|
DEED OF TRUST
<br />(Continued) 200209529 Pa9e7
<br />Joint and Several Liability. All obligations of Truster Under this Deed of Trust shall be joint and several, and all references to Truster
<br />shall mean each and every Truster. This means that each Truster signing below is responsible for all obligations in this Dead of Trust.
<br />No Waiver by Lender. Truster understands Lender will not give up any of Lender's rights under this Deed of Trust unless Lender does
<br />so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right If Lender
<br />does agree in writing to give up and of Lender's rights, that does not mean Truster will not have to comply with the other provisions
<br />of this Deed of Trust. Truster also understands that If Lender cities consent to a request, that does not mean that Trustor will not
<br />have to get Lender's consent again if the situation happens again. Truster further understands that lust because Lender consents to
<br />one or mode of Thunder requests, that does not mean Lender will be required to consent to any of Trustor's future requests. Trustor
<br />waives presentment, demand for payment, protest, and notice of dishonor. -
<br />Severability. If a court finds that any provision of this Deed of Trust is not valid or should not be enforced, that fact by itself will not
<br />mean that the rest of this Deed of Trust will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this
<br />Deed of Trust even if a provision of this Deed of Trust may be found to be invalid or unenforceable.
<br />Suppeeaora and Aeaigne. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this Deed of Trust
<br />shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes
<br />vested in a person other than Trustot Lender, without notice to Trustor, may deal with Trustor's successors with reference to this
<br />Dead of Trust and the Indebtedness by way of forbearance or extension without releasing Truster from the obligations of this Deed of
<br />Trust or liability under the Indebtedness.
<br />Time is of the Essence. Time Is of the essence In the performance of this Deed of Trust.
<br />Waiver of Homestead Exemption. Truster hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all Indebtedness secured by this Deed of Trust.
<br />DEFINITIONS. The following words shall have the following meanings when used in this Deed of Trust:
<br />BeneBclary. The word "Beneficiary" means State Farm Bank, F.S.B., and its successors and assigns.
<br />Borrower. The word "Borrower' means JEFFREY D. PALU and SUZANNE J. PALO, and all other persons and entities signing the
<br />Credit Agreement.
<br />Credit Agreement. The words "Credit Agreement" mean the credit agreement dated June T, 2002, with credit limit of
<br />$19,900.00 from Trustor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations
<br />of, and substitutions for the promissory note or agreement. The maturity date of this Deed of Trust is June ]. 2009.
<br />Dead of Trust. The words 'Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without
<br />limitation all assignment and security interest provisions relating to the Personal Property and Rents.
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinance.
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, at seq. ("CERCLA "), the Superfund
<br />Amendments and Reauthorization Act of 1986, Pub, L. No. 99 -499 ("SARA"), the Hazardous Materials Transportation Act. 49 U.S.C.
<br />Section 1801, at seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, at seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursuant thereto.
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Deed of Trust in the events of
<br />default section of this Deed of Trust.
<br />Existing Indebtedness. The words "Existing Indebtedness' mean the indebtedness described in the Existing Liens provision of this
<br />Deed of Trust.
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words
<br />"Hazardous Substances" are used In their very broadest sense and include without limitation any and all hazardous or toxic
<br />substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also
<br />includes, without limitation, petroleum and petroleum by- products or any fraction thereof and asbestos.
<br />Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on
<br />the Real Properly, facilities, additions, replacements and other construction on the Real Property.
<br />Indebtedness. The word "Indebtedness " means all principal, interest, and other amounts, casts and expenses payable under the
<br />Credit Agreement or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and
<br />substitutions for the Credit Agreement or Related Documents and any amounts expended or advanced by Lender to discharge
<br />Truster's obligations or expenses incurred by Trustee or Lender to enforce Trustor's obligations under this Deed of Trust together
<br />with interest on such amounts as provided in this Deed of Trust.
<br />Lender. The word "Lender" ass
<br />s State Farm Bank, F.S.B., its successors and assigns. The words "successors or igns" mean
<br />any person or company that acquires any interest in the Credit Agreement.
<br />Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or
<br />hereafter owned by Trustor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and
<br />additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds )including without
<br />limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property.
<br />Property. The word "Property" means collectively the Real Property and the Personal Property.
<br />Real Property. The words "Real Property" mean the real property, interests and rights, as further described in this Deed of Trust
<br />
|