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<br /> DEED OF TRUST WITH FUTURE ADVANCES �j
<br /> THIS DEED OF TRUST, is made as of the 16th day of June �g 99 by and among �
<br /> the Trustor, PARRELLA MOTORS INC `
<br /> whose mailing address is 1803 S LOCUST GRAND ISLAND NE 68801-8250 (herein "Trustor," whether one or more),
<br /> the Trustee, THE OVERLAND NATtONAL BANK OF GRAND ISLAND
<br /> whose mailing address is P 0 BOX 1688 GRAND ISLAND NE 68802 (herein "Trustee"),and
<br /> the BeneflClafy, THF AVERI'AAI� WATiOAIAI RAWK nF [:RAW� iSl AIJ� �
<br /> whose mailing address is ___P 0 BOX 1688 GRAND ISLAND NE 68802 (herein "Lender").
<br /> FOR VALUABLE CONSIDERATION, including Lender's extension of credit identitied herein to
<br /> PARRELLA MOTORS 1NC
<br /> (herein "Borrower", whether one or more) and the trust herein created, the
<br /> receipt of which is hereby acknowledged,Trustor hereby irrevocably grants,transfers, conveys and assigns to Trustee, IN TRUST, WITH
<br /> POWER OF SALE, for the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, the real
<br /> property,described as follows: �
<br /> LOTS FIVE (5) AND SIX (6), FONNER SECOND SUBDIVISION, IN THE CITY Of GRAND ISLAND, HALL COUNTY, NEBRASKA, EXCEPTING
<br /> DEEDS CONVEYING TRACTS RECORDED AS DOCUMENT N0. 76-000687 76-001804, 76-001357 AND 76-001882
<br /> PROPERTY ADDRESS: 1803 AND 1903 S LOCUST
<br /> Together with all buildings, improvements, fixtures, streets, a�leys, passageways, easements, rights, privileges and appurtenances
<br /> located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, and such personal
<br /> property that is attached to the improvements so as to constitute a fixture, including, but not limited to, heating and cooling equipment;
<br /> and together with the homestead or marital interests, if any, which interests are hereby released and waived; all of which, including
<br /> replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of
<br /> the foregoing being referred to herein as the "Property".
<br /> This Deed of Trust shall secure(a)the payment of the principal sum and interest evidenced by a promissory note or credit
<br /> agreement dated June 16, 1999 ,having a maturity date of June 16, 2004
<br /> in the original principal amount of S 600.000.00 , and any and all modifications, extensions and renewals
<br /> thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one) hereunder pursuant to
<br /> one or more promissory notes or credit agreements (herein called "Note"1; (b) the payment of other swms advanced by Lender to protect
<br /> the security of the Note; (c) the performance of ell covenants and agreements of Trustor set forth herein; and (d) all present and future
<br /> indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent
<br /> and whether arising by note, guaranty, overdraft or otherwise. The Note,this Deed of Trust and any and all other documents that secure
<br /> the Note or otherwise executed in connection therewith, including without limitation guarantees, secwrity agreements and assignments
<br /> of leases and rents,shall be referred to herein as the "Loan Instruments".
<br /> Trustor covenants end agrees with Lender as follows:
<br /> 1. Payment of I�debtedness. All indebtedness secured hereby shall be paid when due.
<br /> 2. Title.Trustor is the owner of the Property,has the right and authority to convey the Property, and warrants that the lien created
<br /> hereby is a first and prior lien on the Property, except for liens and encumbrances set forth by Trustor in writing and delivered to Lender
<br /> before execution of this Deed of Trust, and the execution and delivery of this Deed of trust does not violate any contract or other
<br /> obligation to which Trustor is subject.
<br /> 3. Taxes,Assessments. To pey before delinquency all taxes, special assessments and all other charges against the Property now or
<br /> hereafter levied.
<br /> 4. Insurance. To keep the Property insured against damage by fire, hazards, included within the term "extended coverage", and
<br /> such other hazards as Lender may require, in amounts and with companies acceptable to Lender, naming Lender as an additional named
<br /> insured, with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and compromise,
<br /> all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby
<br /> and in s�ch order as Lender may determine, (ii) to the Trustor to be used for the repair or restoration of the Property or(iii) for any other
<br /> purpose or object setisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such
<br /> payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under
<br /> the Note, or cure any default thereunder or hereunder.
<br /> 5. Escrow. Upon written demand by Lender, Trustor shall pay to Lender, in such manner as Lender may designate, sufficient sums
<br /> to enable Lender to pay as they become due one or more of the following: (i) all taxes, assessments and other charges against the
<br /> Property, (ii) the premiums on the property insurance required hereunder, and (iii) the premiums on any mortgage insurance required by
<br /> Lender.
<br /> 6. Maintenance, Repairs and Compliance with Laws. Trustor shall keep the Property in good condition and repair; shall promptly
<br /> repair, or replace any improvement which may be damaged or destroyed; shall not commit or permit any waste or deterioration of the
<br /> Property; shall not remove, demolish or substantially alter any of the improvements on the Property; shall not commit, suffer or permit
<br /> any act to be done in or upon the Property in violation of any law, ordinance, or regulation; and shall pay and promptly discharge at
<br /> Trwstor's cost and expense all liens,encumbrances and charges levied, imposed or assessed against the Property or any part thereof.
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