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<br />DEED OF TRUST
<br />THIS DEED OF TRUST is made this � day of�u , 2011, by and among MUDD JOCKIES, �
<br />INC., A Nebraska Corporation, ('TRUSTOR"), whose mailing �ddress is 1722 Holland Drnre, Grand Island, ,� �1�
<br />Nebraska 68803. �
<br />and DUANE A. BURNS, a member of the Nebraska State Bar Association ('TRUSTEE"), whose mailing
<br />address is P.O. Box 2300, Grand Island, Nebraska 68802;
<br />and HOMER L. ELROD or assigns ("BENEFICIARY"), whether one or more, whose mailing address is 4215
<br />Husker Highway, Grand Island, Nebraska 68803.
<br />FOR VALUABLE CONSIDERATION, Trustor does irrevocably transfer, convey, and assign to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject
<br />to the terms and conditions of this Deed of Trust, the real property located in the County of Hall, State of
<br />Nebraska, and legally described as follows: (the "Property"):
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<br />Lot Six (6) and the North Half (N1/2) of Lot Seven (7), Mehring and
<br />Giesenhagen Second Subdivision, a Replat of Lot Two (2) in Mehring
<br />and Giesenhagen Subdivision to the City of Grand Island, Hall County,
<br />Nebraska.
<br />TOGETHER WITH all rents, easements, appurtenances, hereditaments, interest in adjoining roads,
<br />improvements and buildings of any kind situated thereon and all personal property that may be or hereafter
<br />become an integral part of such property.
<br />The properly and the entire estate and interest conveyed to the Trustee are referred to collectively as
<br />the'Trust Estate".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness in the total principal amount of $210,000.00, with interest thereon at the
<br />rate of ftve percent (5.25%), as evidenced by that certain Deed of Trust Promissory Note of even date ('The
<br />Note") writh a maturity date of August 1, 2021, executed by Trustor, which has been delivered and is payable
<br />to the order of Beneficiary, and which by this reference is made a part hereof, and any and all modifications,
<br />extensions and renewals thereof;
<br />b. Payment of all loan charges and legal fees; and
<br />c. Payment of all sums which may have been advanced by Beneficiary to protect the Trust Estate
<br />which shall be secured by this Deed of Trust, with interest thereon at the rate of twelve (12%) percent per
<br />annum.
<br />This Deed of Trust, the Deed of Tn.ist Promissory Note, and any other instrument given to evidence
<br />or further secure the payment and pertormance of any obligation secured hereby are referred to collectively
<br />as the "Loan Instruments".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest
<br />on, the indebtedness evidenced by the Note, charges, fees and all other sums as provided in the Loan
<br />Instruments.
<br />2. REAL ESTATE TAXES. Trustor shall pay all real estate taxes as they become due and provide
<br />proof of payment to the Beneficiary.
<br />3. INSURANCE AND REPAIRS. Upon closing, Trustor shall provide Beneflciary virith a policy of fire
<br />and extended coverage insurance insuring the building constituting the trust estate, for an amount no less
<br />than $250,000.00 with a 30-day "notice of cancellation clause".
<br />In addition to casualty insurance, Trustor shall, at closing, provide Beneficiary with a policy of
<br />comprehensive liability insurance covering the premises and protecting the Beneficiary and Tn�stor from all
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