of the Contract; (b) the
payment of all other sums, with interest, advanced to protect the security of this Security Instrument under the
provisions of the section titled Protection of Lender's Rights in the Property; and (c) the performance of
Borrower's covenants and agreements under this Security Instrument and the Contract. For this purpose, Borrower,
in consideration of the debt and the trust herein created, irrevocably grants and conveys to Trustee, in trust, with
power of sale, the following described property located in the COUNTY of ADAMS, State of Nebraska:
Address: 910 East 6th Street, Hastings, Nebraska 68901
Legal Description: LOT 2, BLUEHAWKS SUBDIVISION, FIASTINGS, ADAMS COUNTY,
NEBKASKA
Parcel ID/Sidwell Number: 284-14134.10
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be
covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the
"Property."
~ 2004-2007 Copp~ight Compliance Systems, Inc. SC9C-E9A2 - 2007.01.201 www.compliancesystems.com
Conswner Real Estate -Security ]nstrument DL2036 Page I of 7 800-968-8522 -Fax 616-956-1868
~~ /
X0080453
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
grant and convey the Property and that the Property is unencumbered, except for encumbrances of record,
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to
any encumbrances of record.
Borrower and Lender covenant and agree as follows:
Payment of Principal and Interest; Other Charges. Borrower shall promptly pay when due the principal of and
interest on the debt owed under the Contract and late charges or any other fees and charges due under the Contract.
Applicable Law. As used in'this Secuurity Instrument, the term "Applicable Law" shall mean all controlling
applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have
the effect of law) as well as all applicable final, non-appealable judicial opinions.
Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
At the request of Lender, Borrower shall promptly furnish to Lender receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
agrees in writing to the payment of the obligation secured by the lien in a mariner acc~tablc to Lender; (b)
contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the
Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give
Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
above witlrin 10 days of the giving of notice.
Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards,
including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the
amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by
Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
Property in accordance with section titled Protection of Lender's Rights in the Property,
All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
Leader shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
Leader all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
to the instuvlce carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not
lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
any excess paid to Borrower. If Borrower abandons the Property, or does not answer within the number of days
prescribed by Applicable Law as set forth in a notice from Lender to Borrower that the insurance carrier has
otrered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or
restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The period of
time for Borrower to a>iswer as set forth in the notice will begin when the notice is given.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
or postpone the due date of the payments due under the Contract or change the amount of the payments. If raider
the section titled Acceleration; Remedies, the Property is acquired by Leader, Borrower's right to any insurance
policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the
extent of the sums secured by this Security Instrument immediately prior to the acquisition.
® 2004-2007 Copyright Compliance Systems, Ira. 8C9C-78C I - 2007.01.201
Cosssumer Real Hstate - Secwity Ins[runwm[ DL2036 Pege 2 of 7
a~~
www.compGancesystem s.eom
800-968-R522-Fax 616-956-1868
M1
J~.~
A~ ,"
20080453
Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on
the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun
that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the
lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and
reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to be
dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
the Property or other material impairment of the lien created by this Security Instrument or Lender's security
interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or
inaccurate information or statements to Lender (or failed to provide Lender with airy material information) in
connection with the loan evidenced by the Contract. If this Security Instrument is on a leasehold, Borrower shall
comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee
title shall not merge unless Lender agrees to the merger in writing.
Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
contained in this Secuurity Instrument, or there is a legal proceeding that may significantly aff-ect Lender's rights in
the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
regulations), their Louder may do and pay for whatever is necessary to protect the value of the Froperty and
Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority
over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to
make repairs. Although Lender may take action under this section, Lender does not have to do so.
Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this
Security Instrument. Unless Borrower and Leader agree to other terms of payment, these amounts shall bear
interest from the date of disbursement at the same rate assessed on advances under the Contract and shall be
payable, wide interest, upon notice from Lender to Borrower requesting payment.
Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
Cm>Idemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the
Property in which the fair market value of the Property immediately before the taking is equal to or greater than
the amomit of the sums secured by this Security Instrument shall be reduced by the amount of the proceeds
multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking,
divided by (b) the fair market value of the Property immediately before the taking, Any balance shall be paid to
Borrower. In the event of a partial taking of the Property in which the fair market value of the Property
immediately before the raking is less that: the amount of the sams se~,zred immediately before the taking, unless
Borrower and Lender otherwise agree in writing or unless Applicable Law otherwise provides, the proceeds shall
be applied to the sums secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if; after notice by Lender to Borrower that the condemnor oilers to
make an award or settle a claim for damages, Borrower fails to respond to Lender within the minimum number of
days established by Applicable Law after the date the notice is given, Lender is authorized to collect and apply the
proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security
Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
or postpone the clue date of the payments due under the Contract or change the amount of such payments.
