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<br /> LOAN NUMBER: 0100613349
<br /> DEED OF TRUST
<br /> (PREAUTHORIZED (OPEN END) CREDIT - FUTURE ADVANCES ARE SECURED
<br /> BY THIS DEED OF TRUST)
<br /> THIS DEED OF TRUST ("Security Instrument") is made on December 7, 2009. The grantor is KENNETH L
<br /> GNADT, TRUSTEE OF THE KEN AND BONNIE GNADT FAMILY TRUST DATED FEBRUARY 14,
<br /> 2008, whose address is 1610 GRETCHEN, GRAND ISLAND, Nebraska 68803-6347 ("Borrower"). Borrower is
<br /> not necessarily the same as the Person or Persons who sign the Contract. The obligations of Borrowers who did not
<br /> sign the Contract are explained further in the section titled Successors and Assigns Bound; Joint and Several
<br /> Liability; Accommodation Signers. The trustee is Arend R. Baack, Attorney whose address is P.O. Box 790,
<br /> Grand Island, Nebraska 68802 ("Trustee"). The beneficiary is Home Federal Savings & Loan Association of
<br /> Grand Island, which is organized and existing under the laws of the United States of America and whose address
<br /> is 221 South Locust Street, Grand Island, Nebraska 68801 ("Lender"). KENNETH L GNADT has entered into a
<br /> Equity - Line of Credit ("Contract") with Lender as of December 7, 2009, under the terms of which Borrower
<br /> may, from time to time, obtain advances not to exceed, at any time, a ***MAXIMUM PRINCIPAL AMOUNT
<br /> (EXCLUDING PROTECTIVE ADVANCES)*** of Sixty-five Thousand and 00/100 Dollars (U.S. $65,000.00)
<br /> ("Credit Limit"). Any party interested in the details related to Lender's continuing obligation to make advances to
<br /> Borrower is advised to consult directly with Lender. If not paid earlier, the sums owing under Borrower's Contract
<br /> with Lender will be due and payable on December 15, 2014. This Security Instrument secures to Lender: (a) the
<br /> repayment of the debt under the Contract, with interest, including future advances, and all renewals, extensions and
<br /> modifications of the Contract; (b) the payment of all other sums, with interest, advanced to protect the security of
<br /> this Security Instrument under the provisions of the section titled Protection of Lender's Rights in the Property;
<br /> and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Contract.
<br /> For this purpose, Borrower, in consideration of the debt and the trust herein created, irrevocably grants and
<br /> conveys to Trustee, in trust, with power of sale, the following described property located in the COUNTY of
<br /> HALL, State of Nebraska:
<br /> Address: 1610 GRETCHEN, GRAND ISLAND, Nebraska 68803-6347
<br /> Legal Description: LOT NINE (9) BLOCK THREE (3) IN KAY- DEE SUBDIVISION IN THE CITY
<br /> OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br /> TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
<br /> appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be
<br /> covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the
<br /> "Property."
<br /> BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br /> grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
<br /> Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to
<br /> any encumbrances of record.
<br /> Borrower and Lender covenant and agree as follows:
<br /> Payment of Principal and Interest; Other Charges. Borrower shall promptly pay when due the principal of and
<br /> interest on the debt owed under the Contract and late charges or any other fees and charges due under the Contract.
<br /> Applicable Law.. As used in this Security Instrument, the term "Applicable Law" shall mean all controlling
<br /> applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have
<br /> the effect of law) as well as all applicable final, non-appealable judicial opinions.
<br /> Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br /> Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
<br /> At the request .of Lender, Borrower shall promptly furnish to Lender receipts evidencing the payments.
<br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br /> agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b)
<br /> contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the
<br /> Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
<br /> agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<br /> ® 2004-2009 Compliance Systems, Inc. 1 Bbl-OAAF - 2009.07.355
<br /> Consumer Real Estate - Security Instrument DL2036 Page 1 01-5 www.compliancesystems.com
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