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<br />WHEN RECORDED MAIL TO:
<br />GUNNISON SAVINGS & LOAN ASSOCIATION
<br />GS &L
<br />303 NORTH MAIN STREET
<br />GUNNISON CO 81230 FOR RECORDER'S USE ONLY
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<br />DEED OF TRUST
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at any one time $25,000.00.
<br />THIS DEED OF TRUST is dated January 14, 2004, among JOHN SCHULTZ AKA JOHN H. SCHULTZ and
<br />EVELYN SCHULTZ AKA EVELYN D. SCHULTZ ( "Trustor "); GUNNISON SAVINGS & LOAN ASSOCIATION,
<br />whose address is GS &L, 303 NORTH MAIN STREET, GUNNISON, CO 81230 (referred to below sometimes
<br />as "Lender" and sometimes as "Beneficiary"); and OLD REPUBLIC NATIONAL TITLE INSURANCE
<br />COMPANY, whose address is 113 WEST 2ND STREET, GRAND ISLAND, NE 68801 (referred to below as
<br />"Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee In trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights and
<br />ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real pprops including
<br />without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property ") located in HALL GOunty, State of
<br />Nebraska:
<br />THE EAST HALF (E 1/2) OF THE SOUTH TWELVE (12) FEET OF LOT THREE (3), THE EAST HALF (E 1/2)
<br />OF LOTS FOUR (4) AND FIVE (5), THE WEST FIFTY (50) FEET OF THE SOUTH HALF (S 1/2) OF LOT
<br />EIGHT (8), THE WEST FIFTY (50) FEET OF LOTS SIX (6) AND SEVEN (7), ALL IN BLOCK H, MACCOLL
<br />AND LEFLANGS SECOND ADDITION TO THE VILLAGE NOW CITY OF WOOD RIVER, HALL COUNTY,
<br />NEBRASKA AND THAT PART OF VACATED ALLEY AS SHOWN IN ORDINANCE NO. 367, FILED JUNE 13,
<br />1994 IN THE REGISTER OF DEEDS OFFICE AS DOCUMENT NO. 94- 105048 EXCEPTING A CERTAIN
<br />TRACT MORE PARTICULARLY DESCRIBED IN WARRANTY DEED RECORDED AS DOCUMENT NO.
<br />94- 105901.
<br />The Real Property or its address is commonly known as 308 W. 9TH ST., WOOD RIVER, NE 68883.
<br />REVOLVING LINE OF CREDIT. Specifically, In addition to the amounts specified In the Indebtedness definition, and without limitation,
<br />this Deed of Trust secures a revolving line of credit, which obligates Lender to make advances to Borrower so long as Borrower
<br />complies with all the terms of the Credit Agreement. Such advances may be made, repaid, and remade from time to time, subject to the
<br />limitation that the total outstanding balance owing at any one time, not including finance charges on such balance at a fixed or variable
<br />rate or sum as provided in the Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as
<br />provided in either the Indebtedness paragraph or this paragraph, shall not exceed the Credit Limit as provided In the Credit Agreement.
<br />It is the intention of Trustor and Lender that this Deed of Trust secures the balance outstanding under the Credit Agreement from time to
<br />time from zero up to the Credit Limit as provided In this Deed of Trust and any Intermediate balance.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all present
<br />and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF TRUSTOR'S
<br />AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS
<br />DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and not
<br />at the request of Lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the Property; (c)
<br />the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other instrument binding upon Trustor and
<br />do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has established adequate means of
<br />obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to
<br />Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti- deficiency" law, or any other law
<br />which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is otherwise entitled to a
<br />claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of
<br />sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to Lender all Indebtedness secured by
<br />this Deed of Trust as it becomes due, and Borrower and Trustor shall strictly perform all their respective obligations under the Credit Agreement,
<br />this Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property; (2)
<br />use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
<br />necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of
<br />the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
<br />Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe that there has been,
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<br />WHEN RECORDED MAIL TO:
<br />GUNNISON SAVINGS & LOAN ASSOCIATION
<br />GS &L
<br />303 NORTH MAIN STREET
<br />GUNNISON CO 81230 FOR RECORDER'S USE ONLY
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<br />DEED OF TRUST
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at any one time $25,000.00.
