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2002043o5
<br />DEED OF TRUST
<br />THIS DEED OF TRUST, is made on '4c— ((. , 2002,by the following:
<br />TRUSTOR: Brian L. Hayes and Julie L. Hayes, husband and wife, Box 36, Wood River, Nebraska
<br />68883
<br />TRUSTEE: John R. Brownell, Attorney at Law, 724 West Koenig Street, Grand Island, NE 68802
<br />BENEFICIARY: Arthur W. Barg and Louise L. Barg, husband and wife, 2515 Del Monte, Grand Island,
<br />Nebraska 68801
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust, the real property located in the County of Hall, State of Nebraska, and legally
<br />described as follows (the "Property "):
<br />Lots Four (4) and Five (5) in Block Five (5), Clark's Addition to the Village of Wood River, Hall
<br />County, Nebraska.
<br />TOGETHER WITH all rents, easements, appurtenances, hereditaments, interests in adjoining roads,
<br />streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may
<br />be or hereafter become an integral part of such buildings and improvements, all crops raised thereon, and all water
<br />rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the
<br />"Trust Estate ".
<br />FOR THE PURPOSE OF SECURING:
<br />A. Payment of indebtedness in the total principal amount of Twenty Three Thousand Dollars ($23,000), with
<br />interest thereon at the rate of 5% per annum, as evidenced by that certain Promissory Note of even date
<br />(the "Note "), executed by Trustor, which has been delivered and is payable to the order of the Beneficiary,
<br />and which by this reference is hereby made a part hereof, and any and all modifications, extensions and
<br />renewals thereof, and
<br />B. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon at the rate
<br />of 16% per annum, and
<br />C. The performance of Trustor's covenants and agreements.
<br />This Deed of Trust, the Note, and any other instrument given to evidence or further secure the payment
<br />and performance of any obligation secured hereby are referred to collectively as the "Loan Instruments ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest on, the
<br />indebtedness evidenced by the Note, charges, fees and all other sums as provided in the Loan Instruments.
<br />2. TAXES. Trustor shall pay each installment of all taxes and special assessments of every kind, now or
<br />hereafter levied against the Trust estate or any part thereof, before delinquency, without notice or demand, and
<br />shall provide Beneficiary with evidence of the payment of same. Trustor shall pay all taxes and assessments
<br />which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the debt secured hereby,
<br />without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage insurance insuring the
<br />improvements and buildings, if any, constituting part of the Trust estate for an amount no less than the amount
<br />of the unpaid principal balance of the Note (Co- insurance not exceeding 80% permitted). Such insurance policy
<br />shall contain a standard mortgage clause in favor of Beneficiary and shall not be cancellable, terminable or
<br />modifiable without ten (10) days prior written notice to Beneficiary, Trustor shall promptly repair, maintain and
<br />replace the Trust estate or any part thereof so that, except for ordinary wear and tear, the Trust estate shall not
<br />deteriorate. In no event shall the Trustor commit waste on or to the Trust estate.
<br />4. ACTIONS AFFECTING TRUST ESTATE. Trustor shall appear in and contest any action or proceeding
<br />purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and
<br />expenses, including cost of evidence of title and attorney's fees, in any such action or proceeding in which
<br />Beneficiary or Trustee may appear. Should Trustor fail to make any payment or to do any act as and in the
<br />manner provided in any of the Loan Instruments, Beneficiary and/or Trustee, each in its own discretion, without
<br />obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation,
<br />may make or do the same in such manner and to such extent as either may deem necessary to protect the
<br />security hereof. Trustor shall, immediately upon demand therefor by Beneficiary, pay all costs and expenses
<br />incurred by Beneficiary in connection with the exercise by beneficiary of the foregoing rights, including without
<br />limitation costs of evidence of title, court costs, appraisals, surveys and attorney's fees. Any such costs and
<br />expenses not paid within ten (10) days of written demand shall draw interest at the default rate provided in the
<br />Note.
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