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<br />DEED OF TRUST
<br />(Participation)
<br />THIS DEED OF TRUST, made this 18`" day of September, 2009, by and between
<br />Carpenter Real Estate, Inc., a Nebraska Corporation
<br />hereinafter referred to as "Trustor" whose business address is
<br />3221 Ramada Road, Grand Island, NE, 68801 ~~
<br />GREGG J. STRATMAN, hereinafter referred to as "Trustee," whose address is ~
<br />10675 Bedford Avenue, Suite 100, Omaha, NE 68134 ~
<br />and Nebraska Economic Development Corporation, hereinafter referred to as "Benefciary," who maintains an office and place of
<br />business at 1610 South 70`" Street, Suite 201, Lincoln, NE 68506, in participation with the Small Business Administration, an Agency
<br />of the United States.
<br />WITNESSETH, that for and in consideration of $1.00 and other good and valuable consideration, receipt of which is hereby
<br />acknowledged, the Trustor does hereby bargain, sell, grant, assign, and convey unto the Trustee, his successors and assigns IN
<br />TRUST, WITH POWER OF SALE, all of the following described property situated and being in the County of Hall, State of
<br />Nebraska.
<br />Lot Nine (9), Woodland Second Subdivision, an Addition to the City of Grand Island, Hall County,
<br />Nebraska.
<br />Together with and including all buildings, all fixtures, including but oat limited to all plumbing, heating, lighting, ventilating,
<br />refrigerating, incinerating, air conditioning apparatus, and elevators (the Trustor hereby declaring that it is intended that the items
<br />herein enumerated shall be deemed to have been permanently installed as part of the realty), and all improvements now or hereafter
<br />existing thereon; the hereditaments and appurtenances and all other rights thereunto belonging, or in anywise appertaining, and the
<br />reversion and reversions, remainder and remainders, and the rents, issues, and profits of the above described property. To have and to
<br />hold the same unto the Trustee, and the successors in interest of the Trustee, forever, in fee simple or such other estate, if any, as is
<br />stated herein trust, to secure a promissory note of the above date, in the principal sum of: $203,000.00 signed by Todd A. Carpenter,
<br />President and Secretary, of Carpenter Real Estate, loc., a Nebraska Corporation.
<br />1. This conveyance is made upon and subject to the further trust that the said Trustor shall remain in quiet and
<br />peaceable possession of the above granted and described premises and take the profits thereof to his own use until the default be made
<br />in any payment of an installment due on said note or in the performance of any of the covenants or conditions contained therein or in
<br />this Deed of Trust; and, also to secure the reimbursement of the Beneficiary or any other holder of said note, the Trustee or any
<br />substitute trustee of any and all costs and expenses incurred, including reasonable attorney's fees on account of any litigation which
<br />may arise with respect to this Trust or with respect to the indebtedness evidenced by said note, the protection and maintenance of the
<br />property hereinabove described or in obtaining possession of said property after any sale which may be made as hereinafter provided.
<br />2. Upon the full payment of the indebtedness evidenced by said note and the interest thereon, the payment of all other
<br />sums herein provided for, the repayment of all monies advanced or expended pursuant to said note or this instrument, and upon the
<br />payment of all other proper costs, charges, commissions, and expenses, the above-described property shall be released and reconveyed
<br />to and at the cost of the Trustor.
<br />3. Upon default in any of the covenants or conditions of this instrument or of the note or loan agreement secured
<br />hereby, the Beneficiary or his assigns may without notice and without regard to the adequacy of security For the indebtedness secured,
<br />either personally or by attorney or agent without brining property or any part thereof, and do any acts which Beneficiary deems proper
<br />to protect the security hereof, and either with or without taking possession of said property, collect and receive the rents, royalties,
<br />issues, and profits thereof, including rents accrued and unpaid, and apply the same, less costs of operation and collection, upon the
<br />indebtedness secured by this Deed of Trust, said rents, royalties, issues, and profits being hereby assigned to the Beneficiary as further
<br />security for the payment of such indebtedness. Exercise of rights under this paragraph shall not cure or waive any default or notice of
<br />default hereunder or invalidate any act done pursuant to such notice but shall be cumulative to any right and remedy to declare a
<br />default and cause notice of default to be recorded as hereinafter provided, and cumulative to any other right and/or remedy hereunder,
<br />or provided by law, and may be exercised concurrently or independently. Expenses incurred by Beneficiary hereunder including
<br />reasonable attorney's fees shall be secured hereby.
<br />4. The Trustor covenants and agrees that if he shall fail to pay said indebtedness, or any part thereof, when due, or shall
<br />fail to perform any covenant or agreement of this instrument or of the promissory note secured hereby, the entire indebtedness hereby
<br />secured shall immediately~become due, payable, and collectible at the option of the Beneficiary or assigns, regardless of maturity, and
<br />the Beneficiary or assigns may enter upon said property and collect the rents and profits thereof. Upon such default in payment or
<br />performance, and before or after such entry, the Trustee, acting in the execution of this Trust after the notice of default has been
<br />recorded, shall mail a copy of the default to each person who is a party to this instrument, at the address set out in this instrument, as
<br />well as to any person who has requested any notice of default and notice of sale by recording said request for notice with the register
<br />of deeds in the county in which this instrument is recorded, and after the lapse of time which is required by law after mailing the
<br />notice, the Trustee shall have the power to sell said property, and it shall be the Trustee's duty to sell said property in case of any
<br />default of any purchaser, to resell at public auction, to the highest bidder. The Trustee shall first give five weeks' notice of the time,
<br />terms, and place of such sale, by advertisement not less than once during each of said five weeks in a newspaper published or
<br />distributed in the country or political subdivision in which said property is situated and written notice of sale shall be mailed to each
<br />person who is a party to this instrument at the address set forth herein (and the Beneficiary or any person on behalf of the Beneficiary
<br />4.doc
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