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200314222
<br />NEBRASKA
<br />SECOND DEED OF TRUST
<br />(HBA LOAN)
<br />This Second Deed of Trust (this "Second Deed of Trust'), is made as of October 27th 2003 , by and
<br />among Jeff A Gay and Shannon B Gay, husband and wife ( "Trustor "),
<br />whose mailing address is 523 W Louise St Grand Island, NE 68801
<br />Commercial Federal Bank, a Federal Savings Bank ( "Trustee "),
<br />whose mailing address is 450 Regency Parkway, 2W Omaha, NE 68114
<br />Nebraska; and Nebraska Investment Finance Authority ('Beneficiary"), whose mailing address is 200 Commerce Court, 1230 O
<br />Street, Lincoln, Nebraska 68508 -1402.
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER
<br />OF SALE, for the benefit and security of Beneficiary under and subject to the terms and conditions of this Second Deed of Trust, the
<br />real property, legally described on Exhibit A attached hereto and incorporated herein by reference (the "Property "); and
<br />TOGETHER WITH, all rents, profits, royalties, income and other benefits derived from the Property [collectively, the 'rents" ], all
<br />leases or subleases covering the Property or any portion thereof now or hereafter existing or entered into, and all right, title and
<br />interest of Trustor thereunder, all right, title and interest of Trustor in and to any greater estate in the Property owned or hereafter
<br />acquired, all interests, estate or other claims, both in law and in equity, which Trustor now has or may hereafter acquire in the
<br />Property, all easements, rights -of -way, tenements, herediaments and appurtenances thereof and thereto, all water rights, all right, title
<br />and interest of Trustor, now owned hereafter acquired, in and to any land, lying within the right -of -way of any street or highway
<br />adjoining the Property, and any and all alleys and strips and gores of land adjacent to or used in connection with Property, and any
<br />and all buildings, fixtures and improvements now or hereafter erected thereon (the 'Improvements "), and all the estate, interest, right,
<br />title or any claim or demand which Trustor now has or may hereafter acquire in the Property, and any and all awards made for the
<br />taking by eminent domain, or by any proceeding or purchase in lieu thereof, of the whole or any part of the Trust Estate, including
<br />without limitation any awards resulting from a change of grade of streets and awards for severance damages.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the "Trust Estate ".
<br />For the Purpose of Securing:
<br />A. Payment of indebtedness evidenced by any promissory note of Trustor in favor of Beneficiary; and
<br />B. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon at the rate of sixteen percent (16 %)
<br />per annum.
<br />The Indebtedness described in paragraphs A and E above is referred to as the 'Indebtedness."
<br />This Second Deed of Trust, any promissory note of Trustor in favor of Beneficiary and any other instrument given to evidence or
<br />further secure the payment and performances of any obligation secured hereby are referred to collectively as the "Loan Instruments ".
<br />Trustor covenants that (i) Trustor holds title to the Trust Estate and has lawful authority to encumber the Trust Estate, (ii) the
<br />Trust Estate is free and clear of all liens and encumbrances except for easements, restrictions and covenants of record and the Deed
<br />of Trust from Trustor encumbering the Property dated on or about the date hereof (the "First Deed of Trust'), and (iii) Trustor will
<br />defend the Trust Estate against the lawful claims of any person.
<br />Page 1 of 5 NIFA 3/96
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