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<br />DEED OF TRUST
<br />(Participation)
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<br />THiS DEED OF TRUST, made this 8`" day of November, 2010, by and between
<br />Kershner Properties, L.L.C., a Nebraska Limited Liability Company ��, $O
<br />hereinafter referred to as "Trustor" whose business address is �,.
<br />2325 N. Webb Street, Grand Island, NE 68802
<br />GREGG J. STRATMAN, attoney, hereinafter referred to as "Trustee," whase address is
<br />1p675 Bedford Avenue, Suite 100, Omaha, NE 6$134
<br />and Nebraska Economic Developm�nt Corporation, hereinafter referred to as "Bene�ciary," who maintains an office and place of
<br />business at 1610 South 70`" Street, Suite 201, Lincoln, NE 68506, in participation with the Small Susiness AdrninistraCion, an Agency
<br />of the United States.
<br />WiTNESSETH, that for and in consideration of $1.00 and other good and valuable consideration, receipt of which is hereby
<br />acknowledged, the Trustor does hereby bargain, sell, grant, assign, and convey unto the Trustee, his successors and assigns iN
<br />TRUST, WITH P�WER OF SALE, a11 of the following described properiy situated and being in the County of Hall, State of
<br />Nebraska.
<br />Znd Amended Lot Four (4), Block NYne (9), Cantinental Gardens, an Additian to the City of Grand Island, Hall
<br />County, Nebraska.
<br />Together with and including all buildings, all fixtures, including but not limited to all plumbing, heating, lighting, ventilating,
<br />refrigerating, incinerating, air conditioning apparatus, and elevators (the Trustor hereby declaring that it is intended that the items
<br />herein enumerated shall be deemed ta have been permanently installed as part of the realty), and all improvements now or hereafter
<br />existing thereon; the herediCaments and appurtenances and all ather rights thereunto belonging, or in anywise appertaining, and the
<br />reversion and reversions, remainder and remainders, and the rents, issues, and profits, all water, water rights, ditch and ditch rights of
<br />the above described properry. To have and to hold the same unto the Trustee, and the successors in int�rest of the Trustee, forever, in
<br />fee simple or such other estate, if any, as is stated here'rn trust, to secure a promissory note of the above date, in the principal sum of:
<br />$203,000.00 signed by Kevin W. Kershner and Julie R. Kershner, Managers, of Kershner Properties, L.L.C., a Nebraska Limited
<br />Liability Company.
<br />1. T'his conveyar►ce is made upon and subject to the further trust that the said Trustor shall remain in quiet and
<br />peaceable possession of the above granted and described premises and take the profits thereof to his own use until the default be made
<br />in any payment of an installment due on said note or in the performance of any of Che covenanis or conditions contained therein or in
<br />this Deed of Trust; and, also to secure the reimbursement of the Beneficiary or any other holder of said note, the Trustee or any
<br />substitute trustee of any and all costs and expenses incurred, including reasonable attorney's fees on account of any litigation which
<br />may arise with respect ta this Trust or with respect to the indebtedness evidenced by said note, the protection and maintenance of the
<br />property hereinabove described or in obtaining possession of said property after any sals which may be made as hereinafter provided.
<br />2. Upon the full payment of the indebtedness evidenced by said note and the interest thereon, the payment af all other
<br />sums herein provided for, Che repayment of all monies advanced or expended pursuant to said note or this instrument, and upon the
<br />payment af all other proper costs, charges, commissions, and expenses, the above-described property shall be released and reconveyed
<br />to and at the cost of the Trustor.
<br />3, Upon default in any of the covenants or canditions of this instrument or of the note or loan agreement secured
<br />hereby, the Beneficiary or his assigns may without notice and withaut regard to the adequacy of security for the indebtedness secured,
<br />either personally or by attorney or agent without brining property or any part thereof, and do any acts which Beneficiary deems proper
<br />to protect the security hereof, and either with ar without taking possession of said property, collect and receive the rents, royalties,
<br />issues, and profits thereof, including rents accrued and unpaid, and apply the same, less costs of operation and collection, upon the
<br />indebtedness secured by this Deed of Trust, said rents, royalties, issues, and profits being hereby assigned to thc Beneficiary as further
<br />security for the payment of such indebt�dness. Exercise of rights under this paragraph shall not cure or waive any default ar notice of
<br />default hereunder or invalidate any act done pursuant to such natice but shall be cumulative ta any right and remedy ta declare a
<br />default and cause notice of default to be recarded as hereinafter provided, and cumulative to any other right at►d/or retnedy hereunder,
<br />or provided by law, and may be exercised concurrently or independently. Expenses incurred by B�neficiary hereunder including
<br />reasonable attorney's fees shall be secut'ed hereby.
<br />4. The Trustor covenants ar►d agrees that if he shall fail to pay said indebtedness, or any part thereof, when du�, or shall
<br />fail to perform any covenant or agreement of this instrument or of th� promissory note secured hereby, the entire indebtedn�ss hereby
<br />secured shall immediately become due, payable, and collectible at the option of the Beneficiary or assigns, regardless of maturity, and
<br />the Beneficiary or assigns may enter upon said property and collect the rents and pro�ts thereof. Upon such default in payment or
<br />performance, and before or after such entry, the Trustee, acting in the execution of this Trust after the notice of default has been
<br />recarded, shall mail a copy of the default to each person who is a party to this instrument, at the address set out in this instrument, as
<br />well as to any person who has requested any notice of default and natice sale by recording said request for notice with the register of
<br />deeds in the county in which this instrument is recorded, atid after t}ae lapse of titne which is required by law after mailing the notice,
<br />the Trustee shall have the power to sell said properiy, and it shall be the Trustee's duty to sell said property in case af any default of
<br />any purchaser, to resell at public auction, to the highest bidder. The Trustee shall first give five weeks' notice of the time, terms, and
<br />place of such sale, by advertisement not less than onca during each of said five weeks in a newspaper published or distributed in the
<br />country or political subdivision in which said property is situated and written notice of sale shall be mailed to each person who is a
<br />party to this instrument aC the address set forth herein (and the Beneficiary or any person on behalf of the Beneficiary may bid and
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