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<br />Space Above This Line For Recording Data
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<br />
<br />DEED OF TRUST
<br />
<br />DATE AND PARTIES. The date of this Deed Of Trust (Security Instrument) is May 4, 2007. The parties and
<br />their addresses are:
<br />
<br />TRUSTOR (Grantor):
<br />ARCHWAY PARTNERSHIP
<br />A General Partnership
<br />211 W 3rd St
<br />Grand Island, Nebraska 68801
<br />
<br />TRUSTEE:
<br />PLATTE VAllEY STATE BANK & TRUST COMPANY
<br />a Nebraska Corporation
<br />POBox 51 68
<br />Grand Island, Nebraska 68802
<br />
<br />BENEFICIARY (lender):
<br />PLATTE VAllEY STATE BANK & TRUST COMPANY
<br />Organized and existing under the laws of Nebraska
<br />810 Allen Drive
<br />Grand Island, Nebraska 68803
<br />1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged,
<br />and to secure the Secured Debts and Grantor's performance under this Security Instrument, Grantor irrevocably
<br />grants, conveys and sells to Trustee, in trust for the benefit of lender, with power of sale, the following
<br />described property:
<br />
<br />The West One Third of lot Two (2), Block Sixty Five (65), Original Town, now City of Grand Island, Hall
<br />County, Nebraska.
<br />
<br />The property is located in Hall County at 211 W 3rd St, Grand Island, Nebraska 68801.
<br />Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and
<br />riparian rights, wells, ditches and water stock, crops, timber, all diversion payments or third party payments
<br />made to crop producers and all existing and future improvements, structures, fixtures, and replacements that
<br />may now, or at any time in the future, be part of the real estate described (all referred to as Property). This
<br />Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been
<br />terminated in writing by lender.
<br />2. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone
<br />time will not exceed $50,104.50. This limitation of amount does not include interest and other fees and
<br />charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances
<br />made under the terms of this Security Instrument to protect lender's security and to perform any of the
<br />covenants contained in this Security Instrument.
<br />3. SECURED DEBTS. The term "Secured Debts" includes and this Security Instrument will secure each of the
<br />following:
<br />A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and
<br />replacements. A promissory note or other agreement, No. 316969-100, dated May 4, 2007, from Archway
<br />Partnership, Gary D Phillips and Wetherilt J. David (Borrower) to Lender, with a loan amount of
<br />$50,104.50.
<br />B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security
<br />Instrument.
<br />4. PAYMENTS. Grantor agrees that all payments under the Secured Debts will be paid when due and in
<br />accordance with the terms of the Secured Debts and this Security Instrument.
<br />5. WARRANTY OF TITLE. Grantor warrants that Grantor is or will be lawfully seized of the estate conveyed by
<br />this Security Instrument and has the right to irrevocably grant, convey and sell the Property to Trustee, in trust,
<br />with power of sale. Grantor also warrants that the Property is unencumbered, except for encumbrances of
<br />record.
<br />6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or
<br />other lien document that created a prior security interest or encumbrance on the Property, Grantor agrees:
<br />A. To make all payments when due and to perform or comply with all covenants.
<br />B. To promptly deliver to Lender any notices that Grantor receives from the holder.
<br />C. Not to allow any modification or extension of, nor to request any future advances under any note or
<br />agreement secured by the lien document without Lender's prior written consent.
<br />
<br />Archway Partnership
<br />Nebraska Deed Of Trust
<br />NE/4XX28424000005900005586016050407Y
<br />
<br />Initials
<br />Page 1
<br />
<br />@1996 Bankers Systems, Inc., St. Cloud, MN ~
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