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<br />WHEN RECORDED MAIL TO:
<br />CORNERSTONE BANK
<br />Shelton Faclllty
<br />719 C Street
<br />P.O. Box 639
<br />Shelton NE 68876-0639 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 September 24, 2012, among Nathaniel A Schanou and Kristi S.
<br />Schanou; Husband and Wife ("Trustor"); CORNERSTONE BANK, whose address is Shelton
<br />Facility, 119 C Street, P.O. Box 639, Shelton, NE 68876-0639 (referred to below sometimes
<br />as "Lender" and sometimes as "Beneficiary"1; and CORNERSTONE BANK, whose address is
<br />529 LINCOLN AVENUE, YORK, NE 68467 (referred to below as "Trustee").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH P�WER OF SALE,
<br />for the benafit of Lender as Beneflciary, ail of Trustor's right, title, and interest in and to the foliowing described real
<br />property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all
<br />easements, rights of way, and appurtenances; ail water, water rights and ditch rights (including stock in utilities with
<br />ditch or irrigatiori rights); and all other rights, royalties, and profits relating to the real prope�y, including without
<br />limitation all minerals, oil, gas, geothermal and similar matters, (the ° Real Property IOCetecl 111 H811 COUnty,
<br />State of Nebraska:
<br />Lot Twenty One (21), Block One (1), Summerfield Estates Seventh Subdivision, in the City
<br />of Grand Island, Hall County, Nebraska
<br />The Real Property or its address is' commonly known as 3819 Sparrow Circle , Grand Island,
<br />NE 68803. The Real Property tax identification number is 400438305.
<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 limitation, 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 Personel Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT 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 TRUST. THIS
<br />DEED OF TRUST, INCLUDING 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 OBLIQATIONS UNDER THAT
<br />CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN TRUSTOR AND LENDER OF EVEN DATE HEREWITH. ANY
<br />EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, 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, and sha�l strictly and in a timely manner perform all of
<br />Trustor's obligations under the Note, this Deed of Trust, and the Related Documents.
<br />CONSTRUCTION MORTGAGE. This Deed of Trust is a"construction mortgege" 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 egrees that Trustor's possession and use of the
<br />Property shall be governed by the following provisions:
<br />Possesslon and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and
<br />control of the Property; (2) use, operate or manage the Property; and (3) cpilect the Rents from the Property.
<br />Duty to Meintair�. Trustor shali maintain the Property in good condition and promptly perform all repairs,
<br />replacements, and maintenance necessary to preserve its value.
<br />Compliance With Envirvnmental Laws. Trustor represents and warrants to Lender that: (1) During the period of
<br />Trustor's ownership of tha Property, there has been no use, generation, menufacture, storage, treatment, disposal,
<br />release or threatened release of any Hazardous Substance by any parson on, under, about or from the Property;
<br />(2) Trustor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and
<br />acknowledged by Lender in writing, (a) eny breach or violation of any Environmental Laws, (b) any use,
<br />generation, manufecture, storage, treatment, disposal, release or threatened release of any Hazardous Substance
<br />on, under, about or from the Property by any prior owners or occupants of the Property, or (c) eny actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously
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