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<br />DEED OF TRUST
<br />AND CONSTRUCTION SECURITY AGREEMENT
<br />o
<br />THIS DEED OF TRUST, is made as of the 29th day of February 2000 .
<br />by and among the Truslor,�j
<br />Starostka Homes, Inc., 807 West 4th, Grand Island, NE 68801
<br />(herein "Borrower'),
<br />the Trustee. Archer Cooperative Credit Union
<br />(herein "Trustee%
<br />and the Beneficiary. Archer Cooperative Credit Union
<br />(herein
<br />'Lender ").
<br />FOR VALUABLE CONSIDERATION, Including the Indebtedness Identified herein and the trust herein created, the receipt of which is
<br />hereby acknowledged, Borrower hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for
<br />the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, the
<br />real property, described as
<br />follows:
<br />Lot Five (5), Morningside Acres Third Subdivision, in the City
<br />of Grand
<br />Island, Hall County, Nebraska.
<br />IT IS UNDERSTOOD BY BORROWER AND LENDER THAT THIS INSTRUMENT, WHICH IS SECURED BY THE ABOVE REFERENCED
<br />PROPERTY, IS A CONSTRUCTION SECURITY AGREEMENT AND THAT IT DOES OR WILL SECURE AN OBLIGATION WHICH THE
<br />BORROWER HAS OR WILL INCUR FOR THE PURPOSE OF MAKING AN IMPROVEMENT OR IMPROVEMENTS ON PROPERTY
<br />HEREINBEFORE DESCRIBED.
<br />Together with all buildings, Improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and appurtenances located
<br />thereon or in anywise pertaining thereto, and the rents, Issues and profits, reversions and remainders thereof, Including, but not limited lo,
<br />heating and cooling equipment and such personal property that Is attached to the improvements so as to constitute a fixture: all of which,
<br />including replacements and additions thereto, Is hereby declared to be a part of the real estate secured by the Ran of this Deed of Trust and
<br />all of the foregoing being referred to herein as the "Property% t '
<br />This Deed of Trust shall secure (a) the payment of the principal sum and 'Interests evidenced by Borrower's note dated
<br />February 29. 2000 , having a maturity dale of January 14,, 2001 ' in the original principal amount of
<br />$ 200,000.00 and any and all modifications, extensions and renewals thereof or thereto (herein called 'Note); (b) the payment of
<br />other sums advanced by Lender to protect the security of this Deed of Trust, with interest thereon as provided In the Note; and (c) the
<br />performance of all covenants and agreement to Borrower set forth herein.
<br />Borrower, to protect the security of this Deed of Trust, covenants and agrees with Lender as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on, and any fees
<br />or charges provided In, the Note or In this Deed of Trust.
<br />2. Title. Borrower Is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien
<br />created hereby Is a first and prior lien on the Property, except as may otherwise be set forth herein, and the execution and delivery of this
<br />Deed of Trust does not violate any contract or other obligation to which Borrower is subject.
<br />3. Taxes, Assossments. To pay when due all taxes, special assessments and all other charges against the Property and, upon
<br />written demand by Lender, to pay to Lender such amount as may be sufficient to enable the Lender to pay such taxes, assessments or other
<br />charges al they become due.
<br />4. Insurance. To keep the Property Insured against damage by fire, hazards Included within the term 'extended coverage', and
<br />such other hazards as Lender may require, In amounts and with companies acceptable to the Lender, and with loss payable to the Lender.
<br />In case of loss under such policies, the Lender Is authorized to adjust, collect and compromise, all claims thereunder and shall have the
<br />option of applying all or part of the Insurance proceeds (1) to any indebtedness secured hereby and In such order as Lender may determine,
<br />(ii) to the Borrower to be used for the repair of restoration of the Property or (iii) for any other purpose or object satisfactory to Lender
<br />without affecting the lien of this Deed or Trust for the full amount secured hereby before such payment ever look place. Any application of
<br />proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or
<br />hereunder.
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