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NE 68803 FOR RECORDER'S USE ONLY <br /> <br /> <br />DEED OF TRUST ~ <br /> <br />THIS DEED OF TRUST is dated August 20, 2008, among Gary E. Valasek and Mary G. Valasek; as Husband ...~ <br /> <br />and Wife ("Trustor"); Platte Valley State Bank & Trust Company, whose address is PVSB Grand Island Branch, '< <br /> <br />810 Allen Dr, Grand Island. NE 68803 (referred to below sometimes as "lender" and sometimes as <br /> <br />"Beneficiary"); and Platte Valley State Bank & Trust Company, whose address is 810 Allen Dr, Grand Island, <br /> <br />NE 68801 (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 Two (2), Block One (1) of Jack Voss Second Subdivision to the City of Grand Island, Hall County, <br /> <br />Nebraska <br /> <br />The Real Property or its address is commonly known as 4321 Michigan Ave., Grand Island, NE 68803. The <br /> <br />Real Property tax identification number is 400164787. <br /> <br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor whether or not the <br />advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts <br />specified in the Note, all future amounts lender in its discretion may loan to Trustor, together with all interest thereon. <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 />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to lender all amounts secured by <br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this <br />Deed of Trust, and the Related Documents. <br /> <br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be <br />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 good 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 />cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless lender against any and all <br />claims, losses, liabilities, damages, penalties, and expenses which lender may directly or indirectly sustain or suffer resulting from a <br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or <br />threatened release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have <br />been known to Trustor. The provisions of this section of the Deed of Trust, including the obligation to indemnify and defend, shall <br />survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be <br />affected by lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. <br /> <br />Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on <br />or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not remove, or grant to <br />any other party the right to remove, any timber, minerals (including oil and gas). coal, clay, scoria, soil, gravel or rock products <br />without lender's prior written consent. <br /> <br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without lender's prior <br />