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200305238 2. To insure and keep insured buildings and other improvements including fixtures and attachments now on or hereafter placetl on the Vropen to the satisfaction of Beneficiary. Such insurance will be apProvetl by end tleposited wdh Beneficiary, antl endorsed with loss payable clause to Beneficiary. Any sums so received by Beneficiary may be used to pay for reconstruction of the destroyed improvements or if not so applied may be applied, at the option of 'embers", in payment of any Indebtedness mature or unmatured secured by this Trust Deed. Such insurance will be In an amount at least equal to the lesser of the loan balance, the actual cash value of the collateral, or the replacement at of the property, and will at a minimum, cover losses caused by fire, lightning, explosion, riot, alrerait, vehicles, vandalism, civil commotion, smoke, windstorm, and hail. Trui IcrI will obtain antl keep flood Insurance in force to cover losses by flood as requiretl by Beneficiary and by the National Flood Insurance Act Of 1968, as amended, and by regulations implementing the same. Trustorlsl further agree that Beneficiary is not antl will not be liable for any failure by Trustorlsl or by any insurer, for whatever reason, to obtain and keep this insurance in force. 3. To keep all buildings, fixtures, attachments, and other improvements now on or hereafter placed on the property occupied and In gadd repair, maintenance, and condition and to neither commit nor permit any acts of waste or any impairment of the value of the property. Beneficiary may enter upon the property to inspect the same or to perform any acts authorized herein or In the loan agreements). 6. In the event Trustorlsl fails to pay any liens, judgments, assessments, taxes, rents, fee., or charges or maintain any insurance on the property, buildings, fixtures, attachments, or improvements as provided herein or In the loan agreement(s), Beneficiary, at Its option, may make such payments or provide insurance, maintenance, or repairs and any amounts paid therefor will become part of the principal indebtedness secured hereby, be r edlately due and payable and bear interest at the default rate provided in the notels) from the date of payment until paid The advancement by (Beneficiary of any such amounts will In no manner limit the right of Beneficiary to declare Trustorlsl in default or exercise any of Beneficiary's other rights and remetli.a. - S. In the event Beneficiary is a party to any litigation affecting the property or the lien of this Trust Deed, including any action by Beneficiary to enforce this Trust Deed or any suit in which Beneficiary is named a defendant (including condemnation and bankruptcy proceedings) Beneficiary may incur expenses and advance payments for abstract tees, attorneys tees Ito the extent allowed by law), costs, expenses, appraisal fees, and other charges and any amounts so advanced will become part of the principal indebtedness secured hereby, be immediately due and payable and bear interest at the default rate provided in the notelsl from the date of advance until paid. 6. Any awards made to Trustogs) or their successors by the exercise of eminent domain are hereby assigned to Beneficiary: and Beneficiary Is hereby authorized to collect and apply the same in payment of any indebtedness, mature or unmanned, secured by this Trust Deed. T. In the event of default in the payment when due of any sums secured hereby /principal, interest, advancements, or protective advances), or failure to perform or observe any covenants and conditions contained herein, in the notelsj, loan agreementlsl, or any other instruments, or any proceedings Is brought under any Bankruptcy laws, Beneficiary, at Its option, may declare the entire indebtedness secured hereby to be immediately due and payable and the whale will bear Interest at the default rate as provided in the notelsl and Beneficiary may immediate)y authorize Trustee to exercise the Power of Sale granted herein in the manner provided In the Nebraska Trust Deeds Act, or, at the option of the ben flciary, may foreclose the Trust Deed in the manner provided by law for the foreclosure of mortgages on real property, including the appointment of a Receiver Open ex parte application, notice being hereby expressly waived, without regard to the value ^/ the property or the sufficiently thereof to discharge the indebtedness secured hereby or m the loan ager ament(s). Delay by Beneficiary In exercising its rights upon default will not be construed as a waiver thereof and any act of Beneficiary waiving any specified default will not be construed as a waiver of any future default. If the proceeds under such sale or foreclosure are insutticienito pay the total indebtedness secured hereby, Trustorlsl do hereby agree to be personally bound to pay the unpaid balance, and Beneficiary will be entitled to a deficiency judgment. 