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THIS INSTRUMENT PREPARED BY:
<br />Home Federal Savings & Loan Association of
<br />Grand Island
<br />221 South Locust Street
<br />GRAND ISLAND, NE 68801
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<br />© 2004 -2015 Compliance Systems, Inc. 60F9- 213134.2015.11.3.1025
<br />Commercial Construction Security Instrument - DL4007 Page 1 of 5
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<br />AFTER RECORDING RETURN TO:
<br />Grand Island Abstract Escrow & Title Co.
<br />704 West 3rd St
<br />Grand Island, NE 68801
<br />(Space Above This Line For Recording Data)
<br />CONSTRUCTION SECURITY AGREEMENT
<br />FUTURE ADVANCES AND FUTURE OBLIGATIONS ARE SECURED BY THIS REAL ESTATE DEED
<br />OF TRUST
<br />This COMMERCIAL CONSTRUCTION REAL ESTATE DEED OF TRUST ( "Security Instrument ") is made on
<br />July 13, 2016 by the grantor(s) TALON APARTMENTS, INC., a Nebraska Corporation, whose address is 705
<br />N Webb Road, GRAND ISLAND, Nebraska 68803 ( "Grantor "). The trustee is Arend R. Baack, Attorney
<br />whose address is P.O. Box 790, Grand Island, Nebraska 68802 ( "Trustee "). The beneficiary is Home Federal
<br />Savings & Loan Association of Grand Island whose address is 221 South Locust Street, Grand Island,
<br />Nebraska 68801 ( "Lender "), which is organized and existing under the laws of the United States of America.
<br />Grantor in consideration of loans extended by Lender up to a maximum principal amount of Four Million and
<br />00 /100 Dollars (U.S. $4,000,000.00) ( "Maximum Principal Indebtedness "), and for other valuable consideration,
<br />the receipt of which is acknowledged, irrevocably grants, conveys and assigns to Trustee, in trust, with power of
<br />sale, the following described property located in the County of Hall, State of Nebraska:
<br />Address: (To Be Determined), GRAND ISLAND, Nebraska 68801
<br />Legal Description: LOT 3, VANOSDALL SECOND SUBDIVISION IN THE CITY OF GRAND ISLAND,
<br />HALL COUNTY, NEBRASKA
<br />Together with all easements, appurtenances abutting streets and alleys, improvements, buildings, fixtures,
<br />tenements, hereditaments, equipment, rents, income, profits and royalties, personal goods of whatever description
<br />and all other rights and privileges including all minerals, oil, gas, water (whether groundwater, subterranean or
<br />otherwise), water rights (whether riparian, appropriate or otherwise, and whether or not appurtenant to the above -
<br />described real property), wells, well permits, ditches, ditch rights, reservoirs, reservoir rights, reservoir sites,
<br />storage rights, dams and water stock that may now, or at any time in the future, be located on and/or used in
<br />connection with the above - described real property, payment awards, amounts received from eminent domain,
<br />amounts received from any and all insurance payments, and timber which may now or later be located, situated, or
<br />affixed on and used in connection therewith (hereinafter called the "Property").
<br />RELATED DOCUMENTS. The words "Related Documents" mean all promissory notes, security agreements,
<br />prior mortgages, prior deeds of trust, prior deeds to secure debt, business loan agreements, construction loan
<br />agreements, resolutions, guaranties, environmental agreements, subordination agreements, assignments of leases
<br />and rents and any other documents or agreements executed in connection with this Indebtedness and Security
<br />Instrument, whether now or hereafter existing, including any modifications, extensions, substitutions or renewals of
<br />any of the foregoing. The Related Documents are hereby made a part of this Security Instrument by reference
<br />thereto, with the same force and effect as if fully set forth herein.
<br />INDEBTEDNESS. This Security Instrument secures the principal amount shown above as may be evidenced by a
<br />promissory note or notes of even, prior or subsequent date hereto, including future advances and every other
<br />indebtedness of any and every kind now or hereafter owing from TALON APARTMENTS, INC. to Home
<br />Federal Savings & Loan Association of Grand Island, howsoever created or arising, whether primary,
<br />secondary or contingent, together with any interest or charges provided in or arising out of such indebtedness, as
<br />well as the agreements and covenants of this Security Instrument and all Related Documents (hereinafter all
<br />referred to as the "Indebtedness ").
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