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<br />WHEN RECORDED MAtL TO: � � �
<br />Exchange Bank
<br />Allen Drive Branch
<br />1204 Allen Dr � ` 6
<br />PO Box 6793
<br />Grand Island, NE 68802 FOR RECORDER'S USE ONLY
<br />CONSTRUCTION DEED OF TRUST
<br />THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />THIS DEED OF TRUST is dated June 15, 2012, among O'CONNOR RESIDENTIAL, LLC, A
<br />Nebraska Limited Liability Company ("Trustor"); Exchange Bank, whose address is Allen Drive
<br />Branch, 1204 Allen Dr, PO Box 5793, Grand Island, NE 68802 (referred to below sometim�s
<br />as "Lender" and sometimes as "Beneficiary"1; and Exchange Bank , whose address is PO Box
<br />5793, Grand Island, NE 68802 (referred to below as "Trustee").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE,
<br />for the benefit of Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real
<br />property, together with all existing or subsequently erected or affixed buildings, improvements end fixtures; all
<br />easements, rights of way, and appurtenances; all water, water rights and ditch rights (including stock in utiUties with
<br />ditch or irrigation rights); and all other rights, royalties, and profits relatin to the real prope , including without
<br />limitation all minerals, oil, gas, geothermal and similar matters, (the ° R�el � roperty ° ) IOCate� 111 Hell COUnty,
<br />State of Nebraska:
<br />Lots One (1), Two (2), Three (31, Four (41, Five (5) and Six (6), Oak Pointe Second
<br />Subdivision, in the Gity of Grand Island, Hall County, Rlebreska
<br />CROSS-COLLATERALIZATION. In addition to the Note, th(s Deed of Trust secures all obligations, debts and liabilities,
<br />plus interest thereon, of Trustor to Lender, or any one or more of them, as well as all claims by Lender egainst Trustor
<br />or any one or more of them, whether now existing or hereafter arising, whether related or unreleted to the purpose of
<br />the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined,
<br />absolute or contingent, liquidated or unliquidated, whether Trustor may be Ifable individually or jointly with others,
<br />whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts
<br />may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounta
<br />may be or hereafter may become otherwise unenforceable.
<br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor
<br />whether or not the advances are made pursuant to a commitment. Specifically, without Iimitetion, this Deed of Trust
<br />secures, in addition to the amounts specified in the Note, all future amounts Lender in its discretion may loan to
<br />Trustor, together with all interest thereon.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and
<br />interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Trustor
<br />grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIONMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF
<br />ANY AND ALl OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TR4ST. THIS
<br />DEED OF TRUST, INCLUDINO THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF TRUSTOR'S OBLIGATIONS UNDER THAT
<br />CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN TRUSTOR AND LENDER OF EVEN DATE HEREWITH. ANY
<br />EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AQREEMENT, OR ANY OF THE RELATED DOCUMENTS
<br />REFERRED TO THEREIN, SHALL ALSO BE AN EVENT OF DEFAULT UNDER THIS DEED OF TRUST. THIS DEED OF
<br />TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all
<br />amounts secured by this Deed of Trust as they become due, end shall strictly and in a timely manner perform all of
<br />Trustor's obligetions under the Note, this Deed of Trust, and the Related Documents.
<br />CONSTRUCTION MORTGAGE. This Deed of Trust is a"construction mortgage" for the purposes of Sections 9-334
<br />and 2A-309 of the Uniform Commercial Code, as those sections have been adopted by the State of Nebraska.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possess(on and
<br />control of the Property; (2) use, operate or manege the Property; and (3) collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall mafntain the Property in tenantable condition end promptly perf.orm ell repairs,
<br />replacements, and maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrents to Lender that: (1) During the period of
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