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THIS TRUST DEED made this lst day of August, 2003, between TRI -CITY PROPERTIES, L.L.C., a Nebraska limited liability company, as TRUSTOR, whose address is 3022 Old Potash Hwy., P.O. Box 2600, Grand Island, Nebraska 68802- 2600; JOHN M. CUNNINGHAM, a member of the Nebraska State Bar Association, as TRUSTEE, whose address is P.O. Box 2280, Grand Island, Nebraska 68802 -2280; and WILLIAM R. MOERBE, whose address is P.O. Box 49341, Colorado Springs, Colorado 80919, as BENEFICIARY. C, WITNESSETH: v � O That TRUSTOR hereby grants, bargains, sells, conveys and warrants to TRUSTEE, IN TRUST, his heirs, devisees, personal representatives, successors and assigns, with power of sale, the following- described real property: Lot Five (5) , Block Sixty -One (61), in the Original Town, now City, of Grand Island, Hall County, Nebraska, together with all improvements and appurtenances thereon. The TRUSTOR hereby covenants and agrees with the TRUSTEE and BENEFICIARY that it is lawfully seized and the owner of the above - described property; that it has good right and lawful authority to sell and convey said premises and that said premises are free and clear of all liens and encumbrances, except for a Deed of Trust given by Tri -City Properties, L.L.C., a Nebraska limited liability company, in favor of First Community Bank, recorded July 8, 2003, in the Office of the Register of Deeds of Hall County, Nebraska, as Document No. 20030863, and further, that TRUSTOR will warrant and defend the title to said premises forever against the claims of all persons whomsoever. For the purpose of securing performance of each agreement of TRUSTOR herein contained and the payment of FIFTY THOUSAND DOLLARS ($50,000.00), the TRUSTOR has executed a Trust Deed Note bearing even date, at the rate of interest and on the terms and conditions as set forth in such Trust Deed Note until paid. The principal sum and interest saall be payable in accordance with and upon the terms and conditions of said Trust Deed Note of even date, and in any event the entire principal balance due hereunder and any accrued interest shalt be paid on September 1, 2004. All payments due hereunder shall be paid at the address of the BENEFICIARY as above described, or at such other place as such BENEFICIARY or the holders of said security shall designate in writing. All installment payments hereunder shall be applied first to the payment of interest on the unpaid balance, pursuant to the Amortization Schedule, a copy of which has been provided to each of the parties hereto, and the remainder of each payment of such installment to be applied on principal. It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and until filing of Notice of Default, the TRUSTOR shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties in writing. B. Maintain the residence and any other improvements located on the real property in good condition and repair. C. Pay all general and special taxes and all special assessments of every kind levied or assessed against or due upon said property before delinquency, and to deliver to BENEFICIARY copies of receipts showing payment of such taxes each year. -_ - ,' L -reek insurance on said improvements, 7. i'. ii��__ _. cam in sums and underwritten by companies acceptable to the t3ENE1-ICIARY, in an amount at least equal to the property's full insurable value, which policies shall name the BENEFICIARY as additional insured, with the proceeds payable to the parties as their interests may appear hereunder. TRUSTOR agrees to provide BENEFICIARY with copies of such policies or certificates of insurance during the term of this indebtedness, which policies of insurance may not be cancelled by said carrier without fifteen (15) days written notice to BENEFICIARY. -1- n n o n Z M cn �`' _ _y o c_ l; ry CD M CL 1� rn � 0 U, C 4 Cb C_ j -� Cf� Cn -' z DEED OF TRUST 0 THIS TRUST DEED made this lst day of August, 2003, between TRI -CITY PROPERTIES, L.L.C., a Nebraska limited liability company, as TRUSTOR, whose address is 3022 Old Potash Hwy., P.O. Box 2600, Grand Island, Nebraska 68802- 2600; JOHN M. CUNNINGHAM, a member of the Nebraska State Bar Association, as TRUSTEE, whose address is P.O. Box 2280, Grand Island, Nebraska 68802 -2280; and WILLIAM R. MOERBE, whose address is P.O. Box 49341, Colorado Springs, Colorado 80919, as BENEFICIARY. C, WITNESSETH: v � O That TRUSTOR hereby grants, bargains, sells, conveys and warrants to TRUSTEE, IN TRUST, his heirs, devisees, personal representatives, successors and assigns, with power of sale, the following- described real property: Lot Five (5) , Block Sixty -One (61), in the Original Town, now City, of Grand Island, Hall County, Nebraska, together with all improvements and appurtenances thereon. The TRUSTOR hereby covenants and agrees with the TRUSTEE and BENEFICIARY that it is lawfully seized and the owner of the above - described property; that it has good right and lawful authority to sell and convey said premises and that said premises are free and clear of all liens and encumbrances, except for a Deed of Trust given by Tri -City Properties, L.L.C., a Nebraska limited liability company, in favor of First Community Bank, recorded July 8, 2003, in the Office of the Register of Deeds of Hall County, Nebraska, as Document No. 20030863, and further, that TRUSTOR will warrant and defend the title to said premises forever against the claims of all persons whomsoever. For the purpose of securing performance of each agreement of TRUSTOR herein contained and the payment of FIFTY THOUSAND DOLLARS ($50,000.00), the TRUSTOR has executed a Trust Deed Note bearing even date, at the rate of interest and on the terms and conditions as set forth in such Trust Deed Note until paid. The principal sum and interest saall be payable in accordance with and upon the terms and conditions of said Trust Deed Note of even date, and in any event the entire principal balance due hereunder and any accrued interest shalt be paid on September 1, 2004. All payments due hereunder shall be paid at the address of the BENEFICIARY as above described, or at such other place as such BENEFICIARY or the holders of said security shall designate in writing. All installment payments hereunder shall be applied first to the payment of interest on the unpaid balance, pursuant to the Amortization Schedule, a copy of which has been provided to each of the parties hereto, and the remainder of each payment of such installment to be applied on principal. It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and until filing of Notice of Default, the TRUSTOR shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties in writing. B. Maintain the residence and any other improvements located on the real property in good condition and repair. C. Pay all general and special taxes and all special assessments of every kind levied or assessed against or due upon said property before delinquency, and to deliver to BENEFICIARY copies of receipts showing payment of such taxes each year. -_ - ,' L -reek insurance on said improvements, 7. i'. ii��__ _. cam in sums and underwritten by companies acceptable to the t3ENE1-ICIARY, in an amount at least equal to the property's full insurable value, which policies shall name the BENEFICIARY as additional insured, with the proceeds payable to the parties as their interests may appear hereunder. TRUSTOR agrees to provide BENEFICIARY with copies of such policies or certificates of insurance during the term of this indebtedness, which policies of insurance may not be cancelled by said carrier without fifteen (15) days written notice to BENEFICIARY. -1-