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<br />
<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Diers Avenue Branch
<br />PO Box 160
<br />Grand Island. NE 68802-0160
<br />
<br />...,
<br />.s 5. 50
<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 $5,385.50.
<br />
<br />THIS DEED OF TRUST is dated December 1i, 2006, among TIMOTHY A BAYLEY and DIANE l BAYLEY,
<br />
<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 />
<br />Equitable Bank (Grand Island Region), whose address is 113-115 N locust St; PO Box 160, Grand Island, NE
<br />
<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 existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; 1111 water, wlller
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights. rOYl1lties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas. geotherml1l and similar matters, (the "Real Property") located in HAll
<br />
<br />County, State of Nebraska:
<br />
<br />lOT ONE (1) DUBBS SUBDIVISION, HAll COUNTY, NEBRASKA
<br />
<br />The Real Property or its address is commonly known as 3689 BURWICK RD, WOOD RIVER, NE 68883.
<br />
<br />Trustor presently Ilssigns to Lender (1Ilso known as Beneficillry in this Deed of Trust) all of Trustor's right, title, and interest in Ilnd to all
<br />present and future leases of the Property and all Rents from the Property, In addition, Trustor grants to lender a Uniform Commercilll
<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 PIlY to Lender 1111 Ilmounts securerJ hy
<br />this Deed of Trust as they become due, and shall strictly and in 11 timely manner perform all of Trustor's obligations under the Note, this
<br />DeerJ of Trust, and the RelflterJ Documents,
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY, Trustor agrees that Trustor's possession and use of the Property shllll 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, replllcements, and
<br />maintenance necessary to preserve its vlllue,
<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 been no use, generation, manufacture, storage, treatment, rJisposal, relellse or threfltened 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 violfltion of any
<br />Environmental laws, (b) any use, generation, manufacture, storage, treatment, disposl1l, release or threatenerJ release of l1ny
<br />Hazardous Substance on, under, Ilbout or from the Property by Ilny prior owners or occupllnts of tile Property, or (c) any actual or
<br />threatened Iitiglltion or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and
<br />acknowledgerJ by Lender in writing, (a) neither Trustor nor any tenant, contractor, Ilgent or other authorized user of the Property
<br />shall use, generate, manufllcture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property;
<br />and (b) l1ny such activity shall be conducted in compliance with all applicable federal, state, and local laws, regullltions and
<br />ordinances, including without limiwtion all Environmental Laws, Trustor authorizes Lender Ilnd its agents to enter upon the Property
<br />to make such inspections and tests, Ilt Trustor's expense, as lender may deem appropriate to determine compliance of the Property
<br />with this section of tile Deed of Trust, Any inspections or tests mllde by Lender shall be for Lender's purposes only and shall not be
<br />construed to create Ilny responsibility or liability on the part of Lender to Trustor or to any other person. The representations and
<br />wllrranties contl1ined herein are based on Trustor's due diligence in investigllting the Property for Hazardous Substances, Trustor
<br />hereby (1) releases and waives any future claims agllinst Lender for inrJemnity or contribution in the event Trustor becomes Ii",ble for
<br />cleanup or other costs under any such laws: and (2) agrees to indemnify, rJefend, anrJ hold harmless Lender IIgllinst any anrJ all
<br />clllims, losses, liabilities, damages, penalties, l1nrJ expenses which Lender mllY directly or indirectly sustain or suffor resulting from a
<br />breach of this section of tlHl Deed of Trust or "'s a consequence of any Lise, generntion, m",nufl1cture, stomge, disposal, release or
<br />threatenerJ release occurring prior to Trustor's ownership or interest in the Property, whether or not the slime was or should have
<br />been known to Trustor, The provisions of this section of the Deed of Trust, including the obligation to indemnify Ilnd defellrJ, shall
<br />survive the pllyment of tile Indebtedness and the Sl1tisfaction and reconveyance of the lien of tllis Deed of Trust and shllll not he
<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 genemlity of the foregoing, Trustor will not remove, or grant to
<br />Ilny other party the right to remove, any timber, minerllls (including oil and gas), coal, clay, scoria, soil, gravel or rock products
<br />without Lender's prior written consent,
<br />
<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior
<br />written consent, As a condition to the removal of any Improvements, Lender ml1Y require Trustor to make arrangements slltisfactory
<br />to lender to replace such Improvements with Improvements of at lellst equal value,
<br />
<br />Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to
<br />
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