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<br />WHEN RECORDED MAil TO:
<br />Equitable Bank
<br />North locust Branch
<br />113-115 N locust St
<br />PO Box 160
<br />Grand Island, NE 68802-0160
<br />
<br />FOR RECORDER'S USE QNl Y
<br />
<br />DEED OF TRUST
<br />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $18,248.56.
<br />
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<br />THIS DEED OF TRUST is dated December 22. 2006, among Michael J Milbourn. AN UNMARRIED PESON
<br />("Trustor"); Equitable Bank. whose address is North Locust Branch. 113-115 N Locust St. 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, 1111 of TruMor's riflht, title, FInd interest in And to the following described real property, togetl1Pr with all existing or
<br />subsequently erected or ilffixod buildin(Js, improvmnonts and fixtures; all easements, rights of way, and appurtenaTlf.'",s; all water, water
<br />rights And ditch rights (including stock in utilitios with ditch or irriWHion rights); and all other rights, royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gAS, geothermal find similAr mAtters, (the "Real Property") located in HALL
<br />County. State of Nebraska:
<br />
<br />LOT SEVEN (7). IN BLOCK THREE (3). OlOE MilLE SUBDIVISION. IN THE CITY OF GRAND ISLAND. HALL
<br />COUNTY. NEBRASKA.
<br />
<br />The Real Property or its address is commonly known as 2519 MILL RIVER RD. GRAND ISLAND. NE 68801.
<br />
<br />Trustor presently assigns to lender (also known as Beneficiary in this Deed of Trust) fill of Trustor's right, title, and interest in and to all
<br />present and future Ip.asp.s of the Property and all Rents from the Property. In addition, Trustor grants to Lendp.r a Uniform Commp.rr:iAI
<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 (8) 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 />PAYMENT 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 illl 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 ilnd use of the Property shall be
<br />floverned by the following provisions:
<br />
<br />Possession and Use, Until the occurrence of an Fvent of Default. Trustor may (1) remilin in possession and control of the Properly;
<br />(2) use, operatP. or manage the Property; Ilnd (3) colloct the Rents from the Property.
<br />
<br />Duty to Maintain, Trustrc shall maintain the Property in !lOod condition and promptly porform all repairs, replacements, and
<br />maintenance necessary to presp.rve its villue.
<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, genemtion, ITlilnufActure, storAge, treillnwnT, disposal, release or threatened release of Any
<br />Hazilrdous Substance by any person on, under, ahout or from the Property; (2) Trustor hAS no knowled~le of, or reason to believe
<br />thnt there hAS heen, p.xcept as previowlly disclosm! to ilnd m:knowledged hy Lender in writing, (a) any breach or violAtion of IlIlY
<br />Environmental laws, (b) Any use, genemtion, mflnufacture, storAge, tmatment, disposal, release or threatoned releilse of any
<br />HA7ardous Substilnce on, under, about or from tho 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 pArson relating to such matters; and (3) Except as previously disclosed to and
<br />acknowledged by Lender in writing, (a) neither Trustor nor any tenant, contrar:tor, A(Jont or other fluthorized "ser of the Property
<br />shall use, generfltp., mFmufncture, stom, !reat, dispose of or release any HilzArdous Substance on, under, about or from the Properly;
<br />and (b) Any such Activity shall be conducted in compliflnce with all applicable federal, state, And local lilws, regulations and
<br />ordinflnces, including without limitation all Environmental LilWS, Trustor authorizes lender and its ll(Jents to enter upon the Property
<br />to make such inspections and tests, at Trustor'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 Londer's purposes only and shall not be
<br />construed to creilte any responsibility or Iiflbility on the part of Lender to Trustor or to any other person. The representAtions ilnd
<br />warranties contained herein are based on Trustor's due diligence in investigAtin(J the Property for Hazardous Substances. Trustor
<br />hereby (1) releases ilnd waives any future claims against Lender for indemnity or contribution in the event Trustor becomes Iinble for
<br />cleflnup or other costs under ilny such Iflws; and (2) il\jfees to indemnify, defend, and hold harmless I ender against Any and illl
<br />clilims, lossp.s, Iiilbilities, dAmilges, penAlties, and expenses which Lender milY directly or indirectly sustain or suffer resulting from fI
<br />breach of this section of the Deed of Trust or as a consequence of ilny use, generation, manufacture, stomge, disposfll, releilse or
<br />throAtenod release occurring prior to Trustor's ownership or interest in the Property, whether or not the Sflme WflS or should hAve
<br />been known to Trustor. The provisions of this ser:tion of the Deed of Trust, inr.luding the obligation to indemnify ilnd defend, shrll
<br />survive the pAymenl of the Indohledness And the satisfilction and roconveYilnce of the lien of this Deed of Trust And shllll not be
<br />affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
<br />
<br />Nuisance, Waste. Trustor shilll not Cill.me, conduct or permit any nuisance nor commit, permit, or suffer Any stripping of or wilste on
<br />or to the Prnperty or any portion of the Property_ Without limiting the generlllity of the foregoing, Trustor will not remove, or grAnt to
<br />any other party the right to remove, any timber, minerllls (including oil and gAS), coal, clAY, scoria, soil, \jfilvel or rock products
<br />without Lender's prior writ1en consent.
<br />
<br />Removal of Improvements, Trustor shAll not demolish or mmove any Improvements from the Real Property without lender's prior
<br />written consent, As n condition to the mmoval of ilny ImprovemenTs, Lender may require Trustor to make arrangements satisfactory
<br />to Lender to replace such Improvements with Improvements of ilt least equal value.
<br />
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