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<br />88.~",~ 101243-
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<br />TRUST DEED AND CONSTRUCTION SECURITY AGREEMENT
<br />
<br />THIS TRUST DEED is made this ~ day of M^"'^' ,
<br />198Jt, by and between the Guarantor, Mid Nebraska Auto Auction
<br />Inc., a corporation (herein "Guarantor"), Richard J. Butler,
<br />Attorney at La'il (herein "Trustee"), and the Beneficiar~( Holdrege
<br />Federal Credit Union, whose address is lit" '" .,c1ver\~~. &:Wltltr~ IJJJ.III'11/1
<br />(herein "Lender").
<br />
<br />Guarantor, for valuable consideration and as inducement top
<br />the Lender for the extension of credit and acceptance of
<br />guarantee(s) hereby irrevocably grants and conveys to Trustee, in
<br />trust, with the POWER OF SALE, the following described property
<br />located in the County of Hall, State of Nebraska:
<br />
<br />The Westerly Three Hundred Sixty Three (363)
<br />Feet of the Southwest Quarter of the
<br />Southeast Quarter (SW 1/4 SE 1/4) of Section
<br />Twelve (12), Township Eleven (11), Range Ten
<br />(10) West of the 6th P.M., Hall County,
<br />Nebraska
<br />
<br />THIS IS A CONSTRUCTION SECURITY AGREEMENT AND SECURES AN
<br />OBLIGATION WHICH THE GUARANTOR INCURRED FOR THE PURPOSE OF MAKING
<br />IMPROVEMENT OF THE FOREGOING REAL ESTATE AND IS A CONSTRUCTION
<br />SECURITY INTEREST THEREIN.
<br />
<br />TOGETHER with all buildings, fixtures, improvements, and
<br />equipment attached thereto, now or hereafter erected thereon and
<br />all rights-of-way, easements, rents, issues, profits, income,
<br />tenements, hereditaments, privileges, appurtenances, leasehold
<br />interests, ground leases, royalties, and mineral, oil, gas and
<br />water rights thereunto belonging, used or enjoyed with said land
<br />or any part thereof, all of which, including replacements and
<br />additions thereto shall be deemed to be and remain a part of the
<br />property covered by this Trust Deed; and all of the foregoing
<br />together with said Property are herein referred to as the
<br />"Property."
<br />
<br />TO SECURE the Lender the repayment of any and all sums due
<br />or to become due Lender under the terms and provisions of a
<br />certain Guarantee executed by Guarantor in favor of Lender dated
<br />~"^"{.h It, 198~, and all renewals and extensions
<br />t ereof and as security for all future advances to protect the
<br />security and all future advances made at the option of the
<br />parties and the payment and performance of any and all other
<br />indebtedness or obligations of the Guarantor to the Lender which
<br />may arise, all of said principal sums not to exceed in the
<br />aggregate Three Hundred ThousaIld Dollars ($300,000) and as
<br />security for all obligations and Guarantor created by this Trust
<br />Deed.
<br />
<br />Guarantor covenants that Guarantor is lawfully seised of the
<br />Property hereby conveyed and has the right to grant and convey
<br />the Property, that the Property is unencumbered by any mortgage,
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