Deed of Trust (Trust Deed) - Nebraska

TRUST DEED

State of Nebraska

WHEN RECORDED RETURN TO:
[NAME]
[ADDRESS]
[CITY, STATE ZIP]

SPACE ABOVE THIS LINE FOR REGISTER OF DEEDS' USE

Date: [DATE]
Document Number: _________________ (Register's Use)
Property Address: [PROPERTY ADDRESS, CITY, NE ZIP]
Parcel ID: [PARCEL ID]

TRUST DEED

THIS TRUST DEED is made this [DAY] day of [MONTH], [YEAR], by and among:

TRUSTOR (Borrower):
[TRUSTOR NAME(S)]
[ADDRESS]
[CITY, STATE ZIP]

TRUSTEE:
[TRUSTEE NAME]
[ADDRESS]
[CITY, STATE ZIP]

BENEFICIARY (Lender):
[BENEFICIARY/LENDER NAME]
[ADDRESS]
[CITY, STATE ZIP]

RECITALS AND GRANT

WHEREAS, Trustor is indebted to Beneficiary in the principal sum of [PRINCIPAL AMOUNT] DOLLARS ($[AMOUNT]), as evidenced by a Promissory Note of even date herewith (the "Note");

NOW, THEREFORE, Trustor irrevocably grants, conveys, and warrants to Trustee, in trust, with POWER OF SALE, the following described real property situated in [COUNTY] County, Nebraska:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Nebraska [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, water, water rights and water stock; and all fixtures now or hereafter attached to the property (collectively, the "Trust Property").

ARTICLE I - OBLIGATIONS SECURED

This Trust Deed secures to Beneficiary:
(a) The repayment of the debt evidenced by the Note, with interest, and all renewals, extensions, and modifications;
(b) The payment of all other sums, with interest, advanced under this Trust Deed;
(c) The performance of Trustor's covenants and agreements under this Trust Deed and the Note.

ARTICLE II - TRUSTEE PROVISIONS

2.1 Trustee Qualifications (Neb. Rev. Stat. § 76-1003). The Trustee must qualify as one of the following:

• A Nebraska State Bar Association member or Nebraska licensed real estate broker;
• A bank, building and loan association, savings and loan association, or credit union authorized to do business in Nebraska under state or federal law, or a U.S. Department of Agriculture agency involved in lending;
• A corporation authorized to conduct a trust business in Nebraska under state or federal law; or
• A title insurer authorized to do business in Nebraska under state law.

A beneficiary named in this deed may serve as Trustee only if it qualifies under § 76-1003(1)(b) or (c).

2.2 Successor Trustee. Beneficiary may substitute a successor Trustee by filing a substitution with the Register of Deeds where this Trust Deed is recorded. The successor Trustee shall succeed to all title, powers, and duties of the original Trustee.

2.3 Trustee's Powers. Trustee is given the power of sale and other powers as provided by the Nebraska Trust Deeds Act.

ARTICLE III - COVENANTS OF TRUSTOR

Trustor covenants and agrees as follows:

3.1 Payment. Trustor shall pay when due the principal and interest on the debt evidenced by the Note and all other sums secured hereby.

3.2 Insurance. Trustor shall keep the improvements insured against loss by fire and other hazards, with Beneficiary named as loss payee.

3.3 Taxes and Assessments. Trustor shall pay before delinquency all taxes, assessments, and charges against the Trust Property.

3.4 Maintenance. Trustor shall maintain the Trust Property in good condition and repair and shall not commit or permit waste.

3.5 Defense of Title. Trustor shall defend title against all claims.

3.6 Compliance with Laws. Trustor shall comply with all laws, ordinances, and regulations affecting the Trust Property.

ARTICLE IV - ASSIGNMENT OF RENTS

4.1 Assignment. Trustor hereby assigns to Beneficiary all rents, issues, and profits of the Trust Property as additional security.

4.2 License to Collect. Trustor shall have a license to collect and retain such rents prior to default. Upon default, this license shall terminate.

ARTICLE V - DEFAULT AND FORECLOSURE

5.1 Events of Default. The following shall constitute Events of Default:
(a) Failure to make any payment when due under the Note or this Trust Deed;
(b) Breach of any covenant or agreement herein;
(c) Material misrepresentation by Trustor;
(d) Transfer of the Trust Property without Beneficiary's prior written consent;
(e) Bankruptcy or insolvency of Trustor.

5.2 Foreclosure Options. Upon default, Beneficiary may elect to foreclose:
(a) By non-judicial power of sale under the Nebraska Trust Deeds Act; or
(b) By judicial foreclosure as provided by law.

5.3 Requirements for Non-Judicial Foreclosure (Neb. Rev. Stat. §§ 76-1005–1006). A trust deed must expressly confer the power of sale, and the trustee may exercise it following breach only through the statutory notice and sale process. The Act does not impose a 20-acre limit or require a building on the property. If the property is used in farming operations by Trustor outside an incorporated city or village, § 76-1006(1)(b) instead requires additional notice content and a longer waiting period before notice of sale.

5.4 Notice of Default (Neb. Rev. Stat. § 76-1006). Trustee shall file for record a Notice of Default and record it with the Register of Deeds in the county where the Trust Property is located.

5.5 Mailing Notice (Neb. Rev. Stat. § 76-1008). Not later than ten (10) days after the Notice of Default is recorded, Trustee, Beneficiary, or counsel for either shall mail a copy showing the recording date by registered or certified mail, postage prepaid, to:
(a) Each party to this Trust Deed at the address stated in it; and
(b) Each person whose request for notice was recorded before the Notice of Default, at the address designated in that request.
If Trustor’s address is not stated in this deed and Trustor recorded no request for notice, publish the Notice of Default as required by § 76-1008(4), beginning no later than ten days after recordation.

