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<br />88- 1022.13
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<br />DEED OF TRUST
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<br />THI8DEEOOFTRU8T,""'I"" &t'h darof "'''Y
<br />a Nebraska CorporatiClflou malltng8dchu 15 CSt......
<br />HE 68832
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<br />, tll-BL. '='/ ~d among
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<br />Mid-Continent Race Trackr Inc.
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<br />P . o. Box 2lS (City) Doniphan
<br />Bank of Doniphan
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<br />whose
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<br />{CIty)
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<br />Doni,phan
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<br />(Slate and Zip)
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<br />(State and Zip) HE 68832
<br />,whoae'malllngadclrelall(Street) P.o. Drawer B
<br />. (herein "Beneficiary"..
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<br />FOR YAWA8LE CONSIDERATION, InCluding the Indebtedneu Identified herein and the truat he...ln c, reated. the receipt of which la hereby
<br />8cIUl~ Trutltor IrrwvocabIJ grants, tranafera, conveys, ancIUIigM to Trult_IN TRUST. WITH POWER OF SA\.E. for the benefit ancIaecur.
<br />Jty of Bene Iclary, under andhbject to ttMt terma and conditions of this Deed onrult, the real property described.. followa:
<br />A tract of land comprising all of the Northwest Quarter of the Southwest Quarter (NW!SW1)
<br />except the Westerly Fifty (50.0) feet thereof, all in Section Thirty Four'(34), Township
<br />Ten (10) North. Range Hine (9) West of tbe 6;th P.M.. in Hall County, Nebraska. said tract
<br />containing 38.767 acres more or less
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<br />TOGETHER WITH. all rent a, proflta. royalties, Income end oUter benefit I derived from Ihe real property; alllaalel or lublealelcoverlng the real
<br />property or any portion thereof, now or hereafter axlltlng or enlered inlo, and all right, title and Interest of Trultor thereunder; alllnlerestl, eslate or
<br />otn.r clalmt, bol" In law anCIln equity; wnlcn Truator now ha or may nereafter acquire In the real property; all easements, rlghts-of.way, tens-
<br />manta. hereditaments and appurtenances thereof and lhereto; all 011 and gal rlghll and profits, water rights and water stock; all right, tllte and
<br />interest of TrUltor, now owned or hereafter acquired. in and 10 any land lying within the rlghl-of-way of any streel or highway adjoining the real
<br />property, any and all bUlldlngl, fhtlUres, Improvements, and appurtenances now or hereafter erected therlO'; or belonging thereto, (herein
<br />ntfernld to U "Improvement" or Improvementl"; and any and all awards made for the laking by eminent domain, or by any proceeding or pur-
<br />ch...ln Ueu thlll1lOf, of the wnola or any part of the real property.
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<br />AU of Iha foregoing .Itate, property and Internl hereby conveyed to Trustee heraln collectively referred to as the "Property".
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<br />THIS DEED OF TRUST SHALL SECURE:
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<br />(8) The payment of Indllbtedne.. avidenced by Trustor'l note ot aven date herewith In tile principle sum of Ni ne ty Rev",n to hnn RAnrt And
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<br />no/lOO
<br />DOIla... IS 97 . 000 . 00 I, together with Inlar881 althe rate or rales provided therein. (herein, together with any and all
<br />renewals, modlflcatlonl, and eat.nlianlthereof, referred to allha "Not.'" both prlnclpa' ancllnterest on the Note being payable In accordance
<br />with the termt set forth Iheretn, refarence to which il htlreby made, the final payment of principal and lnteresl, If not BOoner paid and if no
<br />renewal.. modlflcatlonl or extenalonl are made, due and payable on 0,. t'nh",,. 1. 1 QQA.
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<br />(b) The pllrformance of each agramanl and covenant of Trustor heretn contained; and
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<br />(c. The payment of any sum or aums of money with interest thereon which may be heraafter paid or advanced under the terms of this Deed of
<br />Trust.
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<br />lei) TIle payment of any future advanClltl neceaaary 10 protect the lecurlty or any fulure advance made at the option of the parties; and
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<br />(e. The performance of an obligation of any olher person named In Ihll Trust Deed to a beneficiary.
