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<br />200601791
<br />DEED OF TRUST WITH FUTURE ADVANCES
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<br />This DEED OF TRUST is made this 13TH day of December, 2005, by and among LUTHERAN
<br />HIGH SCHOOL ASSOCIATION OF CENTRAL NEBRASKA, INC., hereinafter referred to as
<br />"Trustors," whether one or more, whose mailing address is 3900 West Husker Highway, Grand Island,
<br />Nebraska 68803, THE STATE BANK OF CAIRO, a Nebraska Banking Corporation, hereinafter referred
<br />to as "Trustee," whose mailing address is Box 428, Cairo, Nebraska 68824; and THE STATE BANK OF
<br />CAIRO, a Nebraska Banking Corporation, hereinafter referred to as "Beneficiary," whose mailing address
<br />is Box 428, Cairo, Nebraska 68824.
<br />For valuable consideration, Trustors irrevocably grant, transfer, convey and assign to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of
<br />this Deed of Trust, the following described real property located in Hall County, Nebraska:
<br />
<br />THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER (SWl/4 SWl/4) OF
<br />SECTION TWENTY-FIVE (25), TOWNSHIP ELELVEN (11) NORTH, RANGE TEN (10),
<br />WEST OF THE 6TH P.M., HALL COUNTY, NEBRASKA EXCEPT THAT TRACT DEEDED
<br />TO THE COUNTY OF HALL, STATE OF NEBRASKA, AS RECORDED IN BOOK 137, AT
<br />PAGE 495 OF THE DEED RECORDS OF HALL COUNTY, NEBRASKA; AND EXCEPT
<br />THAT TRACT DEEDED TO MARVIN LAUTENSCHLAGER AND VIOLET
<br />LAUTENSCHLAGER AS RECORDED IN BOOK 144, AT PAGE 109 OF THE DEED
<br />RECORDS OF HALL COUNTY, NEBRASKA; AND EXCEPT THOSE TRACTS DEEDED
<br />TO WILLIE J. VOGELTANZ AND MILDRED R. VOGELTANZ, HUSBAND AND WIFE AS
<br />RECORDED IN BOOK 168 AT PAGE 117, IN BOOK 171, AT PAGE 215 OF-THE DEED
<br />RECORDS OF HALL COUNTY, NEBRASKA.
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon, and all personal property that may be or hereafter become an integral part of
<br />such buildings and improvements, all crops raised thereon, and all water rights, all of which, including
<br />replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it
<br />being agreed that all ofthe foregoing shall be hereinafter referred to as the "Property."
<br />
<br />FOR THE PURPOSE OF SECURING:
<br />
<br />a. Payment of indebtedness evidenced by Trustors' note of even date herewith in the principal sum of
<br />$550,000.00, together with interest at the rate or rates provided therein, and any and all renewals, modifications
<br />and extensions of such note, both principal and interest on the note being payable in accordance with the terms
<br />set forth therein, which by this reference is hereby made a part hereof; and any and all future advances and
<br />readvances to Trustors hereunder pursuant to one ore more promissory notes or credit agreements (herein called
<br />"Note");
<br />b. the payment of other sums advanced by Beneficiary to protect the security of the Note;
<br />c. the performance of all covenants and agreements of Trustor set forth herein; and
<br />d. all present and future indebtedness and obligations of Trustors to Beneficiary whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise;
<br />
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTORS HEREBY COVENANT AND AGREE:
<br />
<br />1. To pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other sums
<br />as provided in the loan instruments.
<br />2. Trustors are the owners of the property and have the right and authority to execute this Deed of Trust in respect to the property.
<br />3. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent.
<br />Trustors shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
<br />4. To keep the improvements now or hereafter located on the property insured against damage by fire and such other hazards as
<br />the Beneficiary may require, in amounts and companies acceptable to the Beneficiary, Such insurance policy shall contain a standard
<br />mortgage clause in favor of Beneficiary. Trustor shall promptly repair, maintain and replace the property or any part thereof, so that,
<br />except for ordinary wear and tear, the property shall not deteriorate.
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