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<br />WHEN RECORDED MAIL TO:
<br />Howard County Bank a branch of Sherman County
<br />Bank
<br />St Paul
<br />PO Box 84
<br />SI. Paul. NE 68873
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />DEED OF TRUST
<br />
<br />THIS DEED OF TRUST is dated July 27, 2007, among Fredric J. Lee, whose address is 8212 North Hwy 281,
<br />
<br />Grand Island, NE 68803 and Barbara E. Lee, whose address is 8212 North Hwy 281, Grand Island, NE
<br />
<br />68803; husband and wife, as joint tenants, not tenants in common, ("Trustor"); Howard County Bank a
<br />
<br />branch of Sherman County Bank, whose address is St Paul, PO Box 84, S1. Paul, NE 68873 (referred to
<br />
<br />below sometimes as "Lender" and sometimes as "Beneficiary"); and Sherman County Bank, whose address
<br />
<br />is PO Box 543, Loup City, NE 68853 (referred to below as "Trustee").
<br />
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SAlE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights and
<br />ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including
<br />without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Hall County, State of
<br />
<br />Nebraska:
<br />
<br />35",$6
<br />
<br />A tract of land comprising a part of the Southeast Quarter (SE1/4) of Section Five (5), Township Twelve
<br />(12) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska, more particularly described as
<br />follows: Commencing at the Southeast Corner of said Southeast Quarter (SE1/4) and running Northerly
<br />on the East Line of said Southeast Quarter (SE1/4) a distance of One Thousand Ninety-six and Twenty
<br />Hundredths (1096.20) feet to the point of beginning; thence deflecting left 87 degrees 05' 30" and
<br />running Westerly a distance of Six Hundred Thirteen and Six Hundredths (613.06) feet; thence deflecting
<br />right 45 degrees 31' 00" and running Northwesterly a distance of One Hundred Five and Sixty Five
<br />Hundredths (105.65) feet; thence deflecting right 26 degrees 22' 45" and running Northerly a distance of
<br />One Hundred Thirty Four and Five Hundredths (134.05) feet thence deflecting right 107 degrees 08' 46"
<br />and running Easterly to a point on the East line of said Southeast Quarter (SE1/4) a distance of Seven
<br />Hundred Seventeen and Eight Hundredths (717.88) feet; thence deflecting right 88 degrees 01' 59" and
<br />running Southerly on the East line of said Southeast Quarter (SE1/4) a distance of Two Hundred
<br />Fourteen and Ninety Hundredths (214.90) feet to the pointof beginning, excepting a certain tract
<br />therefrom as recorded in Warranty Deed as document No. 93-108866 in the Register of Deeds Office.
<br />
<br />The Real Property or its address is commonly known as 8218 North Hwy 281, Grand Island, NE 68803.
<br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts specified in
<br />the Note, all future amounts Lender in its discretion may loan to Trustor, together with all interest thereon.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all present
<br />and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<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 (A) PAYMENT OF THE INDEBTEDNESS AND (B) 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 this
<br />Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this Deed of Trust,
<br />and the Related Documents.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be governed
<br />by the following provisions:
<br />
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Properly; (2)
<br />use, operate or manage the Property; and (3) collect the Rents from the Properly.
<br />
<br />Duty to Maintain. Trustor shall maintain the Properly in good condition and promptly perform all repairs, replacements, and maintenance
<br />necessary to preserve its value.
<br />
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of
<br />the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
<br />Substance by any person on, under, about or from the Property; (2) Trustor has no knOWledge of, or reason to believe that there has been,
<br />except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any
<br />use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or
<br />from the Property by any prior owners or occupants of the Properly, or (c) any actual or threatened litigation or claims of any kind by any
<br />person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Trustor nor
<br />any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any
<br />Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable
<br />federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Trustor authorizes Lender and
<br />its agents to enter upon the Property to make such inspections and tests, at Trustor's expense, as Lender may deem appropriate to
<br />determine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by Lender shall be for Lender's
<br />
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