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<br />200608237
<br />
<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200608237
<br />
<br />Page 6
<br />
<br />Loan No: 809348
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<br />lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in
<br />connection with the operation of the Property.
<br />
<br />Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or
<br />define the provisions of this Deed of Trust.
<br />
<br />Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the
<br />Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
<br />
<br />Governing law. This Deed of Trust will be governed by federal law applicable to lender and, to the extent not preempted by federal
<br />law, the laws of the State of Nebraska without regard to its conflicts of law provisions. This Deed of Trust has been accepted by
<br />lender in the State of Nebraska.
<br />
<br />Choice of Venue. If there is a lawsuit, Trustor agrees upon lender's request to submit to the jurisdiction of the courts of Hall County,
<br />State of Nebraska.
<br />
<br />Joint and Several Liability. All obligations of Borrower and Trustor under this Deed of Trust shall be joint and several, and all
<br />references to Trustor shall mean each and every Trustor, and all references to Borrower shall mean each and every Borrower. This
<br />means that each Trustor signing below is responsible for all obligations in this Deed of Trust. Where anyone or more of the parties is
<br />a corporation, partnership, limited liability company or similar entity, it is not necessary for Lender to inquire into the powers of any of
<br />the officers, directors, partners, members, or other agents acting or purporting to act on the entity's behalf, and any obligations made
<br />or created in reliance upon the professed exercise of such powers shall be guaranteed under this Dep.d of Trust.
<br />
<br />No Waiver by Lender. lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in
<br />writing and signed by lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
<br />right or any other right. A waiver by lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's
<br />right otherwise to demand strict complianr:e with that provision or any otller provision of this Deed of Trust. No prior waiver by
<br />lender, nor any course of dealing between lender and Trustor, shall r:onstil.ute a waiver of any of lender's rights or of any of
<br />Trustor's obligations as to any future transactions. Whenever the consent of lender is required under this Deed of Trust, the granting
<br />of such consent by l.ender in any instance shall not constitute continuing consent to subsequent instances where such consent is
<br />required and in all cases such consent may be granted or withheld in the sole discretion of lender.
<br />
<br />Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to
<br />any circumstance, thllt finding shall not mllke the offending provision illegal, invalid, or unenforceable as to Ilny othp.r circumstancp.. If
<br />feasible, the offending provision shllll be considered modified so that it becomes legnl, valid Ilnd enforcellblp.. If thp. offending
<br />provision cannot be so modified, it shall be considered deleted from this Deed of Trust. Unless otherwise required by law, the
<br />illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall not Ilffect the legality, validity or enforceability of
<br />any other provision of this Deed of Trust.
<br />
<br />Successors and Assigns. Subject to Ilny limitations stated in this Dep.d of Trust on tmnsfer of Trustor's interest, this Deed of Trust
<br />shall be binding upon and inure to the benefit of the pllrties, their successors Ilnd Ilssigns. If ownership of the Property becomes
<br />vested in a person other thlln Trustor, lender, without notice to Trustor, may delll with Trustor's successors with reference to this
<br />Deed of Trust and the Indebtedness by WilY of forbearllnce or extension without relellsing Trustor from the obligations of this Deed of
<br />Trust or liability under the Indebtedness.
<br />
<br />Time is of the Essence. Time is of thp. essence in the performance of this Dep.d of Trust.
<br />
<br />Waive Jury. All parties to this Deed of Trust hereby waive the right to any jury trial in any action. proceeding, or counterclaim brought
<br />by any party against any other party.
<br />
<br />Waiver of Homestead Exemption. Trustor herp.by relellses and waives IlI1 rights and benefits of the homestead exemption Inws of the
<br />State of Nebraska as to all Indebtedness secured by this Deed of Trust.
<br />
<br />DEFINITIDNS. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unless
<br />specifically stated to the contrnry, all references to dollllr Ilmounts shall melln amounts in lawful money of the United States of AmeriCIl.
<br />Words and terms used in the singular shllll include the plural, Ilnd the plural shall include the singular, ns the context mllY require. Words
<br />and terms not otherwise defined in this Deed of Trust shllll hllve the meanings attributed to such terms in the Uniform Commercilll Code:
<br />
<br />Beneficiary. The word" Beneficiary" means Equitable Bank, and its successors Ilnd assigns.
<br />
<br />Borrower. The word "Borrower" means Grand Island Nebraska Associatp.s, l.l.C.; Kenneth S. Klein; and Cynthin R. Klein Ilnd
<br />includes all co"signers and co-makers signing the Note and all their successors Ilnd assigns.
<br />
<br />Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, lender, and Trustee, and includes without
<br />limitation all assignment and security interest provisions relating to the Personlll Property and Rents.
<br />
<br />Default. The word "Default" means the Default set forth in this Deed of Trust in the section titled "lJefault".
<br />
<br />Environmental Laws. The words "Environmentlll laws" mean any and all state, federal and 10cllI stlltutes, regulations and ordinancp.s
<br />relating to the protection of humlln health or the environment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERClA"), the Superfund
<br />Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Mnterials Trllnsportation Act, 49 U.S.C.
<br />Section 1801, et seq., the Resource Conservation and Recovery Ar:t, 42 U.S.C. Section 6901, et seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursunnt thereto.
<br />
<br />Event of Default. The words "Event of Default" mean any of the events of defnult set forth in this Deed of Trust in the events of
<br />default section of this Deed of Trust.
<br />
<br />Guaranty. The word "Gullranty" means the guaranty from guarantor, endorser, surety, or accommodlltion party to Lender, including
<br />without limitation Il guaranty of all or part of the Note.
<br />
<br />Hazardous Substances. The words "Hazardous Substances" mean mllterillls that, because of their quantity, concentration or
<br />physicnl, chemical or infectious characteristics, mny cnusp. or pose a present or potential tlllzard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generllted, manufactured, trllnsported or otherwisp. hllndled. The words
<br />"Hn1ardous Substances" are used in their vp.ry broadest sense and include without limitation any and IlI1 hazardous or toxic
<br />substances, materials or waste as defined by or listed under the Environmental Laws. The tp.rm "Hazardous Substances" Illso
<br />includes, without limitation, petroleum and petroleum by-products or any fraction thereof and nsbestos.
<br />
<br />Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on
<br />the Real Property, facilities, additions, replacements and other construction on the Real Property.
<br />
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note
<br />or Related Documents and any amounts expended or advanced by Lender to dischllrge Trustor's obligations or expenses incurred by
<br />Trustee or Lender to enforce Trustor's obligations under this Deed of Trust, together with interest on such amounts as provided in this
<br />Deed of Trust. Specificlllly, without limitation, Indebtedness includes the future advances set forth in the Future Advances provision
<br />of this Deed of Trust, together with all interest thereon.
<br />
<br />Lender. The word" l.endp.r" means Equitable Bank, its successors and assigns.
<br />
<br />Note. The word "Note" means the promissory notp. dllted September 1, 2006, in the original principal amount of
<br />$1,900,000.00 from Borrower to l.ender, together with nil renewals of, extensions of, modifications of. refinnncings of,
<br />consolidlltions of, and substitutions for the promissory note or agreement.
<br />
<br />Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personnl property now or
<br />hereafter owned by Trustor, and now or hereafter attllched or affixed to the Real Property; together with all accessions, pllrts, and
<br />additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without
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