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HomeMy WebLinkAbout20080649NUM FGS DOC TAXI ~ .- CK;#_.._„__,,,.,,, FEES ~d ~ SD PD.~Q1,~2, CK~ ~a CHG_,_,,,.__ ACCT~._,,..,~,,., RET FEES:.,_..,CASH_,.,..R. D. CKt~...., ~~tECD~-r~.~"~a0 RETURN ~/Gri'f"aQC /~QJy~(' ..1?.D__..Ber. ~~/9 1,~,~I~V~'~'II~II~~N~I'~~ ='~D. COMP x ,~r1(_ lD; ~!B COMPARE / ~/ CADAS ~ AO __ ~ __ ADAMS COUNTY, NE FILED INST. NO 6 4 9 Date 1Z;,7Lc~$„Tm~„(~~~T ~~~~~ REGISTER OF DEEDS State of Nebraska Space Above This Line For Recording Data REAL ESTATE DEED OF TRUST (With Future Advance Clause) ^ Construction Security Agreement ^ Master form recorded by ............................. 1. DATE AND PARTIES. The date of this Deed of Trust (Security Instrumeat) is .01.29,2008 The parties and their addresses are: TRUSTOR: ASHVINI SENGAR and MANJARI SENGAR, Husband and Wife 3303 FISHERMAN LANE HASTINGS, NE 68901 ^ If checked, refer to the attached Addendum incorporated herein, for additional Trustors, their signatures and acknowledgments. TRUSTEE: Heritage Bank 800 W 3rd Street Hastings, NE 68901 BENEFICIARY: Heritage Bank Organized and existing under the laws of the state of Nebraska 800 W 3rd Street P.O. Box 349 Hastings, NE 68901 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficieacy of which is acknowledged, and to secure the Secured Debt (defined below) and Trustor's performance under this Security Instrument, Trustor irrevocably grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, with power of sale, the following described property; LOT ELEVEN (11), BLOCK FOUR (4-, CIMARRON MEADOWS ADDITION TO THE CITY OF HASTINGS, ADAMS COUNTY, NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF ~; , : , ,. The property is located in ADAMS....., at 3303 FISHERMAN LANE (County) HASTINGS ........................................ Nebraska .6890.x............... ' (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ .j50,000.00 ...This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Beneficiary's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you should include the final maturity date of such debt(s).) NEBRASKA -HOME EQUITY LINE OF CREDIT DEED OF TRUST (NOT FOR FNMA, FHLMC, FHA OR VA USE) E~1 ® ~ 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 (p _e of14) /aL y 20080649 B. All future advances from Beneficiary to Trustor or other future obligations of Trustor to Beneficiary under any promissory note, contract, guaranty, or other evidence of debt executed by Trustor in favor of Beneficiary after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Trustor aggrees that this Security Instrument will secure all future advances and future obligations ;that' are given to or incurred by any one or more Trustor, or •any-one or more Trustor and others. All •~future advances and: other future obligations are secured by this Security Instrument even though all or part may not yet be advanced.' All future advances and other future obligations -are secured as if made oh the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances iu any amount. Any such commitment must be agreed to in a separate writing. C. All other obligations Trustor owes to Beneficiary, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Trustor and Beneficiary. D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under the terms of this Security Instrument. In the event that Beneficiary fails to provide any required notice of the right of rescission, Beneficiary waives any subsequent security interest in the Trustor s principal dwelling that is created by this Security Instrument. 5. 'DEED' Or `TRUST COVENANTS. Trustor agrees that'the covenants in this section °are` material' obligations under the Secured Debt and this Security Instrument. If Trustor breaches anyy covenant in this section, Beneficiaryry may refuse to make additional extensions of credit and reduce the credit Innit. By not exercising either remedy on Trustor's breach, Beneficiary does not waive Beneficiary's right to later consider the event a breach if it happens again. Payments. Trustor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Trustor agrees to make all payments when due and to perform or comply with all covenants. Trustor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Beneficiary's .prior written approval ~laims•:Againsf."Title. Trustor will pay all [axes (including .any tax assessed to this,Deed of Trust), ..assessments, liens; eucuinbtances,, lease.. payments,. ground: rents, utilities;. and other charges relating to fhe°Property when due. Beneficiary may 'rei~uire Trustor to provide to Beneficiary. copies of all notices that such amounts. are due .and the receipts evidencing Trustor s°paymenC. 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 muntain or improve the Property. Property Condition, Alterations and Inspection. Trustor will keep the Property in good condition and make all repairs that are reasonably necessary. Trustor shall not commit or allow any waste, unpatrment, or deterioration of the Property. Trustor a rees 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 time of or before an inspection sppecifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Beneficiary's benefit and Trustor will iu no way rely on Beneficiary's inspection. Authority to Perform. If Trustor fails to perform any duty or any of the covenants contained in this Security Instrument, Beneficiary maY, without notice, perform or cause them to be perfornied. Trustor appoints Beneficiary as attorney in fact to sign Trustor s name or pay any amount necessary for performance. Beneficiary's right to perform for Trustor shall not create an obligation to perform, and Beneficiary's failure to perform will not preclude Beneficiary from exercising any of Beneficiary's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Trustor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, 'Trustor will perform. all of Trustor's duties .under the covenants, by-laws, or regulations ' of-the condominium or planned unit development. Condemnation.