8. Should Beneficiary elect to exercise the Power of Sale granted herein, Beneficiary will notify Trustee who will record, publish, and deliver to Ta p such Notice of Default and Notice of Sale as then required by law and will in the manner provided by law, sell the property at the time o antl place of sale fixed in the Notice of Sale, either as a whole or in separate lots, parcels, or items and in such order as Trustee will tleem expellent. Any pparson may bitl a[the sale including Trustorsl, Trustee, or Beneficiary. 9. Trusorlsl hereby requests a copy of any Notice of Default or Notice of Sale hereunder to be mailed by certified mail m Trustorlsl at the ddress(esl sex forth herein. 10. Upon detaulq Beneficiary, either in person or by agent, with or without bringing any action or proceetling and with or wltheut regartl to the value of Ne property or the suffency thereol to discharge the indebtetlness secured hereby, is authorized and entitletl to enter upon antl [eke possess'mn of the property in its own name or in the name of the Trustee antl tlo any acts or expend any sums it tleems necessary or tlesirable to protect or preserve the value of [he property or any interest tM1ere1 n, or increase the income [herehom; and with or without taking possession of the property Is authorized to sue for or otherwise collect the rents, issues, crops, profits, antl income thereof, including [hose pas[ due and unpaitl, and apply [he same upon any indebtetlness securetl hereby or In the loan ag9reementlsl No remedy herein conferred upon or reserved to Trustee or Be nefmiary is imendatl to be exclusive of any other remedy herein or by law provided or permitted, but each will be cumulative, will be in aadition to every other remedy give^ hereunder or now or hereafter existing et law or in equity or by statute, and may by exercisetl concurrently, im ependendy or successively. 11. Trustorlsl acknowledges that the duties antl obligations ei Trustee will be determined solely by the express provisions of this Trust Deed or the Nebraska Trust Deeds Ac[ and Trustee will not be liable except for the performance o1 such duties and obligations as are specifically set forth therein, nd no im plietl covenants or obligations will be imposed upon Trustee; Trustee will not be liable for any action by i[ in goad faith and easonablV believed by it to be authorizetl or within the dlscrelion or rights of powers conferred upon it by this Trust Deed or stale law. 12. The integrity and responsibility of Trust.r(s) constitutes a part of the consideration for the obligations securetl hereby. Should Trustorlsl selh transfer, or convey the properly described herein, without prior written consent Of Beneficiary, Beneficiary, at its option, may declare the entire Indebtetlness immetliately due and payable and may proceed in the enforcement of Its rights as on any other default. 13. Assignment of Rents including Proceeds of Mineral Leases. Trustorlsl hereby assigns, transfers, and conveys to Beneficiary all rents, royalties, bonuses, and delay moneys or other proceetls Nat may from time to time become due and payable untler any reel estate lease or und er any ell, gas, gravel, rock, or other mineral lease of any kind including geothermal resources now existing or that may hereafter come into existence, covering the property or any part thereof. All such sums so received by Beneficiary will be applied to the indebtedness secure' hereby; or Beneficiary, at its option, may turn over and tleliver to Truster lal or their.uccessois in interest, any or all of such sums without prejudice to any of Beneficiary 's rights to take and retain luture sums, and withpm prejutllce to any of its other rights untler this Trust Deetl. This assignment will be construes to be a provision forpthye payment or reduction of the tlebt, subject to the Beneficiary s option as herelnbefore provided, indepentlent of the lien on the further fnrcepand affectt in full of the debt and the re conveyance o1 this Trust Deetl of record, this assignment will become inoperative and of no 16. This Trust Deed constitutes a Security Agreement with reect to all the property described herein. 15. The covenants contained In this Trust Deed will be deem ed sp to be severable; in the event that any portion of this Trust Deed is determined to be void or unenforceable, that determination will not affect the validity of the remaining portions of the Trust Deed. c— 7 i _. _. _ TIMQ]LdWA SCHWdU I INDIVIDUAL BORROWER ACKNOWLEDGMENT STATE OF NEBRASKA ) COUNTY OF lB On this �do, of ' April 2003 ,before me, a Notary Public, personally appeared Lamar Schmidt (a /k /a Lamar L. Schmid L) and Verneta Schmidt (a /k /a Vereeta M. Schmidt), husband and wife to me known to be the persons) named is and who executed the foregoing instrument, and acknowledged that they executed the same as Their voluntary act and deed. (SEAL) -s Charles W. Johnson IT,do ,area under s,aatarn; My commission expires Notary Public In and for said County and State INDIVIDUAL BORROWER ACKNOWLEDGMENT STATEOP NEBRASKA j I IS COUNTY OF ) On this -20 day of ApIl l 2003 , before me, a Notary Public, personally appeared Timothy A. Schmidt. (a /k /a Timothy Alan Schmidt), single Ap R: 00302665; Primary Customer ID N: 00055266: CIF N: 89816 Legal Doc. Date: April 26, 2003 FORM 5011, Trust Deed and Assignment of Rents Page 2