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<br />TRUST DEED
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<br />200800038
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<br />This Trust Deed made this 2nd day of January, 2008 between K & S Butler
<br />Enterprises, L.L.c., a Nebraska limited liability company, as Trustor, whether one or more, whose
<br />address is 530 N. Diers Avenue, Grand Island, Nebraska 68802, and Robert D. Stowell, a Nebraska
<br />licensed attorney, as Trustee, whose address is 1545 M St., P.o. Box 40, Ord, Nebraska, and Lewis
<br />& Moore, L.L.c., a Nebraska limited liability company, as Beneficiary, whether one or more,
<br />whose address is 530 N. Diers Avenue, Grand Island, Nebraska 68802.
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<br />WHEREAS, Trustor conveys, sells, and warrants to Trustee in trust, with power of
<br />sale, the following described real property:
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<br />Lot 6, Richmond Subdivision in the City of Grand Island, Hall County,
<br />Nebraska
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<br />The intention being to convey hereby an absolute title in fee simple, together with all
<br />buildings, fixtures, improvements and appurtenances, easements, rents, issues, profits, reversions,
<br />and remainders thereunto belonging, it being agreed that all of the foregoing shall hereinafter be
<br />referred to as the "Property".
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<br />NOW, THEREFORE, under this Trust Deed, for the purpose of securing
<br />performance of each agreement of Trustor herein contained and the payment in the principal sum of
<br />$168,315.00 and the interest on unpaid balances, as evidenced by a Note bearing even date at the
<br />rate of 8.25% per annum until paid, and all extensions, modifications and renewals thereof or
<br />advances made subsequent to the date hereon, (all of said documents shall be collectively referred to
<br />in this Trust Deed as the "Note"). The principal sum and interest thereon shall be payable according
<br />to the terms of said Note, with a final payment due on January 1,2018.
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<br />I. TITLE. The Trustor covenants and agrees with the said Trustee and Beneficiary that it is
<br />lawfully seized of said Property; that it has good right and lawful authority to sell and convey said
<br />Property, that said Property is free and clear of all liens and encumbrances except for that particular
<br />lien granted to Home Federal Bank in Grand Island, Nebraska, in the amount 01'$465,600.00, which
<br />lien shall be superior to this Deed of Trust. Trustor will warrant and defend the title to said Property
<br />unto the Trustee and its successors and assigns forever against the claims of all persons, except for
<br />Home Federal Bank described above, which has a superior lien to the Beneficiary herein.
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<br />2. TRUSTOR DUTIES. It is agreed by and between the parties hereto that while title is vested in
<br />the Trustee, prior to any reconveyance, and until filing ofa Notice of Default, the Trustor shall:
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<br />I. Retain possession ofthe Property and collect the rents and revenues therefrom.
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<br />II. Maintain the buildings and improvements located thereon in good condition and
<br />repair; said buildings and improvements thereon shall not be removed or sold without the written
<br />agreement and consent of all parties hereto.
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<br />III. Pay all taxes and special assessments levied or assessed against or due upon said
<br />Property before delinquency, and to deliver to Beneficiary, at Beneficiary's option, copies of
<br />receipts showing payment of such taxes.
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<br />IV. Procure and maintain policies of insurance against the usual hazards of fire, hail,
<br />windstorm and other similar risks, in sums and underwritten by companies acceptable to the
<br />Beneficiary, with loss payable to the parties as their interest may appear and to deliver copies of
<br />such policies to said Beneficiary.
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<br />V. Pay to the Beneficiary, if Beneficiary so requires, together with and in addition
<br />to the regular payments of principal and interest, on the date set forth for the making of the payment
<br />a sum as established by the Beneficiary equal to the taxes and special assessments next due on the
<br />Property, plus the premium that will next become due and payable on insurance policies covering
<br />the Property. Said sums to be held by the Beneficiary in trust to pay the taxes, special assessments
<br />and insurance premiums. Any deficiency in the amount of any aggregate payment (principal,
<br />interest, taxes, special assessments and insurance premium) shall constitute a default. The
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