<br />THIS DEED OF TRUST is dated January 14, 2004, among JOHN SCHULTZ AKA JOHN H. SCHULTZ and
<br />EVELYN SCHULTZ AKA EVELYN D. SCHULTZ ( "Trustor "); GUNNISON SAVINGS & LOAN ASSOCIATION,
<br />whose address is GS &L, 303 NORTH MAIN STREET, GUNNISON, CO 81230 (referred to below sometimes
<br />as "Lender" and sometimes as "Beneficiary"); and OLD REPUBLIC NATIONAL TITLE INSURANCE
<br />COMPANY, whose address is 113 WEST 2ND STREET, GRAND ISLAND, NE 68801 (referred to below as
<br />"Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee In trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights and
<br />ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real pprops including
<br />without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property ") located in HALL GOunty, State of
<br />Nebraska:
<br />THE EAST HALF (E 1/2) OF THE SOUTH TWELVE (12) FEET OF LOT THREE (3), THE EAST HALF (E 1/2)
<br />OF LOTS FOUR (4) AND FIVE (5), THE WEST FIFTY (50) FEET OF THE SOUTH HALF (S 1/2) OF LOT
<br />EIGHT (8), THE WEST FIFTY (50) FEET OF LOTS SIX (6) AND SEVEN (7), ALL IN BLOCK H, MACCOLL
<br />AND LEFLANGS SECOND ADDITION TO THE VILLAGE NOW CITY OF WOOD RIVER, HALL COUNTY,
<br />NEBRASKA AND THAT PART OF VACATED ALLEY AS SHOWN IN ORDINANCE NO. 367, FILED JUNE 13,
<br />1994 IN THE REGISTER OF DEEDS OFFICE AS DOCUMENT NO. 94- 105048 EXCEPTING A CERTAIN
<br />TRACT MORE PARTICULARLY DESCRIBED IN WARRANTY DEED RECORDED AS DOCUMENT NO.
<br />94- 105901.
<br />The Real Property or its address is commonly known as 308 W. 9TH ST., WOOD RIVER, NE 68883.
<br />REVOLVING LINE OF CREDIT. Specifically, In addition to the amounts specified In the Indebtedness definition, and without limitation,
<br />this Deed of Trust secures a revolving line of credit, which obligates Lender to make advances to Borrower so long as Borrower
<br />complies with all the terms of the Credit Agreement. Such advances may be made, repaid, and remade from time to time, subject to the
<br />limitation that the total outstanding balance owing at any one time, not including finance charges on such balance at a fixed or variable
<br />rate or sum as provided in the Credit Agreement, any temporary overages, other charges, and any amounts expended or advanced as
<br />provided in either the Indebtedness paragraph or this paragraph, shall not exceed the Credit Limit as provided In the Credit Agreement.
<br />It is the intention of Trustor and Lender that this Deed of Trust secures the balance outstanding under the Credit Agreement from time to
<br />time from zero up to the Credit Limit as provided In this Deed of Trust and any Intermediate balance.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all present
<br />and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF TRUSTOR'S
<br />AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS
<br />DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and not
<br />at the request of Lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the Property; (c)
<br />the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other instrument binding upon Trustor and
<br />do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has established adequate means of
<br />obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to
<br />Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti- deficiency" law, or any other law
<br />which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is otherwise entitled to a
<br />claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of
<br />sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to Lender all Indebtedness secured by
<br />this Deed of Trust as it becomes due, and Borrower and Trustor shall strictly perform all their respective obligations under the Credit Agreement,
<br />this Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property; (2)
<br />use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
<br />necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of
<br />the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
<br />Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe that there has been,
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