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Conveyance and Grant. For valuable consideration, Trustor conveys to Trustee in trust, WITH
<br />POWER OF SALE, for the benefit of Lender as Beneficiary, all of Trustor's right, title, and interest in
<br />and to the following described real property, together with all existing or subsequently erected or
<br />affixed buildings, improvements, and fixtures; all easements, rights of way, and appurtenances; all
<br />water, water rights, and ditch rights (including stock in utilities with ditch or irrigation rights); and all
<br />other rights, royalties, and profits relating to the real property, including without limitation all minerals,
<br />oil, gas, geothermal and similar matters, (the "Real Property ") located in Hall County, State of Nebraska:
<br />Lots Ten 0 0) Warren Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />The Real Property or its address is commonly known as 214 North Piper Street, Grand Island, Nebraska
<br />68803.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's
<br />right, title, and interest in and to all present and future leases of the Property and all Rents from the
<br />Property. In addition, Trustor grants to Lender a Uniform Commercial Code security interest in the
<br />Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN
<br />THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE
<br />INDEBTEDNESS, AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE
<br />RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND
<br />ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust,. Trustor shall pay
<br />to Lender all amounts secured by this Deed of Trust as they become due, and shall 'Strictly and in a
<br />timely manner perform all of Trustor's obligations under the Note, this Deed of Trust, and the Related
<br />Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and
<br />use of the Property shall be governed by the following provisions:
<br />POSSESSION AND USE. Until the occurrence of an Event of Default, Trustor may (1)
<br />remain in possession and control of the Property; (2) use, operate or manage the
<br />Property; and (3) collect the Rents from the Property.
<br />DUTY TO MAINTAIN. Trustor shall maintain the property in tenantable condition and
<br />promptly perform all repairs, replacements, and maintenance necessary to preserve its
<br />value.
<br />COMPLIANCE WITH ENVIRONMENTAL LAWS. Trustor represents and warrants to
<br />Lender that: (1) During the period of Trustor's ownership of the Property, there has
<br />been no use, generation, manufacture, storage, treatment, disposal, release or
<br />threatened release of any Hazardous Substance by any person on, under, about or from
<br />the Property; (2) Trustor has no knowledge of, or reason to believe that there has been,
<br />except as previously disclosed to and acknowledged by Lender, in writing (a) any
<br />breach or violation of any Environmental Laws, (b) any use, generation, manufacture,
<br />storage, treatment, disposal, release or threatened release of any Hazardous Substance
<br />on, under, about or from the Property by any prior owners or occupants of the
<br />Property, or (c) any actual or threatened litigation or claims of any kind by any person
<br />relating to such matters; and (3) Except as previously disclosed to and acknowledged
<br />by Lender in writing, (a) neither Trustor nor any tenant, contractor, agent, or other
<br />authorized user of the Property shall use, generate, manufacture, store, treat, dispose
<br />of or release any Hazardous Substance on, under, about or from the Property; and (b)
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<br />THIS DEED OF TRUST is dated June 23rd, 2000, among IRET PROPERTIES, A North Dakota
<br />Limited Partnership, whose address is 12 South Main, Minot, North Dakota 58701 (referred to below
<br />as "Trustor "); BREMER BANK, N.A., whose address is 20 First Street SW, Minot, North Dakota 58701
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<br />(referred to below sometimes as "Lender" and sometimes as "beneficiary "); and Kevin A. Brostrom,
<br />Attorney at Law, 231 South Locust, P.O. Box 400, Grand Island, Nebraska 68802 (referred to below
<br />as "Trustee ").
<br />Conveyance and Grant. For valuable consideration, Trustor conveys to Trustee in trust, WITH
<br />POWER OF SALE, for the benefit of Lender as Beneficiary, all of Trustor's right, title, and interest in
<br />and to the following described real property, together with all existing or subsequently erected or
<br />affixed buildings, improvements, and fixtures; all easements, rights of way, and appurtenances; all
<br />water, water rights, and ditch rights (including stock in utilities with ditch or irrigation rights); and all
<br />other rights, royalties, and profits relating to the real property, including without limitation all minerals,
<br />oil, gas, geothermal and similar matters, (the "Real Property ") located in Hall County, State of Nebraska:
<br />Lots Ten 0 0) Warren Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />The Real Property or its address is commonly known as 214 North Piper Street, Grand Island, Nebraska
<br />68803.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's
<br />right, title, and interest in and to all present and future leases of the Property and all Rents from the
<br />Property. In addition, Trustor grants to Lender a Uniform Commercial Code security interest in the
<br />Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN
<br />THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE
<br />INDEBTEDNESS, AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE
<br />RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND
<br />ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust,. Trustor shall pay
<br />to Lender all amounts secured by this Deed of Trust as they become due, and shall 'Strictly and in a
<br />timely manner perform all of Trustor's obligations under the Note, this Deed of Trust, and the Related
<br />Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and
<br />use of the Property shall be governed by the following provisions:
<br />POSSESSION AND USE. Until the occurrence of an Event of Default, Trustor may (1)
<br />remain in possession and control of the Property; (2) use, operate or manage the
<br />Property; and (3) collect the Rents from the Property.
<br />DUTY TO MAINTAIN. Trustor shall maintain the property in tenantable condition and
<br />promptly perform all repairs, replacements, and maintenance necessary to preserve its
<br />value.
<br />COMPLIANCE WITH ENVIRONMENTAL LAWS. Trustor represents and warrants to
<br />Lender that: (1) During the period of Trustor's ownership of the Property, there has
<br />been no use, generation, manufacture, storage, treatment, disposal, release or
<br />threatened release of any Hazardous Substance by any person on, under, about or from
<br />the Property; (2) Trustor has no knowledge of, or reason to believe that there has been,
<br />except as previously disclosed to and acknowledged by Lender, in writing (a) any
<br />breach or violation of any Environmental Laws, (b) any use, generation, manufacture,
<br />storage, treatment, disposal, release or threatened release of any Hazardous Substance
<br />on, under, about or from the Property by any prior owners or occupants of the
<br />Property, or (c) any actual or threatened litigation or claims of any kind by any person
<br />relating to such matters; and (3) Except as previously disclosed to and acknowledged
<br />by Lender in writing, (a) neither Trustor nor any tenant, contractor, agent, or other
<br />authorized user of the Property shall use, generate, manufacture, store, treat, dispose
<br />of or release any Hazardous Substance on, under, about or from the Property; and (b)
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