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<br />
<br />DEED OF TRUST
<br />
<br />THIS TRUST DEED made this 21st day of February, 2006, between JOHN D.
<br />WILLOUGHBY and JOYCE M. WILLOUGHBY, Husband and Wife, as TRUSTOR(S), whose
<br />address is 15499 West Cedarview, Wood River, Nebraska 68883; WILLIAM A. FRANCIS, A
<br />Member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 North Cedar
<br />Street, P. O. Box 2280, Grand Island, Nebraska, 68802; and IVAN L. BILSLEND and MARY S.
<br />BILSLEND, Husband and Wife, as joint owners with rights of survivorship of 15960 West Holling
<br />Road, Wood River, Nebraska 68883, all hereinafter collectively referred to as BENEFICIARIES.
<br />
<br />WITNESSETH:
<br />
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE, IN
<br />TRUST, his successors and assigns, with power of sale, the following-described real property:
<br />
<br />The South Half of the Northwest Quarter (S1/2 NW1/4) of Section Three (3),
<br />Township Nine (9) North, Range Twelve (12), West of the 6th P.M. in Hall County,
<br />Nebraska,
<br />
<br />together with all irrigation equipment, supplies, improvements and appurtenances thereon.
<br />
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARIES
<br />that TRUSTORS are lawfully seized and the owners of the above-described property; that they have
<br />good right and lawful authority to sell and convey said premises and that said premises are free and
<br />clear of all liens and encumbrances, and further, that TRUSTORS will warrant and defend the title
<br />to said premises forever against the claims of all persons whomsoever.
<br />
<br />F or the purpose of securing performance of each covenant of this agreement together with a
<br />payment of TWO HUNDRED SEVENTY-TWO THOUSAND DOLLARS ($272,000.00), the
<br />TRUSTORS have executed a Promissory Note bearing even date, at the rate of interest and on the
<br />terms and conditions as set forth in such Note until paid. The principal sum and interest shall be
<br />payable in accordance with and upon the terms and conditions of said Note of even date, and in any
<br />event the entire principal balance due hereunder and any accrued interest shall be paid on or before
<br />January 3, 2013. All installment payments hereunder shall be applied first to the payment of
<br />interest computed annually on the wlpaid balance, pursuant to an amortization schedule, a copy of
<br />which has been provided to each of the parties hereto, and remainder of each payment of each
<br />installment to be applied to principal. All payments due hereunder shall be paid at the residence of
<br />the BENEFICIARIES or the holder of said security shall designate in writing.
<br />
<br />It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and
<br />until filing of Notice of Default, the TRUSTORS shall:
<br />
<br />A. Retain possession of the property at all times, except as may be otherwise agreed by the
<br />parties in writing.
<br />
<br />B. Maintain the building and its improvements and all personal property sold under the parties'
<br />Contract for Sale of Real Estate, in good condition and repair.
<br />
<br />C. Pay all general and special taxes and all special assessments of every kind levied or assessed
<br />against or due upon said property before delinquency, and to deliver to BENEFICIARIES
<br />copies ofreceipts showing payment of such taxes.
<br />
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