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D��D OF TRUST
<br />�� (Continued) 2 0110 0 4 0 5 P�9� �
<br />shall mean each and every Trustor. This means thet each Trustor signing below is responsible for a�l o6ligations in this Deed of Trust.
<br />No Waiver by Lender. Lender shall not be deemed to heve waived any rights under this Deed of Trust unless such waiver is given in
<br />writing and signed 6y Lender. No delay or omission on the part of Lender in exercising any right shall operate 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 cons[itute a wsiver of Lender's
<br />right otherwise to demand strict compliance with that provision or any other provision af this Deed of Trust. No prior waiver by
<br />Lender, nor any course of dealing between Lender and Trustor, shall constitu[e a waiver af any of Lender's rights or of any of
<br />Trustor's obligations as to any future transactions. Whenever the cansent of Lender is required under this Deed of Trust, the granting
<br />of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is
<br />required and in all cases such consenT may be granted or withheld in the sole discretion pf Lender.
<br />5everability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to
<br />any person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person
<br />or circumstance. If feasible, the affending provision shall be considered modified so that it bacomes legal, valid end enforceable. If
<br />the offending provision cannot 6e so modified, ii shall be considered deleted from this Deed of 7rust. Unless oiherwise required by
<br />law, the illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall nat affect the legality, validity or
<br />enforceability of any oYher provision of this Deed of 7rust.
<br />Successors and Assigns. Subject to any limitations stated in this Deed of 7rust on transfer of Trustor's interest, this Deed of Trust
<br />shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property 6ecomes
<br />vested in a person othar than Trustor, Lender, without notice to Trustor, mey deal with 7rustor's successors with reference to this
<br />�eed of Trust and the indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of
<br />Trust or liability under the �ndebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Deed of Trust.
<br />Waive Jury. All parties to this C7eed of Trust hereby waive the right to any jury trial in any action, proceeding, or counterclaim brough#
<br />by any party against any ather party.
<br />Waiver af Homestead Exemption. Trustar hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all Indebtedness secured by this Deed of Trust.
<br />DEFfNITIONS. 7he following capitalized words and terms shall have the following meanings when used in this beed of Trust. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States 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 not otherwise defined in this Deed of 7'rust shall have [he meanings attributed to such terms in the Uniform Commarcial Code:
<br />Benefiaiary. The word "Beneficiary" means Exchange Bank, and its successors and assigns.
<br />eorrawer. 7he word "Borrower" means MICHAEL A PANOWICZ and PATRICIA M PANOWICZ and includes all co-signers and
<br />co-makers signing the Note and all their successors and assigns.
<br />Deed of 7rust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without
<br />limitation all assignment and security interest provisions relating to the Personal Property and Rents.
<br />Default. 7he word "Default" means the Default set f�rth in this Deed af Trust in the section titled "Default".
<br />Environmental Laws. 7he words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmentel
<br />Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, ei seq. ("GERCLA"►, the Superfund
<br />Amendments and Reau[horizatian Act of 1986, Pub. L. No. 99-499 ("SARA"►, the Hazardous Materials Tranapartation Act, 49 U.S.C.
<br />Sect�an 1801, et seq., the Resource -Cvnservati4n. and Recavery_Acz, 42.. U.S.C: Sectian 6901, et seq., nr other applir,able sta�e or
<br />federal laws, rules, or regulations adopted pursuanf thereta.
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Deed of Trust in the events of
<br />default section of this f]eed of Trust.
<br />Guaranty. The word "Guaranty" means the guaranty from guarantor, andarser, surety, or accommodation party to Lender, including
<br />wi[hout limitation a guaranty of all or part af the Note.
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generated, manufactured, transported ar otherwise handled. The words
<br />"Hazardous Subs[ances" are used in their very broadest sense and include withou[ limi[ation any and all hazardous or toxic
<br />substances, materials or waste as defined by or listed under the Enviranmentat Laws. The term "Hazardous Substances" also
<br />includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.
<br />Improvaments. The word "Improvements" means all existing and future improvements, 6uildings, structures, mobile homes affixed on
<br />the Real Praperty, facilities, additions, replacements and other construction on the Real Property.
<br />Indehtedness. The word "Indet�tedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related Documents, together with all renewals of, extensions of, modifications of, consnlidations of and substitutions for the Note
<br />or Related Documents and any amoun[s expended or advanced by Lender to discharge Trustor's o6ligations or expenses incurred by
<br />Trustee or Lender to entorce Trustor's obliyations under this Deed of Trust, tagether with interest on such amounts as provided in this
<br />Deed of Trust. 5pecifically, without limitation, Indebtedness includes the future advances set for[h in the Future Advances provision,
<br />together with all interest thereon and all amounts that may be indirectly secured by the Cross-Callateralization provision of this Deed
<br />of 7rust.
<br />Lender. The word "Lender" means Exchange Bank, iYs successors and assigns.
<br />Nqte. The word "Note" means the promissory note dated December 29, 2010, Ifl the ariginal principal emOUnt Of
<br />$690,DOO.UO from Trustor to Lender, together with all renewals of, extensions of, modifications af, refinancings of, consolida[ions
<br />of, and substitutions for the promissory note or agreement. NpTICE TO TRUSTOR: THE NOTE CONTAINS A VARIABLE INTEREST
<br />RATE.
<br />Personal Proparty. The words "Personal Property'.' mean all equipment, fixtures, and other articles of personal property now or
<br />hereafter awned by 7rustor, and �IOW Pf hereafter attsched or affixed to the Real Property; together with atl accessions, parts, and
<br />additions to, all replacemenis of, end all substitutions for, any of such property; and together with all proceeds (including without
<br />limitation all insurance proceeds and refunds of premiums) fram any sale or other disposition of the Property.
<br />Property. The word "Property" means collectively the Real Property and [he Personal Property.
<br />Neal Property. The words "Real Property" mean the real property, interests and rights, as further described in this Deed of Trust.
<br />Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
<br />agreements, guaranti�s, security agreemenTS, mortgages, deeds of trust, security deeds, collateral mortgages, and all ather
<br />instruments, agreements and documents, whether now or hereafter existing, executed in cbnnection with the Indebtedness.
<br />Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and ather 6enefits derived
<br />from the Property.
<br />Trustee. The word "Trustee" means Exchange Bank, whose address is P.O. Box 760, Gibbon, NE fi884p and any substitute or
<br />succes5or trustees.
<br />Trustor. The word "Trustor" means MICHAEL A PANOWICZ and PATRICIA M PANOWICZ.
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