HomeMy WebLinkAbout20080143NUM PGS
DOC TAX CK~#~,.
FEES ss PD CK#
~HG.~iZ~.~2_ ACCl'~ 0~`~
RETFE~E"S: CASH_R.O.D. ~_
RETURN +°
~~g~tlE d 9a r
IIIIII~II IllllUlll~llllllllll~llnlln
NUM a~~ - 7 • ~'
RD. COMP ~c j~ = /S
COMPARE /~~--
CADAS -' AO
DEED OF TRUST
ADAMS C,IO~EU~NTY NE
INST. N0. F.G__._ U ~ ~ ~ ~ 4 ~
Date - -08 Time fa':o3~1Y1
~~~~~'
REGISTER OF DEEDS
This Deed of Trust is made this 10th day of January, 2008, by Rita Kay Peshek, TRUSTOR,
whose address is 1102 East 9th, Hastings, NE 68901.
BENEFICIARY:
Livingston-Butler-Volland, Inc.
1225 N. Elm Avenue
Hastings, NE 68901
TRUSTEE:
Michael E. Sullivan
Burlington Center Suite 305
747 North Burlington Avenue
P.O. Box 43
Hastings, NE 68902
WITNESSETH:
1. Conveyance. The Trustor hereby conveys, sells and warrants to the Trustee, in trust,
with power of sale, the following described real estate:
A tract of land comprising a part of the Northwest Quarter (NW1/4) of
Section Twenty-one (21), Township Seven (7) North, Range Nine (9)
West of the 6th P.M., Adams County, Nebraska, being more particularly
described as follows:
With reference to the Northwest corner of said NW1/4; thence
N90°00'00"E on an assumed bearing for 41.25 feet to a point on the
East right-of--way line on a deeded county road; thence S00°00'OOE on
said right-of--way line for 1145.40 feet to the actual Point of Beginning;
thence continuing S00°00'00"E for 565.26 feet; thence N89°59'27"E
for 839.26 feet to a point on the Southerly Union Pacific Railway Company
right-of--way line; thence N56°02'47"W on said right-of--way line for
1011.78 feet to the Point of Beginning, said tract containing 5.44 acres
more or less,
the intention being to convey hereby an absolute title in fee simple, together with all buildings,
fixtures, improvements and appurtenances thereunto belonging.
1 of 5
otS
~oo~a~.~~
The Trustor covenants and agrees with the said Trustee and Beneficiary that it is lawfully
seized of said premises; that Trustor has good, right and lawful authority to sell and convey said
premises; that said premises are free and clear of all liens and encumbrances; and that Trustor will
warrant and defend title to said premises unto the Trustee and its successors and assigns forever against
the claims of all persons.
2. Trustor's Primary Obligation: This Deed of Trust is given for the purpose of
securing performance of each agreement of Trustor herein contained and the payment of Nine
Thousand Eight Hundred Seventy-three Dollars and Sixty-one Cents ($9,873.61), upon the terms set
forth in a written Promissory Note bearing even'date herewith. Additionally, the Trustor acknowledges
that the Beneficiary has the right to make future advances (as defined in Neb. Rev. Stat. § 79-1002),
and this Deed of Trust is given to secure the Trustor's obligation to repay any such future advances.
3. Trustor's Secondary Rights and Duties: While title is vested in Trustee and until
filing of Notice of Default, the Trustor shall (A) Retain possession of the premises and collect the rents
and revenues therefrom; (B) Maintain the buildings and improvements located thereon in good
condition and repair and shall not remove or sell the same without the written consent of the
beneficiary which shall not be unreasonably withheld; (C) Procure and maintain policies of insurance
against the usual hazards of fire, hail, windstorm and other similar risks, in sums and underwritten by
companies acceptable to the Beneficiary, with loss payable to the parties as their interests may appear,
and deliver copies of such policies to said Beneficiary. Said insurance policies shall be in an amount
of not less than the balance due on any promissory note or notes secured hereby, and shall name the
Beneficiary as an additional insured thereunder; (D) Pay all taxes and assessments against the above-
described real estate prior to delinquency; (E) Upon request of Beneficiary, Trustor shall pay to
Beneficiary each month such amount as is determined by the Beneficiary to be necessary to enable the
Beneficiary to have sufficient funds on hand to satisfy the Trustor's obligation for insurance premiums,
taxes, and assessments.
