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In
<br />Deed of 'Rust
<br />(f+N�brsaks) 7- 104991
<br />This Trust Dead, made this 7th day of August 1987
<br />between CITATION INVESTMENTS, an Arizona General Partnership-------------- - - - - --
<br />85060 -5627
<br />whose addressis 4040 East Camelback, P. 0. Box 15627, Phoenix, Arizona/ ,Trustor,
<br />and Vincent L. Dowding whose addressis P. 0. Box 790, Grand Island, Nebragka 68802
<br />Trustee,
<br />W nesseth: That Whereas, Trustor has executed one certain Promissory Note bearing even date herewith and
<br />drawn to the order of Metropolitan Life Insurance Company, hereinafter called Beneficiary, for the principal
<br />sumof--------------------------------------------------------------------- - - - - --
<br />------------- --- -- - --- -TWO HUNDRED SIXTY FIVE THOUSAND -------------------- 4)ollars
<br />($ 265,000.00 ),payable in lawful money of the United States which shall be legal tender in payment of all
<br />debts and dues, public and private, at the time of payment, with exchange on the City of New York, payable in
<br />installments, the final installment due January 1, 2007 with interest thereon from the
<br />date thereof as therein provided.
<br />And Whereas, Trustor is desirous of securing the prompt payment of said Promissory Note and all interest and
<br />charges thereon, in whose hands soever the same may be.
<br />Now, therefore, Trustor, in consideration of the premises, and for the purpose aforesaid, hath granted, bar -
<br />gained, sold, and conveyed, and hereby does grant, bargain, sell and convey unto the Trustee, in trust, with
<br />power of sale, pursuant to the Nebraska Trust Deeds Act (Section 76 -1001 et. seq. ), all the following described
<br />real estate, premises and property, situate in the County of Hall and State of Nebraska,
<br />to wit:
<br />Real Estate as described on Exhibit A attached hereto.
<br />This Deed of Trust is given to secure a Deferred Purchase Money Note, which
<br />represents funds advanced by Beneficiary to pay for the balance of the purchase
<br />price paid to the grantor for said land and is to be deemed given,_for the"purchase
<br />price and the continuation of the original Vendor's lien on said piemfses.
<br />It is agreed that all irrigation pumps, electric motors, engines, pipes, sprinklers,
<br />control panels and accessories and all other irrigation equipment connected
<br />therewith now or hereafter placed or installed on said premises together with all
<br />water and watering rights of every kind and description shall be construed as
<br />affixed to and a part of the real estate hereinabove described and subject to
<br />all of the provisions of this Deed of Trust.
<br />The Note secured by this Deed of Trust is further secured by a Financing Statement
<br />and Security Agreement of even date herewith, covering said irrigation equipment
<br />as described in said Financing Statement and Security Agreement.
<br />The Note secured hereby expressly provides that the holder thereof may at
<br />its option change or adjust the interest rates set forth therein.
<br />Beneficiary shall have the right, power and authority during the continuance of
<br />this Deed of Trust to collect the rents, issues and profits of the property and
<br />of any personal property located thereon with or without taking possession of the
<br />property affected hereby, and Trustor hereby absolutely and unconditionally
<br />assigns all such rents, issues and profits to Beneficiary. Beneficiary, however,
<br />hereby consents to Trustor's collection and retention of such rents, issues and
<br />profits as they accrue and become payable, so long as Trustor is not, at such
<br />time, in default with respect to payment of any indebtedness secured hereby, or
<br />in the performance of any agreement hereunder. If any event of default described
<br />hereafter in respect to this Deed of Trust shall have occurred and be continuing,
<br />Beneficiary, as a matter of right and without notice to Trustor or anyone claiming
<br />under Trustor, and without regard to the value of the trust estate or the interest
<br />of the Trustor therein, shall have the right to apply to any court having
<br />jurisdiction to appoint a receiver of the property. It is further agreed that in
<br />case of default in the payment of said principal. Note or interest, or any part
<br />thereof, as it shall mature, or in the case of failure to keep or perform any of
<br />the covenants or agreements contained in this Deed of Trust, then the Beneficiary,
<br />its successors or assigns, shall be and is hereby authorized and empowered to take
<br />immediate possession of the said premises hereby conveyed and all crops thereon,
<br />or to collect the rents therefrom, and to apply the proceeds thereof to the
<br />payments of the debt hereby secured.
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