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FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to SAPC INVESTMENTS, a Nebraska general partnership. (herein "Borrower ", whether one or more), and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, legally described as follows: Lot One (1) and the West Thirty (30) feet of Lot Two (2), Lush Subdivision, in the City of Grand Island, Hall County, Nebraska, comprising all of Lot One (1), Island Acres Number Seven (7), in the City of Grand Island, Hall County, Nebraska, situated in part of the South Half (S 1/2) of Fractional Section Seven (7) and part of the Northwest Quarter of the Southwest Quarter (NW1 /4SW1 /4) of Section Eight (8), Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska, except a certain tract conveyed to the City of Grand Island, Nebraska, in Warranty Deed recorded as Document No. 83- 004241. together with all buildings, improvements, fixtures, streets, alleys, passageways, ease- ments, rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture, including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being referred to herein as the "Property ". This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a Construction Line of Credit Draw Note of even date herewith, having a maturity date of June 1, 2005, in the original principal amount of Two Hundred Fifty Thousand and No /100 Dollars ($250,000.00), and any and all modifications, extensions and renewals thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments ". TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS: 1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when re-m- 2. Title. Trustor is the owner of the Property, has the right and authority to con- vey the Property and warrants that the lien created hereby is a first and prior lien on the m c n lti n X z X > r) M cn t, m n z 7C O C� N C O __4 O CD CD Q 0 z M N d N r.r 0 m O O o -*, z o C=) c„ 3> co O N ;K OD c n v+D. "J CONSTRUCTION SECURITY AGREEMENT Ca -� DEED OF TRUST '"" Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act, this DEED OF TRUST is made as of the.,,/ day of c r 2000 by and among the Trustor, SAPC INVESTMENTS a Nebraska --- , general partifership, whose mailing address for purposes of this Deed of Trust is P.O. Box 1089, 1831 North Webb Road, Grand Island, NE 68802 -1089 (herein, "Trustor ", whether G one or more), the Trustee, THE OVERLAND NATIONAL BANK OF GRAND ISLAND, whose mailing address is P. O. Box 1688, Grand Island, NE 68802 -1688 (herein "Trustee "), and the Beneficiary, THE OVERLAND NATIONAL BANK OF GRAND ISLAND, whose mailing address is P. O. Box 1688, Grand Island, NE 68802- 1688 (herein "Lender "). FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to SAPC INVESTMENTS, a Nebraska general partnership. (herein "Borrower ", whether one or more), and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, legally described as follows: Lot One (1) and the West Thirty (30) feet of Lot Two (2), Lush Subdivision, in the City of Grand Island, Hall County, Nebraska, comprising all of Lot One (1), Island Acres Number Seven (7), in the City of Grand Island, Hall County, Nebraska, situated in part of the South Half (S 1/2) of Fractional Section Seven (7) and part of the Northwest Quarter of the Southwest Quarter (NW1 /4SW1 /4) of Section Eight (8), Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska, except a certain tract conveyed to the City of Grand Island, Nebraska, in Warranty Deed recorded as Document No. 83- 004241. together with all buildings, improvements, fixtures, streets, alleys, passageways, ease- ments, rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture, including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being referred to herein as the "Property ". This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a Construction Line of Credit Draw Note of even date herewith, having a maturity date of June 1, 2005, in the original principal amount of Two Hundred Fifty Thousand and No /100 Dollars ($250,000.00), and any and all modifications, extensions and renewals thereof or thereto and any and all future advances and readvances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments ". TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS: 1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when re-m- 2. Title. Trustor is the owner of the Property, has the right and authority to con- vey the Property and warrants that the lien created hereby is a first and prior lien on the