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<br />DEED OF TRUST
<br />
<br />This DEED OF TRUST is made as of the 31 st day of March, 2006 by and among the
<br />Trustor, TOUKAN PROPERTIES, L.L.C., a Nebraska limited liability company, whose mailing
<br />address for purposes of this Deed of Trust is 1808 South Locust Street, Grand Island, NE 68801
<br />(herein, "Trustor", whether one or more), the Trustee, AREND R. BAACK, Attorney at Law,
<br />whose mailing address is P.O. Box 790, Grand Island,NE 68802-0790 (herein "Trustee"), and
<br />the Beneficiary, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND
<br />ISLAND, whosemailingaddressisP.O.Boxl009.Grandlsland.NE 68802-1009 (herein
<br />"Lender").
<br />
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified
<br />herein to TOUKAN PROPERTIES, L.L.C., a Nebraska limited liability company (herein
<br />"Borrower", whether one or more), and the trust herein created, the receipt of which is hereby
<br />acknowledged, Trustor hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of the Lender, under and subject
<br />to the terms and conditions hereinafter set forth, legally described as follows:
<br />
<br />Lots One (1) and Two (2), Toukan Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska, more particularly described in Special Warranty Deed
<br />recorded as Document No. 99-100058, excepting a tract of land more particularly
<br />described in Quitclaim Deed recorded as Document No. 95-107095;
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />attached to the improvements so as to constitute a fixture, including, but not limited to, heating
<br />and cooling equipment and together with the homestead or marital interests, if any, which
<br />interests are hereby released and waived, all of which, including replacements and additions
<br />thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust
<br />and all of the foregoing being referred to herein as the "Property".
<br />
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest
<br />evidenced by a Promissory Note dated of even date herewith having a maturity date of April 5,
<br />2013, in the original principal amount of Three Million Five Hundred Thousand and No/IOO
<br />Dollars ($3,500,000.00), and any and all modifications, extensions and renewals thereof or
<br />thereto and any and all future advances and re-advances to Borrower (or any of them if more
<br />than one) hereunder pursuant to one or more promissory notes or credit agreements (herein
<br />called "Note"); (b) the payment of other sums advanced by Lender to protect the security of the
<br />N ote; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all
<br />present and future indebtedness and obligations of Borrower (or any of them if more than one) to
<br />Lender whether direct, indirect, absolute or contingent and whether arising by note, guaranty,
<br />overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure
<br />the Note or otherwise executed in connection therewith, including without limitation guarantees,
<br />security agreements and assignments of leases and rents, shall be referred to herein as the "Loan
<br />Instruments" .
<br />
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the
<br />Property and warrants that the lien created hereby is a first and prior lien on the Property and the
<br />execution and delivery of the Deed of Trust does not violate any contract or other obligation to
<br />which Trustor is subject.
<br />
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