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200003646
<br />DEED OF TRUST,
<br />ASSIGNMENT OF RENTS AND
<br />SECURITY AGREEMENT
<br />THIS CONSTRUCTION DEED OF TRUST, ASSIGNMENT OF RENTS AND SECURITY
<br />AGREEMENT (the "Instrument ") dated as of May 1, 2000, is made among THIRD CITY CHRISTIAN
<br />CHURCH, a nonprofit corporation organized and existing under the laws of Nebraska, whose address is
<br />2808 O'Flannagan , Grand Island, NE 68803, as grantor, ( "Borrower "), to TRANSNATION TITLE
<br />INSURANCE COMPANY, an Arizona corporation, as trustee ( "Trustee "), for the benefit of CHURCH
<br />DEVELOPMENT FUND, INC., a nonprofit corporation organized and existing under the laws of
<br />California, whose address is 1065 N. Pacificenter Drive, Suite 190, Anaheim, CA 92806, Attn: Loan
<br />Administration, as beneficiary ( "Lender").
<br />Borrower, in consideration of the Indebtedness and the trust created by this Instrument,
<br />irrevocably grants, conveys and assigns to Trustee, in trust, with power of sale, the Mortgaged Property,
<br />including the Land located in Hall County, State of Nebraska and described in Exhibit A attached to this
<br />Instrument.
<br />TO SECURE TO LENDER the repayment of the Indebtedness in the total amount of ONE
<br />MILLION SIX HUNDRED THIRTY -TWO THOUSAND AND 00/100 DOLLARS (US $1,632,000.00)
<br />evidenced by Borrower's two (2) Promissory Notes (one in the amount of $1,132,000.00 maturing on
<br />November 1, 2001 [the "Construction Note "] (the maturity date of the Construction Note is subject to
<br />extension as set forth in the Construction Loan Agreement) and the other in the amount of $500,000.00
<br />maturing on May 1, 2005 [the "Revolving Note "]) payable to Lender, each dated as of the date of this
<br />Instrument, and all renewals, extensions and modifications of the Indebtedness, the payment of all sums
<br />advanced by or on behalf of Lender to protect the security of this Instrument under Section 12, and the
<br />performance of the covenants and agreements of Borrower contained in the Loan Documents. This
<br />Instrument secures a construction loan made in accordance with a Construction Loan Agreement
<br />between Borrower and Lender of even date herewith ( "Construction Loan Agreement ").
<br />Borrower represents and warrants that Borrower is lawfully seized of the Mortgaged Property and
<br />has the right, power and authority to mortgage, grant, convey and assign the Mortgaged Property, and
<br />that the Mortgaged Property is unencumbered. Borrower covenants that Borrower will warrant and
<br />defend generally the title to the Mortgaged Property against all claims and demands, subject to any
<br />easements and restrictions listed in a schedule of exceptions to coverage in any title insurance policy
<br />issued to Lender contemporaneously with the execution and recordation of this Instrument and insuring
<br />Lender's interest in the Mortgaged Property.
<br />Covenants. Borrower and Lender covenant and agree as follows:
<br />1. DEFINITIONS. The following terms, when used in this Instrument (including when used in
<br />the above recitals), shall have the following meanings:
<br />(a) "Assignment" means, collectively, the provisions of Sections 3 and 4 of this Instrument
<br />relating to the assignment of rents and leases affecting the Mortgaged Property.
<br />(b) "Borrower" means all persons or entities identified as "Borrower" in the first paragraph of
<br />this Instrument, together with their successors and assigns.
<br />(c) "Borrower Certificate" means that certain Borrower Certificate attached to the
<br />Construction Loan Agreement and dated the same date as this Instrument, executed by Borrower in favor
<br />of Lender.
<br />(d) "Collateral Agreement" means any separate agreement between Borrower and Lender
<br />for the purpose of establishing replacement reserves for the Mortgaged Property, establishing a fund to
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