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DEED OF TRUST
<br />THIS DEED OF TRUST is dated December 11, 2003, among Shafer Properties LLC, whose address is 1004 N 7�
<br />Diets Ave., Suite #300, Grand Island, NE 68803; a Nebraska Limited Liability Company ( "Truster "); Geneva
<br />State Bank, whose address is Kearney Branch, 3720 2nd Ave., Kearney, NE 68847 (referred to below
<br />sometimes as "Lander" and sometimes as "Beneficiary "); and GENEVA STATE BANK, whose address is P.O.
<br />Box 313, Geneva, NE 68361 (referred to below as "Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Truster conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lander as Beneficiary, all of Lester 'a right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits Ielating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property) DCated In Hall
<br />County, State of Nebraska:
<br />Lot Ten (10). Block Ten (10) in Baker's Addition to the City of Grand Island, Hall County, Nebraska.
<br />EXCEPTING a certain tract of land therefrom as recorded in report of appraisers filed In the Register of
<br />Deeds Office as Document No. 84- 006601
<br />The Real Property or Its address is commonly known as 2204 West 2nd St. Grand Island. NE 68801.
<br />CROSS- COLLATERALRATION. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest
<br />thereon, of Trustor to Lender, or any one or more of them, as well as all claims by Lender against Truster or any one or more of them,
<br />whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise,
<br />whether due or not do., direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquelated whether Trustor
<br />,he, be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether
<br />recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay
<br />such amounts may be or hereafter may become otherwise unenforceable.
<br />Trustor presently assigns to Lender (also known as Beneficiary In this Deed of Trust) all of Trustor's right, title, and interest in and to all
<br />present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial
<br />Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND IB) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust Truster shall pay to Lender all amounts secured by
<br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this
<br />Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be
<br />governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (11 remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and (3) collect the Pens from the Property.
<br />Duty to Maintain. Truster shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />Hazardous Substances. Trustor represents and warrants that the Property never has been, and never will be so long as this Dead of
<br />Trust remains a lien on the Property, used for the generation, manufacture, storage, treatment, disposal, release or threatened release
<br />of any Hazardous Substance in violation of any Environmental Laws. Trustor authorizes Lender and its agents to enter upon the
<br />Property TO make such inspections and tests as Lender may deem appropriate to determine compliance of the Property with this
<br />section of the Deed of Trust. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution
<br />in the event Trustor becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify and hold harmless
<br />Lender against any and all claims and losses resulting from a breach of this paragraph of the Dead of Trust. This obligation to
<br />indemnify shall survive the payment of the Indebtedness and the satisfaction of this Deed of Trust.
<br />DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
<br />Deed of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the
<br />Real Property. A 'sale or transfer' means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal,
<br />beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract
<br />for decd, leasehold Interest with a term greater than three 13) years, lease option contract, or by sale, assignment, or transfer of any
<br />beneficial muntst in or to any land trust holding title to the Real Property, or by any ether method of conveyance of an interest in the net
<br />Property. If any Trustor is a corporation, partnership or limited liability company, transfer also includes any change in ownership of more
<br />than twenty -five percent (25 %) of the voting stuck, partnership interests or limited liability company interests, as the case may be, of such
<br />Trustor. However, this option shall not be exercised by Lander if such exercise is prohibited by federal law or by Nebraska law.
<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Dead of Trust:
<br />Payment. Trustor shall pay when due (and In all events prior to delinquency) all taxes, special taxes, assessments, charges (including
<br />water and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done
<br />on or for services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority
<br />over or equal to the interest of Lender under this Deed Of Trust, except for the lion of taxes and assessments not due and except as
<br />otherwise provided in this Deed of Trust.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Dead of Trust.
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<br />WHEN RECORDED MAIL TO:
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<br />Geneva State Bank
<br />Kearney Branch
<br />3720 2nd Ave.
