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<br />WHEN RECORDED MAIL ~O: C C> Q
<br />Equitable Bank ~ J'
<br />Diers Avenue Branoh
<br />PO Box 160
<br />Grand Island. NE 6$$02-070 ,, , __ ,,._.,,,__, FOR RECORDER'S USE,QNLY
<br />DEED OF TRUST
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall npt exceed at any one time $40,000.00.
<br />THIS DEED OF TRUST is dated December 75, 2009, among JOSEPH W MUDLOFF and SHIRLEE J MUDLOFF;
<br />HUSBAND AND WIFE ("Trustor"-; Equitable Bank, whose address is Diers Avenue Branch, PO Box 160, Grand
<br />Island, NE 68$02-0160 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"-; and
<br />Equitable Bank (Grand Island Regianl, whose address is 113-115 N Locust St; PO Box 160, Grand Island, NE
<br />6$$02-0160 (referred to below as "Trustee").
<br />CONVEYANCE AND GRANT. Far valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lander 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 />County, State of Nebraska:
<br />SUITE TMREE 13) FAIRWAY ESTATES CONDOMINIUM PROPERTY REGIME 1, IN THE CITY OF GRAND
<br />ISLAND, HALL COUNTY, NEBRASKA
<br />The Real Property or its address is commonly known as 553 STAGECOACH RD, GRAND ISLAND, NE 6$801.
<br />The Real Property tax identification number is 400329999.
<br />REVOLVING LINE OF CREDIT. This Deed of Trust secures the Indebtedness including, without limitation, a revolving line of credit, which
<br />obtigatea tender to make advances tc Trustor so long as Trustor complies with all the terms of the Credit Agreement. Such advances may
<br />be made, repaid, and remade from time to time, subject to the limitation that the total outstanding balance owing at any one time, not
<br />including finance charges on such balance.at a fixed or variable rate or sum as provided in the Credit Agreement, any temporary overages,
<br />other charges, and any amounts expended or advanced as provided in either the Indebtedness paragraph or this paragraph, shall not
<br />exceed the Credit Limit as provided in the Credit Agreement. It is the intention of Trustor and Lender that this Dead of Trust secures the
<br />balance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provided in the Credit Agreement
<br />and any intermediate balance.
<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 />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN TWE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF TRUSTOR'S
<br />AGREEMENTS AND OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS DEED QF TRUST. THIS
<br />DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<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 Credit
<br />Agreement, this Deed of Trust, and the Related Documents.
<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 />Possession and Use. Until the occurrence of an Event of Default, Trustor may It- remain in possession and control of the Property;
<br />121 use, operate or manage the Property; and 13- collect the Rents from the Property.
<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 />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: 11- 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; 121 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, la) any breach or violation of any
<br />Environmental Laws, Ib) 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 Ic1 any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and 131 Except as previously disclosed to and
<br />acknowledged by Lender in writing, Ia1 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 Ib1 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 Lander 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. Truster
<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 121 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 ar 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 />n i ~ ~. ( - , ~ ,.
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