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<br />
<br />DEED OF TRUST
<br />
<br />This DEED OF TRUST is made as of the 11th day of August, 2006 by and among the Trustor, Steven P.
<br />Schafer and Ramona R. Schafer, Husband and Wife and James P. Schafer, a single person, whose mailing address
<br />for purposes of this Deed of Trust is 11080 South Blaine, Doniphan, Nebraska 68832 (herein, "Trustor", whether
<br />one or more), the Trustee, AREND R. BAACK, Attorney at Law, a member oHhe Nebraska State Bar Association,
<br />whose mailing address is P.O. Box 790, Grand Island,NE 68802-0790 (herein "Trustee"), and the Beneficiary,
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O.
<br />Box 1009, Grand Island, NE 68802-1009 (herein "Lender").
<br />
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Steven
<br />P. Schafer, Ramona R. Schafer and James P. Schafer (herein "Borrower", whether one or more), and the trust herein
<br />created, the receipt of which is hereby acknowledged, Trustor hereby irrevocable grants, transfers, conveys and
<br />assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of the Lender, under and sub-
<br />ject to the terms and conditions hereinafter set forth, legally described as follows:
<br />
<br />THE EAST HALF OF THE NORTHEAST QUARTER (EI/2NEI/4) OF SECTION EIGHT (8),
<br />IN TOWNSHIP NINE (9) NORTH, RANGE NINE (9) WEST OF THE 6TH P.M., HALL
<br />COUNTY, NEBRASKA, EXCEPTING A TRACT MORE PARTICULARLY DESCRIBED IN
<br />DEED RECORDED IN BOOK 77, PAGE 255 AND EXCEPTING LOTS ONE (1) AND TWO
<br />(2), SCHAFER SUBDIVISION, HALL COUNTY, NEBRASKA;
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property".
<br />
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by two
<br />Universal Notes dated August II, 2006, having a maturity date of October 10, 2036, in the original principal amount
<br />of One Hundred Thirty Five Thousand and 001 I 00 Dollars ($135,000.00), and any and all modifications, extensions
<br />and renewals thereof or thereto and any and all future advances and re-advances to Borrower (or any of them if more
<br />than one) hcreunder pursuant to one or more promissory notes or credit agreements (herein called "Note"); (b) the
<br />payment of other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants
<br />and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower
<br />(or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by
<br />note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the
<br />Note or otherwise executed in connection therewith, including without limitation guarantees, security agreements and
<br />assignments ofleases and rents, shall be referred to herein as the "Loan Instruments".
<br />
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />
<br />I. 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 Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />
<br />3. Taxes, Assessments. To pay before delinquent all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the term
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lcnder as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
<br />
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