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<br />200807950 <br /> <br />I. Governine: Law. This Deed ofTmst shall be governed by the laws of the <br />State of Nebraska. lfany provision or clause of the Note and Deed of Trust are declared to <br />be unconstitutional or illegal, invalid or unenforceable, it shall be deemed to be separate and <br />severable from the rest of the provisions, and the intent is that the remaining portions of the <br />document will remain in full force and effect. This instrument cannot be waived, changed, <br />discharged or tenninated orally, but only by an instrument in writing signed by the party <br />against whom enforcement of any waiver, change, discharge or termination is sought. <br /> <br />J. Interchangeable Terms. The tenn "Trustor" and "Borrower" shall include <br />both the singular and plural, and when the Trustor and Borrower are the same person or <br />entity, those tenns as used in this Deed of Trost shall be interchangeable. <br /> <br />K. Real Estate. The parties agree that the real estate is titled only in the name <br />of Gordon Wales and Margaret Wales. <br /> <br />L. Application ofPavments. Unless otherwise required by law, sums paid to <br />Lender hereunder, including without limitation payments of principal and interest, insurance <br />proceeds, condemnation proceeds and rents and profits, shall be applied by Lender first, to <br />the repayment of any advances made by Lender under the terms of any Loan Instruments (as <br />herein defined), next to late charges, next to accrued interest, and the balance of any payment <br />shall be applied in reduction of the principal balance to the amounts due and owing from <br />Borrower in such order as Lender in his sole discretion deems desirable. <br /> <br />M. Basements and Covenants. If Trustor is the beneficiary of any easement or <br />covenants, or any other agreement that affect the real estate, Tmstor herein agrees that said <br />covenants, easements, and/or agreements shall be subordinate to this Deed of Trust. <br /> <br />N. Purchase Monev Securitv Instrument. Borrower represents that the Note <br />represents a portion of the purchase price for the Property and, therefore, this Deed of Trust <br />is a purchase money security instrument. <br /> <br />IN WITNESS WHEREOF, the undersigned has caused this Deed of Trust to be signed and delivered <br />as of the date and year first above written. <br /> <br />f,yL ~LJ~ <br /> <br />Gordon Wales, Trustor and Borrower <br /> <br /> <br />4/~ <br /> <br />Page 10 of 12 <br />