4. Default: Trustor covenants and agrees that its failure to make any payment of either
principal or interest on the Promissory Note secured hereby when due and payable, or of its failure to
comply with any of the covenants and agreements herein, shall cause the whole sum of money hereby
secured to become due and collectible at once at the option of the Beneficiary, and the Beneficiary
shall have the right to cause Notice of Default to be given and the premises sold as provided herein.
The waiver by Trustee or Beneficiary of any default of Trustor under this Deed of Trust shall not be or
be deemed to be a waiver of any other or similar defaults subsequently occurring.
5. Trustee's Ordinary Duties: At any time and from time to time, upon written request
of the Beneficiary, payment of fees and presentation of this Deed of Trust and the Promissory Note for
endorsement (in case of full reconveyance, for cancellation and retention), without affecting the
liability of any person for the payment of this indebtedness, Trustee shall (a) consent to the making of
any map or plat of said property; (b) join in granting any easement or creating any restriction thereof;
(c) join in any subordination or other agreement affecting this Deed of Trust or the lien or charge
thereto; (d) reconvey, without warranty, all or any part of said property.
2 of 5
a ofS
G. Reconve~ance: When the obligation secured by this Deed of Trust has been satisfied,
the Trustee shall, upon written request by the Beneficiary, reconvey the trust property. The Grantee in
any reconveyance shall be the Trustor or its successor in interest. The Beneficiary shall deliver to the
Trustor the Deed of Trust and the Promissory Note shown as satisfied and paid in full. In the event the
Beneficiary improperly refuses to request a reconveyance from the Trustee, the Trustor shall have the
rights and remedies as set forth in Section 76-1014 of the Nebraska Statutes as the same are constituted
at the time this Deed of Trust is executed.
7. Default and Deficienc~gment Procedure: Upon default by Trustor in the
payment of any indebtedness secured hereby or in the performance of any agreement hereunder,
Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee
of a written declaration of default. If Beneficiary desires said property be sold, it shall deposit with
Trustee this Deed of Trust and all Promissory Notes and documents evidencing expenditures secured
hereby, and shall deliver to Trustee a written Notice of Default and election to cause said property to be
sold in the form required by law, which shall be duly filed for record by the Trustee. Sale and
distribution procedure shall be as follows: (A) After the lapse of such time as may be required by law
following the recordation of said Notice of Default, and Notice of Sale having been given as required
by law, Trustee, without demand on Trustor; shall sell said property on the date and at the time and
place designated in said Notice of Sale, at public auction to the highest bidder, the purchase price to be
payable in lawful money of the United States at the time of sale. The person conducting the sale may,
for any cause he deems expedient, postpone the sale from time to time until it shall be completed, and
in every case, notice of postponement shall be given by public declaration thereof by such person at the
time and place last appointed for the sale; provided, if the sale is postponed for longer than one day
beyond the day designated in the Notice of Sale, notice thereof shall be given in the same manner as
the original Notice of Sale. Trustee shall execute and deliver to the purchaser its deed conveying said
property so sold, but without any covenantor warranty, express or implied. The recitals in the deed of
any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including the
Beneficiary, inay purchase at the sale; (B) When Trustee sells pursuant to the powers herein, Trustee
shall apply the proceeds of sale to the payment of costs and expenses of exercising the power of sale
and of the sale, including payment of Trustee's fees actually incurred, which Trustee's fees shall be in
the amount of $50.00 or one-half of one percent of the entire unpaid principal sum secured, whichever
is greater; and then to the items in subparagraph (3) in the order there stated; (C) After paying the items
specified in subparagraph (2) if the sale is by Trustee or the proper court, and other costs of foreclosure
and sale if sale is pursuant to judicial foreclosure, the proceeds of sale shall be applied in the order
stated to the payment of (1) Cost of any evidence of title procured in connection with any conveyance;
(2) All sums then secured thereby; and (3) The remainder, if any, to the person or persons legally
entitled thereto; and (D) At any time within three months after a sale of property under this Deed of
Trust as hereinabove provided, an action may be commenced to recover any balance due upon the
obligation as provided in Section 76-1013 of the Nebraska Statutes.
8. Option to Foreclose: Upon the occurrence of any default hereunder, Beneficiary shall
have the option to foreclose this Deed of Trust in the manner provided by law for the foreclosure of
mortgages on real property.
