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202207261
<br />Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights,
<br />all water and riparian rights, wells, ditches and water stock, crops, timber including timber to be
<br />cut now or at any time in the future, all diversion payments or third party payments made to
<br />crop producers and all existing and future improvements, structures, fixtures, and replacements
<br />that may now, or at any time in the future, be part of the real estate described (all referred to
<br />as Property). This Security Instrument will remain in effect until the Secured Debts and all
<br />underlying agreements have been terminated in writing by Lender.
<br />3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security
<br />Instrument at any one time and from time to time will not exceed $250,000.00. Any limitation
<br />of amount does not include interest and other fees and charges validly made pursuant to this
<br />Security Instrument. Also, this limitation does not apply to advances made under the terms of
<br />this Security Instrument to protect Lender's security and to perform any of the covenants
<br />contained in this Security Instrument.
<br />4. SECURED DEBTS. The term "Secured Debts" includes and this Security Instrument will
<br />secure each of the following:
<br />A. Specific Debts. The following debts and all extensions, renewals, refinancings,
<br />modifications and replacements. A promissory note or other agreement, dated September
<br />29, 2022, from ISLAND SPRINKLER SUPPLY COMPANY (Borrower) to Lender, with a loan
<br />amount of $250,000.00.
<br />B. All Debts. All present and future debts from ISLAND SPRINKLER SUPPLY COMPANY to
<br />Lender, even if this Security Instrument is not specifically referenced, or if the future debt is
<br />unrelated to or of a different type than this debt. If more than one person signs this Security
<br />Instrument, each agrees that it will secure debts incurred either individually or with others
<br />who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a
<br />commitment to make additional or future loans or advances. Any such commitment must be
<br />in writing. This Security Instrument will not secure any debt for which a non -possessory,
<br />non -purchase money security interest is created in "household goods" in connection with a
<br />"consumer loan," as those terms are defined by federal law governing unfair and deceptive
<br />credit practices. This Security Instrument will not secure any debt for which a security
<br />interest is created in "margin stock" and Lender does not obtain a "statement of purpose,"
<br />as defined and required by federal law governing securities. This Security Instrument will
<br />not secure any other debt if Lender, with respect to that other debt, fails to fulfill any
<br />necessary requirements or fails to conform to any limitations of the Truth in Lending Act
<br />(Regulation Z) or the Real Estate Settlement Procedures Act (Regulation X) that are required
<br />for loans secured by the Property.
<br />C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of
<br />this Security Instrument.
<br />5. LIMITATIONS ON CROSS -COLLATERALIZATION. The cross -collateralization clause on any
<br />existing or future loan, but not including this Loan, is void and ineffective as to this Loan,
<br />including any extension or refinancing.
<br />The Loan is not secured by a previously executed security instrument if a non -possessory,
<br />non -purchase money security interest is created in "household goods" in connection with a
<br />"consumer loan," as those terms are defined by federal law governing unfair and deceptive
<br />credit practices. The Loan is not secured by a previously executed security instrument if Lender
<br />fails to fulfill any necessary requirements or fails to conform to any limitations of the Real
<br />Estate Settlement Procedures Act, (Regulation X), that are required for loans secured by the
<br />Property or if, as a result, the other debt would become subject to Section 670 of the John
<br />Warner National Defense Authorization Act for Fiscal Year 2007.
<br />The Loan is not secured by a previously executed security instrument if Lender fails to fulfill any
<br />necessary requirements or fails to conform to any limitations of the Truth in Lending Act,
<br />(Regulation Z►, that are required for loans secured by the Property.
<br />6. PAYMENTS. Grantor agrees that all payments under the Secured Debts will be paid when
<br />due and in accordance with the terms of the Secured Debts and this Security Instrument.
<br />7. NON -OBLIGATED GRANTOR. Any Grantor, who is not also identified as a Borrower in the
<br />Secured Debts section of this Security Instrument and who signs this Security Instrument, is
<br />referred to herein as a Non -Obligated Grantor for purposes of subsection 7(d)(4) of 12 C.F.R.
<br />1002 (Regulation B) which implements the Equal Credit Opportunity Act (ECOA). By signing
<br />this Security Instrument, the Non -Obligated Grantor does convey and assign their rights and
<br />interests in the Property to secure payment of the Secured Debts, to create a valid lien, to pass
<br />clear title, to waive inchoate rights and to assign earnings or rights to payment under any lease
<br />or rent of the Property. However, the Non -Obligated Grantor is not personally liable for the
<br />Secured Debts by virtue of signing this Security Instrument. Nothing in this section shall be
<br />construed to modify or otherwise affect the Non -Obligated Grantor's obligations, if any, that
<br />ISLAND SPRINKLER SUPPLY COMPANY
<br />Nebraska Deed Of Trust
<br />NE/4Nicole.S00000000002894030N
<br />Wolters Kluwer Financial Services, Inc.©1996, 2022 Page 2
<br />Bankers Systems•
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