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<br />DEED OF TRUST, SECURITY AGREEMENT,
<br />ASSIGNMENT OF LEASES AND RENTS AND
<br />FIXTURE FINANCING STATEMENT
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<br />THIS DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND
<br />RENTS AND FIXTURE FINANCING STATEMENT (this "Deed of Trust ") is made and entered
<br />into as of this 23rd day of June, 2015, by FreightCar Rail Services, L.L.C., a Delaware limited
<br />liability company ( "Trustor "); TO AND IN FAVOR OF Advantage Title Services, LLC, a Nebraska
<br />limited liability company, as Trustee ( "Trustee "), FOR THE BENEFIT OF Grand Island Area
<br />Economic Development Corporation, a Nebraska non - profit corporation ( "Beneficiary").
<br />For valuable consideration, the receipt and sufficiency of which are hereby
<br />acknowledged, including, without limitation, certain financial benefits that Trustor will derive from
<br />the funds advanced pursuant to the Notes (as defined below), Trustor irrevocably transfers,
<br />conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and
<br />security of Beneficiary, and hereby grants to Beneficiary a security interest in, all of the real
<br />property located in Hall County, Nebraska and described in Exhibit "A" attached hereto (the
<br />"Land ");
<br />TOGETHER WITH: All right, title, interest and estate of Trustor now owned or hereafter
<br />acquired in and to the following property, rights, interests, and estates:
<br />(a) the Land and all infrastructure improvements for the future development
<br />of the Land, including grading and the installation of utilities (collectively, the
<br />"Infrastructure Improvements ") and all buildings, structures, additions, railroad track and
<br />related bed and fill material, and improvements now or hereafter located on the Land or
<br />belonging thereto (collectively, along with the Infrastructure Improvements, the
<br />"Improvements ");
<br />(b) all goods which are or are to become fixtures attached to the Land or
<br />Improvements (collectively, the "Fixtures ",; and together with the Land and the
<br />Improvements, the "Real Property ");
<br />(c) all easements, rights, rights -of -way, strips and gores of land, alleys,
<br />sewer rights, water and water rights relating to the Land, including reversions and
<br />remainders, if any, of Trustor, now owned or hereafter acquired, in and to any land lying
<br />within the right -of -way of any street or highway adjoining the Land;
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