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<br />DEED OF TRUST
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<br />THIS DEED OF TRUST, is made as of Lhe 8th day of May, 2002, by and
<br />among, Laura J. Stanton, a single person, and Clarence E. Cunningham, a single
<br />person, ( "Trustor "), whose [nailing address is 4003 West Faidley, Grand leland,
<br />Nebraska 68801; James R. McClymont, a member of the Nebraska State Bar Associate,
<br />( "Trustee"), whose mailing address is P.O. Be. 1669, North Platte, Nebraska
<br />69103; and Rudolf F. Plate and 'Lim C. Plate, as joint tenants, ( "Bene£iciary'r),
<br />whose mailing address is 33 Kuester Lake, Grand Island, Nebraska 68801.
<br />FOR VALUABLE CONSIDERATION, Truster irrevocably transfers, conveys
<br />and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and
<br />security of Beneficiary, under and subject to the terms and conditions of this
<br />Deed of Trust, the real property located in the City of Grand Island, County of
<br />Hall, State of Nebraska, and legally described as follows (Lhe "Property "):
<br />Lot 35, Westwood Park Fourth Subdivision, City of Grand Island, Hall
<br />County, Nebraska.
<br />Lot 22, Westwood Park Subdivision, City of Grand Island, Cali
<br />County, Nebraska.
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments,
<br />interests in adjoining roads, streets and alleys, improvements and buildings of
<br />any kind situated thereon and all personal property that may he or hereafter
<br />become an integral part of such buildings and improvements, all crops raised
<br />thereon, and all waLer rights.
<br />The Property and the entire estate and interest conveyed to the
<br />Trustee are referred Lo collectively as the "Trust Estate ".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness in the total principal amount of
<br />$39,800.00, with interest thereon, as evidenced by that certain promissory note
<br />of even date (the "NOLe ") with a maturity date of June 1, 2003, executed by
<br />Trustor, which has been delivered and is payable to the order of Beneficiary, and
<br />which by this reference is hereby made a part hereof, and any and all
<br />modifications, extensions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect Lhe '1YUSt
<br />Estate, with interest thereon at the rate of nine percent (99) per anm,m, and
<br />C. The performance of Truster's covenants and agreements.
<br />This Deed of Trust, the Note, and any other instrument given to
<br />evidence or further secure the payment and performance of any obligation uecurcd
<br />hereby are referred to collectively as the "Loan Instruments ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Truster shall pay when due the
<br />principal of, and the interest on, the indebtedness evidenced by the Note,
<br />charges, fees and all other sums as provided in Lhe Loan Instruments,
<br />2. TAXES AND ASSESSMEN'T'S. Tractor shall pay all taxes and
<br />special assessments of every kind, now or hereafter levied against the Trust
<br />Estate or any earL thereof directly without notice or demand as each installment
<br />comes due and shall provide the Beneficiary with evidence of the payment of the
<br />same.
<br />3. INSURANCE AND REPAIRS. Greater shall maintain fire and
<br />extended coverage insurance insuring the improvements and buildings constituting
<br />part of the Trust Estate for an amount no less than the amount of the unpaid
<br />principal balance of the Note (co- insurance not exceeding 80% permitted). Such
<br />insurance policy shall contain a standard mortgage clause in favor of Beneficiary
<br />and shall not be cancelable, terminable or modifiable without ten (10) days prior
<br />written notice to Beneficiary. Trua LIL shall furnish Beneficiary a certificate
<br />of insurance coverage at Beneficiary's request, with a provision in such
<br />certificate that the insurer shall provide Beneficiary ten (10) days advance
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