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200400669
<br />a. Payment of indebtedness in the total principal amount of $150,000.00, with interest
<br />thereon at the rate of 5.0% per annum, as evidenced by that certain Promissory Note of even
<br />date (the "Note ") with a maturity date of January 10, 2019, executed by Trustors, which has
<br />been delivered and is payable to the order of Beneficiary, and which by this reference is
<br />hereby made a part hereof, and any and all modifications, extensions and renewals thereof,
<br />and,
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest
<br />thereon at the rate of ten (10.0 %) percent per annum (default rate).
<br />This Deed of Trust, the Note, and any other instrument given to evidence or further secure
<br />the payment and performance of any obligation secured hereby are referred to collectively as
<br />the "Loan Instruments ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />I. PAYMENT OF INDEBTEDNESS. Trustors shall pay when due the principal of,
<br />and the interest on, the indebtedness evidenced by the Note, charges, fees and all other
<br />sums as provided in the Loan Instruments.
<br />2. REAL ESTATE TAXES. Trustors shall pay the annual real estate taxes to the
<br />Hall County Treasurer before the taxes become delinquent and shall furnish tax receipts
<br />to Beneficiary on or before May 1 and September 1 each year.
<br />3. ACTIONS AFFECTING TRUST ESTATE. Trustors shall appear in and contest
<br />any action or proceeding purporting to affect the security hereof or the rights or powers of
<br />Beneficiary or Trustee, and shall pay all costs and expenses, including cost of evidence of
<br />title and attorney's fees, in any such action or proceeding in which Beneficiary or Trustee
<br />may appear. Should Trustors fail to make any payment or to do any act as and in the
<br />manner provided in any of the Loan Instruments, Beneficiary and /or Trustee, each in its
<br />own discretion, without obligation, may make or do the same in such manner and to such
<br />extent as either may deem necessary to protect the security hereof. Trustors shall,
<br />immediately upon demand therefore by Beneficiary, pay all costs and expenses incurred
<br />by Beneficiary in connection with the exercise by Beneficiary of the foregoing rights,
<br />including, without limitation, costs of evidence of title, court costs, appraisals, surveys and
<br />attorney's fees. Any such costs and expenses not paid within ten (10) days of written
<br />demand shall draw interest at the default rate provided in the Note.
<br />4. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest
<br />therein, be taken or damaged by reason of any public improvement or condemnation
<br />proceeding, or in any other manner including deed in lieu of Condemnation
<br />( "Condemnation "), or should Trustors receive any notice or other information regarding
<br />such proceeding, Trustors shall give prompt written notice thereof to Beneficiary.
<br />Beneficiary shall be entitled to all compensation and condemnation awards and other
<br />payments or relief therefore, and shall be entitled to make any compromise or settlement
<br />in connection with such taking or damage. All such compensation and condemnation,
<br />awards, damages, rights of action and proceeds awarded to Trustors (the "Proceeds ")
<br />are hereby assigned to Beneficiary; and Trustors agree to execute such further
<br />assignments of the Proceeds as Beneficiary or Trustee may require.
<br />5. APPOINTMENT OF SUCCESSOR TRUSTEE. Beneficiary may, from time to
<br />time, by a written instrument executed and acknowledged by Beneficiary, mailed to
<br />Trustors and recorded in the County in which the Trust Estate is located and by otherwise
<br />complying with the provisions of the applicable law of the State of Nebraska substitute a
<br />successor or successors to the Trustee named herein or acting hereunder.
<br />6. SUCCESSORS AND ASSIGNS. This Deed of Trust applies to, inures to the
<br />benefit of and binds all parties hereto, their heirs, legatees, devisees, personal
<br />representatives, successors and assigns. The term "Beneficiary" shall mean the owner
<br />and holder of the Note, whether or not named as Beneficiary herein.
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