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<br />'' F~NJlNEING` ST7~TENENT & SECUkITY PiGREEMENT
<br />Debtor is: Darr Avenue Partnership, P. O. Box `190, Grand
<br />Island, Nebraska 68802.
<br />Secured Party is: Home Federal Savings and Loan Association
<br />of Grand Island, 22I South Locust Street, Grand Island, Nebraska
<br />68801.
<br />Creation of Security Interest and Description of Collateral
<br />Debtor, as security, for all Debtor's present and future
<br />indebtedness and liabilities of whatever nature to Secured Party,
<br />and all renewals and extensions thereof, grants Secured Party a
<br />security interest in the following collateral, whether now owned
<br />or hereafter acquired and any additions, accessions,
<br />substitutions thereto, and all products and proceeds, thereof:
<br />One 34' x 72'4" masonry improvement with
<br />partial basement, having three lubrication
<br />_ bays, storage, utility room, men and women's
<br />restrooms, and finished waiting room and
<br />office located upon the main floor, together
<br />with a large car wash, with the same being
<br />located upon real estate described as:
<br />~, Part of the Conestoga North Sixth
<br />Subdivision, Grand Island, Hall County,
<br />~, Nebraska, and more particularly described as
<br />follows: Corteaencing at the Southwest corner
<br />of Conestoga North Sixth Subdivision. thence
<br />~ North 189.5 feet to the point o€ beginning,
<br />thence 75 feet North, thence 220 feet East,
<br />thence 75 feet South, thence 220 feet West to
<br />the point of beginning.
<br />Also, Debtor grants unto Secured Party a security interest
<br />in the following items:
<br />Oil equipments oil tank; and auto wash
<br />-- equipment now located upon the above-
<br />--- described premises.
<br />Warranties
<br />~~ DBBTO$ ~T.§~S that t_he e~llatexal ig u~ P€imarily far
<br />_- business er~ti-ans..
<br />DEBTOR WARRANTS AND COVENANTS: (1) That, except for the
<br />security interest granted hereby, Debtor is the owner of the
<br />collateral, free from any adverse lien, security interest or
<br />encumbrance; and that Debtor will defend the collateral against
<br />all claims and demands of all persons at any time claiming the
<br />saw or any interest therein. (2) That no financial statement
<br />- covering the collateral or any proceeds thereof is on file in any
<br />public office and that at the request of the Secured Pasty,
<br />Debtor will join with Secured Party in executing one or more
<br />Financing statements pursuant to the Nebraska Uniform Commercial
<br />Cade in farm satisfactory to the Secured Party and will pay the
<br />cost of filing such financing statement, thiB 5ecuri.ty Agreement
<br />and any continuation ar termination statement, in all public
<br />offices wherever filing is deemed by Secured Party to be
<br />necseeary ar desirable; and if-the collateral is attached to real
<br />Etstste prier to the perfection of the security interest granted
<br />hexeby, or if the collateral includes crops or oil, gas or
<br />_. minezals to be wctracted, or timber to be out, Debtor will, on
<br />• demaad of Secured Party, furnish $ecuzed Forty with a disclaimer
<br />- ar disal~imeza ar subordinntion agreement- signed by all persons
<br />having as interest in the real estate, disclaiming or
<br />su~oxdx~ating any interest in the collateral which is prior to
<br />the intexeat of Secured Party. t3) Not to sell, transfer or
<br />dispose of the collateral, nor take the same or attempt to take
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