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<br />DEED OF TRUST
<br />THIS DEED OF TRUST is dated March 21, 2002, among Central Community College ( "Trustor "); Cornerstone
<br />Bank N.A., whose address is Central City Facility, 1631 16th Street, Central City, NE 68826 (referred to
<br />below sometimes as "Lender" and sometimes as "Beneficiary "); and CORNERSTONE BANK N.A., whose
<br />address is 529 LINCOLN AVENUE, YORK, NE 68467 (referred to below as "Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in, to and under the Lease described below of the following described real property,
<br />together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and
<br />appurtenances; all water, water rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and
<br />profits relating to the real property, including without limitation any rights Trustor later acquires in the fee simple title to the land, subject to the
<br />Lease, and all minerals, oil, gas, geothermal and similar matters, (the "Real Property ") located in Hall County, State of
<br />Nebraska:
<br />Lots One (1) and Two (2), Community College Subdivision, an Addition to the City of Grand Island, Hall
<br />County, Nebraska
<br />The Real Property or its address is commonly known as 2831 Wortman Drive, Grand Island, NE 68801.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all present
<br />and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and not
<br />at the request of Lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the Property; (c)
<br />the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other instrument binding upon Trustor and
<br />do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has established adequate means of
<br />obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to
<br />Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti- deficiency" law, or any other law
<br />which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is otherwise entitled to a
<br />claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of
<br />sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to Lender all Indebtedness secured by
<br />this Deed of Trust as it becomes due, and Borrower and Trustor shall strictly perform all their respective obligations under the Note, this Deed of
<br />Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property; (2)
<br />use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's leasehold
<br />interest in the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance by any person an, under, abW yr from --the Property; - f4- - ,- or reason to beiievs that
<br />there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental
<br />Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on,
<br />under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of
<br />any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a)
<br />neither Trustor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat,
<br />dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in
<br />compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws.
<br />Trustor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Trustor's expense, as Lender may
<br />deem appropriate to determine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by Lender
<br />shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Trustor or to
<br />any other person. The representations and warranties contained herein are based on Trustor's due diligence in investigating the Property for
<br />Hazardous Substances. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event
<br />Trustor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any
<br />and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
<br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened
<br />release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have been known to Trustor.
<br />The provisions of this section of the Deed of Trust, including the obligation to indemnify, shall survive the payment of the Indebtedness and
<br />the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be affected by Lender's acquisition of any interest in the
<br />Property, whether by foreclosure or otherwise.
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<br />WHECOmay�RDED MAIL TO:
<br />Cornerstone Bank N.A.
<br />Central City Facility
<br />163116th Str" - -
<br />Centra_I_ City, NE 68826
<br />FOR RECORDER'S USE ONLY
<br />DEED OF TRUST
<br />THIS DEED OF TRUST is dated March 21, 2002, among Central Community College ( "Trustor "); Cornerstone
<br />Bank N.A., whose address is Central City Facility, 1631 16th Street, Central City, NE 68826 (referred to
<br />below sometimes as "Lender" and sometimes as "Beneficiary "); and CORNERSTONE BANK N.A., whose
<br />address is 529 LINCOLN AVENUE, YORK, NE 68467 (referred to below as "Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in, to and under the Lease described below of the following described real property,
<br />together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and
<br />appurtenances; all water, water rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and
<br />profits relating to the real property, including without limitation any rights Trustor later acquires in the fee simple title to the land, subject to the
<br />Lease, and all minerals, oil, gas, geothermal and similar matters, (the "Real Property ") located in Hall County, State of
<br />Nebraska:
<br />Lots One (1) and Two (2), Community College Subdivision, an Addition to the City of Grand Island, Hall
<br />County, Nebraska
<br />The Real Property or its address is commonly known as 2831 Wortman Drive, Grand Island, NE 68801.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all present
<br />and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and not
<br />at the request of Lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the Property; (c)
<br />the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other instrument binding upon Trustor and
<br />do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has established adequate means of
<br />obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to
<br />Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti- deficiency" law, or any other law
<br />which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is otherwise entitled to a
<br />claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of
<br />sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to Lender all Indebtedness secured by
<br />this Deed of Trust as it becomes due, and Borrower and Trustor shall strictly perform all their respective obligations under the Note, this Deed of
<br />Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property; (2)
<br />use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's leasehold
<br />interest in the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance by any person an, under, abW yr from --the Property; - f4- - ,- or reason to beiievs that
<br />there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental
<br />Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on,
<br />under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of
<br />any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a)
<br />neither Trustor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat,
<br />dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in
<br />compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws.
<br />Trustor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Trustor's expense, as Lender may
<br />deem appropriate to determine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by Lender
<br />shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Trustor or to
<br />any other person. The representations and warranties contained herein are based on Trustor's due diligence in investigating the Property for
<br />Hazardous Substances. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event
<br />Trustor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any
<br />and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
<br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened
<br />release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have been known to Trustor.
<br />The provisions of this section of the Deed of Trust, including the obligation to indemnify, shall survive the payment of the Indebtedness and
<br />the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be affected by Lender's acquisition of any interest in the
<br />Property, whether by foreclosure or otherwise.
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