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<br />WHEN EC�RQED IVI'AIL �
<br />Equitable Bank
<br />North Locust Branch
<br />173-115 N Locust St 7 j5Q
<br />PO Box 7 Gp J
<br />Gran slan E 02-07 FOR RECOR ER' SE ONLY
<br />DEED OF TRUST
<br />THIS DE�D OF TRUST is dated October 15, 2010, among MICHAEL J MILBOURN, whase address is 2579
<br />MILL RIVER ROAD, GRAND ISLAND, NE 68801; AN UNMARRIED PERSON ("Trustor"1; Equitable Bank, whase
<br />address is North Locust Branch, 913-17 S N Locust St, PQ Box 160, Grand Island, NE 68802-01 BO (referred to
<br />below sometimes as "Lender" and sametimes as "Beneficiary"►; and Equitable Bank (Grand Island Regionl,
<br />whose address is 113-115 N Locust St; PO Box 760, Grand Island, NE 68802-0160 (referred to below as
<br />"Trustee"►.
<br />CONVEYANCE ANb GRAN1". For valuable consideration, Trustnr conveys to Trustea in trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all pf ?rustor's right, title, and interest in and to ths fvllowing described real property, together with all existing or
<br />subsequently erected or affixed buildings, impravements 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 ri hts, royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar mafters, (t�e "Real Property" located in HALL
<br />County, State of Nebraska:
<br />LOT SEVEN (7►, IN BL,OCK THREE 13), OLDE MILL SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL
<br />COUNTY, NEBRASKA.
<br />The Real Praperty or its address is commonly known as 2519 MILL RIVER R�AD, GRAND ISLAND, NE
<br />688Q'I. The Real Property tax identification number is A�00067870.
<br />CRUS�-CpLLATERALIZATIpN, In addition to the Npte, this aeed of Trust secures all vbligations, debts and liabilities, plus interest
<br />thereon, of 7rustor tn Lender, or eny one or more of them, as well as all claims by lender against Trustor or any one or more af them,
<br />whether now existing or hereaftar arising, whether relatad or unrelated to the purpose of tha Note, whether voluntary or otherwise,
<br />whether due or not due, direct or indirect, determined or undeterminad, absolute pr contingent, liquidated or unliquidated, whether Trustor
<br />may be liable individually or jointly with othars, whether pbligated as guarantor, surety, accommodation party or otherwise, and whether
<br />recovery upon such amounts may be or hersefter may become barred by any statute of limitatians, and whsther the obligation to repay
<br />such amounts may be or hereafter may become otherwise unenforceable. If the Lender is required to give notice of the right to cancel
<br />under Truth in Lending in connaction with any additional loans, extensions of credit and other liabilities or obligations of Trustor to Lender,
<br />then this beed of Trust shall not secure additionel loans or abligations unless and until such notice is given.
<br />REVOLVING LINE OF CREDIT, this Dsed nf trust secures the Indebtedness including, without limitation, a revolving line of credit, which
<br />abligates Lender to make advances to Trustor so long as Trustor complies with all the terms of the Note.
<br />Trustor presently assigns to Lender (aiso 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, 7rustor grants ta Lender a Uniform Commercial
<br />Code security interest in the Personal Property and Rents.
<br />THIS bEEp OF 7'RUST, INCLUbIIVG THE ASSIGNM�NT OF RENTS AND THE SECURITY INtEREST IN THE RENTS AND PER50NAL
<br />PRQPERTY, IS GIVEN TO SECUR� (A) PAYMENT OF THE INDEBTEbNESS ANp (B) PERFpRMANCE OF ANY pNU ALL OBLIGATIONS
<br />UNDER THE NOTE, TNE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED pN THE
<br />FOLLQWING TERMS:
<br />PAYM�NT AND PERFORMANCE. Except as ntherwise provided in this Deed of Trust, Trustor shall pay to Lender all amounts secured by
<br />this peed of Trust as they bacome due, and shall strictly and in a timely manner perform all of Trustor's obligations undar the Note, this
<br />peed of Trust, �and the Related Dacuments.
<br />POSSESSION AND MAINTENANCE pF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be
<br />governed by the following provisions:
<br />Possesslon �nd Use. Until the occurrence of an Event of Default, Trustor may (1) remain in passession and cnntrol of the Property;
<br />(2) use, aperats ar manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replecaments, and
<br />maintenance necessary to preserve its value.
<br />Cnmpliance With Environmental Laws. Trustor represents and warrants to lender that: (1 � During the period of Trustor's ownership
<br />of tha Property, there has been no use, generation, manufacture, storage, treatment, disposal, relesse or threatened release of any
<br />Hazardous Substance by any person on, under, about pr from the Property; (2) Trustor has no knowledge of, or reaspn to believe
<br />that there has been, except as previously disclosed to and acknowledged 6y Lender in writing, (a) any breach or violation of any
<br />Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance on, under, about or from the Proparty by any prior owners vr occupants of the Property, or (c) any actual ar
<br />thraatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and
<br />acknawledged by Lender in writing, (a) 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 5ubstance on, under, about or from the Property;
<br />and (b) any such activity shall be conducted in compliance with all applica6ls federal, state, and locel laws, regulations and
<br />ordinances, including without limitation all Environmental Laws. Trustor authorizes Lender and its agents to enter upon the Property
<br />to meke such inspections and tests, at 7rustor's expense, as Lendsr may deem appropriate to determine compliance of the Praperty
<br />with this section of the Deed of Trust. Any inspections or tests made 6y Lender shall be for Lender's purposes anly 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 7rustor's due diligence in investigating the Property for Hazardous Substances. Trustor
<br />hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Trustar becomes liable for
<br />cleanup or other costs under any such laws; and (2) agrees to indemnify, detend, and hold harmless Lender against any and all
<br />claims, losses, liabilities, damages, penalties, and expenses which Lendar may directly or indirectly sustain or suffer resulting from a
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