- Trustor will give .Beneficiary prompt notice of any pending or threatened action, by private or ublic entities to purchase or take any or all of the .Property through condemnation, eminent domain, or any other means. Trustor authorizes Beneficiary. to intervene in Trustor's name in any of the above described actions or claims. Trustor assigns'to Beneficiary the proceeds of any award or claim for damages connected with a condemnation or other taking of all. or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security lustrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 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 Beneficiary requires pursuant to the preceding two sentences can change during the term of the Secured Debt. The insurance carrier providing the insurance shall be chosen by Trustor sub.J'ect to Beneficiary's approval, which shall not be unreasonably withheld. If Trustor fails to maintain the coverage described above, Beneficiary utay, xt Beneficiary's option, obtain coverage to protect Beneficiary's rights in the Property according to the teens 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 immediately notify .Beneficiary of cancellation or termination of the insurance. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustor shall inunediately give to Beneficiary all receipts of laid premiums and renewal notices. Upon loss, Trustor shall give iitmiediate notice to the insurance carrier and Beneficiary..Beneficiary may make proof of loss if not made immediately by Trustor. Unless otYUhc;~, iSt', ~~~iting, all insurance proceeds shall be applied to the restoration or repair of the Property or to iF e" ecur'"'"~'Ie ']5 Te jt, whether or not then due, at Beneficiary's .option.. Any application of proceeds to principal shall not f;r.^;f=;..?;'l e of the scheduled payment nor change theamount of any payment. Any excess will be paid to the Trustor. T is acquired by Beneficiary, Trustor's right to any insurance policies and proceeds resulting '.''.:,:;,l:r rom atnage o e roperty efore the acquisition shall pass to Beneficiary to the extent of the Secured Debt immediately . _.t. i.~.,..~~~ ,:. ape /J2 -+©"'•"F9 a ~'~'t9fM5!'1Mc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 ~ C. _. ,,. N~r~.~~ .. .. I , ,. i....,,.,. ,..,..,... , }~ lr..~ any 2.0080649, Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement or infonnatiou Beneficiary may deem reasonably necessary. Trustor agrees to srgn, deliver, and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations under this Security Instrument and Beneficiary's lien status on the Property. 6. WARRANTY. OF TIT,I:~~ ~rTrustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument and has tote right tosirrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Trustor also warXants,that the Property-is~-unencumbered, except for encumbrances of record. 7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 8. DEFAULT. Trustor will be in default if any of the following occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment when due. Property. Any action or inaction by the Borrower or Trustor occurs that adversely affects the Property or Beneficiary's rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to maintain required insurance on the Property; (b) Trustor transfers. the Property; (c) Trustor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inactton adversely affects Beneficiary's security; (d) Trustor fails to pay taxes on the Property or otherwise fails to act and thereby causes a hen to be filed against the Pro erty that is senior to the lien of this Security Instrument; (e) a sole Trustor dies; (f) if more than one Trustor, any Trustor dies and Beneficiary's security is adversely affected; (g) the Property is taken through eminent domain;` (h) a judgment is filed against Trustor and subjects >Trustor and the Property to action. that adversely affects Beneficiary's interest; or (t) a prior lienholder forecloses on the Property and as a result, Beneficiary's interest is adversely affected. Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower becomes indebted to Beneficiary or another .lender in an aggregate amount greater than the amount- permitted under federal laws and regulations. 9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor is in default. