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<br />WHEN RECORDED MAIL TO:
<br />The State Bank of lebo
<br />PO BOX 46
<br />lebo KS 66856
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />DEED OF TRUST
<br />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $1,850,000.00.
<br />
<br />THIS DEED OF TRUST Is dated October 17,2006, among SHAFER PROPERTIES, L.L.C., whoae address Is 920
<br />
<br />DIERS AVENUE, GRAND ISLAND, NE 68803; A NEBRASKA LIMITED LIABILITY COMPANY ("Trustor"); The
<br />
<br />State Bank of Lebo, whose addre55 is PO BOX 46, Lebo, KS 66856 (referred to below sometimes as "Lender"
<br />
<br />and sometimes as "Beneficiary"); and THE STATE BANK OF LEBO, whose address Is PO BOX 46, LEBO, KS
<br />
<br />66856 (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 Benanclary, 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 relatin~ 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 />Lots One (1), Two (2) and Three (3), Block One(1) and Lots One (1), Two (2) and Three (3), Block Two (2),
<br />
<br />Santa Anita Estates Second Subdivision, In the city of Grand Island, Hall County, Nebraska and Lots Five
<br />
<br />(5) and Six (6), Santa Anita Eatates Subdivision, In the City of Grand Island, Hall County, Nebraska.
<br />
<br />The Real Property or Its addreas is commonly known as 203,204,209,210,215,216,221 & 222 SARATOGA
<br />
<br />CIRCLE, GRAND ISLAND, NE 68801.
<br />
<br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts
<br />spacified in the Note, all future amounts Lender in its discretion may loan to Borrower, 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 (A) 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 />FOll.OWING TERMS:
<br />
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that (a) this Deed of Trust is executed at Borrower's request and
<br />not at the request of Lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the
<br />Property; (c) the provisions of this Deed of Trust do not conflict with, or result in a default under any agreement or other Instrument
<br />binding upon Trustor and do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has
<br />established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e)
<br />lender has made no representation to Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />
<br />TRUSTOR'S WAIVERS. Trustor waives all rights Or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other
<br />law which may prevent Lander from bringing any action against Trustor, including a claim for deficiency to the extent Lander is otherwise
<br />entitled to a claim for deficiency, before or after Lende(s commencement or completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale.
<br />
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust. Borrower shall pay to Lender all Indebtedness
<br />secured by this Dead of Trust as it becomes due, and Borrower and Trustor shall perform all their respective obligations under the Note,
<br />this Dead of Trust, and the Related Documents,
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possesSion and use of
<br />the Property shall be govemed 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 tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value,
<br />
<br />Comptiance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trusto(s ownership
<br />of the Property, there has baan 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 by Lander 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 authonzed 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 authorizes Lender and its agents to enter upon the Property
<br />to make such inspections and tests, at Trusto(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 Lende(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 Trusto(s due diligence in investigating the Property for Hazardous Substances. Trustor
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