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HomeMy WebLinkAbout20080632NI,~M PGS ~_,.. DOC TAX CKI._._.,_ ~s L7, SDPI~C~~.attr.~~ZY~~' a~_._._ AccTS.._._,., ~'t ....,.. ftaa. C~t+~__... n; 12,/ P orllp :~.2- d~~o IN~VI~IMVI~V~~YCYIIIYaO~ N l1 M P ~ r1~~~L.~~LLLLtBG ~~Jcr,~o RD. COMP ,~~ /i_' Sri COMPARE ~ CADAS _ AO ~ ADAMS i0~p TY, NE INST. NO..~~ Q.6 3 2 Date ~20 ~ Time ~'sg di1 ~~ REGISTER OF DEEDS State of Nebraska Space Above This Lina For Recording llata DEED OF TRUST (With Future Advance Clause) ® Construction Security Agreement ^ Master form recorded by ............................. 1. DATE Ar7D PARTIES. The date cf this Deed of Trust (Security Iustrumteut) is .................. 02~?~~70~Q. , ...... , ........ , and the parties, their addresses and tax identification cumbers, if required, are as follows: TRUSTOR: RICK WALDRON AND SARAH WALDRON, HUSBAND AND WIFE ^ If checked, refer to the attached Addendum incorporated herein, for additional Trustors, their signatures and acknowledgments. TRUSTEE: gANK OF DONIPHAN P 0 BOX 270 DONIPHAN,NE 88832 BENEFICIARY: gANK OF DONIPHAN ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF NEBRASKA P 0 BOX 270 DONIPHAN, NE 63&32.OE7C 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 Iustrutneut, Trustor irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, with power of sale, the following described property: LOT ONE (1), WESTBROOK VILLAGE 3RD SUBDIVISION IN THE CITY OF HASTINGS, ADAMS COUNTY, NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF. The property is located itt ..............................AIlAMS. ................. at 14D5WESTBROOK,,,,,,,.,,,,.,,,,,,,,,.;.... (caur,ty) ............. .. GS Nebraska 6@$D1 (Address) (City) (ZIP Cade) Together with all rights, easements, appurtettauces, royalties, mineral tights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future huprovemeuts, structures, fixtures, and replacements that may cow, or at arty time iu the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal autouut secured by this Security Iustrutneut at arty one true sltall not exceed $ 2~9,OQQ,,gQ, , , , , , , , , , , , , , , , , , , , , , , , , ,,,,,, , , , , , , , , , ,This lnnitatiou of atnouut does not include interest and other fees and charges validly made pursuant to this Security Iustrwueut. Also, this 1umitatiou does not apply to advances made under the teens of this Security Iustrutnent to protect Beneficiary's security and to perform any of the covettauts contained in this Security Instrutuettt. 4. SECURED DEBT ANll FUTURE ADVANCES. The tern "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 referettcittg the debts below it is S1lggL'StG'd t/lilt y011 l)tCllldC ZtG'17tS SIIC)l QS borrowers' RCtI7ZCS, ilOtB CZAIOtliltS, interest rates, maturity dates, etc.) PRDMISSORY NOTE DATED 2115108 NEBRASKA -DEED OF TRUST (NOT FOR FNMA, FHLMC, FHA OR VA USE) ..E~: ©1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1/30/2002 „.:::. (Page of 41 /-v 7 „f ~ } ~- ~ , d ~oo~os~2;; B,.,~li.. future advatt~c~est froth Beneficiary to Trustor or other future obligations o rus o~' o~~ene tc^ary tuli e a '~~"^"^~-°^-~°" prdmtissorg-note,'°contract, guaranty, or other evidence of debt executed by Trtt~ler-~ ~~~~~~~~~~ Security Instrument whether or not this. Security,Iustrutneut is specifically refe ~ ' ~.y , ; - "thin Security Instrument, each Trustor agrees that this Security Instrument will secure all future advances and~r~ obligations that are given to or incurred .by ..any one_or more Trustor, or any one or more rustor an otters. All °°` futute~advatices and other future obligations are secured by this Security Inst ay not yet be advanced. All future advances and other-future obligations are secured as if made on the date `of this Security Iustrutttettt. Nothing itt this Security Ittstruttteut shall constitute a cottttttittment to make additional or future loans or advances in any amount. Any such conmmituiettt must be agreed to in a separate writing. C. All obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not litttited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional stuns 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. This Security Instrutneut will not secure any other debt if Beneficiary fails ao 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 teens 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 eucmmbrauces of record. 7. PRIOR SECURITY INTERESTS. With regard to arty other mortgage, deed of trust, security agreetttent or other lien document that created a prior security interest or encumbrance on the Property, Trustor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any cote or agreement secured by the lien document without Beneficiary's prior written consent. 8. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, eucutnbrauces, 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 clanns that would impair the lieu of this Security Instrutneut. Trustor agrees to assign to Beneficiary, as requested by Beneficiary, any rights, clanns or defenses Trustor may have against parties who supply labor or materials to maintain or unprove the Property. 