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DEED OF TRUST
<br />(Continued) Page 7
<br />202201347
<br />counterclaim brought by any party against any other party.
<br />WATER RIGHTS. Trustor shall maintain the Water Rights during the term of the loan at a level and of a nature sufficient
<br />to provide the continuing, enforceable right to receive irrigation water on the property from such sources, in such
<br />quantities and at such times and locations as has historically been available to the property without interruption or
<br />substantially increased cost and in any event sufficient to provide adequate water and/or drainage to continue the
<br />current and proposed agricultural operations on the property. All existing Water Rights benefiting or available to the
<br />property shall be maintained in full force and effect for the benefit of the property by Trustor and applied to beneficial
<br />use so as to maintain the validity and priority of such rights. Trustor shall fully comply with, and not permit a default to
<br />occur under any water licenses, permits or delivery contracts used to provide water to the property, and shall timely
<br />exercise all renewal or extension rights in such contracts. Trustor shall not modify, amend or terminate any Water
<br />Rights without the Lender's prior written consent. Trustor shall comply with the rules, regulations and ordinances of
<br />any water district, water agency or groundwater management agency in which the property or any portion thereof is
<br />located and pay all related fees and assessments prior to delinquency. All irrigation wells and related facilities used to
<br />deliver irrigation water to any portion of the property shall remain physically located within the boundaries of such
<br />property or the subject of valid, enforceable easements appurtenant to the property and encumbered hereby. If the use
<br />of any irrigation facilities or water serving the property requires consent or the use of other property, Trustor shall
<br />maintain in effect all requisite easements or other legally enforceable and assignable rights to use such facilities and/or
<br />water to service the property. Trustor shall notify the Lender if the irrigation water supply to any portion of the property
<br />is interrupted or subject to interruption for any reason other than temporarily for routine maintenance or repairs in a
<br />manner that does not impair the operation of the property.
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br />Amendments. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and
<br />agreement of the parties as to the matters set forth in this Deed of Trust. No alteration of or amendment to this
<br />Deed of Trust shall be effective unless given in writing and signed by the party or parties sought to be charged or
<br />bound by the alteration or amendment.
<br />Annual Reports. If the Property is used for purposes other than Trustor's residence, Trustor shall furnish to
<br />Lender, upon request, a certified statement of net operating income received from the Property during Trustor's
<br />previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all cash
<br />receipts from the Property less all cash expenditures made in connection with the operation of the Property.
<br />Caption Headings. Caption headings in this Deed of Trust 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 interest or
<br />estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent
<br />of Lender.
<br />Governing Law. With respect to procedural matters related to the perfection and enforcement of Lender's rights
<br />against the Property, this Deed of Trust will be governed by federal law applicable to Lender and to the extent not
<br />preempted by federal law, the laws of the State of Nebraska. In all other respects, this Deed of Trust will be
<br />governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the
<br />State of South Dakota without regard to its conflicts of law provisions. However, if there ever is a question about
<br />whether any provision of this Deed of Trust is valid or enforceable, the provision that is questioned will be
<br />governed by whichever state or federal law would find the provision to be valid and enforceable. The loan
<br />transaction that is evidenced by the Note and this Deed of Trust has been applied for, considered, approved and
<br />made, and all necessary loan documents have been accepted by Lender in the State of South Dakota.
<br />Joint and Several Liability. All obligations of Borrower and Trustor under this Deed of Trust shall be joint and
<br />several, and all references to Trustor shall mean each and every Trustor, and all references to Borrower shall mean
<br />each and every Borrower. This means that each Trustor signing below is responsible for all obligations in this Deed
<br />of Trust.
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Deed of Trust unless such
<br />waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right
<br />shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Deed of Trust
<br />shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that
<br />provision or any other provision of this Deed of Trust. No prior waiver by Lender, nor any course of dealing
<br />between Lender and Trustor, shall constitute a waiver of any of Lender's rights or of any of Trustor's obligations
<br />as to any future transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting
<br />of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where
<br />such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or
<br />unenforceable as to any person or circumstance, that finding shall not make the offending provision illegal, invalid,
<br />or unenforceable as to any other person or circumstance. If feasible, the offending provision shall be considered
<br />modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall
<br />be considered deleted from this Deed of Trust. Unless otherwise required by law, the illegality, invalidity, or
<br />unenforceability of any provision of this Deed of Trust shall not affect the legality, validity or enforceability of any
<br />other provision of this Deed of Trust.
<br />Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest,
<br />this Deed of 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, Lender, without notice to Trustor, may
<br />deal with Trustor's successors with reference to this Deed of Trust and the Indebtedness 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 />Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead
<br />exemption laws of the State of Nebraska as to all Indebtedness secured by this Deed of Trust.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Deed of
<br />Trust. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money
<br />of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall
<br />include the singular, as the context may require. Words and terms not otherwise defined in this Deed of Trust shall
<br />have the meanings attributed to such terms in the Uniform Commercial Code:
<br />Beneficiary. The word "Beneficiary" means First Dakota National Bank , and its successors and assigns.
<br />Borrower. The word "Borrower" means Adams Land, Inc.; Darren C Adams; and Charity L Adams and includes all
<br />co-signers and co -makers signing the Note and all their successors and assigns.
<br />Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and
<br />includes without limitation all assignment and security interest provisions relating to the Personal Property and
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