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HomeMy WebLinkAbout20080899~ ~ '~ '~~ DOCTAXS CK# I! I I!i ADAMS COUNTY, NE FEES~_PD d~CK#~Q 20080899 J FILED CHG ACCT # INST. NO.~i.~.~.Q.~ 9 RET FEES: _ CASH R.O.D. CK#_ D2t2 3- 6-08 Tlmg - ~l 5 ~/}t RECD ,C .. ~ - Du~,~rr~ f s~Lu ~ ff,~rft~.NUM f ~ s"` t '~ ~R f7~i~ s S~~R~ RETURN ~iIAYtJit ~'S~lk (J d~ar~`:z~ of RD. COMP ~ ~~ y 51~ REGISTER OF DEEDS COMPARE - CADAS -- AO `~ DEED OF TRUST This Deed of Trust is dated February 23, 2008, among DEBRA SCARLETT and SAM SPARGEN, single persons, (hereinafter referred to as "Borrowers"), whose address is 2608 W. 6th Street, Hastings, NE 68901, CHARLES S. HASTINGS, Attorney at Law, PO Box 1044, Hastings, NE 68902-1044, (hereinafter referred to as "Trustee"), and BARBARA S. FISHER, PO Box 1044, Hastings, NE 68902-1044, as Beneficiary (hereinafter referred to as "Lender"). Borrowers, in consideration of the indebtedness herein created, irrevocably grant and convey to Trustee, in trust, with power of sale, the following described property located in Hastings, Adams County, Nebraska: Lot Twenty-nine (29), Block Two (2), Hastings Heights Subdivision to the City of Hastings, Adams County, Nebraska, according to the recorded plat thereof, together with improvements, fixtures, easements, rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents issues and profits, reversions and remainders thereof, all of the foregoing being referred to herein as the "Property." To secure to Lender (a) the repayment of the indebtedness evidenced by Borrowers' Note dated even date herewith (herein "Note"), in the principal sum of $25,000.00, with interest thereon, providing for monthly installments of principal and interest through March 1, 2018; (b) the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust; and (c) the performance of the covenants and agreements of Borrowers herein contained. Borrowers covenant and agree as follows: 1. Warrant the Property against all claims and demands, subject to any covenants, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Owner's interest in the Property. 2. Payment. To pay the principal and interest thereon as provided in this Deed of Trust and the Note. Taxes and Assessments. To pay on or before they become delinquent all taxes, special assessments and other charges against the Property. Trustor shall pay to Beneficiary with Page 1 of 4 ley 2UU8U899 each monthly payment, to be held in escrow, an amount equal to 1/12 of the projected real estate taxes, special assessments and other charges so that sufficient funds exist in escrow for timely payment of such taxes, special assessments and other charges before they become delinquent. The current tax escrow amount is $57.25 per month. The parties shall adjust this payment annually on January 1 to reflect changes in such real estate taxes. 4. Insurance. To keep the Property insured against damage by-fire, hazards included within the term "extended coverage" in an amount not less than 80% of the replacement value or the outstanding principal balance on the Note, whichever is greater, ;with companies acceptable to Lender, and loss payable to the Lender. In the event of a"partial loss to the Property, Lender agrees that the insurance may be used to restore the Property. Proof of insurance shall be delivered to Lender annually. Any policy shall prohibit modification, cancellation or termination by insurer without thirty (30) days written notice from insurer to Lender and Trustee. Trustor shall pay to Beneficiary with each monthly payment, to be held in escrow, an amount equal to 1/12 of the projected insurance premium and other charges so that sufficient funds exist in escrow for timely payment of such insurance premium and other charges before they become delinquent. The current tax escrow amount is $30.40 per month. The parties shall adjust this payment annually on February 1 to reflect changes in such insurance premium. Repair, Maintenance and Use. To promptly repair, restore or rebuild any improvements now or hereafter on the Property; to keep the Property in good condition and repair, without waste, and free from mechanic's or other liens not expressly subordinated to the lien hereof; not to make, suffer or permit any nuisance to exist, nor to diminish or impair the value of the Property by an act or omission to act; and to comply with all requirements of law with respect to the Property. 6. Condemnation. That in the event the Property, or any part thereof, shall be taken by eminent domain, the Lender is empowered to collect and receive all compensation which may be paid for any property taken or for damages to property not taken, .and shall apply such compensation, Lender's option, either to a reduction of the indebtedness secured hereby or to repair and restore the property so damaged. 