5.6 Cure Period (Neb. Rev. Stat. § 76-1012(1)). An eligible person may cure the default and reinstate the trust deed within one (1) month after the notice of default is recorded, or within two (2) months if the notice is subject to § 76-1006(1)(b)(i) for qualifying farming property, by paying the amounts specified in § 76-1012.

5.7 Notice of Sale (Neb. Rev. Stat. § 76-1007). If the default is not cured, Trustee shall:
(a) Publish notice of sale in a newspaper of general circulation in each county where the Trust Property is located, once a week for five (5) successive weeks, with the last publication at least ten (10) and no more than thirty (30) days before the sale;
(b) Mail the notice of sale by registered or certified mail, postage prepaid, to each party to this deed and each person who recorded a timely request for notice at least twenty (20) days before the sale (§ 76-1008(2)–(3)).

5.8 Contents of Notice. Under Neb. Rev. Stat. § 76-1007(1)–(3), the Notice of Sale shall state the sale time and place and particularly describe the Trust Property. The statutory form in § 76-1007(3) is sufficient if substantially followed. Trustee may add the street address, trust-deed recording reference, parties' names, and amount due when accurate and useful; § 76-1007 does not require each of those additions.

5.9 Conduct of Sale. Trustee shall sell the property at public auction to the highest bidder at the time and place stated in the notice. Set the sale between 9 a.m. and 5 p.m. at the premises, the county courthouse, or a public building housing one or more county offices in the county where some or all of the property lies, as permitted by Neb. Rev. Stat. §§ 76-1007(2) and 76-1009.

5.10 Trustee's Deed. Upon receipt of the purchaser's payment, Trustee shall execute and deliver a Trustee's Deed to the purchaser under Neb. Rev. Stat. § 76-1010(1).

5.11 Application of Proceeds. Trustee shall apply the proceeds of sale:
(a) First, to costs and expenses of the sale;
(b) Second, to all sums secured by this Trust Deed;
(c) Third, to junior liens in order of priority;
(d) Fourth, the surplus to Trustor or persons legally entitled thereto.

5.12 No Redemption After Sale. There is no statutory right of redemption after a foreclosure sale under the Nebraska Trust Deeds Act.

5.13 Deficiency (Neb. Rev. Stat. § 76-1013). After a trustee's sale, Beneficiary may bring an action within three (3) months to recover the balance due on the secured obligation. The court must determine the property's fair market value at the sale date, and any judgment is limited by the statutory fair-market-value and sale-price formulas.

ARTICLE VI - RECONVEYANCE

6.1 Request After Payoff (Neb. Rev. Stat. §§ 76-1014.01, 76-2803). After full payment or performance of the secured obligation, Trustor or another person authorized by § 76-2803(1) may send Beneficiary a written request for reconveyance. If this Trust Deed secures a line of credit or future advances, the additional termination notice described in § 76-2803(1) may be required.

6.2 Trustee's Deed of Reconveyance. Beneficiary shall arrange for Trustee to execute a deed of reconveyance, including by sending Trustee a written request to execute it. Beneficiary shall record or cause the deed to be recorded after full payment or performance and the written request described in Section 6.1. If Trustee fails to act, Beneficiary's protection from liability under § 76-2803(4) depends on its timely written request to Trustee and its appointment of a successor trustee who records or causes recording within a reasonable time, along with the other statutory conditions.

6.3 Recording Deadline. Beneficiary shall record or cause recording in every county where this Trust Deed is recorded. Under § 76-2803(2), failure to do so within 60 days after both full payment or performance and receipt of the written request may trigger the statutory remedies, subject to that section's conditions and exceptions.

ARTICLE VII - RECORDING REQUIREMENTS

7.1 Recording. This Trust Deed shall be recorded with the Register of Deeds of [COUNTY] County, Nebraska.

7.2 Required Information. This Trust Deed includes all information required for recording.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Trust Deed shall be governed by Nebraska law.

8.2 Successors and Assigns. This Trust Deed binds and benefits the heirs, executors, administrators, successors, and assigns of the parties.

8.3 Severability. If any provision is held invalid, all other provisions remain in full force.

8.4 Notices. All notices shall be in writing and sent to the addresses set forth above.

8.5 Request for Notice. Each party to this Trust Deed requests that copies of any Notice of Default and Notice of Sale be mailed to that party at the address stated in this Trust Deed, as required by Neb. Rev. Stat. § 76-1008(3).

8.6 Entire Agreement. This Trust Deed and the Note constitute the entire agreement of the parties.

ARTICLE IX - RIDERS AND ADDENDA

The following riders are attached hereto and incorporated herein:

☐ Adjustable Rate Rider
☐ Condominium Rider
☐ Planned Unit Development Rider
☐ Second Home Rider
☐ 1-4 Family Rider
☐ Other: [SPECIFY]

SIGNATURE PAGE

IN WITNESS WHEREOF, Trustor has executed this Trust Deed as of the date first written above.

TRUSTOR(S):

_______________________________
[TRUSTOR NAME]
Date: _________________________

_______________________________
[TRUSTOR NAME]
Date: _________________________

ACKNOWLEDGMENT

STATE OF NEBRASKA
COUNTY OF [COUNTY]

The foregoing instrument was acknowledged before me this _____ day of ______________, 20___, by [TRUSTOR NAME(S)].

_______________________________
Notary Public

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in the County of [COUNTY], State of Nebraska, and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

This document prepared by:
[PREPARER NAME]
[ADDRESS]
[PHONE]
[EMAIL]