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200005653
<br />THIS IS A CONSTRUCTION SECURITY AGREEMENT WITHIN THE
<br />MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT.
<br />together with all interest which Trustor now has or may hereafter acquire in and to said Real Estate and in and to: (a) all easements and rights of way appurtenant
<br />thereto and all of the estate, right, title, interest, claim and demand whatsoever of Truster in the Real Estate, either at law or in equity, now or hereafter acquired; (b) all
<br />structures, buildings and improvements of every kind and description now or at any time hereafter located or placed on the Real Estate (the "Improvements "); (c) all
<br />machinery, appliances apparatus, equipment and fixtures now or hereafter located in, upon or under the Real Estate or the Improvements, or any part thereof, and used
<br />or usable in connection with any present or future operation thereof, and all additions thereto and replacements therefor; (d) all articles of personal property and any
<br />additions to, substitutions for, changes in or replacements of the whole or any part thereof, including without limitation, all furniture and furnishings, now or at any time
<br />hereafter affixed to, attached to, placed upon or used in any way in connection with the use, enjoyment, occupancy or operation of the Real Estate or the Improvements,
<br />or any portion thereof, and owned by the Truster or in which Trustor now has or hereafter acquires an interest; (e) all of the rents, royalties, issues and profits of the
<br />Real Estate and the Improvements, or arising from the use of enjoyment of all or any portion thereof or from any lease, license, concession, occupancy agreement or
<br />other agreement pertaining thereto (the "Rents and Profits ''), and all right, title and interest of Trustor in and to all leases, licenses and occupancy agreements of the
<br />Real Estate or of the Improvements now or hereafter entered into and all right, title and interest of Trustor thereunder, including, without limitation , cash or securities
<br />deposited thereunder to secure performance by tenants, lessees or licensees as applicable, of their obligations thereunder; (f) all building materials and supplies now or
<br />hereafter placed on the Real Estate or in the Improvements; (g) all proceeds of the conversion, voluntary or involuntary, or any of the foregoing into cash or liquidated
<br />claims, including, without limitation, proceeds of insurance and condemnation awards; (h) all homestead rights as now or hereafter provided by Nebraska Law; and (i) all
<br />other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom, whether now
<br />owned or subsequently acquired by Trustor. The property so conveyed hereunder is hereinafter referred to as "such property ".
<br />FOR PURPOSE OF SECURING:
<br />A. Payment of the principal sum of Eighty Seven Thousand Three Hundred and 00 /100
<br />Dollars ($ _ 87,300,00) evidenced by that certain Promissory Note dated of even date herewith (hereinafter referred to as "Promissory
<br />note ')issued by Trustor in said amount and payable to the order of Beneficiary, together with interest thereon, late charges and prepayment bonuses according to the
<br />terms of the Promissory Note and all renewals, extensions and modifications thereof.
<br />B. Performance, discharge of and compliance with every obligation, covenant and agreement of Trustor incorporated by reference or contained herein or in any
<br />other security agreement or deed of trust at any time given to secure any indebtedness hereby secured, or any part thereof.
<br />C. The performance, discharge of and compliance with every obligation created by a guaranty agreement or continuing guaranty or similar agreement in
<br />securing the performance of the Promissory Note referenced above herein.
<br />D. The performance, discharge of and compliance with every obligation, covenant and agreement contained in a loan agreement of the Trustor or the Maker of
<br />the aforementioned Promissory Note or other individuals executed at or reasonably near the time of the execution of said Promissory Note.
<br />E. Payment of all fees and charges of Beneficiary, whether or not set forth herein.
<br />F. Payment of future advances necessary to protect such property.
<br />G. Future advances made to trustor or either of them, the total future advances not to exceed the sum of -174,600.00
<br />Dollars ($
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS:
<br />1. Title: That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and
<br />defend the title thereto against the claims and demands of all persons whosoever; that it will, at its expense, maintain and preserve the lien of this Deed of Trust as a
<br />first and paramount lien upon such property.
<br />2. Maintenance: To keep such property in good condition and repair; to complete or restore promptly and in good and workmanlike manner any
<br />building which may be constructed, damaged or destroyed thereon and to pay, when due, all claims for labor performed and materials furnished therefor and for any
<br />alterations thereof; to comply with the provisions of restrictions affecting such property; not to remove, demolish or materially alter any building, or the character or use
<br />thereof at any time thereon; not to drill or extract, not to permit the drilling for or oil, gas or other hydrocarbon substances or any mineral of any kind unless the
<br />written consent of Beneficiary is first had and obtained; not to commit or permit any waste thereof or any act upon such property in violation of law; to do all other
<br />acts in a timely and proper manner which from the character or use of such property may be reasonably necessary to protect and preserve said security, the specific
<br />enumerations herein not excluding the general.
<br />3. Construction of Improvements: To complete in good and workmanlike manner any building or improvements or repair relating thereto
<br />which may be begun on such property or contemplated by the loan secured hereby, to pay when due all costs and liabilities incurred therefor, and not to permit any
<br />construction lien against such property. Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding: (a) to promptly commence work and to
<br />complete the proposed Improvements promptly, (b) to complete same in accordance with plans and specifications as approved by Beneficiary, (c) to comply with all of
<br />the terms of any construction loan agreement between Trustor and Beneficiary, (d) to allow Beneficiary to inspect such property at all times during construction, and (e)
<br />to replace any work or materials unsatisfactory to Beneficiary, within fifteen (15) days after written notice from Beneficiary of such fact, which notice may be given to
<br />Trustor by registered or certified mail, sent to his last known address, or by personal service of the same.
