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20030"7371
<br />All fixtures, improvements, buildings, and the plumbing, heating, ventilating and lighting systems
<br />and equipment therein; all barn equipment; and all pumps, pumping stations, motors, engines,
<br />machinery, reservoirs, pipes, flumes, fences, and other machinery or equipment, except tractors,
<br />used for the production of water on said premises or for the irrigation or drainage thereof, all of
<br />which shall be construed and considered as affixed to and part of the real estate.
<br />All of the foregoing estate, property and interest hereby conveyed to the said Trustee is hereinafter
<br />collectively referred to as the "Property".
<br />TO HAVE AND TO HOLD the same unto the said Trustee, his successors and assigns,
<br />forever, IN TRUST HOWEVER and WITH POWER OF SALE hereby expressly granted unto the
<br />said Trustee, his successors, and assigns for the purpose of securing:
<br />(a) The payment of Trustor's just indebtedness to Beneficiary in the principal sum of
<br />One Hundred Thousand and No /100 Dollars ($100,000.00) for money borrowed, with interest
<br />thereon, all as evidenced by and in strict accordance with the terms of that certain promissory note,
<br />hereinafter called the "Note ", bearing even date herewith made payable to the order of Beneficiary,
<br />executed by Stephen P. Hansen and Kelly J. Hansen, and providing for the payment of said
<br />indebtedness in installments, the last of which is due and payable December 10, 2012, subject to
<br />acceleration of maturity on default in the payment of any installment of principal or interest or in the
<br />performance of any covenant, agreement or warranty contained in this Deed of Trust;
<br />(b) The performance of each agreement, covenant and warranty of Trustor herein
<br />contained or set forth in the Note or any agreement or instrument executed by Trustor in connection
<br />with the indebtedness hereby secured; and
<br />(c) The payment of any sum or sums of money with interest thereon which may be
<br />hereafter paid or advanced under the terms of the Deed of Trust.
<br />NOW, THEREFORE, TO PROTECT THE SECURITY OF THIS DEED OF TRUST,
<br />Trustor does for himself and for Trustor's heirs, representatives, vendees, successors and assigns, the
<br />owners of said Property, hereby expressly covenant, agree and warrant to and with the Trustee and
<br />Beneficiary, and their successors, vendees and assigns:
<br />FIRST: That the Trustor hereby covenants and agrees, to the extent permitted by law, as
<br />follows: (a) to pay promptly when due the principal and interest and other sums of money provided
<br />for in the Note and in this Deed of Trust; (b) to promptly pay before delinquency all taxes,
<br />assessments and other charges imposed by law upon the Property, (c) to keep the above - described
<br />Property and the improvements thereon in good condition and repair and not to commit or suffer
<br />waste thereof, and except as authorized in any schedule annexed hereto and forming a part hereof,
<br />neither to remove nor permit the removal of any timber, buildings, oil, gas, minerals, stone, rock,
<br />clay, fertilizer, gravel or top soil without the prior written consent of Beneficiary; (d) to maintain
<br />and deliver to Beneficiary policies of insurance against such hazards on the buildings and
<br />improvements now or hereafter located on or constituting a part of the Property as the Beneficiary
<br />shall require, in such companies and amounts and with such loss payable clauses as shall be
<br />satisfactory to the Beneficiary; that in the event of loss, Beneficiary is expressly authorized to settle
<br />or compromise claims under said policies and the proceeds thereof shall be paid to the Beneficiary
<br />who may apply the same or any part thereof on the indebtedness secured hereby or toward the
<br />reconstruction or repair of said buildings and improvements or release same to the Trustor; (e) to
<br />pay any lien, claim or charge against the Property which might take precedence over the lien hereof;
<br />(f) to pay on demand all legal expenses, title searches, appraisal or attorneys' fees reasonably
<br />incurred or paid by Beneficiary to collect the Note or foreclose or protect the lien of this Deed of
<br />Trust; (g) that in the event Trustor shall fail to comply with the provisions of (a) through (f) above,
<br />the Beneficiary may expend such funds and take such action as is necessary to remedy such failure
<br />and all sums paid by the Beneficiary pursuant hereto with interest at the rate hereinafter provided
<br />shall constitute a lien upon the Property, shall be secured by this Deed of Trust, and shall be
<br />immediately due and repayable to the Beneficiary; (h) not to sell the Property or any portion
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