® 2004-2007 Copyright Compliance Systems, Itn. 8C9C-78C1 - 2007.01.201
Cotsstuner Real &s[ate - Sectvity ItatntmwH DL2036
www, compliancesystem s.com
Page 3 of 7 800-968-8522 -Fax 616-956-1868
/ j
~~ ~ .
~~
20080453
Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in
interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to
extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by
reason of any demand made by the orignal Borrower or Borrower's successors in interest. Any forbearance by
Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.
Successors and Assigns Bound; Joint and Several Liability; Accomodation Signers. The covenants and
agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower,
subject to the provisions of section titled Transfer of the Property or a Beneficial Interest in Borrower.
Borrower's covenants and agreements shall be joint and several. Any person who co-signs this Security Instrument
but has no personal liability under the Contract ("Accomodation Signer"): (a) is co-signing this Security Instrument
only to mortgage, grant and convey that Accomodation Signer's interest in the Property under the terms of the
Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)
agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations
with regard to the terms o f this Security Instrument or the Contract without that Accomodation Signer's consent.
Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the
amount necessary to reduce the charge to the permitted limits and (b) any sums already collected from Borrower
which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by
reducing the principal owed under the Contract or by making a direct payment to Borrower. If a refw~d reduces
principal, the reduction will be treated as a partial prepayment under the Contract.
Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless Applicable Law requires use of another method. The notice shall be directed to
the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be
given by first class mail to Lender's address stated herein or any other address Lender designates by notice to
Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or
Lender when given as provided in this paragraph.
Governing Law; Severability. This Security Instrument shall be governed by federal law and the laws of the state
of Nebraska. In the event that any provision or clause of this Security Instrument or the Contract conflicts with
Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Contract which
can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
Contract are declared to be severable.
Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument.
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or auy interest
in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a
natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in
full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if
exercise is prohibited by federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a
period of not less than the minimum number of days established by Applicable Law from the date the notice is
delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower
fails to pay these sums prior to the expiration of this period, Lelider may invoke any remedies permitted by this
Sec;tu-ity Instrument without further notice or demand on Borrower.
Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
eiiiorcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other
02004-2007 Copyright CompGauce Sys [error, Inc. RC9C-78C1 - 2007.01.201 www.complia~mesystems.com
Corzsruner Real Hstate - Secwity Ligtrrvrreirt DL2036 Page 4 of 7 800-968-8522 -Fax 616-956-1868
i
~/ /J
~~/
X0080453
period as Applicable Law may specify for reinstatement) before sale of the Property pursuant to any power of sale
contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument
and the Contract as ifno acceleration had occurred; (b) cures any default of any other covenants or agreements; (c)
pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys'
fees to the extent permitted by law; and (d) takes such action. as Lender may reasonably require to assure that the
lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured
by this Security Instrument- shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument
and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this
right to reinstate shall not apply in the case of acceleration under the section titled Transfer of the Property or a
Beneficial Interest in Borrower.
Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affectnig
the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the
presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized
to be appropriate to normal residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by
any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or
Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any
governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting
the Properly is necessary, Borrower shall promptly take all necessary remedial actions in accordance with
Environmental Law.
As used in this paragraph, "Hazardous Substances" are those substances defined as toxic or hazardous substances
by Environmental Law and the following substances: gasoline, kerosene, other flanimable or toxic petroleum
products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and
radioactive materials. As used in this paragraph, "Environmental Law" means federal laws and laws of the state of
Nebraska that relate to health, safety or enviromuental protection.
Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument or the Contract under which acceleration
is permitted (but not prior to acceleration under the section titled Transfer of the Property or a Beneficial
Interest in Borrower, unless Applicable Law provides otherwise). The notice shall specify: (a) the default;
(b) the action required to cure the default; (c) a date, not less than the minimum number of days
established by Applicable Law from the date the notice is given to Borrower, by which the default must be
cured; and (d) that failure to cure the default on or before the date specified in the notice may result in
acceleration of the sums secured by this Security Instrument and sale of the Property. To the extent
permitted by law, the notice shall further inform Borrower of the right to reinstate after acceleration and
the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to
acceleration and sale. If the default. is not cured on or laefore the date specified in the notice, Lender at its
option may require immediate payment in full of all sums secured by this Security Instrument without
further demand and may invoke the power of sale and any other remedies permitted by Applicable Law.
