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<br />DEED OF TRUST
<br />DATE AND PARTIES. The date of this Deed Of Trust (Security Instrument) is January 28, 2004. The parties
<br />and their addresses are:
<br />TRUSTOR (Grantor):
<br />SHAFER PROPERTIES LLC
<br />A Nebraska Limited Liability Company
<br />1004 Diers Avenue, Suite 300
<br />Grand Island, Nebraska 68803
<br />TRUSTEE:
<br />PLATTE VALLEY STATE BANK & TRUST COMPANY
<br />a Corporation
<br />2223 Second Ave
<br />PO Box 430
<br />Kearney, Nebraska 68848 -0430
<br />BENEFICIARY (Lender):
<br />PLATTE VALLEY STATE BANK & TRUST COMPANY
<br />Organized and existing under the laws of Nebraska
<br />2223 Second Ave.; PO Box 430
<br />Kearney, Nebraska 68848 -0430
<br />47- 0343902
<br />1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged,
<br />and to secure the Secured Debts and Grantor's performance under this Security Instrument, Grantor irrevocably
<br />grants, conveys and sells to Trustee, in trust for the benefit of Lender, with power of sale, the following
<br />described property:
<br />Lot 3, Crane Valley 4th Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />The property is located in Hall County at 920 Diers Avenue, Grand Island, Nebraska 68803.
<br />Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, crops,.timber,
<br />all diversion payments or third party payments made to crop producers and all existing and future
<br />improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the
<br />real estate described (all referred to as Property). This Security Instrument will remain in effect until the
<br />Secured Debts and all underlying agreements have been terminated in writing by Lender.
<br />2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one
<br />time will not exceed $80,000.00. This limitation of amount does not include interest and other fees and
<br />charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances
<br />made under the terms of this Security Instrument to protect Lender's security and to perform any of the
<br />covenants contained in this Security Instrument,
<br />3. SECURED DEBTS. This Security Instrument will secure the following Secured Debts:
<br />A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and
<br />replacements. A promissory note, dated January 28, 2004, from Shafer Properties LLC, Midwest Muffler &
<br />Exhaust, Inc. and Joel B Shafer (Borrower) to Lender, with a loan amount of $80,135.50.
<br />B. All Debts. All present and future debts from Shafer Properties LLC, Midwest Muffler & Exhaust, Inc, and
<br />Joel B Shafer to Lender, even if this Security Instrument is not specifically referenced, or if the future debt
<br />is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument,
<br />each agrees that it will secure debts incurred either individually or with others who may not sign this
<br />Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or
<br />future loans or advances. Any such commitment must be in writing. In the event that Lender fails to
<br />provide any required notice of the right of rescission, Lender waives any subsequent security interest in the
<br />Grantor's principal dwelling that is created by this Security Instrument. This Security Instrument will not
<br />secure any debt for which a non - possessory, non - purchase money security interest is created in "household
<br />goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and
<br />deceptive credit practices. This Security Instrument will not secure any debt for which a security interest is
<br />created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by
<br />federal law governing securities.
<br />C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
<br />Instrument.
<br />4. PAYMENTS. Grantor agrees that all payments under the Secured Debts will be paid when due and in
<br />accordance with the terms of the Secured Debts and this Security Instrument.
<br />Shafer Properties LLC
<br />Nebraska Deed Of Trust
<br />NE/ 4XX28319000704400004160024012804Y 01996 Bankers Systems, Inc., St. Cloud, MN E (j5&k "'
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