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201208579
<br /> DEED OF TRUST
<br /> Loan No= 87205880'I (COt7titlUed) Page 6
<br /> trustee, and the instrument shall be executed and acknowledged by all the beneficiaries under this Deed of Trust or
<br /> their successors in interest_ The successor trustee, without conveyance of the Property, shall succeed to all the
<br /> title, power, and duties conferred upon the Trustee in this Deed of Trust and by applicable Iaw. This procedure for
<br /> substitution of Trustee shall govern Yo tne exclusion of all other provisions for substitution.
<br /> NOTICES. Any notice required to be given under this Deed of Trust, induding without limitation any notice ofi default
<br /> and any notice of sale shall be given in writing, and sF.all be effective when actually delivered, when actually received
<br /> by telefacsimile (unless otherwise required by Iaw), when deposited with a nationally recognized overnight courier, or, if
<br /> mailed, when deposited in the United States maii, as first class, certified or registered mail postage prepaid, directed to
<br /> the addresses shown near the beginning of this Deed of Trust. All copies of notices of fioreclosure from the holder of
<br /> any lien which has priority over this Deed of Trust shaFi be sent to Lende�'s address, as shown near the beginning of
<br /> this Deed of Trust. Any perso:n may change his or her address for notices under this Deed of Trust by giving fiormal
<br /> written notice to the other person or persons, specifying that the purpose of the notice is to change the person's
<br /> address. For notice purposes, Trustor agrees to keep Lender informed at all times of Trustor's current address. Unless
<br /> otherwise provided or required by law, if there is more than one Trustor, any notice given by Lender to any Trustor is
<br /> deemed to be notice given to all Trustors. It will be Trustor's responsibility to tell the others of the notice from Lender.
<br /> MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust: �
<br /> Amendments. What is written in this Deed of Trust and in the Related Documents is Trustor's entire agreement
<br /> with Lender concerning the matters covered by this Deed of Trust. To be effective, any change or amendment to
<br /> this Deed of Trust must be in writing and must be signed by whoever will be bound or obligated by the cnange or
<br /> amendment_
<br /> Caption Headings. Caption headings in this Deed of Ttust are for convenience purposes only and are not to be
<br /> used to interpret or define the provisions of this Deed of Trust.
<br /> Merger_ There shall be no merger of the interest or estate created by this Deed of Trust with any other inierest or
<br /> estate i:n ihe Property at any time held by or for the benefit ofi Lender in any capacity, without the written consent
<br /> of Lender.
<br /> Governing Law. This Deed of Trust will be govemed by federal law applicable to Lender and, to the extent not
<br /> preempted by fiederal law,the laws of the State of Nebraska without regard to its conflicts of law provisions. This
<br /> Deed of Trust has been accepted by Lender in tFie S2ate of Nebraska_.
<br /> Choice ofi Venue_ If there is a lawsuit, Trustor agrees upon Lender's request to submit to the jurisdietion of the
<br /> courts of Hall County, State of Nebraska.
<br /> Joint and Several Liabitity. All obligations of Trustor under this Deed of Trust shall be joint and several, and all
<br /> references to Trustor shall mean each and every Trustor. This means that each Trustor signing below is
<br /> responsible for all obligations in this Deed of Trust_
<br /> No Waiver by Lendea Trustor understands Lender will not give up any of Lender's rights under this Deed of Trust
<br /> unless Lender does so in writing. The fact that Lender delays or omits to exercise any rignt will not mean that
<br /> Lender nas given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not
<br /> mean Trustor wilf not have to comply with the other provisions of this Deed of Trust. Trustor also understands
<br /> that if Lender does consent to a request, tF�at does not mean that Trustor will not have to get Lender's consent
<br /> again if the situation happens again. Trustor further understands that just because Lender consents to one or more
<br /> ofi Trustor's requests, that does not mean Lender will be required to consent to any of Trustor's future requests.
<br /> Trustor waives presentment, demand for payment, protest, and notice of disnonor.
<br /> Severa6ility. If a court finds that any provision of this Deed of Trust is not valid or should not 6e enfarced, tnat
<br /> fact by itself will not mean that the rest of this Deed of Trust will not be valid or enforced. Therefore, a court will
<br /> enforce the rest of the provisions of this Deed of Trust even ifi a provision of this Deed of Trust may be found to be
<br /> invalid or unenforceable.
<br /> Successors and Assigns. Subject to any IimitaYions stated in this Deed of Trust on transfer of Trustor's interest,
<br /> this Deed ofi Trust shall be binding upon and inure to the benefit of the parties, their successors and assigns_ If
<br /> ownership of the Property becomes vested in a person other than Trustor, Lende�, without notice to Trustor, may
<br /> deal with TrustoP�s successors with reference to this Deed of Trust and the Inde6tedness by way of forbearance or
<br /> extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness�.
<br /> Time is of the Essence. Time is of the essence in the performance of this Deed of Trust.
<br /> Waive Jury. All parties to this Deed of Trust hereby waeve the right to any jury trial en any action, proceeding, or
<br /> counterdaim brought by any party against any other party.
<br /> Waiver of Homestead Exemption_ Trustor hereby releases and waives all rights and benefits of tne homestead
<br /> exemption laws of the State of Nebraska as to all Indebtedness secured by this Deed of Trust.
<br /> DEFINITIONS. The following words shall have the following meanings when used in this Deed of Trust:
<br /> Beneficiary_ The word "Beneficiary" means Equitable Bank,and its successors and assigns.
<br /> Borrower. Tne word "6orrower" means TIMOTHY A BAYLEY and DIANE L BAYLEY and includes all co-signers
<br /> and co-makers signing the Credit Agreement and all their successors and ass[gns.
<br /> Credit Agreement. The words "Credit AgreemenY' mean the credit agreement dated October 'I O, 207 2, with
<br /> credit limit of $15,000.00 from Trustor to Lender,togetfier with aIl renewals of, extensions of, modifications
<br /> of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of
<br /> this Deed of Trust is October 10, 2017. NOTICE TO TRUSTOR: THE CREDIT AGREEMENT CONTAINS A
<br /> VARIABLE INTEREST RATE_
<br /> Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor. Lender, and Trustee, and
<br /> includes without limitation aIl assignment and security interest provisions relating to the Personal Property and
<br /> Rents.
<br /> Environmental Laws. The words "Environmental Laws" mean any and all state, federel and Iocal siatutes;
<br /> regulaiions and ordinances relating to the protection of human. health or the environment, inc4uding wiihout
<br /> limitaiion the Comprehensive Environmental Response, Compensation, and LiabiNty Act of '1980, as amended�, 42
<br /> U.S_C. Section 9607, et seq. ("CERCLA"), the Superfund Amendmenis and Reauthorization Act of 19�86, Pub.. L.
<br /> No. 99-499 t"SARA"),the Hazardous Materials Transportation Act, 49 U.S.C. Section 780�, et seq.,the Resource
<br /> Conservation and Recovery Act, 42 U.S.C. Section 690"I, et seq., or other applicable state or federal laws, rules,
<br /> or regulations adopted pursuant thereto_
<br /> Event of Default_ The words "Event of Defauli" mean any of the events of default set forth in this Deed of Trust in
<br /> the events of default section of this Deed of Trust.
<br /> Existing Indebtedness. The words "Existing Indebtedness" mean the indebiedness described in the Existing Liens
<br /> provision of this Deed of Trust.
<br /> Hazardous Substances. The words "Hazardous Substances" mean materials that, 6ecause of their quantity,
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