3 of 5
~pf s
~QQ~0~43
9. Substitute Trustee: Beneficiary may from time to time substitute a successor or
successors to any Trustee named herein or acting hereunder. Upon such appointment and without
conveyance to the successor Trustee, the latter shall be vested with all title, powers and duties
conferred upon any Trustee herein named or acting hereunder. Each such appointment and substitution
shall be made by written instrument and executed by Beneficiary containing reference to this Deed of
Trust and its place of record, which, when recorded in the office of the Register of Deeds of the county
or counties in which said property is situated, shall be conclusive proof of the proper appointment of
the successor Trustee. The foregoing power of substitution and the procedure thereof shall not be
exclusive of the power and procedure provided for by law for the substitution of a Trustee in place of
the Trustee named herein.
10. Assignability and Acceleration: Trustor covenants and agrees that the Beneficiary
shall have the option of declaring the unpaid balance immediately due and payable upon any
conveyance, assignment or transfer of Trustor's interest in the premises during the term of the loan
secured hereby in the absence of written consent from the Beneficiary or its assignees, which consent
shall not be unreasonably withheld. If said sum remains unpaid for fifteen (15) days after a
nonconsential conveyance, assignment or transfer occurs, Beneficiary can cause Notice of Default to
be given and the premises will be sold as provided herein.
11. Rent Assignment: As additional collateral security for the loan and effective forthwith
upon filing of a Notice of Default, this instrument shall serve as an assignment by the Trustor to the
Trustee of all rents and revenues resulting from the property, and Trustee is authorized to take
possession of the property, rent or lease the same on terms it deems best and to collect the rents and
revenues and apply the same upon unpaid interest, principal, taxes or insurance premiums or for
maintenance and preservation of the premises.
12. 10-Day Grace Period: The power of sale herein conferred upon the Trustee shall not
be exercised until a full ten (10) days, including the one (1) or two (2) month periods specified in
Sections 76-1006(2) and 76-1012 R.R.S., have elapsed after Notice of Default has been filed as
provided by law.
13. Construction; Effect: This Deed of Trust shall be construed according to the laws of
the State of Nebraska and the Trustee and the Beneficiary shall have all of the benefits and rights made
available by the Nebraska Trust Deeds Act as the same nov~~ exists as well as any additional rights
which may be created under any amendments thereto. The designation "Trustor" herein shall extend to
and apply to the undersigned, singular or plural, and the covenants and agreements of the parties herein
shall be binding upon their heirs, devisees, executors, administrators, successors and assigns.
14. Regulation Z Waiver: The Trustor agrees this transaction is not a transaction between
a borrower and a commercial lender and waives any three (3) day right to rescind it may have, together
with any rights to disclosures and notices in addition to those made herein, if any, under federal and
state Truth in Lending and Consumer Protection legislation.
4 of 5
,c~ o~ S
2000143
15. Notice of Default: Each party to this instrument requests that a copy of any Notice of
Default and a copy of any Notice of Sale hereunder shall be mailed to each person who is a party
hereto, at the address of such person set forth herein.
16. Costs; Attorney: The Trustor shall pay the cost of recording its Warranty Deed
and this Deed of Trust. The abstract or title insurance, as the case may be, shall be returned to the
Beneficiary to be held as additional security during the term of this Deed of Trust, except during
periods of title examination and correction. The Trustor shall pay all charges imposed by the Trustee.
In the event either party defaults in the performance of this contract and the aggrieved party has to
resort to a lawsuit to enforce its rights hereunder, the aggrieved party shall be entitled to sue for its
damages in connection with said lawsuit, including accrued and estimated court cots and attorney's fees
to the full extent then allowed by the court where said action is filed. This provision shall be
enforceable in a.ny proceeding'oetween the parties hereto and need not be enforced in a separate action
for recovery of attorney's fees and expenses, and is inserted in this instrument for the express purpose
of implementing Article I, Section 13 of the Nebraska Constitution which provides there shall be a
remedy for every injury.
17. Substitution: The parties may agree to amend or substitute any note or notes which
this Deed of Trust secures, and in such event, this Deed of Trust shall remain in full force and effect as
security for the such substituted or amended note(s), unless otherwise agreed by the parties.
Executed the date first above written.
_.__... ,
Rita K Peshek
STATE OF NEBRASKA )
ss:
COUNTY OF ADAMS )
The foregoing instrument was acknowledged before me this 10th day of January, 2008, by Pita
Kay Peshek.
r
GENERAL NOTARY -State of Nebraska
III MICHAEL E. SULLIVAN Notary Public
~ _,_,_~ My Comm. Exp. June 21, 2010
5 of 5
,~" p f .S