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t00304888
<br />DEED OF TRUST WITH FUTURE ADVANCES
<br />This DEED OF TRUST is made this 27TH day of March, 2003, by and aniong MICHAEL A.
<br />O'NEILL AND DENISE A. O'NEILL, husband and wife, hereinafter referred to as "Trustors," whether
<br />one or more, whose mailing address is 5239 South 80" Road, Alda, Nebraska 68810; to THE STATE BANK
<br />OF CAIRO, a Nebraska Banking Corporation, hereinafter referred to as "Trustee," whose mailing address
<br />is Box 428, Cairo, Nebraska 68824; and THE STATE BANK OF CAIRO, a Nebraska Banking
<br />Corporation, hereinafter referred to as "Beneficiary," whose mailing address is Box 428, Cairo, Nebraska
<br />68824.
<br />For valuable consideration, Trustors irrevocably grant, transfer, convey and assign to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of
<br />this Deed of Trust, the following described real properly located in Hall County, Nebraska:
<br />W Yz NW '/4 of Section 7, Township 10N, Range IOW 6" P.M., excepting a certain tract of land deeded to
<br />the Slate of Nebraska in Quit Claim Deed recorded in Book 72, Page 182 and excepting a certain tract
<br />deeded to the State of Nebraska in Warranty Deed recorded in Book 89, Page 615.
<br />E Y� NE '/4 of Section 12, Township ION, Range 11 W 6" P.M., excepting therefrom a certain tract of land
<br />recorded in Book R, Page 518, and except a tract conveyed to Union Pacific Railroad Company recorded in
<br />Book 25, Pages 289 and 307, and except tracts deeded to the State of Nebraska recorded in Book 72, Page
<br />182, Book 89, Page 615 and Book 122, Page 353..
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon, and all personal property that may be or hereafter become an integral part of
<br />such buildings and improvements, all crops raised thereon, and all water rights, all of which, including
<br />replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it
<br />being agreed that all of the foregoing shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness evidenced by Trustors' note of even dale herewith in the principal sum of
<br />$495,000.00, together with interest at the rate or rates provided therein, and any and all renewals, modifications
<br />and extensions of such note, both principal and interest on the note being payable in accordance with the terms
<br />set forth therein, which by this reference is hereby made a part hereof; and any and all future advances and
<br />readvances to Trustors hereunder pursuant to one ore more promissory notes or credit agreements (herein called
<br />"Note ");
<br />b. the payment of other sums advanced by Beneficiary to protect the security of the Note;
<br />e. the performance of all covenants and agreements of Truster set forth herein; and
<br />d. all present and future indebtedness and obligations of Trusters to Beneficiary whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise;
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTORS HEREBY COVENANT AND AGREE:
<br />1. '1 o pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other sums
<br />as provided in the loan instruments.
<br />2. Tnotors are the owners of the property and have the right and authority to execute this Deed of Trust in respect to the property.
<br />3. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent.
<br />Traitors shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
<br />4. To keep the improvements now or hereafter located on the property insured against damage by fire and such other hazards as
<br />the Beneficiary may require, in amounts and companies acceptable to the Beneficiary, Such insurance policy shall contain a standard
<br />mortgage clause in favor of Beneficiary. Truster shall promptly repair, maintain and replace the property or any part thereof, so that,
<br />except for ordinary wear and tear, the property shall not deteriorate.
<br />5. In the event the property, or any part thereof, shall be taken by eminent domain, the Beneficiary is entitled to collect and receive
<br />all compensation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall apply such
<br />compensation, at its option, either to a reduction of the indebtedness secured hereby, or to repair and restore the property so taken.
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