<br />........ NE 68847
<br />FOR RECORDER'S USE
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<br />DEED OF TRUST
<br />THIS DEED OF TRUST is dated December 11, 2003, among Shafer Properties LLC, whose address is 1004 N 7�
<br />Diets Ave., Suite #300, Grand Island, NE 68803; a Nebraska Limited Liability Company ( "Truster "); Geneva
<br />State Bank, whose address is Kearney Branch, 3720 2nd Ave., Kearney, NE 68847 (referred to below
<br />sometimes as "Lander" and sometimes as "Beneficiary "); and GENEVA STATE BANK, whose address is P.O.
<br />Box 313, Geneva, NE 68361 (referred to below as "Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Truster conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lander as Beneficiary, all of Lester 'a right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits Ielating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property) DCated In Hall
<br />County, State of Nebraska:
<br />Lot Ten (10). Block Ten (10) in Baker's Addition to the City of Grand Island, Hall County, Nebraska.
<br />EXCEPTING a certain tract of land therefrom as recorded in report of appraisers filed In the Register of
<br />Deeds Office as Document No. 84- 006601
<br />The Real Property or Its address is commonly known as 2204 West 2nd St. Grand Island. NE 68801.
<br />CROSS- COLLATERALRATION. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest
<br />thereon, of Trustor to Lender, or any one or more of them, as well as all claims by Lender against Truster or any one or more of them,
<br />whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise,
<br />whether due or not do., direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquelated whether Trustor
<br />,he, be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether
<br />recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay
<br />such amounts may be or hereafter may become otherwise unenforceable.
<br />Trustor presently assigns to Lender (also known as Beneficiary In this Deed of Trust) all of Trustor's right, title, and interest in and to all
<br />present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial
<br />Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND IB) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust Truster shall pay to Lender all amounts secured by
<br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this
<br />Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be
<br />governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (11 remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and (3) collect the Pens from the Property.
<br />Duty to Maintain. Truster shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />Hazardous Substances. Trustor represents and warrants that the Property never has been, and never will be so long as this Dead of
<br />Trust remains a lien on the Property, used for the generation, manufacture, storage, treatment, disposal, release or threatened release
<br />of any Hazardous Substance in violation of any Environmental Laws. Trustor authorizes Lender and its agents to enter upon the
<br />Property TO make such inspections and tests as Lender may deem appropriate to determine compliance of the Property with this
<br />section of the Deed of Trust. Trustor hereby (1) releases and waives any future claims against Lender for indemnity or contribution
<br />in the event Trustor becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify and hold harmless
<br />Lender against any and all claims and losses resulting from a breach of this paragraph of the Dead of Trust. This obligation to
<br />indemnify shall survive the payment of the Indebtedness and the satisfaction of this Deed of Trust.
<br />DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this
<br />Deed of Trust upon the sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the
<br />Real Property. A 'sale or transfer' means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal,
<br />beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract
<br />for decd, leasehold Interest with a term greater than three 13) years, lease option contract, or by sale, assignment, or transfer of any
<br />beneficial muntst in or to any land trust holding title to the Real Property, or by any ether method of conveyance of an interest in the net
<br />Property. If any Trustor is a corporation, partnership or limited liability company, transfer also includes any change in ownership of more
<br />than twenty -five percent (25 %) of the voting stuck, partnership interests or limited liability company interests, as the case may be, of such
<br />Trustor. However, this option shall not be exercised by Lander if such exercise is prohibited by federal law or by Nebraska law.
<br />TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Dead of Trust:
<br />Payment. Trustor shall pay when due (and In all events prior to delinquency) all taxes, special taxes, assessments, charges (including
<br />water and sewer), fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done
<br />on or for services rendered or material furnished to the Property. Trustor shall maintain the Property free of all liens having priority
<br />over or equal to the interest of Lender under this Deed Of Trust, except for the lion of taxes and assessments not due and except as
<br />otherwise provided in this Deed of Trust.
<br />PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Dead of Trust.
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