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200411637
<br />Tract 2: Lots 1, 2 and 3, Block 7, Kernohan and Decker's Addition to
<br />the City of Grand Island, Hall County, Nebraska;
<br />Tract 3: The Westerly 33 feet of Lot 4 in Block 8 in Kernohan and
<br />Decker's Addition to the City of Grand Island, Hall County,
<br />Nebraska;
<br />Tract 4: Lot 1, Schmidt Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska;
<br />TOGETHER with and including all and singular the tenements, heredita-
<br />ments, appurtenances and privileges thereunto belonging or in anywise
<br />appertaining, whether now or hereafter acquired, which shall include, without
<br />limiting the generality of the foregoing, the following:
<br />All of the rents, issues and profits, including all rents, royalties,
<br />bonuses and benefits under any existing or future oil, gas or mineral or
<br />other leases; all easements and rights of way; all rights of homestead
<br />and homestead exemption and any surviving spouse's marital or distribu-
<br />tive share, and all other contingent rights in and to said premises; and
<br />All fixtures, improvements, buildings, and the plumbing, heating,
<br />ventilating and lighting systems and equipment therein, all of which
<br />shall be construed and considered as affixed to and part of the real
<br />estate.
<br />All of the foregoing estate, property and interest hereby conveyed to the
<br />said Trustee is hereinafter collectively referred to as the "Property."
<br />TO HAVE AND TO HOLD the same unto the said Trustee, Trustee's successors
<br />and assigns forever, IN TRUST HOWEVER and WITH POWER OF SALE hereby expressly
<br />granted unto the said Trustee, Trustee's successors, and assigns for the
<br />purpose of securing:
<br />(a) The payment of Trustor's just indebtedness to Beneficiary in the
<br />principal sum of One Hundred Fifty Thousand Dollars ($150,000.00) for money
<br />borrowed, with interest thereon, all as evidenced by and in strict accordance
<br />with the terms of that certain promissory note hereinafter called the "Note ",
<br />bearing even date herewith made payable to the order of Beneficiary, executed
<br />by J & B Rentals, L.L.C., and providing for the payment of said indebtedness
<br />in installments, subject to acceleration of maturity on default in the
<br />payment of any installment of principal or interest or in the performance of
<br />any covenant, agreement or warranty contained in this Deed of Trust;
<br />(b) The performance of each agreement, covenant and warranty of Trustor
<br />herein contained or set forth in the Note or any agreement or instrument
<br />executed by Trustor in connection with the indebtedness hereby secured; and
<br />(c) The payment of any sum or sums of money with interest thereon which
<br />may be hereafter paid or advanced under the terms of this Deed of Trust.
<br />NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, Trustor
<br />does for Trustor and for Trustor's heirs, representatives, vendees,
<br />successors and assigns, the owners of said Property, hereby expressly
<br />covenant, agree and warrant to and with the Trustee and Beneficiary, and
<br />their successors, vendees and assigns:
<br />First: That the Trustor hereby covenants and agrees, to the extent
<br />permitted by law, as follows: (a) to pay promptly when due the principal and
<br />interest and other sums of money provided for in the Note and in this Deed of
<br />Trust; (b) to promptly pay before delinquency all taxes, assessments and
<br />other charges imposed by law upon the Property, the Trustor's interest
<br />therein, or upon this Deed of Trust or the Note; provided, however, that in
<br />the event of any change of the law providing for the taxation of deeds of
<br />trust or debts thereby secured so as to affect this Deed of Trust, the entire
<br />indebtedness secured hereby shall at the option of the Beneficiary become due
<br />and payable; (c) to keep the above - described Property and the improvements
<br />thereon in good condition and repair and not to commit or suffer waste
<br />thereof, and except as authorized in any schedule annexed hereto and forming
<br />a part hereof; (d) to maintain and deliver to Beneficiary policies of
<br />
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