|
_ =S m
<br /> e n
<br /> m
<br /> rn ∎
<br /> ca ��
<br /> r.)
<br /> WHEN RECORDED MAIL TO:
<br /> Exchange Bank
<br /> GI-Allen Drive Branch
<br /> 1204 Allen Dr
<br /> PO Box 5793
<br /> Grand Island,NE 68802 FOR RECORDER'S USE ONLY C 0 p�
<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 March 8, 2016, among Midwest Builders, Inc.; A Nebraska
<br /> Corporation ("Trustor"); Exchange Bank, whose address is GI - Allen Drive Branch, 1204 Allen
<br /> Dr, PO Box 5793, Grand Island, NE 68802 (referred to below sometimes as "Lender" and
<br /> sometimes as "Beneficiary"); and Exchange Bank, whose address is POB 760, Gibbon, NE
<br /> 68840 (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 and fixtures; all
<br /> easements, rights of way, and appurtenances; all water, water rights and ditch rights (including stock in utilities with
<br /> ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without
<br /> limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Hall County,
<br /> State of Nebraska:
<br /> Lot X►t( Sixty (60), LARUE Third Subdivision, in the City of Grand Island, Hall County,
<br /> Nebraska
<br /> The Real Property or its address is commonly known as 1211 Stonewood Ave, Grand Island,
<br /> NE 68803. The Real Property tax identification number is 400440083.
<br /> CROSS-COLLATERALIZATION. In addition to the Note, this 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 against Trustor
<br /> or any one or more of them, whether now existing or hereafter arising, whether related or unrelated 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 liable 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 amounts
<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 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 Personal 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 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 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 shall 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 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 possession and
<br /> control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br /> Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs,
<br /> replacements, and maintenance necessary to preserve its value.
<br /> .'7
<br />
|