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k~ C: X- cn ~p f V m rr rn ~7 cx~ Cn CCJI ~wrr ` R Cn M C rv ff'1 t`' DEED OF TRUST THIS DEED OF TRUST is made on September 3, 2010. The Trustors are Barry L. Stearns and Amanda K. Steams, husband and wife. S $ 0 The Trustee is Michael T. Brogan. The Beneficiary is the NORTHEAST NEBRASKA ECONOMIC DEVELOPMENT DISTRICT, also known as Lender. Beneficiary's address is 111 South 1" Street, Norfolk, Nebraska 68701. Borrowers irrevocably convey to Trustee, in Trust, with power of sale, the following: Lot 'T'hree (3), Block Two (2), Knickrehm Second Addition to the City of Grand Island, Hall County, Nebraska together with all the rents and profits therefrom and subject to easements and restrictions of record, if any. Borrower owes Lender $30,000.00 (T hly Thousand Dollars), as evidenced by Borrowers' Note of even date, payable according to the terms thereof. This Security Instrument secures to Lender the Debt evidenced by said Note, the payment of all other sums, with interest, advanced under the provisions hereafter to protect the security and the perfomancy of Borrowers, covenants and agreements. Borrowers covenant that Borrowers are lawfully seized of such real estate and have the legal power and lawful authority to convey the same and warrant and will defend title to the real estate against the lawful claims of all persons. BORROWERS AND LENDERS AGREE AS FOLLOWS: I. Borrowers shall pay when due, the principal and interest as provided in said Note. 2. All payments received by Lender shall be first applied to advances, which may have been made by Lender and then to interest due and last to principal due. 3. Borrowers shall pay all general real estate taxes and special assessments against the property before the same become delinquent. 4. If Lender determines that any part of the property is subject to a lien, which is or may attain priority over this security instrument, Lender may give Borrowers a notice identifying the lien and Borrowers shall satisfy the lien within ten (10) days. 5. Borrowers shall keep the improvements on said premises insured against loss by fire and hazards included within the term "extended coverage", for their insurable value and policies for the same shall include a standard mortgage clause showing Lender herein. In event of loss, Lender may make proof of loss if not promptly made by Borrowers. Insurance proceeds shall be applied to restoration or repair of the property damaged, unless both parties otherwise agree, except if restoration or repair is not economically feasible or Lender's security is not lessened, otherwise said proceeds shall be paid on the debt herein, whether or not then due. Unless Lender and Borrowers otherwise agree in writing, any payments or proceeds from insurance shall not extend or postpone the due date of the monthly payments provided in said Note, or change the amount of the payments. 6. If Borrowers fail to perform the covenants and agreements herein contained, Lender may do and pay for whatever is necessary to protect the value of the property and Lender's rights in the property, including the paying of any sum secured by a lien which has priority over this security instrument, appearing in Court, paying reasonable attorney fees and entering the property to make repairs. Any amount disbursed by Lender under this paragraph shall become an additional debt of Borrowers secured by this security instrument, to bear interest