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<br />DEED OF TRUST z
<br />Loan # 805446
<br />This DEED OF TRUST is made as of the 15th day of August, 2003 by and among the
<br />Trustor, Shafer Properties, L L C A Nebraska Limited Liability Company, whose
<br />mailing address for purposes of this Deed of Trust is 819 Diers Ave. N., Ste. 1 (herein,
<br />"Trustor ", whether one or more), the Trustee, Earl D. Ahlschwede. Attorney whose mailing
<br />address is 202 W. 3rd St. Grand Island. NE 68801 (herein "Trustee "), and the Beneficiary,
<br />Equitable Federal Savings Bank of Grand Island, whose mailing address is PO Box 160,
<br />Grand Island NE 68802 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified
<br />herein to Shafer Properties, L.L.C., A Nebraska Limited Liability Companv (herein
<br />"Borrower ", whether one or more), and the trust herein created, the receipt of which is hereby
<br />acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee,
<br />IN TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and
<br />subject to the terms and conditions hereinafter set forth, legally described as follows:
<br />Lot Four (4), Crane Valley 4th Subdivision to the City of Grand Island, Hall County,
<br />Nebraska.
<br />which has the address of 1010 Diers Ave. N. (Street) Grand Island (City), Nebraska 68803
<br />(Zip Code) ( "Property Address ");
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />attached to the improvements so as to constitute a fixture, including, but not limited to,
<br />heating and cooling equipment and together with the homestead or marital interests, if any,
<br />which interests are hereby released and waived, all of which, including replacements and
<br />additions thereto, is hereby declared to be a part of the real estate secured by the lien of this
<br />Deed of Trust and all of the foregoing being referred to herein as the "Property ".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced
<br />by a Promissory Note dated 08 -15 -2003, having a maturity date of 10 -01 -2008, in
<br />the original principal amount of Seven Hundred Thousand and No /100 Dollars
<br />($700,000.00), and any and all modifications, extensions and renewals thereof or thereto and
<br />any and all future advances and readvances to Borrower (or any of them if more than one)
<br />hereunder pursuant to one or more promissory notes or credit arrangements (herein called
<br />"Note "); (b) the payment of other sums advanced by Lender to protect the security of the
<br />Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d)
<br />all present and future indebtedness and obligations of Borrower (or any of them if more than
<br />one) to Lender whether direct, indirect, absolute or contingent and whether arising by note,
<br />guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other
<br />documents that secure the Note or otherwise executed in connection therewith, including
<br />without limitation guarantees, security agreements and assignments of leases and rents, shall
<br />be referred to herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1) Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
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