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<br />DEED OF TRUST
<br />(Continued)
<br />
<br />200710770
<br />
<br />Page 5
<br />
<br />State of Nebraska. The instrument shall contain, in addition to all other matters required by state law, the names of the original
<br />Lender, Trustee, and Trustor, the book and page (or computer system reference) where this Deed of Trust is recorded, and the name
<br />and address of the successor trustee, and the instrument shall be executed and acknowledged by all the beneficiaries under this Deed
<br />of Trust or their successors in interest. The successor trustee, without conveyance of the Property, shall succeed to all the title,
<br />power, and duties conferred upon the Trustee in this Deed of Trust and by applicable law. This procedure for substitution of Trustee
<br />shall govern to the exclusion of all other provisions for substitution.
<br />
<br />NOTICES. Any notice required to be given under this Deed of Trust, including without limitation any notice of default and any notice of
<br />sale shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise
<br />required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as
<br />first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust. All
<br />copies of notices of foreclosure from the holder of any lien which has priority over this Deed of Trust shall be sent to Lender's address, as
<br />shown near the beginning of this Deed of Trust. Any party may change its address for notices under this Deed of Trust by giving formal
<br />written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Trustor
<br />agrees to keep Lender informed at all times of Trustor's current address. Unless otherwise provided or required by law, if there is more
<br />than one Trustor, any notice given by Lender to any Trustor is deemed to be notice given to all Trustors.
<br />
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Deed of Trust:
<br />
<br />Amendments. This Deed of Trust, together with any Related Documents, constitutes the entire understanding and agreement of the
<br />parties as to the matters set forth in this Deed of Trust. No alteration of or amendment to this Deed of Trust shall be effective unless
<br />given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
<br />
<br />Annual Reports. If the Property is used for purposes other than Trustor's residence, Trustor shall furnish to Lender, upon request, a
<br />certified statement of net operating income received from the Property during Trustor's previous fiscal year in such form and detail as
<br />Lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in
<br />connection with the operation of the Property.
<br />
<br />Caption Headings. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or
<br />define the provisions of this Deed of Trust.
<br />
<br />Merger. There shall be no merger of the interest or estate created by this Deed of Trust with any other interest or estate in the
<br />Property at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender.
<br />
<br />Governing law. This Deed of Trust will be governed by federal law applicable to lender and, to the extent not preempted by federal
<br />law, the laws of the State of Nebraska without regard to its conflicts of law provisions. This Deed of Trust has been accepted by
<br />lender in the State of Nebraska.
<br />
<br />Choice of Venue. If there is a lawsuit, Trustor agrees upon Lender's request to submit to the jurisdiction of the courts of Buffalo
<br />County, State of Nebraska.
<br />
<br />Joint and Several liability. All obligations of Borrower and Trustor under this Deed of Trust shall be joint and several, and all
<br />references to Trustor shall mean each and every Trustor, and all references to Borrower shall mean each and every Borrower. This
<br />means that each Trustor signing below is responsible for all obligations in this Deed of Trust. Where anyone or more of the parties is
<br />a corporation, partnership, limited liability company or similar entity, it is not necessary for Lender to inquire into the powers of any of
<br />the officers, directors, partners, members, or other agents acting or purporting to act on the entity's behalf, and any obligations made
<br />or created in reliance upon the professed exercise of such powers shall be guaranteed under this Deed of Trust.
<br />
<br />No Waiver by lender. Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in
<br />writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
<br />right or any other right. A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lender's
<br />right otherwise to demand strict compliance with that provision or any other provision of this Deed of Trust. No prior waiver by
<br />Lender, nor any course of dealing between Lender and Trustor, shall constitute a waiver of any of Lender's rights or of any of
<br />Trustor's obligations as to any future transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting
<br />of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is
<br />required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
<br />
<br />Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to
<br />any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If
<br />feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending
<br />provision cannot be so modified, it shall be considered deleted from this Deed of Trust. Unless otherwise required by law, the
<br />illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall not affect the legality, validity or enforceability of
<br />any other provision of this Deed of Trust.
<br />
<br />Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this Deed of Trust
<br />shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes
<br />vested in a person other than Trustor, Lender, without notice to Trustor, may deal with Trustor's successors with reference to this
<br />Deed of Trust and the Indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of
<br />Trust or liability under the Indebtedness.
<br />
<br />Time is of the Essenca. Time is of the essence in the performance of this Deed of Trust.
<br />
<br />Waive Jury. All parties to this Deed of Trust hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought
<br />by any party against any other party.
<br />
<br />Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all Indebtedness secured by this Deed of Trust.
<br />
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms not otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />
<br />Beneficiary. The word "Beneficiary" means Exchange Bank, and its successors and assigns.
<br />
<br />Borrower. The word "Borrower" means Lakefront, LLC and includes all co-signers and co-makers signing the Note and all their
<br />successors and assigns.
<br />
<br />Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without
<br />limitation all assignment and security interest provisions relating to the Personal Property and Rents.
<br />
<br />Default. The word" Default" means the Default set forth in this Deed of Trust in the section titled" Default" .
<br />
<br />Environmental Laws. The words" Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund
<br />Amendments and Reauthorization Act of 1986, Pub. L. No. 99A99 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C.
<br />Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursuant thereto.
<br />
<br />Ha:l:ardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words
<br />"Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic
<br />substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also
<br />includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.
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