9. DUE ON SALE OR ENCUMBRANCE. Beneficiary Wray, at its option, declare the entire balance of the Secured Debt to be innnediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. Tltis right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 10. PROPERTY CONDITION, ALTERATIONS AND IlVSPECTION. Trustor will keep the Property iu good condition and make all repairs that are reasonably necessary. Trustor shall not coumnit or allow any waste, intpainnent, or deterioration of the Property. 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 Wray, 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 uo way rely ou Beneficiary's inspection. 11. AUTHORTTY TO PERFORM. If Trustor fails to perfornt any duty or any of the covenants contained in this Security Instrument, Beneficiary Wray, without notice, perfot~tt 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 Instrutneut. 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, itt trust for the benefit of Beneficiary as additional security all the right, title attd interest in the following (all referred to as Property); existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements 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 R.euts). Itt the event any item listed as Leases or Rents is determined to be personal property, this Assigmnent will also be regarded as a security agreement. 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 Assigtunent, and all future Leases and any other ittforntation with respect to these Leases will be provided innnediately after they are executed. Trustor may collect, receive, enjoy and use the Rents so long as Trustor is not itt default. Upon default, Trustor will receive any Rents in trust for Beneficiary and will not comm~ingle the Rents with any other funds. Trustor agrees that this Security Instrument is nnmediately effective between Trustor and Beneficiary and effective as to third parties on the recording of this Assigtument. As long as this Assignment is in effect, Trustor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. 13. 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 condominimn or a planned unit development, Trustor will perform all of Trustor's duties under the covenants, by-laws, or regulations of the condo~~iiuium or planned unit development. ~. ~r ~ ©1994 Bankers Systems, Inc., St, Cloud, MN Form RE-DT-NE 1/30/2002 page of 4 i ~~ ~~ ,~ ~ ~ ~~ ti - 20080632 14. DEFAULT. Trustor will be in default if any party obligated ore the Secured Debt fails to rmake payment when due. Trustor will be iu default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guararrtyiug the Secured. Debt. A good faith belief by Beneficiary that Beneficiary at any tune 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. 15. REMEDIES ON 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. Subject to these limitations, if any, Beneficiary may accelerate the Secured Debt and foreclose this Security Instruuieut in a manner provided by law if 'Trustor is iu default. At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become unmediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytnne thereafter. Iu addition, Beneficiary shall be entitled to all the remedies .provided by law, the tents of the Secured Debt, this Security Instrument and any related documents, including without 1unitation, the power to sell the Property. If there is a default, Trustee shall, in addition to any other permitted remedy, at the request of the Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the liighest bidder for cast and convey absolute title free and clear of all right, title and interest of Trustor at such tune and place as Trustee designates. Trustee shall give notice of sale including the time, terns and place of sale and a description of the property to be sold as required by the applicable law in effect at the tithe 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, iusurauce, liens, assessments and prior encrunbrauces and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The recitals iu any deed of conveyance shall be prima facie evidence of the facts set forth therein. All remedies are distinct, cutmulative 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 sutra in payment or partial payment on the Secured Debt after tite balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's rigltt to require complete cure of any existing default. By not exercising arty remedy ott Trustor's default, Beneficiary 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 Iustrurneut. 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 in full at the highest interest rate in effect as provided in the terns of the Secured Debt. Trustor agrees to pay all costs attd expenses incurred by Beneficiary iu collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This aruouut may include, but is not !united 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 AND I3AZARDOUS SUBSTANCES. As used in this section, (1) Envirotunental Law means, without 1unitatiou, the Contpreheusive Euvirommental 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, envirommeut or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contatnittant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or euvirotuneut. The tern includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Envirotunental 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 itt the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the uornal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are, and shall remain in full compliance with any applicable Euvirotuneutal 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 Euvirouuieutal Law concerning the Property. In such an event, Trustor shall take all necessary remedial action iu accordance with any Envirotnnental Law. D. Trustor shall immmediately 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 Envirotnmental Law. 18. CONDEMNATION. Trustor will give Beneficiary 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 Beneficiary to intervene iu Trustor's name iu any of the above described actions or clanms. Trustor assigns to Beneficiary the proceeds of any award or claim for damages connected with a condernnatiou 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 assigmneut of proceeds is subject to the terns of any prior mortgage, deed of trust, security agreement or other lieu docuuent. 