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<br />This DEED OF TRUST is made as of the 19th day of June, 1998 by and among
<br />the Trustor, GRAND ISLAN) LITTLE THEATER, INC., a Nebraska nonprofit
<br />corporation, whose mailing address for purposes of this Deed of Trust is P. 0. Box 182,
<br />Grand Island, NE 68802 -0182 (herein,. "Trustor ", whether one or more), the Trustee,
<br />AREND R. BAACK, Attorney at Law, whose mailing address is P. 0. Box 790, Grand ,�
<br />Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, THE OVERLAND "�
<br />NATIONAL BANK OF GRAND ISLAND, whose mailing address is P. 0. Box 1688,
<br />Grand Island, NE 68802 -1688 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit
<br />identified here -n to GRAND ISLAND LITTLE THEATER, INC. (herein " Borrower",
<br />whether one or more), and the trust herein created, the receipt of which is hereby.
<br />acknowledged, Truster hereby irrevocably grants, transfers, conveys and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security `of Lender,
<br />under and subject to the terms and conditions hereinafter s °# fortis, legally described as
<br />follows:
<br />The Westerly Two Thirds (W2/3) of Lot Six (6), in Block Fifty -Five (55),
<br />of the Original Town, now City of Grand Island, Hall County, Nebraska;
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, ease-
<br />ments, rights, privileges and appurtenances located thereon or in anywise pertaining
<br />thereto, and the rents, issues and profits, reversi —is a - id remainders thereof, and such
<br />personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the
<br />homestead or marital interests, if any, which interests are hereby released and waived, all
<br />of which, including replacements and additions thereto, is hereby declared to be a part of
<br />the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property".
<br />This Deed of Trust Shall secure (a) the payment of the principal suni and interest
<br />evidenced by a Deed of Trust Note dated June 19, 1998, having a maturity date of July 1,
<br />2003, in the original principal amount of Sixty Thousand and No /100 Dollars
<br />($60,000.00), and any and all modifications, extensions and renewals thereof or thereto
<br />and any and all future advances and readvances to Borrower (or any of them if more than
<br />one) hereunder pursuant to one or more promissory notes or credit agreements (herein
<br />called "Note "); (b) the payment of other sums advanced by Lender to protect the security
<br />of the Note; (c) the performance of all covenants and agreements of Trustor set forth
<br />herein; and (d) all present and future indebtedness and obligations of Borrower (or any of
<br />them if more than o .r.) to Lender whether direct, indirect, absolute or contingent and
<br />whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust
<br />and any and all other documents that secure the Note or otherwise executed in connection
<br />therewith, including without limitation guarantees, security agreements and assignments
<br />of leases and rents, shall 1w referred to herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1. Payment of 1ndA tednost, All indebtedness secured hereby shall be paid when
<br />due.
<br />2, TAk. Trustor is the owner of the Property, has the right and authority,to con-
<br />vey the Property and watrantrs that the lien created hereby is a first acrd prior lien on the
<br />Property and the execution and delivery of the Deed of Trust does not violate any con-
<br />tract or other obligation to which Trustor is subject.
<br />3. loses. ..Asse 4meat4. To pay, before delinquent, all taxes, special assessments
<br />and all other charges against the Property now or hereafter levied.
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