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<br />��, .;` DEED OF TRUST � O � O O y S 4 y
<br />(Continued) Page 6
<br />Joint and Several Liability. All obligations of Borr�wer and Trustor under this Deed of Trust shall be joint and several, and all
<br />references to Trustor shall mean each and every Trustor, and all references to Borrower shall mean each and every Bprrower. This
<br />means that each Trustor signing t�elow is responsible for all obligations in this Deed of Trust.
<br />No Waiver by Lender. Lender shall not be deemed tq have waived any rights under this Deed of Trust unless such waiver is given in
<br />writing and signed by Lender. No delay or omission on the part of Lender in exarcising any right shall aperate as a waiver of such
<br />right or any other right. A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver pf Lender's
<br />right otherwise to demand strict compliance with that provision or any other provision of this beed of 7rust. No prior waiver by
<br />Lender, nor any course of dealing between �.ender and Trustor, shall constitute a waiver of any of Lender's rights nr of eny of
<br />Trustor's obligakipns as ta any future transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting
<br />of such consent 6y Lender in any instance shall not constitute continuing consent to su6sequent instances where such consant is
<br />required and in all cases such consent may be granted or withheld in the sole discretinn of Lender.
<br />Severability. If e court ot competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceatrle as to
<br />any person or circumstance, tha[ finding shall not make the affending provision illegal, invalid, or unenforceable as [o any other person
<br />or circumstance. If feasible, the offending prpvision shall be considered mpdified so that it becames legal, valid and enforceable. If
<br />the offending provision cannot be so modified, it shall 6e considered deleted from this Deed of Trust. Unless otherwise required by
<br />law, the illegality, invalidity, or unenforceability of any provision of this peed of Trust shali not affect the legality, validity or
<br />enforceability of any other provision of this Deed of Trust.
<br />Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this peed of Trust
<br />shall be binding upon and inure to the benefit of the parties, Their successors and assigns. If ownership of the Property becomes
<br />vested in a person other than Trustor, Lender, without notice to Trustor, may deal with Trustor's successors with referance ta this
<br />Deed of Trust and the Indebtedness by way of for6earance or extension without releasing 7rustor from the o6ligations of this Deed of
<br />Trust or liability under the Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this beed at "frust.
<br />Waive Jury. Atl parties to this Deed af Trust herehy waive the right to any jury trial in any action, proceeding, or counterclaim 6rought
<br />by any party against any other party.
<br />Waiver af Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all lnde6tedness secured by this Deed of Trust.
<br />DEFINITIpN5. The following capitelized words and terms shatl have the following meanings when used in this Deed of Trus[. Untess
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United 5tates of America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms npt otherwise defined in this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />Beneficiarq. The word "Beneficiary" means Exchange Benk, and its successors and assigns.
<br />Borrower. The word "Borrower" means PANOWICZ LAND C�MPANY LLC and includes ait co-signers and co-makers signing the Note
<br />and all their successors and assigns.
<br />Deed of Trust. The words "Deed of TrusY' mean this Deed of Trust among Trustor, Lender, and Trustee, and includes wi[hout
<br />limitation all assignment and security interest provisions relating to the Perspnal Property and Rents.
<br />Default. The word "Default" means the Default set forth in this Deed of 7rust in the section titled "Default".
<br />Environmental Laws. The words "Environmental Laws" mean any and all sta[e, federal and local siatutes, regulations and ordinances
<br />relating to the protection of human health ar the envirpnment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 1980, as emended, 42 U.S.C. Section 9601, et seq. 1"CERCLA"1, the Superfund
<br />Amendments and Reauthorization Act of 1986, Pu6. L. No. 99-499 ("SARA"►, the Hazardous Materials Transportation Act, 49 U.S.C.
<br />Section 18p1, et seq., the Resource Conservation a'nd Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursuant thereto.
<br />Event of Default. The words "Event of pefault" mean any of the events of default set forth in [his Deed of Trust in the even[s of
<br />default section of this Deed of Trust.
<br />Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
<br />Guaranty. 7he word "Guaranry" means the gusranty from Guarantor tn Lender, including without limitation a guaranry of all or part of
<br />the Note.
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, cancentration ar
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when imprpperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words
<br />"Hazardous Substances" are used in their very broadest sense and include without timitation any and all hazardous or toxic
<br />substences, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also
<br />includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.
<br />Improvements. The word "Improvements" means all existing and future improvements, huildings, structures, mobile homes affixed on
<br />the Real Property, facilities, additions, replecements and other construction on the Real Property.
<br />Indebtednsss. The word "Indeb[edness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related �acuments, together with all renewals of; extensions of, mpdificaiions of, consolidations of and su6stitutions for the Note
<br />or Related Documents and any amoun[s expended or advanced by Lender to discharge 7rustor's obligations or expenses incurred by
<br />Trustee or Lender to enforce Trustor's obligations under this Deed of Trust, together with interest on such amounts as provided in this
<br />Deed of Trust. Specifically, without limitation, Indebtedness includes the future advances set forih in ihe Future Advances provision,
<br />together with all interest thereon and all emounts that may be indirectly secured by the Cross-Collateralization provision of this Deed
<br />of Trust.
<br />Lender. The word "Lender" means Exchange Bank, its successors and assigns.
<br />Note. The word "Note" means the promissory note dated l]ecember 29, 2p1 p, in the original prinaipal 8mount of
<br />$1,$4Q,QQ0.00 from Borrower to Lender, [ogether with all renewals of, extensions of, mndifications of, refinancings of,
<br />consolidations of, and substitutions for the prpmissory note or agreement. NOTICE 7'O TRUSTOR: 7HE NOTE CONTAINS A
<br />VARIABLE INTEREST RATE.
<br />Personal Prpparty. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or
<br />hereafter owned by Trustor, and now or hereafter attsched or affixed to the Real Property; tngether with all accessions, parts, and
<br />additions to, all replecements of, and all substitutions for, any of such property; and together with all proceeds (including without
<br />limitation all insurance proceeds and refunds of premiums) from eny sale or other disposition ot [he Property.
<br />Property. 7he word "Property" means coller,tively the Real Property and the Personal Property.
<br />Real Property. The words "Fteal Praperty" mean the real property, interests and rights, as further described in this Deed of T[ust.
<br />Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
<br />agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other
<br />instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
<br />Rents. The word "Rents" means all present and future rents, revenues, incom�, issues, royalties, profits, and other benefits derived
<br />from the Property.
<br />Trustee. 7he word "7rustee" means Exchange Bank, whase address is P.O. Box 760, Gibbon, NE 68840 and any substitute or
<br />successnr trustees.
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