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<br />;0 <br />m <br />"" <br />c: <br />Z <br />o <br />~ <br /> <br />() Cl <br />:r ); <br />m (/ <br />() r-v <br />?'- I oj":;:;;:' n (j) ~~ <br /> c= <br /> ..........., <::r.1 0 -~ <br /> I c )> <br />, , ....-, ...., Z -j <br /> I ~.~ ~ -j fT1 C)~ <br /> CD <br />~ -< 0 <br /> O~ f---'o 0 .,., C) <br />() ..., 0') ..,., Z O')~ <br />0 0 t I rTl <br /> rr1 :n J> OJ a3' <br /> rr1 ::3 r :xl ~i <br /> 0 r J> <br /> en ....... (j) <br /> f---'o ;:><: <br /> J> <br /> W -- <br /> 0> (j) a...... <br /> U1 ~ <br />200601370 <br /> FOR RECORDER'S USE ONLY <br /> <br />nn <br />~)> <br />ncn <br />~:r <br /> <br />N <br />S <br />S <br />CJ) <br />IS <br />...... <br />eN <br />---J <br />IS <br /> <br />WHEN RECORDED MAil TO: Q.o....,* L--wv-- <br />The Stllte Blink of Lebo <br />PO BOX 46 <br />Lebo, KS 66856 <br /> <br />DEED OF TRUST <br /> <br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $1,000,000.00. <br /> <br />THIS DEED OF TRUST is dated February 10, 2006, among SHAFER PROPERTIES, 1.1.C., whose address is <br /> <br />920 DIERS AVENUE, GRAND ISLAND, NE 68803; A NEBRASKA LIMITED LIABILITY COMPANY ("Trustor"); <br /> <br />The State Bank of lebo, whose address is PO BOX 46, lebo, KS 66856 (referred to below sometimes as <br /> <br />"lender" and sometimes as "Beneficiary"); and THE STATE BANK OF lEBO, whose address is PO BOX 46, <br /> <br />lEBO, KS 66856 (referred to below as "Trustee"). <br /> <br />CONVEYANCE 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 />lOTS TWO (2), THREE (3).FOUR (4), fiVE (5), SIX (6). SEVEN (7), EIGHT(8) AND NINE (9) SANTA ANITA <br /> <br />ESTATES SUBDIVISION, IN THE CITY OF GRAND ISLAND, HAll COUNTY, NEBRASKA <br /> <br />The Real Property or its address is commonly known as 203,204,209,210,215,216,221 & 222 SARATOGA <br /> <br />CIRCLE, GRAND ISLAND, NE 68801. <br /> <br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by lender to Trustor whether or not the <br />advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts <br />specified in the Note, all future amounts lender in its discretion may loan to Borrower, together with all interest thereon. <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 (S) PERFORMANCE OF ANY AND ALL OBLIGATIONS <br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE <br />FOLLOWING TERMS: <br /> <br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and <br />not at the request of lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the <br />Property; (c) the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other instrument <br />binding upon Trustor and do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has <br />established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e) <br />lender has made no representation to Trustor about Borrower (including without limitation the creditworthiness of Borrower). <br /> <br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other <br />law which may prevent lender from bringing any action against Trustor, including a claim for deficiency to the extent lender is otherwise <br />entitled to a claim for deficiency, before or after lender's commencement or completion of any foreclosure action, either judicially or by <br />exercise of a power of sale. <br /> <br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to lender all Indebtedness <br />secured by this Deed of Trust as it becomes due, and Borrower and Trustor shall strictly perform all their respective obligations under the <br />Note, this Deed of Trust, and the Related Documents. <br /> <br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of <br />the Property shall be 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 thtl Rents from the Propeny. <br /> <br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and <br />maintenance necessary to preserve its value. <br /> <br />Compliance With Environmental Laws. Trustor represents and warrants to lender that: (1) During the period of Trustor's ownership <br />of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any <br />Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe <br />that there has been, except as previously disclosed to and acknowledged by lender in writing, (a) any breach or violation of any <br />Environmental laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any <br />Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or <br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and <br />acknowledged by Lender in writing, (a) neither Trustor nor any tenant, contractor, agent or other authorized user of the Property <br />shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on. under, about or from the Property; <br />and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and <br />ordinances, including without limitation all Environmental laws. Trustor authorizes lender and its agents to enter upon the Property <br />to make such inspections and tests, at Trustor's expense, as lender may deem appropriate to determine compliance of the Property <br />with this section of the Deed of Trust. Any inspections or tests made by lender shall be for lender's purposes only and shall not be <br />construed to create any responsibility or liability on the part of lender to Trustor or to any other person. The representations and <br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor <br />hereby (1) releases and waives any future claims against lender for indemnity or contribution in the event Trustor becomes liable for <br />cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses. <br />