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DEED OF TRUST (Continued) 200300843 Pagel Governing Law. This Deed of Trust will be governed by and interpreted in accordance with federal law and the laws of the State of Illinois, except and only to the extent of procedural matters related to the perfection and enforcement of Lender's rights and remedies against the Property, which will be governed by the laws of the State of Nebraska. However, it there ever is a question about whether any provision of this Deed of Trust is valid at enforceable, the provision that Is questioned will be governed by whichever state or federal law would find the provision to be valid and enforceable. The loan transaction which Is evidenced by the Credit Agreement and this Deed of Trust has been applied for, considered, approved and made, and all necessary loan documents have been accepted by Lander in the State of Illinois. No Waivdr by Lender. Truster understands Lender will not give up any of Lander's rights under this Deed of Trust unless Lender does so in writing. The fact that Lender delays or mits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not mean Truster will not have to comply with the other provisions of this Deed of Trust. Truster also understands that If Lender does consent to a request, that does not mean that Truster will not have to at Lender's consent again if the situation happens again. Trustor further understands that just because Lender consents to one or more of Truster 'a requests, that does not mean Lender will be required to consent to any of Truster's future requests. Truster waives presentment, demand for payment, protest, and notice of dishonor. Severability. It a court finds that any provision of this Deed of Trust is not valid or should not be enforced, that fact by itself will not mean that the rest of this Deed of Trust will not be valid or enforced. Therefore, a court will interne the rest of the provisions of this Deed of Trust even if a provision of this Deed of Trust may be found to be Invalid or unenforceable. Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Theater's interest, this Deed of Trust shall be binding upon and inure to the benefit of the patties, their successors and assigns. If ownership of the Property becomes vested in a person other than Trustor. Lender, without notice to Trustor, may deal with Truster's successors with reference to this Dead of Trust and the Indebtedness by way of forbearance or extension without releasing Truster from the obligations of this Deed of Trust or liability under the Indebtedness. Time is of the Essence. Time Is of the essence in the performance of this Deed of Trust. Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Nebraska as to all Indebtedness secured by this Dead of Trust. DEFINITIONS. The Yellowing words shall have the fallowing meanings when used in this Deed of Trust Beneficiary. The word " Deneficiary" means State Farm Bank, F.S.B.. and its successors and assigns. Borrower. The ward "Borrower" means JOHN GANNON, and all other persons and entities signing the Credit Agreement. Credit Agreement. the words "Credit Agreement" mean the credit agreement dated January 10, 2003, With credit limit of $10,900.00 from Trustor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of this Deed of Trust is January 10, 2010. Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without limitation all assignment and security interest provisions relating to the Personal Property and Rents. Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, Including without limitation the Comprehensive Environmental Response, Comperamen, and Liability Act of 1980, a ended, 42 U S.C. Section 9601, at seq. f "CERCLA "I, the Superfund Amendments and Reauthorization Act of 1988, Pub, L. Ne a99 -499 L SARA "I, the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, at seq., the Resource. Conservation and Recovery Act, 42 U.S.C. Section 6901, at seq.. or other applicable state or federal laws, rules, or regulations adapted pursuant therein. Event of Default. The words "Event of Default" mean any of the events of default set forth in this Deed of Trust in the events of default section of this Deed of Trust. Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described In the Existing Liens provision of this Dead of Trust. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or chysir.al, chemical or Infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled, The words "Hazardous Soared .. s" arc used in their very broadest i and include without limitation any and all hazardous or toxic substances, materials or waste as coined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by- products or any fraction thereof and asbestos. Improvements. The ward "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word 'Indebtedness means all principalr interest, and other amounts, costs and expenses payable under the Credit Agreement or Related Documents, together with all renewals of, extensions ol, modifications of, consolidations of and substitutions for the Credit Agreement or Related Documents and any amounts expended or advanced by Lender to discharge Trustor 's obligations or expenses incurred by Trustee or Lender to enforce Trustor's obligations under this Deed of Trust, together with interest on such amounts as provided In this Deed of Trust. Lender. The word "Lender" means State Farm Bank, F.S.B., Its successors and assigns. The words "successors or assigns" mean any Verson or company that acquires any Interest In the Credit Agreement, Personal Property. The words 'Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Trustor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property.