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<br />
<br />DEED OF TRUST WITH FUTURE ADVANCES
<br />
<br />/fs:,. 00
<br />This DEED OF TRUST is made this 15th day of June, 2007, by and among Kelly T. Connelly and
<br />Julie A. Connelly, husband and wife, hereinafter referred to as "Trustors," whether one or more, whose
<br />mailing address is 341 Redwood Rd., Grand Island, Nebraska, 68803; Pathway Bank, a Nebraska
<br />Banking Corporation, hereinafter referred to as "Trustee," whose mailing address is Box 428, Cairo,
<br />Nebraska 68824; and Pathway Bank, a Nebraska Banking Corporation, hereinafter referred to as
<br />"Beneficiary," whose mailing address is Box 428, Cairo, Nebraska 68824.
<br />For valuable consideration, Trustors irrevocably grant, transfer, convey and assign to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of
<br />this Deed of Trust, the following described real property located in Hall County, Nebraska:
<br />
<br />Lot 14, Country Meadows 2nd Subdivision, City of Orand Island; and Lot 7,
<br />Double R Subdivision, City of Grand Island, all in Hall County, Nebraska
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon, and all personal property that may be or hereafter become an integral part of
<br />such buildings and improvements, all crops raised thereon, and all water rights, all of which, including
<br />replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it
<br />being agreed that all of the foregoing shall be hereinafter referred to as the "Property."
<br />
<br />FOR THE PURPOSE OF SECURING:
<br />
<br />a. Payment of indebtedness evidenced by Trustors' note of even date herewith in the principal sum of
<br />$220,000.00, together with interest at the rate or rates provided therein, and any and all renewals, modifications
<br />and extensions of such note, both principal and interest on the note being payable in accordance with the terms
<br />set forth therein, which by this reference is hereby made a part hereof; and any and all future advances and
<br />readvances to Trustors hereunder pursuant to one ore more promissory notes or credit agreements (herein called
<br />"Note");
<br />b. the payment of other sums advanced by Beneficiary to protect the security of the Note;
<br />c. the performance of all covenants and agreements of Trustor set forth herein; and
<br />d. all present and future indebtedness and obligations of Trustors to Beneficiary whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise;
<br />
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTORS HEREBY COVENANT AND AGREE:
<br />
<br />I. To pay when due, the principal of, and the interest on, the indebtedness evidenced by the note, charges, fees and all other sums
<br />as provided in the Joan instruments.
<br />2. Trustors are the owners ofthe property and have the right and authority to execute this Deed of Trust in respect to the property.
<br />3. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent.
<br />Trustors shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
<br />4. To keep the improvements now or hereafter located on the property insured against damage by fire and such other hazards as
<br />the Beneficiary may require, in amounts and companies acceptable to the Beneficiary, Such insurance policy shall contain a standard
<br />mortgage clause in favor of Beneficiary. Trustor shall promptly repair, maintain and replace the property or any part thereof, so that,
<br />except for ordinary wear and tear, the property shall not deteriorate.
<br />5. In the event the property, or any part thereof, shall be taken by eminent domain, the Beneflciary is entitled to collect and receive
<br />all compensation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall apply such
<br />compensation, at its option, either to a reduction of the indebtedness secured hereby, or to repair and restore the property so taken.
<br />6. The Beneficiary may, but shall have no obligation to, do any act which Trustors have agreed but failed to do, and the
<br />Beneficiary may also do any act it deems necessary to protect the lien hereof. Trustors agree to repay, upon demand, any sums so
<br />expended by the Beneficiary for the above purposes, and any sum so expended shall be added to the indebtedness secured hereby and
<br />become secured by the lien hereof. The Beneficiary shall no incur any liability because of anything it may do or omit to do hereunder.
<br />7. The Beneficiary shall have the right, power and authority during the continuance of this Deed of Trust to collect the rents, issues
<br />and profits of the property and of any personal property located thereon with or without taking possession of the property affected
<br />hereby, and Trustors hereby absolutely and unconditionally assign all such rents, issues and profits to the beneficiary. The beneficiary,
<br />however, hereby consents to Trustors' collection and retention of such rents, issues and profits, so long as Trustors are not, at such
<br />time, in default with respect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder. I f any
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