7. Performance by Lender. That Lender may, but shall have no obligation, to do any act which the Borrowers have agreed but fail to do, and Lender may also do any act she deems necessary to protect the lien hereof. Borrowers agree to repay, upon demand, any sums so expended by the Lender for the above purposes, with interest thereon, and any sums so expended by the Lender shall be added to the indebtedness secured hereby, become subject to the lien hereof, and bear interest at the default rate until paid. Lender shall not incur any personal liability because of anything she may do or omit to do hereunder. 8. Notice. Any notice to Borrowers provided for in this Deed of Trust or by applicable law shall be given by mailing by certified mail, return-receipt requested, addressed to Borrowers at the address as set out on the first page hereof, or at such other address as the Page 2 of 4 .2~y 20080899 Borrowers shall designate by notice to Lender in writing; any notice to Lender or Trustee shall be given by certified mail, return-receipt requested, to Lender's or Trustee's address, respectively, as set out in the first page hereof or to such other address as the Lender or Trustee may designate by Notice to Borrowers. Notice shall be deemed to be given when mailed. Assignment of Rents. As additional security hereunder, Borrowers hereby assign Lender the rents of the Property, provided that Borrowers shall have the right to collect and retain such rents prior to default hereunder. Upon default and acceleration, Lender shall be entitled to enter upon, take possession of, and manage the Property and collect rents and apply the same to the indebtedness. Such collection may be in person; by agent or duly appointed receiver. 10. Transfer of Property. If all or any part of the Property or any interest therein is sold or transferred, including any lease with option to buy or any lease for greater than one (1) year, without the express written consent of the Lender, Lender may at her sole option declare all sums secured by this Deed of Trust to be immediately due and payable. 11. Miscellaneous Covenants. Lender and Borrowers agree as follows: a. that Borrowers have received a copy of the Note and this Deed of Trust at the time of execution; b. any forbearance in exercising any right or remedy shall not be a waiver thereof; c. all remedies herein are distinct and cumulative to any. other right afforded by law or equity, and may be exercised concurrently, independently or successively; d. the covenants and agreements contained herein shall bind, and the rights inure to the respective successors and assigns of the Borrowers and the Lender; e. all covenants and agreements of the Borrowers are joint and several; and f. the headings of the paragraphs of this Deed of Trust are for convenience only and shall not be used to interpret or define the provisions hereof. 12. Acceleration; Remedies. Upon Borrowers' breach of any covenant or agreement of Borrowers in this Deed of Trust or in the Note, including the covenants to pay when due any sums due by this Deed of Trust, Lender may, at Lender's option, declare all sums secured by this Deed of Trust to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs incurred in pursuing her remedies, including but not limited to Trustee fees and a reasonable attorney fees. 13. Power of Sale. The Trustee named herein is hereby given the Power to Sell the Property described herein in the manner provided in the Nebraska Trust Deeds Act. If the power of sale is invoked, Trustee shall record a notice of default in each county in which the Page 3 of 4 3~ ~ ~uosos9~ Property or some .part thereof is located and shall mail copies of such notice in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law, and shall give notice of such sale to Trustor. Trustee, without demand on Borrowers, shall sell the Property at public auction to the highest bidder at the time and place and under the terms and conditions designated in the notice of sale in one or more parcels and in such order as Trustee may determine. 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 Lender's designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser a Trustee's Deed conveying the Property sold. The recitals in the Trustee's Deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: a. to all reasonable costs and expenses of the sale, including, but not limited to, Trustee's fees of not more than one-half ('/2) of 1 % of the gross sale price, reasonable attorney's fees and costs of title evidence; b. to all sums secured by this Deed of Trust; and c. the excess, if any, to the person or persons legally entitled thereto. IN WITNESS WHEREOF, the Borrowers have executed this Deed of Trust as of the day and date first above written. Jl''-rtk.ti- DEBRA SCARLETT STATE OF NEBRASKA SAM S RGE ss: _--~~'bUNTY OF ADAMS ) The foregoing Deed of Trust was ac owledged before me by DEBRA SCARLETT and ~~SAM SPARGEN, both single persons, on b ~o.Lo , 2008. Notary Public GENERAL NOTARY - SYate o(Nebraska h1EATHER d. HARTAAAN ~: My Comm. ~ July 10, 2011 Page 4 of 4 y~ y