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to cure, or other notices and may establish time schedules for foreclosure actions. Each Trustor requests a copy of any notice of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 above. At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and princi al shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. If there is a default, Trustee shall, at the request of [he 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 of sale and a description of the property to be sold as required by the applicable law in effect at the time of the proposed sale. Upon sale of the Property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pa to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the princippal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Property. The ,recitals in any deed of conveyance shall be prima facie. evidence of the facts set forth therein. The acceptance by Beneficiary of any sum. in payment or partial payment.. on the Secured Debt after the balance is due or is accelerated, or after foreclosure proceedings .are fried shall not constttute a waiver of Beneficiary's right to require .complete cure of. any, existing default., By not exercising any remedy on Trustor's default; Beneficiary does not waive Beneftciary's right to later consider the event a default if it happens again: 10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Trustor breaches any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses iacurred by Beneficiary in collecting, enforcia~ or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may include, but is not )united to, Trustee's fees, court costs, and other legal expenses. To the extent permitted by the United States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys' lees Beneficiary incurs to collect the Secured Debt as awarded by any court exercising ~urisdictton under the Bankruptcy Code. This Securtty Instrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. 11. EN~'IILONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without lititation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or enviromnent. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Trustor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Exceppt as previously disclosed and acknowledged in writing to Beneficiary; Trustor and every tenant have been, are, and shaltxemain in full compliance with any applicable Environmental Law. C. Trustor shall immediately- notify Beneficiary if a release or threatened release of a Hazardous Substance occurs on; under °or about the Property or there is a vtolation of any Environmental Law concerning -the-Property, In such an event, Trustor shall take all necessary remedial action in accordance with any Environmental Law. (pa ~® © 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5/10/2005 ,~v~ Y 20080649 D. Trustor shall irmnediately notify Beneficiary in writing as soon as Trustor has reason to believe there is any pending or threatened investigation, clatm, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 12. ESCROW TOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be required to pay to Beneficiary .funds for taxes and insurance in escrow. 13. JOINT AND INDNIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Trustor signs this Security Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Trustor's interest in the Property to secure payment of the Secured Debt and Trustor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Beneficiary and Trustor, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Trustor or any party indebted under the obligation. These rights may include, but are not limited to, any antt-deficiency or one-actton laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficiary. 14. SEVERABILTTY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or tmpRedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to tts terms, that section will be severed and will not affect the enforceability oP the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Tune is of the essence in this Security Instrument. 15. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor trustee without any other formality than the designation in wrtttng. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security Instrument and applicable law. 16. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one trustor will be deemed to e notice to all trustors. 17. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating to the Property. 18. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 19. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 20. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend Che terms of this Security Instrument. [Check all applicable boxes) ^ Assiguinent of Leases and Rents ^ Other ............................................................................................. 21. ^ CONSTRUCTION LOAN. This Security Instrument is a construction security interest which secures an obligation incurred for the construction of an improvement on the Property. 22. ^ ADDITIONAL TERMS. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in any attaclunents. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. .............................................. .............. ....rte`... . ..... ...~ ....j .......................................(....j. (3iyiature) ASHVINI SENGAR (Date) (Si ature MANJARI 5EN AR Date ACKNOWLEDGMENT: STATE OIL .Nebraska ..................................... COUNTY OF .ADAMS...........................................} ss. (°~`Ir"'~~`a~ This instrument was acknowledged before me this .29th ,. day of .,lanuarY: 2008 .................................... by .ASHVINI SENGAR; MANJARI SENGAR, Husband and Wife My conmtission expires: ~~_e~~ ............................................................................. ~, GENERIU. NOTARY - State of Nebraska (Notary Public) DAWN BALDWIN fwy Comm. Expires Aug. 19, 2009 ~--^I-~c~ ~b®O 1994 Bankers Systems, Inc., St. Cloud, MN Form OCP-REDT-NE 5!10/2005 (page 4 0/ 4f r' y~ y