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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Diers Avenue Branch
<br />PO BOI< 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 />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $20.085.50.
<br />
<br />THIS DEED OF TRUST is dated August 8, 2006. among EDWARD A FARRElL and LORRAINE D FARRElL.
<br />HUSBAND AND WIFE ("Trustor"); Equitable Bank. whose address is Diers Avenue Branch. PO Box 160. Grand
<br />
<br />Island. NE 68802-0160 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and
<br />Equitable Bank (Grand Island Region), whose address is 113-115 N Locust St; PO Box 160. Grand Island. NE
<br />68802-0160 (referred to below as "Trustee").
<br />
<br />CONVEY ANCE 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 el<isting 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 relatin!} to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in HALL
<br />County. State of Nebraska:
<br />
<br />LOT TEN (10). BLOCK EIGHTY NINE (89). WHEELER AND BENNETT'S FOURTH ADDITION TO THE CITY
<br />OF GRAND ISLAND. HALL COUNTY. NEBRASKA
<br />
<br />The Real Property or its address is commonly known as 122 E 16TH ST. GRAND ISLAND. NE 6880..
<br />
<br />FUTURE ADVANCES. In addition to thp. Note, this Deed of Trust secures all future advances made by lender to Trustor whether or not HIp.
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts
<br />specified in the Note, all future amounts lender in its discretion may loan to Trustor, together with all interest thereon.
<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 (AI PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE. THE RELATED DOCUMENTS. AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />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 by
<br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this
<br />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 bp.en no USfl, gflnmation, manufacture, storage, tmatment, 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 by Lender in writing, (a) any breach or violation of any
<br />Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous 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 by 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 thfl Propmty;
<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 authorizes lender and its agents to entp.r upon tllf! Property
<br />to make such inspections and tests, at Trustor's expense, as lender may deem appropriate to determine compliancfl of the Property
<br />with this sp.ction of thfl Deed of Trust. Any inspections or tests made by lender shall be for lendflr's purpOSflS only and shall not be
<br />construed to create any responsibility or liability on the part of Lender to Trustor or to any other pnrson. 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 futurfl claims against lender for indemnity or contribution in the eVflnt Trustor becomes liable for
<br />cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless lendm against any and all
<br />claims, lossfls, liabilitifls, damages, penalties, and expenses which lender may directly or indimctly sustain or suffer resulting from a
<br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or
<br />threatflnfld release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should havfl
<br />been known to Trustor. The provisions of this section of the Deed of Trust, including the obligation to indemnify and defend, sllall
<br />survive the payment of the Indebtedness and the satisfaction and reconveyance of the lifln of this Deed of Trust and shall not be
<br />affected by lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
<br />
<br />Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on
<br />or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to
<br />any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products
<br />without Lender's prior written consent.
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