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<br />RECORDATION REQUESTED BY:
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<br />Main Branch
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<br />123 North Colorado
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<br />WHEN RECORDED MAIL TO:
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<br />SEND TAX NOTICES TO:
<br />First National Bank of Midland
<br />200309911
<br />Main Branch
<br />P.O. Box 11307
<br />123 North Colorado
<br />Midland TX 79702
<br />SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
<br />DEED OF TRUST
<br />THIS DEED OF TRUST is dated July 24, 2003, among Lee Boyd Montgomery III, whose address is 2814
<br />MARMON DR, MIDLAND, TX 79705 -4819 ( "Grantor "); First National Bank of Midland, whose address is Main
<br />Branch, P.O. Box 11307, 123 North Colorado, Midland, TX 79702 (referred to below sometimes as
<br />"Beneficiary "); and Kenneth L. Burgess, Jr., whose address is P.O. Box 11307, Midland, TX 79702 (referred to
<br />below as "Trustee ").
<br />CONVEYANCE AND GRANT. For valuable consideration, Grantor conveys to Trustee in trust, with power of sale, for the benefit of Lender as
<br />Beneficiary, the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures;
<br />and all easements, rights of way, and appurtenances; all water and water rights; and all other rights, royalties, and profits relating to the real property,
<br />including without limitation such rights as Grantor may have in all minerals, oil, gas, geothermal and similar matters, (the 'Real Property ")
<br />located in Hall County, State of Nebraska:
<br />Lot Forty One (41), in Castle Estates Subdivision, Hall County, Nebraska
<br />The Real Property or its address is commonly known as 4006 Palace Dr, Grand Island, NE 68803.
<br />Grantor hereby absolutely assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Grantor's right, title, and interest in and to all present
<br />and future leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in
<br />the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Grantor shall pay to Lender all amounts secured by this Deed of
<br />Trust as they become due, and shall strictly and in a timely manner perform all of Grantor's obligations under the Note, this Deed of Trust, and the
<br />Related Documents.
<br />PURPOSE OF LOAN. The Note in the amount of $184,621.68 represents, in part or in whole, cash or other financial accommodations advanced or
<br />committed by Lender to Grantor on July 24, 2003 at Grantor's request, of which Grantor hereby acknowledges receipt.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the
<br />following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use,
<br />operate or manage the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
<br />necessary to preserve its value.
<br />Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership of the
<br />Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
<br />Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been,
<br />except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use,
<br />generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the
<br />Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating
<br />to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant,
<br />contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
<br />Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state,
<br />and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter
<br />upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the
<br />Property with this section of the Deed of Trust. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
<br />construed. to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties
<br />contained herein are bcsed on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and
<br />waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any
<br />such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
<br />which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Deed of Trust or as a consequence of any
<br />use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property,
<br />whether or not the same was or should have been known to Grantor. The provisions of this section of the Deed of Trust, including the obligation
<br />to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not
<br />be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
<br />Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
<br />Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the
<br />right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior written consent.
<br />This restriction will not apply to rights and easements (such as gas and oil) not owned by Grantor and of which Grantor has informed Lender in
<br />writing prior to Grantor's signing of this Deed of Trust.
<br />Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
<br />consent. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
<br />such Improvements with Improvements of at least equal value.
<br />Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend to
<br />Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of Trust.
<br />Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
<br />effect, of all governmental authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such law,
<br />ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in
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