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20100269w
<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Diers Avenue Branch
<br />PO Bax 160
<br />Grand Island, NE .-6_..6.802-_Q~Q__ ,_,.,__. „„„„ FOR RECORDER'S USE ONLY
<br />DEED QF TRUST
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at any one time 5301,363.00.
<br />THIS DEED OF TRUST is dated April 15, 2010, among TIMOTHY J. SULLIVAN and MARY CLARE SULLIVAN;
<br />HUSBAND AND WIFE ("Trustor"'1; Equitable Bank, whose address is Diers Avenue Branch, PO Box 160, Grand
<br />Island, NE 6$$02-0160 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"-; and
<br />Equitable Bank (Grand Island Regionl, whose address is 113-115 N Locust St; PO Box 160, Grand Island, NE
<br />68802-0160 (referred to below as "Trustee").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, far the benefit of
<br />Lender 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 avatar, water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rightsl; 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") It]cated In HALL
<br />County, State of Nebraska:
<br />See EXHIBIT "A", which is attached to this Deed of Trust and made a part of this Deed of Trust as if fully
<br />set forth herein.
<br />The Real Property or its address is commonly known as RURAL ROUTE, NE.
<br />CROSS-COLLATERALIZATION. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest
<br />thereon, of either Trustor or Borrower to Lender, or any one or mare of them, as well as all claims by Lender against Borrower and Trustor
<br />pr any one or more of them, whether now,existing or ~f-efeaft~°~risfng~ whether related. or unrelated to the pu~pase of the Bite, whether
<br />veluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or
<br />unliquidated, whether Borrower or Trustor may be liable individually or jointly with others, whether obligated as guarantor, surety,
<br />accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of
<br />limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable.
<br />REVOLVING LINE pF CREDIT, This Deed of Trust secures the Indebtedness including, without limitation, a revolving line of credit, which
<br />obligates Lender to make advances to Borrower so long as Borrower complies with all the terms of the Note.
<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 THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST 15 GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustnr warrants that: (a) this Deed of Trust is executed at Borrower's request and
<br />not at the request of Lender; Ib) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the
<br />Property; Ic- the provisions of this Dead of Trust do not conflict with, or result in a default under any agreement or other instrument
<br />binding upon Trustor and do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (dl Trustnr has
<br />established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e)
<br />Lander has made no representation to Trustnr about Borrower (including without limitation the creditworthiness of 8orrower-.
<br />TRUSTOR'S WAIVERS. Trustor waives all rights ar defenses arising by reason of any "one action" or "anti-deficiency" law, or any other
<br />law which may prevent Lender from bringing any action against Trustnr, including a claim for deficiency to the extent Lander is otherwise
<br />entitled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower and Trustnr shall pay to Lender all
<br />Indebtedness secured by this Deed of Trusl as it becomes due, and Borrower and Trustnr shall strictly perform all their respective
<br />obligations under the Note, this Deed of Trust, and the Related Documents.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of
<br />the Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Truster may 111 remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and 131 collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable 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 Properly; 12- Trustnr has no knowledge ot, 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, Ib1 any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance on, under, about nr from the Properly by any prior owners or occupants of the Property, or (c) any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and 13- Except as previeusly disclosed to and
<br />acknowledged by Lender in writing, (a1 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 (b) any such activity shall be conducted in compliance with all applicable federal, state, and .local, ~aws, regulations and
<br />ordinances, including without limitation all Environmental Laws. Trustnr authorizes Lender acid ~t~' ~~ants fa' enteh upon the Property
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