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10.5 Jacob North Printing Co., Lincoln, NE 68524
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<br />DEED OF TRUST
<br />THIS DEED OF TRUST, is made as of day of January 2004 by-
<br />and among Linda M. Todd, single, Raymond D. West, -,fnglp- _("Trustor"), whose mailing address is
<br />1809 W. 3rd, Grand Tsland, NE 68801; Mark L_ Eurek, attorney.
<br />("Trustee"), whose mailing address is P 0 Box 310, Loup City, NE, 69953
<br />and Stephen L. Arrasmith and Margaret R. Arrasmith, husband and wife,
<br />--("Beneficiary")
<br />whose mailing address is 4950 Oxford Road, Longmont, CO 80502
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN TRUST, WITH
<br />POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms and. conditions of this Deed of Trust,
<br />the real property located in the City of Grand Island , County of
<br />Hall , State of Nebraska, and legally described as follows (the "Property"):
<br />Condominium Un�t No. 1001, the Yancey, a Condominium, the City of Grand Island, Ha
<br />Count ebraska, a Condominium in accordance with the Declaration recorded on Octolblerl
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<br />17, under Document No 84-005*507 of the County of Hall,.Stq.tje.of Nebraska, Records
<br />TOGETHER WITH,
<br />as
<br />all rents, easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys,
<br />improvements and buildings of any kind situated thereon and all personal property that may be or hereafter become an integral a
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<br />ed.
<br />part of such buildings and improvements, all crops raised thereon, and all water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the "Trust Estate".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtness in the total principal amount of $ 12,500.00 , with interest thereon, as evidenced by that
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<br />certain promissory note of even date (the"Note") with a maturity date of January 1, 2007 1
<br />executed by Trustor, which has been delivered and is payable to the order of Beneficiary, and which by this reference is hereby
<br />made a part hereof, and any and all modifications, extensions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon at the rate of
<br />fourteen 14
<br />-percent ( %) per annum, and
<br />c. The performance of Trustor's covenants and agreements.
<br />This Deed of Trust, the Note, and any other instrument given to evidence or further secure the payment and
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<br />performance of any obligation secured hereby are referred to collectively as the"Loan Instruments".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest on, the indebtedness
<br />evidenced by the Note, charges, fees and all other sums as provided in the Loan Instruments.
<br />2. TAXES AND ASSESSMENTS. Trustor shall pay all taxes and special assessments of every kind, now or hereafter levied
<br />against the trust estate or any part thereof as follows:
<br />(initial one)
<br />X Trustor shall directly pay such taxes, without notice or demand as each installment comes due and shall
<br />provide the beneficiary with evidence of the payment of the same.
<br />Trustor shall pay to beneficiary one-twelfth of the real estate taxes each month and such other assessments
<br />as they become due. The one-twelfth payment shall be adjusted annually as the taxes change and trustor agrees that
<br />after payment of the taxes each year that any deficiency will be promptly paid to Beneficiary. Beneficiary agrees
<br />to provide trustor with receipts showing that the real estate taxes have been paid in full and when due.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage insurance insuring the improvements
<br />and buildings constituting part of the Trust Estate for an amount no less than the amount of the unpaid principal balance of the
<br />Note (co-insurance not exceeding 80% permitted). Such insurance policy shall contain a standard mortgage clause in favor of
<br />Beneficiary and shall not be cancellable, terminable or modifiable without ten (10) days prior written notice to Beneficiary.
<br />Trustor shall promptly repair, maintain and replace the Trust Estate or any part thereof so that, except for ordinary wear and
<br />tear, the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste on or to the Trust Estate.
<br />4. ACTIONS AFFECTING TRUST ESTATE. Trustor shall appear in and contest any action or proceeding purporting To
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<br />affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of
<br />evidence of title and attorney's fees, in any such action or proceeding in which Beneficiary or Trustee may appear. Should Trustor
<br />fail to make any payment or to do any act as and in the manner provided in any of the Loan Instruments, Beneficiary and/or
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<br />Trustee, each in its own discretion, without obligation so to do and without notice to or demand upon Trustor and without
<br />releasing Trustor from any obligation, may make or do the same in such manner and to such extent as either may deem
<br />necessary to protect the security hereof. Trustor shall, immediately upon demand therefor by Beneficiary, pay all costs and
<br />expenses incurred by Beneficiary in connection with the exercise by Beneficiary of the foregoing rights, including Without
<br />limitation costs of evidence of title, court costs, appraisals, surveys and attorney's fees. Any such costs and expenses not paid
<br />within ten (10) days of written demand shall draw interest at the default rate provided in the Note.
<br />5. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest therein, be taken or damaged by reason of
<br />any public improvement or condemnation proceeding, or in any other manner including deed in lieu of Condemnation
<br />("Condemnation"), or should Trustor receive any notice or other information regarding such proceeding, Trustor shall give prompt
<br />written notice thereof to Beneficiary. Beneficiary shall be entitled to all compensation, awards and other payments or relief
<br />therefor, and shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings.
<br />Beneficiary shall also be entitled to make any compromise or settlement in connection with such taking or damage. All such
<br />compensation, awards, damages, rights of action and proceeds awarded to Trustor (the "Proceeds") are hereby assigned to
<br />Beneficiary and Trustor agrees to execute such further assignments of the Proceeds as Beneficiary or Trustee may require.
<br />6. FUTURE ADVANCES. Upon request of Trustor, Beneficiary, at Beneficiary's option, prior to reconveyance of the Property II
<br />to Trustor may make future advances to Trustor. Such future advances, with interest thereon, shall be secured by this Deed of
<br />Trust when evidenced by promissory notes stating that said notes are secured hereby.
<br />Rev. 31/99
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