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<br />DEED OF TRUST
<br />
<br />THIS DEED OF TRUST, is made as of 26th day of Oc to ber 2005 , by
<br />and among Bonnie Lou Lawhorne A single person ("Trustor"), whose mailing address is
<br />339 S. Oak Grand T~lanrl NF. nRR01 Tieor TitlQ Ins. COm$3ny
<br />("Trustee"),whose mailing address is 1d6 W. 11th Street. Suite 1800. Kansas City, Mer 64TOS
<br />
<br />and Louis R. Schipman & Jane A. Schipman Husbanc1 tv Wi fp
<br />whose mailing address is 111101 ~T.J1"'th St. Apt. 2012 Yukon, OK 73Q99
<br />
<br />("Beneficiary")
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<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN TRUST, WITH
<br />POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms and conditions ofthis Deed of Trust,
<br />the real property located in the City of Gr and Is 1 and ' County of
<br />Ha 11 ' State of Nebraska, and legally described as follows (the "Property"):
<br />
<br />Lot 8 Block 7 Koehler Place in the city of Grand Island Hall County,NE
<br />
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys,
<br />improvements and buildings of any kind situated thereon and all personal property that may be or hereafter become an integral .
<br />part of such buildings and improvements, all crops raised thereon, and all water rights. I
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the "Trust Estate". I
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtness in the total principal amount of $ 1 0 95 0 '^ with interest thereon, as evidenced by that
<br />certain promissory note of even date (the"Note") with a maturity dat~ of 1 L / 0 1 /2006 , , I
<br />executed by Trustor, which has been delivered and is payable to the order of Beneficiary, and which by this reference is hereby I !Ii
<br />made a part hereof, and any and all modifications, extensions and renewals thereof, and
<br />b. Payment of all sums adv~nced by Beneficiary to protect the Trust Estate, with interest thereon at the rate of
<br />eight percent ( ~ %) per annum, and
<br />c. The performance of Trustor's covenants and agreements. II
<br />This Deed of Trust, the Note, and any other instrument given to evidence or further secure the payment and I
<br />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 indebtedness
<br />evidenced by the Note, charges, fees and all other sums as provided in the Loan Instruments.
<br />2. TAXES AND ASSESSMENTS. Trustor shall pay all taxes and special assessments of every kind, now or hereafter levied
<br />against the trust estate or any part thereof as follows:
<br />(initial one)
<br />)( Trustor shall directly pay such taxes, without notice or demand as each installment comes due and shall
<br />provide the beneficiary with evidence of the payment of the same.
<br />Trustor shall pay to beneficiary one-twelfth of the real estate taxes each month and such other assessments
<br />as they become due. The one-twelfth payment shall be adjusted annually as the taxes change and trustor agrees that
<br />after payment of the taxes each year that any deficiency will be promptly paid to Beneficiary. Beneficiary agrees
<br />to provide trustor with receipts showing that the real estate taxes have been paid in full and when due.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage insurance insuring the improvements
<br />and buildings constituting part of the Trust Estate for an amount no less than the amount of the unpaid principal balance of the
<br />Note (co-insurance not exceeding 80% permitted). Such insurance policy shall contain a standard mortgage clause in favor of
<br />Beneficiary and shall not be cancellable, terminable or modifiable without ten (10) days prior written notice to Beneficiary.
<br />Trustor shall promptly repair, maintain and replace the Trust Estate or any part thereof so that, except for ordinary wear and
<br />tear, the Trust Estate shall not 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 purporting to
<br />affect the security hereof or the rights or powers of Beneficiary or Trustee, and shall pay all costs and expenses, including cost of
<br />evidence of title and attorney's fees, in any such action or proceeding in which Beneficiary or Trustee may appear. Should Trustor
<br />fail to make any payment or to do any act as and in the manner provided in any of the Loan Instruments, Beneficiary and/or
<br />Trustee, each in its own discretion, without obligation so to do and without notice to or demand upon Trustor and without
<br />releasing Trustor from any obligation, may make or do the same in such manner and to such extent as either may deem
<br />necessary to protect the security hereof. Trustor shall, immediately upon demand therefor by Beneficiary, pay all costs and
<br />expenses 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 expenses not paid
<br />within ten (10) days of written demand shall draw interest at the default rate provided in the Note. I
<br />5. EMINENT DOMAIN. Should the Trust Estate, or any part thereof or interest therein, be taken or damaged by reason of
<br />any pnbU, improv=ent "' 'onde~tion p,oceeding, 0' in ~y ntb.,. mann.,. indnding deed in lion of Conde~tion i
<br />("Condemnation"), or should Trustor receive any notice or other information regarding such proceeding, Trustor shall give prompt I
<br />written notice thereof to Beneficiary. Beneficiary shall be entitled to all compensation, awards and other payments or relief I
<br />therefor, and shall be entitled at its option to commence, appear in and prosecute in its own name any action or proceedings. I
<br />Beneficiary shall also be entitled to make any compromise or settlement in connection 'with such taking or damage. All such i
<br />compensation, awards, damages, rights of action and proceeds awarded to Trustor (the "Proceeds") are hereby assigned to
<br />Beneficiary and Trustor agrees to execute such further assignments of the Proceeds as Beneficiary or Trustee may require. . I
<br />6. FUTURE ADVANCES. Upon request of Trustor, Beneficiary, at Beneficiary's option, prior to reconveyance of the Property II
<br />to Trustor may mak~ future advances to Trustor. Such future advances, with interest thereon, shall be secured by this Deed of .
<br />T'"'t wboa eviden",d by promi,,.,y no"" ,tating that ,aid note, ~ ",em"d hereby. ~ , I
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