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THIS DEED OF TRUST is made this 12th day of August, 2003, by and among JASON J. PHIPPS and SABRINA L. PHIPPS, husband and wife, herein referred to as "Trustor ", whose mailing address is 4180 Indianhead Road, Grand Island, Nebraska 68803; CATHLEEN H. ALLEN, Attorney -at -Law, hereinafter referred to as "Trustee ", whose mailing address is 104 North Wheeler, P.O. Box 790, Grand Island, Nebraska 68802; and LOUANN C. PHIPPS, OR HER SUCCESSOR, TRUSTEE OF THE LOUANN C. PHIPPS REVOCABLE LIVING TRUST DATED OCTOBER 23, 2001, AS AMENDED, hereinafter referred to as "Beneficiary ", whose mailing address is 1809 W. Anna Street, Grand Island, Nebraska 68803. For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of this Deed of Trust, the Trustor's interest in the following- described property located in Hall County, Nebraska, to -wit: Lot Twenty (20), Indianhead Second Subdivision in the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements, fixtures and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits, reversions and the remainders thereof, including all such personal property that is attached to the improvements so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the foregoing shall be hereinafter referred to as the "Property ". FOR THE PURPOSE OF SECURING: (a) the payment of indebtedness evidenced by Trustor's note dated September 1, 2001 in the principal sum of NINETY -TWO THOUSAND AND NO /100 DOLLARS ($92,000.00), together with interest at the rate or rates provided therein, or the principal and interest on any future advance not to exceed the total principal sum initially secured hereby as evidenced by promissory notes stating they are secured hereby, and any and all renewals, modifications and extensions of such notes, both principal and interest on the notes being payable in accordance with the terms set forth therein, which by this reference is hereby made a part hereof, (b) the performance of each agreement and covenant of Trustor herein contained; and (c) the payment of any sum or sums of money which may be hereafter paid or advanced by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the rate provided in the notes. To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows: 1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other sums as provided in the loan instruments. M 2 D T M N G " off_, F.. D � , ° n ry N \ f ! -, m CD o C� o c-3 � V) 7 ` i CP C o LO C/) C0 o C/) z � c DEED OF TRUST THIS DEED OF TRUST is made this 12th day of August, 2003, by and among JASON J. PHIPPS and SABRINA L. PHIPPS, husband and wife, herein referred to as "Trustor ", whose mailing address is 4180 Indianhead Road, Grand Island, Nebraska 68803; CATHLEEN H. ALLEN, Attorney -at -Law, hereinafter referred to as "Trustee ", whose mailing address is 104 North Wheeler, P.O. Box 790, Grand Island, Nebraska 68802; and LOUANN C. PHIPPS, OR HER SUCCESSOR, TRUSTEE OF THE LOUANN C. PHIPPS REVOCABLE LIVING TRUST DATED OCTOBER 23, 2001, AS AMENDED, hereinafter referred to as "Beneficiary ", whose mailing address is 1809 W. Anna Street, Grand Island, Nebraska 68803. For valuable consideration, Trustor irrevocably grants, transfers, conveys and assigns to Trustee, in trust, with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of this Deed of Trust, the Trustor's interest in the following- described property located in Hall County, Nebraska, to -wit: Lot Twenty (20), Indianhead Second Subdivision in the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements, fixtures and appurtenances located thereon or in any way pertaining thereto, and the rents, issues, profits, reversions and the remainders thereof, including all such personal property that is attached to the improvements so as to constitute a fixture, all of which, including replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it being agreed that all of the foregoing shall be hereinafter referred to as the "Property ". FOR THE PURPOSE OF SECURING: (a) the payment of indebtedness evidenced by Trustor's note dated September 1, 2001 in the principal sum of NINETY -TWO THOUSAND AND NO /100 DOLLARS ($92,000.00), together with interest at the rate or rates provided therein, or the principal and interest on any future advance not to exceed the total principal sum initially secured hereby as evidenced by promissory notes stating they are secured hereby, and any and all renewals, modifications and extensions of such notes, both principal and interest on the notes being payable in accordance with the terms set forth therein, which by this reference is hereby made a part hereof, (b) the performance of each agreement and covenant of Trustor herein contained; and (c) the payment of any sum or sums of money which may be hereafter paid or advanced by Beneficiary under the terms of this Deed of Trust, together with interest thereon at the rate provided in the notes. To protect the security of this Deed of Trust, Trustor hereby covenants and agrees as follows: 1. Payment of Indebtedness. To pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other sums as provided in the loan instruments.