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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />North locust Branch
<br />113-115 N locust St
<br />PO Box 160
<br />Grand Island, NE 68802-0160
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />DEED OF TRUST
<br />
<br />3 5". SlJ
<br />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $129,020.40.
<br />
<br />THIS DEED OF TRUST is dated August 13, 2007, among DAVID L LARSON, Trustee of David L. Larson
<br />
<br />Revocable Living Trust dated October 15, 2002 under the provisions of a trust agreement; and CATHERINE M
<br />
<br />LARSON, Trustee of Catherine M. Larson Revocable Living Trust dated October 15, 2002 under the provisions
<br />
<br />of a trust agreement. whose address is 505 LINDEN AVE. GRAND ISLAND, NE 688018668 ("Trustor");
<br />
<br />Equitable Bank, whose address is North Locust Branch, 113-115 N Locust St, PO Box 160, Grand Island, NE
<br />
<br />68802-0160 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Equitable Bank
<br />
<br />(Grand Island Region). whose address is 113-115 N Locust St; PO Box 160, Grand Island, NE 68802-0160
<br />
<br />(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
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real
<br />property. including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Hall
<br />
<br />County, State of Nebraska:
<br />
<br />Lot Three (3). Sunny Acres Second Subdivision, Grand Island, Hall County, Nebraska.
<br />
<br />The Real Property or its address is commonly known as 706 Hedde Street, Grand Island, NE 68801. The
<br />
<br />Real Property tax identification number is 400151502.
<br />
<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
<br />present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to lender a Uniform Commercial
<br />Code security interest in the Personal Property and Rents.
<br />
<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 />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and
<br />not at the request of lender; (b) Trustor has the full power. right, and authority to enter into this Deed of Trust and to hypothecate the
<br />Property; (c) the provisions of this Deed of Trust do not conflict with. or result in a default under any agreement or other instrument
<br />binding upon Trustor and do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has
<br />established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e)
<br />lender has made no representation to Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />
<br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law. or any other
<br />law which may prevent lender from bringing any action against Trustor, including a claim for deficiency to the extent lender is otherwise
<br />entitled to a claim for deficiency, before or after lender's commencement or completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale.
<br />
<br />PA YMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to lender all Indebtedness
<br />secured by this Deed of Trust as it becomes due. and Borrower and Trustor shall perform all their respective obligations under the Note.
<br />this Deed of Trust. and the Related Documents.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of
<br />the Property shall be governed 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 Property;
<br />(2) use. operate or manage the Property; and (3) collect the Rents from the Property.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements. and
<br />maintenance 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
<br />of the Property. there has been no use. generation, manufacture, storage. treatment, disposal, release or threatened release of any
<br />Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe
<br />that there has been. except as previously disclosed to and acknowledged by lender in writing. (a) any breach or violation of any
<br />Environmental laws. (b) any use, generation. manufacture, storage. treatment. disposal. release or threatened release of any
<br />Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and
<br />acknowledged by lender in writing. (a) neither Trustor nor any tenant, contractor. agent or other authorized user of the Property
<br />shall use, generate. manufacture, store. treat. dispose of or release any Hazardous Substance on. under. about or from the Property;
<br />and (b) any such activity shall be conducted in compliance with all applicable federal. state, and local laws, regulations and
<br />ordinances, including without limitation all Environmental laws. Trustor authorizes lender and its agents to enter upon the Property
<br />to make such inspections and tests, at Trustor's expense, as lender may deem appropriate to determine compliance of the Property
<br />with this section of the Deed of Trust. Any inspections or tests made by lender shall be for lender's purposes only and shall not be
<br />construed to create any responsibility or liability on the part of lender to Trustor or to any other person. The representations and
<br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor
<br />hereby (1) releases and waives any future claims against lender for indemnity or contribution in the event Trustor becomes liable for
<br />
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