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<br />WHEN RECORDED MAIL TO: I-U:t lrM./;t'n J-L d
<br />Five Points Bank ~..,
<br />West Branch
<br />2009 N. Diers Ave.
<br />Grand Island. NE 68803
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<br />FOR RECORDER'S USE ONLY
<br />
<br />DEED OF TRUST
<br />
<br />.;( 5-';-0
<br />
<br />THIS DEED OF TRUST is dated February 7, 2006, among JEFFREY L GATES and GLORIA F GATES, whose
<br />
<br />address is 2315 W 15TH ST, GRAND ISLAND, NE 68803-2627 ("Trustor"); Five Points Bank, whose address
<br />
<br />is West Branch, 2009 N. Diers Ave., Grand Island, NE 68803 (referred to below sometimes as "Lender" and
<br />
<br />sometimes as "Beneficiary"); and (referred to below as "Trustee").
<br />
<br />CONVEY ANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust. WITH POWER OF SALE. for the benefit of
<br />Lender as Beneficiary, all of Trustor's 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 relating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in HALL
<br />
<br />County, State of Nebraska:
<br />
<br />Lot Four (4). Block Three (3), in Cunningham Subdivision, an Addition to the City of Grand Island, Hall
<br />
<br />County, Nebraska, and that part of the vacated alley as shown in Ordinance No. 8371 filed April 1, 1998 in
<br />
<br />the Register of Deeds Office as Document No. 98-103011.
<br />
<br />The Real Property or its address is commonly known as
<br />68803-2627.
<br />
<br />2315 W 15TH ST, GRAND ISLAND, NE
<br />
<br />REVOLVING LINE OF CREDIT. This Deed of Trust secures the Indebtedness including, without limitation. a revolving line of credit, which
<br />obligates Lender to make advances to Trustor so long as Trustor complies with all the terms of the Credit Agreement. Such advances may
<br />be made, repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing at anyone time. !lot
<br />including finance charges on such balance at a fixed or variable rate or sum as provided in the Credit Agreement, any temporary overages.
<br />other charges, and any amounts expended or advanced as provided in this paragraph, shall not exceed the Credit Limit as provided in the
<br />C,;;dit Ag;IlB;r.C;.~. :~ is t!'::l intenti,,'1 "f Trustor and Le"der that thi'l Deed of Trust secures the balance outstanding under the Credit
<br />Agreement from time to time from zero up to the Credit Limit as provided in the Credit Agreement and any intermediate balance.
<br />
<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 />
<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 (AI PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF TRUSTOR'S
<br />AGREEMENTS AND OBLIGATIONS UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />
<br />PA YMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor 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 Credit
<br />Agreement, this Deed of Trust, and the Related Documents.
<br />
<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 />
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />
<br />Hazardous Substances. Trustor represents and warrants that the Property never has been, and never will be so long as this Deed of
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