<br />4. Fire and Casualty Insurance: To keep such property insured against loss or damage by fire and other risk or risks which, in the opinion
<br />of Beneficiary should be insured against, under policies of insurance with loss payable to Beneficiary in form, amount and companies acceptable to Beneficiary. Said
<br />policies shall be delivered to and remain in possession of Beneficiary as further security for the faithful performance of these obligations, which delivery shall constitute
<br />an assignment by Trustor to Beneficiary to all rights thereunder, including all return premiums; to deliver to Beneficiary a policy or policies renewing or extending any
<br />expiring insurance with a receipt showing premiums paid at least thirty (30) days before expiration. If Trustor fails to so deliver any renewal policies, Beneficiary may
<br />procure such insurance as it may elect and may make payment of premiums thereon, which payment is repayable on demand. Neither Trustee nor Beneficiary shall be
<br />responsible for obtaining or maintaining such insurance. Beneficiary, form time to time, may furnish to any information concerning the loan secured hereby. In no event
<br />and whether or not default hereunder has occurred shall Beneficiary, by the fact or approving, accepting or obtaining such insurance, incur any liability for the amount of
<br />such insurance, the form or legal sufficiency of insurance contracts, solvency of insurers, or payment of losses by insurers, and Trustor hereby expressly assumes full
<br />responsibility therefor and liability, if any, thereunder. In the event of loss, Trustor shall give immediate written notice to Beneficiary, and Beneficiary may, but is not
<br />obligated to, make proof of loss if not made promptly by Trustor. In case of any loss the amount collected under any policy of insurance on such property may, at the
<br />option of the Beneficiary, be applied by Beneficiary upon any indebtedness and /or obligation secured hereby and in such order and amount as Beneficiary may determine;
<br />or such amount or any portion thereof may, at the option of the Beneficiary, either by used in replacing or restoring the Improvements partially or totally destroyed to a
<br />condition satisfactory to said Beneficiary, or said amount, or any portion thereof, may be released to the Trustor. In any such event neither the Trustee nor the
<br />Beneficiary shall be obligated to see the proper application thereof; nor shall the amount so released or used be deemed a payment on any indebtedness secured
<br />hereby. Such application, use, and /or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
<br />Any unexpired insurance and all returnable insurance premiums shall inure to the benefit of, and pass to, the purchaser of the property covered thereby at any Trustee's
<br />sale held hereunder. If said property is sold pursuant to the power of sale contained herein or pursuant to any decree of foreclosure, all right, title and interest of
<br />Trustor in and to the proceeds of fire and other insurance policies for damage prior to the sale, which proceeds are not received prior to the date of said sale, shall
<br />belong to Beneficiary.
<br />5. Taxes and Other Sums Due: To pay, satisfy and discharge, at least ten (10) days before delinquency, all general and special taxes and
<br />assessments affecting such property, and in no event later than the date such amounts become due: (1) all encumbrances, charges and liens, with interest, on such
<br />property, or any part thereof, which re, or appear to Beneficiary to be prior to or superior hereto, (2) all costs, fees and expenses of this trust, whether or not
<br />described herein, (3) fees or charges for any statement regarding the obligation secured hereby in any amount demanded by Beneficiary, not to exceed the maximum
<br />amount allowed by law therefor at the time when such request is made, (4) such other charges as the Beneficiary may deem reasonable for services rendered by
<br />Beneficiary and furnished at the request of Trustor or any successor in interest to Trustor, (5) if such property includes a leasehold estate, all payments and obligations
<br />required of the Trustor, or his successor in interest, under the terms of the instrument or instruments creating such leasehold, Trustor hereby agreeing not to amend,
<br />change, or modify his leasehold interest or the terms on which he has such leasehold interest, or to agree to do so, without the written consent of Beneficiary being
<br />first obtained, (6) all payments and monetary obligation required of the owner of such property under any declaration of covenants, conditions and restrictions pertaining
<br />to such property or any modification thereof. Should Trustor fail to make any such payment, Beneficiary, without contesting the validity or amount, may elect to make
<br />or advance such payment, together with any costs, expenses, fees or charges relating thereto, including employing counsel and paying his reasonable fees. Trustor
<br />agrees to notify Beneficiary immediately upon receipt of Trustor of notice of any increase in the assessed value of such property and agrees that Beneficiary, in the
<br />name of Trustor, may contest by appropriate proceedings such increase in assessments.
<br />In the event of the passage of any law deducting form the value of real property for the purpose of taxation any lien thereon, or changing in any way the laws
<br />for the taxation of deeds of trust or debts secured by deeds of trust for state or local purposes, or the manner of the collection of any such taxes, so as to affect this
<br />Deed of Trust, the holder of this Deed of Trust and of the obligations which it secures shall have the right to declare all sums secured hereby due as of a date to be
<br />specified by not less than 30 days' written notice to be given to Trustor by Beneficiary; provided, however, that such election shall be ineffective if Trustor is permitted
<br />by law to pay the whole of such tax in addition to all other payments required hereunder and if, prior to such specified date, does pay such tax and agr es to pay any
<br />such tax when hereafter levied or assessed against such property. �
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