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<br />TRUST DEED
<br />
<br />THIS DEED OF TRUST is made on April 26, 2007. The Trustors are John P. Bellamy and ~ I. ere
<br />Bonnie S. Bellamy, husband and wife, (collectively "Borrower"). The Trustee is Denise D. Myers,
<br />of Lauritsen, Brownell, Brostrom, Stehlik, Myers & Daugherty, 724 W. Koenig Street, Grand Island,
<br />Nebraska 68801, ("Trustee"). The beneficiaries are Maxine M. Church as life estate holder and
<br />Diana L. Church as remainder interest holder, P.O. Box 134, Cairo, NE 68824, (Collectively
<br />"Lender"). Borrower owes Lender the principal sum of One Hundred Four Thousand Three and
<br />21/100 Dollars ($104,003.21). This debt is evidenced by Borrower's note dated the same date
<br />as this Security Instrument ("Note"), which provides for payment of principal, plus accrued interest
<br />in monthly payments. The Deed of Trust (sometimes referred to herein as "security instrument")
<br />secures to Lender: (a) the repayment of the debt evidenced by the Note, and all renewals,
<br />extensions and modifications; (b) the payment of all other sums advanced under paragraph 4 to
<br />protect the security of this Security Instrument; and (c) the performance of Borrower's covenants
<br />and agreements. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust,
<br />with power of sale, the following described property located in Hall County, Nebraska:
<br />
<br />Lots One (1) and Three (3), Bellamy's First Subdivision, Hall County, Nebraska.
<br />
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all
<br />easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water
<br />rights and stock and all fixtures now or hereafter a part of the property. All replacements and
<br />additions shall also be covered by this Security Instrument. All of the foregoing is referred to in
<br />this Security Instrument as the "Property".
<br />
<br />BORROWERS COVENANT that Borrowers are lawfully seised of the estate hereby
<br />conveyed and have the right to grant and convey the Property and that the Property is
<br />unencumbered. Borrowers warrant and will defend generally the title to the Property against all
<br />claims and demands, subject to any encumbrances of record.
<br />
<br />COVENANTS. Borrowers and Lender covenant and agree as follows:
<br />
<br />1. Payment of Principal; Prepayment and Late Charges. Borrowers shall promptly pay
<br />when due the principal on the debt evidenced by the Note and any prepayment and late charges
<br />due under the Note. Prepayment of principal or any part thereof, shall be allowed without the prior
<br />written consent of Lender.
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<br />2. Charges; Liens. Borrowers shall pay all real estate taxes and assessments attributable
<br />to the Property which may attain priority over this Security Instrument, and leasehold payments
<br />or ground rents, if any.
<br />
<br />Borrowers shall promptly discharge any lien which has priority over this Security
<br />Instrument unless Borrowers: (a) agree in writing to the payment of the obligation secured by the
<br />lien in a manner acceptable to Lenders; (b) contest in good faith the lien by, or defend against
<br />enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
<br />enforcement of the lien or forfeiture of any part of the Property; or (c) secure from the holder of
<br />the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If
<br />Lender determines that any part of the Property is subject to a lien which may attain priority over
<br />this Security Instrument, Lender may give Borrowers a notice identifying the lien. Borrowers shall
<br />satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of
<br />notice.
<br />
<br />3. Hazard Insurance. If required by Lender, Borrowers shall keep any improvements now
<br />existing or hereafter erected on the Property insured against loss by fire, wind, or other natural
<br />disasters, hazards included within the term "extended coverage" and any other hazards for which
<br />Lender requires insurance. This insurance shall be maintained in the amounts and for the periods
<br />that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrowers
<br />subject to Lender's approval which shall not be unreasonably withheld.
<br />
<br />All insurance pOlicies and renewals shall be acceptable to Lenders and shall include
<br />a standard mortgage clause. If Lender requires, Borrowers shall promptly give to Lender all
<br />receipts of paid premiums. In the.... event of loss, Borrowers shall give prompt notice to the
<br />insurance carrier and Lender. Lendet may make proof of loss if not made promptly by Borrowers.
<br />
<br />4. Protection of Lenders' Rights in the Property; Mortgage Insurance. If Borrowers fail to
<br />perform the covenants and agreements contained in this Security Instrument, or there is a legal
<br />proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in
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