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<br />TO PROTECT THe SECURITY OF THIS DEeD OF TRUST, TRUSTOR HEREBY COVENANTS AND AGREES AS FOLLOWS:
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<br />1.,~ of Prtnclpal and Int... Trullor Ihall promptly pay when due the prlnclpal ot and interest on the Indebtedness evidenced by the
<br />Note, ... all other chargaa and..... provided In the Nole, and the principal of and interellt on any Fulure Advances aecured by this Deed of Trust
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<br />2. .,..", of TIlle. Trultor Is ~lIy selzecl and posaeued of good and indefealble title and estate to the Property hereby conveyed and has
<br />the nght to grant and convey the Property; the Property Is free and clear ot all liens and encumbrances except liens now ot record; and Trustor
<br />will warrant and defend tho tltla to the Property against all clalma and demands.
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<br />3. .............. and CanIpIIance with Laws. Trustor shall keep the Property In good condlllon and repair and shall not commit waste or permit
<br />impairment or del.rloration ot Ihe Property and shall comply wlth the provision I of any lease If this Deed of Trust is on a leasehold. No Improve-
<br />ment, now or hereaft.r erected upon the Property shall be altered, remowd or demolished wlthoulthe prior wrilten consent of Beneficiary. Truslor
<br />Ihall comply with alllawl, ordinances. regulations, covenants, conditions and restrictions aftectlng the Property and nol commit, suffer, or per-
<br />mit any act to be done In or upon tM Property In violation of any Jaw, ordinance, regulation, covenanl, condition or restriction. Trustor shall com.
<br />plete or restor. promptly and in gooclworkmanlike manner any improvement on the Property which may be damaged or destroyed and pay, when
<br />due, all claim for labor performed and materials fumillhed therefore and for any alterations thereof.
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<br />........... Trustor, at Its upense. will maintain with Inaurora approved by Beneficiary, insurance with respect to the Improvement. and per-
<br />acnal property, constituting the Property, against Ioas by fire, lightning, tornado, and other perils and hazards covered by standard extendl!lCl
<br />coverage endorsement, in an amount equal 10 at least one hundred percent ot the full replacement value thereof and Insurance against such
<br />other ,hazards and In such amounts as Is customarily carried by ownel'll and operatai'll of similar properties or as Beneficiary may require for its
<br />protection. Trustor will comply with such other requirements B8 Beneficiary may from Ume to time request for the protection by insurance 01 the
<br />int....... of the r..pectlve parties. All insurance policies maintained purluant to this Deed of Trust aha II name Trustor and Beneficiary as in-
<br />surecta, .a,thelr reapectlve Interests may appear. and provide that Ihere shall be no cancellation or modification wlthoul any less than t5 days
<br />prior, wrilten notification to Trust.. anctBeneflciary. In the evenl any policy hereunder is not renewed on or betore 15 days prior to Its expiration
<br />da1e, Trust.. or Beneficiary ma, procure sUCh Insurance in accordance with the provisions of paragraph 7 hereof. Truslor shall deliver 10
<br />Beneficiary lhe original pollciel of Insurance and renewals lhereof or memo copies of such policies and renewals thereof. Failure to furnlah
<br />IUCh lnaur"nce by Trustor, or renewals as reQuired hereunder shall,atlheoptlon of Beneliciary, conslltule a default.
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<br />S. T..... "'...."*"-. and Charge.. Trustor shall pay all tues, assessments and other charges, including, without limitation. lines and 1m.
<br />~tions atlribut~ to the Property, and leasehold paymentl or ground rentl, if any, before the same become dellquenl, Trustor shall promptly
<br />fYfftllh to s-tlclary all noll~s of amounts due under tnis paragraph, and in the event Truslor shall make payrnenl directly, Trustor Ihall prompl.
<br />Iy furnlatl to Beneficiary recelptl evidencing such paymenls. Trustor shall pay 1111 taxes and asse88menls which may be levied upon
<br />Beneflclary'a im-t '-eln or upon thl. Deed of Trust wllhaut regard to eny law that may be anaeled ImpoSing payment ot lhe whole or any
<br />part ttMIreof upon the Beneficiary.
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