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<br /> SEVERANCE AGREEMENT
<br />
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS:
<br />
<br /> That we, the undersigned, Michael Patrick Hannon, Kimberly S. Hannon, Daniel
<br /> W. Hannon and Karen Hannon owner of the real property, respectively, described as:
<br /> The East Half of the Northwest Quarter (E1/2 NW1/4) in Section. Seven (7),
<br /> Township Ten (10) North, Range Twelve (12), West of the 6"' P.M., in Hall County,
<br /> Nebraska and the Southwest Quarter of the Northwest Quarter (S W 1 /4 NW 1 /4) of
<br /> Section Seven (7), Township Ten (10) North, Range Twelve (12), West of the 6t"
<br /> P.M., Hall County, Nebraska.
<br />
<br /> In consideration of One Dollar and Other Good and Valuable Consideration, receipt of
<br /> which is hereby acknowledged, and to induce Heritage Bank in Wood River, NE to make
<br /> certain loans to Michael Patrick Harlon and Kimberly S. Hannon, Husband and Wife,
<br /> secured by the described personal property located on the above described premises, the
<br /> undersigned do hereby covenant and grant tulto said Heritage Bank in Wood River, NE
<br /> as follows:
<br />
<br /> That whereas, Michael Patrick Harlon and Kimberly S. Harlon, Husband and
<br /> Wife, have constructed upon said premises or placed on said premises the following
<br /> personal property:
<br />
<br /> 7 Tower, Lindsay Generation 11 Zimnatic Pivot with Max Field II Corner System
<br /> and VFD Control Panel, Serial Number #LA7754, located on the E1/2 of the NW1/4 and
<br /> the SW1/4 of the NW1/4 of Section Seven (7), Township (10) North, Range Twelve (12),
<br /> West of the 6th P.M., in Hall County, Nebraska
<br />
<br /> At their expense and with our consent and approval, it is hereby agreed that Michael
<br /> Patrick Hannon and Kimberly S. Hannon, Husband and Wife, shall have full right to
<br /> remove said personal property at any time. The undersigned further agree that for all
<br /> purposes herein, said personal property, structures and improvements shall be considered
<br /> the personal property of Michael Patrick Hannon and Kimberly S. Hannon, Husband and
<br /> Wife, that the same shall remain severed from the land at all times even though
<br /> physically attached; that the same shall be removable and with regard to the rights of
<br /> these parties au-id the rights of Heritage Bank in Wood River, NE pursuant to any lending
<br /> or security agreements executed by Michael Patrick Harmon and Kimberly S. Hannon,
<br /> Husband and Wife, shall be considered as personal property and shall not become a
<br /> fixture; that at no tiXne shall any lien, encumbrance or conveyance of any interest in the
<br /> real estate referred to herein apply to these structures; that in the even of any default
<br /> pursuant to the lending agreements and security agreements with Heritage Bank in Wood
<br /> River, NE covering the above described real estate, Heritage Bank in Wood River, NE
<br /> may enter upon the premises, take possession of and remove the personal property or
<br /> otherwise exercise its rights therein without notice to the undersigned.
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