To the extent permitted by law, Lender shall be entitled to collect all expenses incurred in pursuing the
remedies provided in this Section, including, but not limited to, reasonable attorneys' fees and costs of title
evidence.
If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of
the Property is located and shall mail copies of such notice in the manner prescribed by Applicable Law to
Borrower and to the other persons prescribed by Applicable Law. After the time required by Applicable
Law, Trustee shall give public notice of sale to the persons and in the manner prescribed by Applicable
Law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder
at the time and place and under the terms designated in the notice of sale in one or more parcels and in any
®2004-2007 Copyright CompGancc Systems, Inc. 8C9C-78C1 - 2007.01.201 www.compliancesystems.com
Consumer Real Estate - Seomity hsstnunent DL2036 page 5 of 7 ~~ 800-968-6522 -Fax 616-956-1868
Sd~ ~
~~pp8fl453
order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public
annou--cement 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, Trustee shall deliver to the purchaser Trustee's deed conveying
the Property. The recitals in tl-e Trustee's deed shall be prima facie evidence of the truth of tl-e statements
made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and
expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually
incurred and reasonable attorneys' fees as permitted by Applicable Law; (b) to all sums secured by this
Security Instrument; and (c) any excess to the person or persons legally entitled to it.
Reconveyance. Upon payment of all sums secured by this Security Instrument and termination of Borrower's right
to obtain further advances under the Contract, Lender shall request Trustee to reconvey the Property and shall
surrender this Security Instrument and all contracts evidencing debt secured by this Security Instrument to Trustee.
Trustee shall reconvey the Property without warranty to the person or persons legally entitled to it. Such person or
persons shall pay any recordation costs. Lender may charge such person or persons a fee for reconveying the
Property, but only if the fee is paid to a third party (such as the Trustee) for services rendered and the charging of
the fee is permitted under Applicable Law.
Substitute Trustee. Lender, at its option, may from time to time remove Trustee and appoint a successor trustee
to any Trustee appointed hereunder by an instrument recorded in the county in which this Security Instrument is
recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties
conferred upon Trustee herein and by Applicable Law.
Request for Notices. Borrower requests that copies of the notice of default and sale be sent to Borrower's address
which is the Properly Address.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in all pages of this
Securi Instrument and ' y 'der execu ed b Borrower ec ded with it.
J ~ ' A HINRICHS Date ~ ,BARBARA J I RICHS Date ~~
®2004-2007 Copyrigtd Comyliance Systems, Inc. 8C9C-78C1 - 2007.01.201 www.comyliariccsystcros.com
Cossianer Real Estate - S ecmity Is>stnunent DL2036 Page 6 of 7 800-968-8522 -Fax 616-956-1868
G~ 7
20080453
INDIVIDUAL ACKNOWLEDGMENT
STATE OF NEBRASKA
COUNTY OF ADAMS
The foregoing instrument was acknowledged by JAMES A HINRICHS and BARBARA J HINRICHS; before
me on January 17, 2008. In witness whereof, I hereunto set my hand and, if applicable, my official, seal.
~~ ~ ~ ' /)
My conunission expires: ~ , , ,
GENERAL NOTARY - State a` N"hr,~,gYD
~ MICHELLE M. CALLAHAt. a
My Comm. Exp. Aug. 1B, 2006
(Official Seal)
~~ t ~i
_...
THIS INSTRUMENT PREPARED BY: AFTER RECORDING RETURN TO:
TierOne Bank KJAHDE, 402-479-0585, TIERONE BANK
1235 'N' St / PO Box 83009 1235 N STREET
Lincoln, NE 68501 LINCOLN, NE 68508
®2004-2007 Copyright Complimtce Systems, Hoc. RC9C-78C1 - 2007.01.201
Cosvsnmer Real6stn[e - Secwity Issstnsmc st DL2036 Page 7 ot7
www. compli~scesystem s.com
800-968-8522-Fax 616-956-1868
~~