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<br />CONSTRUCTION SECURITY AGREEMENT
<br />DEED OF TRUST
<br />Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act,
<br />this DEED OF TRUST is made as of the 24`h day of May, 2000 by and among the Trustor, SHAY P. MCGOWAN
<br />AND JACEY L. MCGOWAN, HUSBAND AND WIFE, whose mailing address for purposes of this Deed of Trust
<br />is 2414 WEST FAIDLEY AVENUE, GRAND ISLAND, NEBRASKA 68803 (herein, "Trustor ", whether one or
<br />more), the Trustee, AREND R. BAACK, Attorney at Law, a member of the Nebraska State Bar Association, whose
<br />mailing address is P. O. Box 790, Grand Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, HOME
<br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box
<br />1009, Grand Island, NE 68802 -1009 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to SHAY
<br />P. MCGOWAN AND JACEY L. MCGOWAN, HUSBAND AND WIFE, (herein "Borrower ", whether one or
<br />more), and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants,
<br />transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of
<br />Lender, under and subject to the terms and conditions hereinafter set forth, legally described as follows:
<br />LOT TWO (2) IN MEDICAL PARK SUBDIVISION, AN ADDITION TO THE CITY OF
<br />GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />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
<br />referred to herein as the "Property ".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated May 24'x', 2000, in the original principal amount of TWO
<br />HUNDRED AND NINETY THOUSAND AND NO/] 00 Dollars ($290,000.00), having a maturity date of
<br />NOVEMBER 1, 2015 unless the earlier call options therein contained shall be exercised by the Beneficiary, together
<br />with any and all modifications, extensions and renewals thereof or thereto and any and all future advances and
<br />readvances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or
<br />credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security
<br />of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and
<br />future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct,
<br />indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed
<br />of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith,
<br />including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to
<br />herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay, before delinquent, all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the tern
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
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<br />CONSTRUCTION SECURITY AGREEMENT
<br />DEED OF TRUST
<br />Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act,
<br />this DEED OF TRUST is made as of the 24`h day of May, 2000 by and among the Trustor, SHAY P. MCGOWAN
<br />AND JACEY L. MCGOWAN, HUSBAND AND WIFE, whose mailing address for purposes of this Deed of Trust
<br />is 2414 WEST FAIDLEY AVENUE, GRAND ISLAND, NEBRASKA 68803 (herein, "Trustor ", whether one or
<br />more), the Trustee, AREND R. BAACK, Attorney at Law, a member of the Nebraska State Bar Association, whose
<br />mailing address is P. O. Box 790, Grand Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, HOME
<br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box
<br />1009, Grand Island, NE 68802 -1009 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to SHAY
<br />P. MCGOWAN AND JACEY L. MCGOWAN, HUSBAND AND WIFE, (herein "Borrower ", whether one or
<br />more), and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants,
<br />transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of
<br />Lender, under and subject to the terms and conditions hereinafter set forth, legally described as follows:
<br />LOT TWO (2) IN MEDICAL PARK SUBDIVISION, AN ADDITION TO THE CITY OF
<br />GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />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
<br />referred to herein as the "Property ".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated May 24'x', 2000, in the original principal amount of TWO
<br />HUNDRED AND NINETY THOUSAND AND NO/] 00 Dollars ($290,000.00), having a maturity date of
<br />NOVEMBER 1, 2015 unless the earlier call options therein contained shall be exercised by the Beneficiary, together
<br />with any and all modifications, extensions and renewals thereof or thereto and any and all future advances and
<br />readvances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or
<br />credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security
<br />of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and
<br />future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct,
<br />indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed
<br />of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith,
<br />including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to
<br />herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay, before delinquent, all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the tern
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
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