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<br />
<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Diers A venue Branch
<br />PO Box 160
<br />Grand Island, NE 68802-0160
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />'10.50
<br />
<br />DEED OF TRUST
<br />
<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 August 28, 2006, among FREDRIC J LEE and BARBARA E LEE, HUSBAND
<br />
<br />AND WIFE, ("Trustor"); Equitable Bank, whose address is Diers Avenue Branch, PO Box 160, Grand Island, NE
<br />
<br />68802-0160 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Equitable Bank
<br />
<br />(Grand Island Region), whose address is 113-115 N Locust St; PO Box 160, Grand Island, NE 68802-0160
<br />
<br />(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, 1lnd 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 appurten:mces; all water, wClter
<br />rights and ditch rights (including stock in utilities with ditch or irrigCltion rights); and all other rights, royalties, Clnd profits relating to the real
<br />property, inclurling without limitation all minemls, oil, gas, geothermal and similar matters, (the "Real Property") located in HALL
<br />County, State of Nebraska:
<br />
<br />SEE A TT ACHED EXHIBIT "A".
<br />
<br />The Real Property or its address is commonly known as 8218 N US HWY 281, GRAND ISLAND, NE 68803.
<br />
<br />REVOL VING 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 expended 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, Clnd interest in and to ClII
<br />present anrl 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 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 />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all 1lmounts secured by
<br />this Deed of Trust as they become due, anrl shall strictly and in a timely manner perform all of Trustor's obligations undm the Credit
<br />Agreement, this Deed of Trust, and the Related Documents.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees thClt 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; Clnd (3) collect thp. Rents from the Propp.rty.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform ClII repairs, replacements, and
<br />maintenance necessary to preserve its vCllue.
<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 h1ls been no use, generation, manufacture, storage, treatment. disposal, release or threatened releClse of any
<br />Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to belip.l/e
<br />that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) 1lny breach or violation of any
<br />Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, rp.lease or threatened releClse of rmy
<br />Hazarrlous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any nctuClI or
<br />thre1ltened litigation or claims of any kind by any person relating to such Inntters; and (3) Except as previously disclosed to and
<br />acknowledged by Lflm.ler in writing, (al neither Trllstor nor any tenant. contractor, agllnt or other authorized user of the Property
<br />shall use, generate, mClnufacture, store, treat, dispose of or releasfl any HazardouS Substance on, under, about or from the Property;
<br />Clnd (b) any such Clctil/ity shall be conducted in compliance with all applicable fedeml, statfl, and local laws, mgulntions and
<br />ordinances, includin!=l without limitation all Environmental Laws. Trustor authorizes Lendm and its agents to enter upon the Propmty
<br />to make such inspections and tests, at Trustor's expense, as Lender may deem appropriatfl to determine compliancfl of the Property
<br />with this section of thfl Defld of Trllst. Any inspections or tests mClde by Lendllr 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 rflpresentCltions 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 becomfls liable for
<br />cleanup or other costs under any such laws; and (2) agrellS to indemnify, defend, and twld harmless Lender against any and all
<br />claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
<br />breClch of this section of thll Deed of Trust or as a consequflnce of any use, generation, mnnufClcture, stomge. disposal, rlllease or
<br />threatened releClse occurring prior to Trustor's ownership or interest in the Property, whether or not tho same was or should havn
<br />been known to Trustor. The provisions of this section of the Deed of Trust. including the obligation to indnmnify and defend, shnll
<br />survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shClII not be
<br />affected by Lender's Clcquisition 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 />
<br />, ' t
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