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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Diers Avenue Branch
<br />PO Box 160
<br />Grand Island, NE 68802.0160
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />DEED OF TRUST
<br />
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<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $50,000.00.
<br />
<br />THIS DEED OF TRUST is dated 05/12/2006, among DAVID R TAYLOR, and DAWN M TAYLOR, HUSBAND
<br />AND WIFE, ("Trustor"); Equitable Bank, whose address is Diers Avenue Branch, PO Box 160, Grand Island, NE
<br />68802-0160 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Equitable Bank
<br />(Grand Island Region), whose address is 113-115 N Locust St; PO Box 160, Grand Island, NE 68802-0160
<br />(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 />LOT EIGHT (8). IN BLOCK ONE (1), PONDEROSA LAKE ESTATES SUBDIVISION, IN THE CITY OF GRAND
<br />
<br />ISLAND, HALL COUNTY, NEBRASKA.
<br />
<br />The Real Property or its address is commonly known as #55 PONDEROSA DR, GRAND ISLAND, NE
<br />68803-9673.
<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. not
<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 e)(pended or advanced as provided in either the Indebtedness paragraph or this paragraph. shall not
<br />exceed the Credit Limit as provided in the Credit Agreement. It is the intention of Trustor and lender that this Deed of Trust secures the
<br />balance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provided in the Credit Agreement
<br />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 (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF TRUSTOR'S
<br />AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS. AND THIS DEED OF TRUST. THIS
<br />DEED OF TRUST IS GIVEN AND ACCEPTED ON THE 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 hy
<br />this Deed of Trust as they hecome 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 />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 hy lender in writing. (a) any breach or violation of ilny
<br />Environmental laws, (b) any use, generation. manufacture, storage, treatment, disposal, releAse or threatened release of Any
<br />Ha7flrdous 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 hy 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 authori7es 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 liAhle for
<br />cleanup or other costs under any such lilWS; and (2) agrees to indemnify and hold harmless lender against any and all claims, losses,
<br />liahilities, damages, penalties, and expenSAs which Lender may directly or indirectly sustain or suffer resulting from a hreach of this
<br />section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or threAtened release
<br />occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have heen known to Trustor.
<br />The provisions of this section of the Deed of Trust, including the obligation to indAmnify, shall survive the payment of the
<br />Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not he Affected by lender's acquisition
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