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 iusurauce shall be ntaiutaiued iu the amounts and for the periods that Beneficiary requires. What Lender requires pursuant to the preceding sentence eau cltauge during the tern of the loan. The insurance carrier providing the iusurauce shall be chosen by Trustor subject to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary may, at Beneficiary's .option, obtain coverage to protect Beneficiary's rights iu the Property according to the terns 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 hnnrediately notify Beneficiary of cancellation or termination of the insurance. Beneficiary shall have the rigltt to hold the policies and renewals. If Beneficiary requires, 'Trustor shall atmtediately give to Beneficiary all receipts of paid prentiwns and renewal notices. Upon loss, Trustor shall give immediate notice to the insurance carrier and Beneficiary. Beneficiary Wray make proof of loss if not made iututediately by Trustor. ~ .. ~,.,,,.~j ,i s/%C~~page of 41 - ~~ "' ©1994 Bankers Systems, Inc., St. Cloud, MN Form RE-DT-NE 1!30/2002 ~ ,. , fi ..Z,' 3 0~ y ax ~ F if 20080632 Uiiless 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. Unless otherwise provided iu a separate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Trustor will provide to Beneficiary upon request, any financial statement or it>formation Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file auy additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Beneficiary's lieu 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 sigtts this Security Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest iu the Property to secure payment of the Secured Debt and Trustor does not agree to be personally. liable ou 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 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 auy evidence of debt without Trustor's consent. Such a change will not release Trustor from the terms of this Security Instrument. The duties and benefits of this Security Instrument 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 Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section iu 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 impliedly permits the variations by written agreement. If any section of this Security Instrtmment cannot be enforced according to its terns, that section will be severed and will not affect the enforceability of the remainder of this Security Instrwnent. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Iustrutnent are for convenience otily and are not to be used to interpret or define the terns of this Security Instrument. Time is of the essence iu this Security Instrument. 24. 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. 25. NOTICE. Utiless otherwise required by law, auy notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address ou 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. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security Ittstrumeut: ^ 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 Instrument will remain in effect until released. Q Construction Loan. This Security Iustrtunent secures au obligation incurred for the construction of au unprovement on the Property. ^ Fixture Filing. Trustor grants to Beneficiary a security interest iu 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 auy carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ^ Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terns of this Security Instrument. [Check all applicable boxes] ^ Condominium Rider ^ Plauued Uuit Development Rider ^ ; Other .................................................. ^ Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terns and covenants contained in this Security Instrument and in auy attachments. Trustor also acknowledges receipt of a copy of this Security Instrwnent ou the date stated on page I. . rr~. ~ v`-r (AX (Signature) RICK WALDRON (Date) (Signature) SARAH WALDRON (Date) ACKNOWLEDGMENT: STATE OF I~ESBASKA ..................................... COUNTY OF AOAINS.................................:..........} ss. a"~'"~~'~ This instrument was acknowledged before me this ........15TH ....... day of ..:............. F.EBRUABY,.2009................. by RIGKYVAIAHDN;.SARAH1NAl.R9PN,.NII.SBANl7:AND.WIFE .:............................. ..:....................................... . My cotumission expires: 09.19.2010 GENERAL. NOTARY -State of Nebraska (Notary ubu~~ ~~ JUDY A.SOUKUP JU SOUKUP M ©1 _ • ~ st~,d~~~19 ~~R -DT-NE ti3oizooz (page 4 of 41 y~ ~