|
DEED OF TRUST
<br />(Continued) 200209907 Page
<br />Illinois, except and only to the extent of procedural matters related to the perfection and enforcement of Lender's rights and
<br />remedies against the Property, which will be governed by the laws of the State of Nebraska. However, if there ever is a question
<br />about whether any provision of this Deed of Trust is valid or enforceable, the provision that is questioned will be governed by
<br />whichever state or federal law would find the provision to be valid and enforceable. The loan transaction which Is evidenced by the
<br />Credit Agreement and this Dead of Trust has been applied for, considered, approved and made, and all necessary loan documents
<br />have been accepted by Lender In the State of Illinois.
<br />Joint and Several Liability. All obligations of Borrower and Truster under this Dead of Trust shall be joint and several, antl all references to
<br />Truster shall mean each and every Truster, and all references to Borrower shall mean each and every Borrower. This means that each
<br />Borrower and 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 Lenders rights under this Deed of Trust unless Lender does so in
<br />writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in
<br />writing to give up one of Lenders rights, that does not mean Truster will not have to comply with the other provisions of this Deed of Trust.
<br />Truster also understands that if Lender does consent to a request, that does hot mean that Trustor will not have to get Lender's consent
<br />again if the situation happens again. Truster further understands that just because Lender consents to one or more of Truster 'a requests,
<br />that does rot mean Lender will be required to consent to any of Trustor's future requests. Truster waives presentment, demand for payment,
<br />protest, and notice of dishonor.
<br />Severeblllty. 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 mean
<br />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 Deetl of Trust
<br />even if a provision of this Dead of Trust may be found to be invalid or unenforceable.
<br />Successors and Assign. Subject to any limitations stated in this Deed of Trust on transfer of Trustor s interest, this Deed of Trust shall be
<br />binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person
<br />other than Trustor, Lender, without notice to Trustor, may deal with Treaters successors with reference to this Deed of Trust and the
<br />Indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of Trust or liability under the
<br />Indebtedness.
<br />Time is of the Essence. Time is of the essence in me performance of this Deed of Trust.
<br />Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
<br />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 />Beneficiary. The word 'Beneficiary" means State Farm Bank, F.S.B., antl its successors and assigns
<br />Borrower. The word "Borrower" means WENDELL M. RING, and all other persons and entities signing the Credit Agreement
<br />Credit Agreement. The words "Credit Agreement' mean the credit agreement dated August 29, 2002, With Credit limit Of $9,000.00
<br />from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for
<br />the promissory note or agreement. The maturity date of this Deed of Trust is August 29, 2009.
<br />Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without limitation all
<br />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 ordinances
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
<br />Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, at seq. ( "CERCLA "), the Superfund Amendments and
<br />Reauthorization Act of 1986, Pub. L. No. 99 -499 ( "SARA "), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, at seq., the
<br />Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, at seq., or other applicable state or federal laws, rules, or regulations
<br />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 default
<br />section of this Deed of Trust.
<br />Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described in the Existing Liens provision of this Deed of
<br />Trust.
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
<br />chemical or intectious characteristics, may cause or pose a present or potential headed to human health or the environment when improperly
<br />used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words 'Hazardous Substances" are
<br />used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by
<br />or listed under the Environmental Laws. The term 'Hazardous Substances" also includes, without limitation, petroleum and petroleum
<br />by- products or any fraction thereof antl asbestos.
<br />Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the
<br />Real Property, facilities, additions, replacements and other construction on the Real Properly.
<br />Indebtedness. The word " Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Credit
<br />Agreement or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the
<br />Credit Agreement or Related Documents and any amounts expended or advanced by Lender to discharge Trustor's obligations or expenses
<br />incurred by Trustee or Lender to enforce Trustor's obligations under this Deed of Trust, together with interest on such amounts as provided
<br />in this Deed of Trust.
<br />Lender. The word "Lender" means State Farm Bank, F.S.B., its successors and assigns. The words "successors or assigns" mean any
<br />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 hereafter
<br />
|