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<br />3. MAXIMUM OBLIGATION LIMIT. Tho total principal amount of the Secured Debt (hereafter defined) secured by this
<br />Deed of Trust at any one time shall not exceed S 320,000.00 .This limitation of amount
<br />does not include interest, loan charges, commitment fees, brokerage commissions, attorneys' fees and other charges
<br />validly .made pursuant to this Deed of Trust and does not apply to advances (vr interest accrued on such advances)
<br />made under the terms of this Deed of Trust to protect Beneficiary security and to perform any of 'the covenants
<br />contained- in .this Deed of Trust. Future advances are contemplated and, along, with other future obligations, are
<br />secured.. by this Dead of Trust even though all or part may not yet be advanced. Nothing in this ,Deed of Trust,
<br />however, shall constitute a commitment to make additional or future loans or advances in any amount. Any such
<br />commitment would need to be agreed to in a separate writing.
<br />4. SECURED pEBT DEFINEp. The term "Secured Debt" includes, but is not limited to, the following:
<br />A. The promissory note(s-, contract(s), guaranty(ies) or other evidence of debt described below and all extensions,
<br />renewals, modifications or substitutions (Evidence of Debt-. (When referencing the debts be/ow it is suggested
<br />that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.J
<br />NOTE~f45904 TO WOOD RIVER MOTEL INC IN THE ORIGINAL PRINCIPAL AMOUNT OF 3353,614.80 DATED 03.07-07; NOTEi45382 TO LILLEY REDI•
<br />MIX INC IN THE ORIGINAL PRINCIPAL AMOUNT OF520,000.00 DATED 8.13.06; NOTE~45906 TO LILLEY REDI MIX INC IN THE ORIGINAL PRINCIPAL
<br />AMOUNT OF 5157,759.28 DATED 3.07.07; LOAN~47106 TO LILLEY SAND & GRAVEL INC IN THE ORIGINAL PRINCIPAL AMOUNT OF 3134,711.48
<br />DATED 11.17.08; LOAN;~46900 TO JOSEPH B. LILLEY IN THE ORIGINAL PRINCIPAL AMOUNT OF 526,042.02 DATED 06.20.08.
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<br />-- - - - ~: -ktt future- advances ft'am l~erieTPciary~o" rusT"~ oT~r o"r other uture`~bo ligatlons of 'Trustor to Beneficiary under any
<br />promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Deed of Trust
<br />whether or not this peed of Trust is specifically referred to in the evidence of debt.
<br />G. All obligations Trustor owes to Beneficiary, which now exist or may later arise, to the extent not prohibited by
<br />law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between
<br />Trustor and Beneficiary.
<br />D. All additional sums advanced and expenses incurred by Beneficiary for insuring, preserving or otherwise
<br />protecting the Property and its value and any other sums advanced and expenses incurred by Beneficiary under
<br />the terms of this Deed of Trust, plus interest at the highest rate in effect, from time to time, as provided in the
<br />Evidence of Debt.
<br />E. Trustor's performance under the terms of any instrument evidencing a debt by Trustor to Beneficiary and any
<br />heed of Trust securing, guarantying,. or .otherwise relating to the debt..
<br />If more than one person signs this Deed of Trust as Trustor, each Trustor agrees that this Deed of Trust will secure all
<br />.future advances .and future obligations described above that are given to ,or incurred by any one or more Trustor, or
<br />any one or more Trustor and others, This Deed of Trust will not secure. any other debt if Beneficiary, fails, ,with respect
<br />to such ether debt, to make any required disclosure about this Deed of Trust or if Eierieficiary fails to give'any.required
<br />notice of the right of rescission.
<br />5. PAYMENTS. Trustor agrees to make all payments on the Secured Debt when due and in accordance with the terms of
<br />the Evidence of Debt or this Deed of Trust.
<br />6. WARRANTY OF TITLE. Trustor covenants that Trustor is lawfully seized of the estate conveyed by this Deed of Trust
<br />and has the right to irrevocably grant, convey and sell to Trustee, in trust, with power of sale, the Property and
<br />warrants that the Property is unencumbered, except far encumbrances of record.
<br />7. CLAIMS AGAINST TITLE. Trustor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents,
<br />utilities, and other charges relating to the Property when due. Beneficiary may require Trustor to provide to Beneficiary
<br />copies of all notices that such amounts are due and the receipts evidencing Trustor's payment. Trustor will defend title
<br />to the Property against any claims that would impair the lien of this Deed of Trust. Trustor agrees to assign to
<br />Beneficiary,.. as requested by Beneficiary, any rights,. claims or defenses which Trustor may have against parties who
<br />supply labor or materials to improve yr maintain the Property.
<br />8. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien
<br />document that created a prior security interest or encumbrance on the Property and that may have priority over this
<br />Deed of Trust, Trustor agrees:
<br />A. To make all payments when due and to perform or comply with all covenants,
<br />B. To promptly deliver to Beneficiary any notices that Trustor receives from the holder.
<br />C. Not to make or permit any modification or extension of, and not to request or accept any future advances under
<br />any note or agreement secured by, the other mortgage, deed of trust or security agreement unless Beneficiary
<br />consents in writing.
<br />9. DUE ON SALE OR ENCUMBRANCE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to
<br />be immediately due and payable upon the creation of any lien, encumbrance; transfer, or sale, or contract for any of
<br />these on the Property. However, if the Property. includes Trustor's residence; this. section shall be subject to the
<br />restrictioris imposed by federal law (12 C.F.R. 591-, as applicable. For the purposes of this section; the term
<br />"Property" also includes any interest to all 'or any part of the Property. This .covenant shall run with the .Property and
<br />Shall remain in effect until the Secured Debt is paid in full and this IJeed of Trust is released.
<br />10. TRANSFER OF AN INTEREST IN THE' GRANTOR. If Trustor is an entity other than a natural person (such as a
<br />corporation or other prganization-, Beneficiary may demand immediate payment it (1) a beneficial interest in Trustor is
<br />sold or transferred; (2) there is a change in either the identity yr number of members of a partnership; or (3) there is a
<br />(pe9e z of sl
<br />~]C~r eM ®1993, 2007 Bankers Syatams, Inc., St. Cloud, MN Form AGCp-RE51-NE 1/17/2003 ~ ~
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