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<br />200510246
<br />DEED OF TRUST WITH FUTURE ADVANCES
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<br />This DEED OF TRUST is made this 7th day of October, 2005, by and among Jon C. Kelly and Karen
<br />L. Kelly, husband and wife, hereinafter referred to as "Trustors," whether one or more, whose mailing
<br />address is 6029 N. Both Circle, Omaha, Nebraska 68164; Ralph A. Bradley, Attorney at Law, hereinafter
<br />referred to as "Trustee," whose mailing address is PO Box 639, Grand Island, Nebraska 68802; and Roy's
<br />Grand Dodge-Chrysler and Jeep on Locust, L.L.C., a Nebraska Limited Liability Corporation,
<br />hereinafter referred to as "Beneficiary," whose mailing address is 1803 S. Locust, Grand Island, Nebraska
<br />68801.
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<br />For valuable consideration, Trustors irrevocably grant, transfer, convey and assign to Trustee, in trust,
<br />with power of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions of
<br />this Deed of Trust, the following described real property located in Hall County, Nebraska:
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<br />Lot 32, Indianhead th Subdivision, in the City of Grand Island, Hall County, Nebraska.
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<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon, and all personal property that may be or hereafter become an integral part of
<br />such buildings and improvements, all crops raised thereon, and all water rights, all of which, including
<br />replacements and additions thereto, are hereby declared to be a part of the real estate conveyed in trust hereby, it
<br />being agreed that all of the foregoing shall be hereinafter referred to as the "Property."
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<br />FOR THE PURPOSE OF SECURING:
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<br />a. Payment of indebtedness not to exceed the principal sum of $179,900.00, together with interest at the rate
<br />or rates directly related to such indebtedness and any and all renewals, modifications and extensions of such
<br />indebtedness, and any and all future advances and readvances to Trustors hereunder pursuant to one or more
<br />promissory notes or credit agreements;
<br />b. the payment of other sums advanced by Beneficiary to protect the security of the indebtedness;
<br />c. the performance of all covenants and agreements of Trustor set forth herein; and
<br />d. all present and future indebtedness and obligations of Trustors to Beneficiary whether direct, indirect,
<br />absolute or contingent and whether arising by note, guaranty, overdraft or otherwise;
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<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTORS HEREBY COVENANT AND AGREE:
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<br />1. To pay when due, the principal of, and the interest on, the indebtedness, charges, fees and all other sums as provided in the loan
<br />instruments.
<br />2. Trustors are the owners of the property and have the right and authority to execute this Deed of Trust in respect to the property.
<br />3. To pay, when due, all taxes, special assessments and all other charges against the property, before the same become delinquent.
<br />Trustors shall pay all taxes and assessments which may be levied upon Beneficiary's interest herein or upon this Deed of Trust or the
<br />debt secured hereby, without regard to any law that may be enacted imposing payment of the whole or any part thereof upon the
<br />Beneficiary.
<br />4. To keep the improvements now or hereafter located on the property insured against damage by fire and such other hazards as
<br />the Beneficiary may require, in amounts and companies acceptable to the Benef1ciary, Such insurance policy shall contain a standard
<br />mortgage clause in favor of Beneficiary. Trustor shall promptly repair, maintain and replace the property or any part thereof, so that,
<br />except for ordinary wear and tear, the property shall not deteriorate.
<br />5. In the event the property, or any part thereof, shall be taken by eminent domain, the Beneficiary is entitled to collect and receive
<br />all compensation which may be paid for any property taken or for damages to property not taken, and the Beneficiary shall apply such
<br />compensation, at its option, either to a reduction of the indebtedness secured hereby, or to repair and restore the property so taken.
<br />6. The Beneficiary may, but shall have no obligation to, do any act which Trustors have agreed but failed to do, and the
<br />Beneficiary may also do any act it deems necessary to protect the lien hereof. Trustors agree to repay, upon demand, any sums so
<br />expended by the Beneficiary for the above purposes, and any sum so expended shall be added to the indebtedness secured hereby and
<br />become secured by the lien hereof. The BenefIciary shall not incur any liability because of anything it may do or omit to do hereunder.
<br />7. The Beneficiary shall have the right, power and authority during the continuance of this Deed of Trust to collect the rents, issues
<br />and profits of the property and of any personal property located thereon with or without taking possession of the property atlected
<br />hereby, and Trustors hereby absolutely and unconditionally assign all such rents, issues and profits to the beneficiary. The beneficiary,
<br />however, hereby consents to Trustors' collection and retention of such rents, issues and profits, so long as Trustors are not, at such
<br />time, in default with respect to payment of any indebtedness secured hereby, or in the performance of any agreement hereunder. If any
<br />event of default described hereafter in respect to this Deed of Trust shall have occurred and be continuing, the Beneficiary, as a matter
<br />of right and without notice to Trustors or anyone claiming under Trustors, and without regard to the value of the trust estate or the
<br />interest of the Trustors therein, shall have the right to apply to any court having jurisdiction to appoint a receiver of the property.
<br />8. The Beneficiary, or its agents, are authorized to enter at any reasonable time upon or in any part of the property far the purpose
<br />of inspecting the same and for the purpose of performing any of the acts they are authorized to perform under the terms of any loan
<br />instruments executed by Trustors.
<br />9. If all or any part of the property or any interest of Trustors is sold, transferred or further encumbered without the written consent
<br />of the Beneficiary, the Benef1ciary may declare all sums secured by this Trust Deed to be immediately due and payable and proceed to
<br />the remedies available to it under the default provisions contained herein.
<br />10. Any of the following events shall be deemed an event of default hereunder:
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