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M M n M M [SPACE ABOVE THIS LINE FOR RECORDING DATA ] ----------------------- - - - - -- LOAN NO. 249525 Construction Security Agreement/Deed of Trust This Instrument is a Construction Security Agreement and secures an obligation which the Trustor incurred for purposes of making an improvement of the real estate in which a security interest is given and is a construction security interest. THIS DEED OF TRUST is made this 20'h day of JULY, 2001, by and among RANDALL JEPSON AND JULIE A. JEPSON, HUSBAND AND WIFE, ( "Trustor ") whose mailing address is 811 N KIMBALL, GRAND ISLAND, NE 68801, and Commercial Federal Bank, a federal savings bank (Trustee "), whose mailing address is 450 Regency Blvd., 2"d Floor East, Omaha, Nebraska 68114 and Commercial Federal Bank (`Beneficiary"), whose mailing address is 450 Regency Blvd., 2d Floor East, Omaha, Nebraska 68114. FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for benefit and security of Beneficiary, under and subject to the terms and conditions of this Deed of Trust, the real property located in the County of HALL, State of Nebraska, and described as follows ( "the Property "): LOT 6 IN VALLEY VIEW THIRD SUBDIVISION IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA TOGETHER WITH all interest which Trustor now has or may hereafter acquire in or to said Property and in or to all rents easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may be or hereafter become an integral part of such buildings and improvements, all crops raised thereon, and all water rights. The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the "Trust Estate." Trustor covenants that Trustor is lawfully seized of the Trust Estate hereby conveyed and has the right to grant, convey, transfer and assign the Trust Estate to the Trustee and that Trustor will warrant and defend generally the title to the Trust Estate against all claims and demands and that the Trust Estate if free of all liens. THIS CONVEYANCE IS GIVEN FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of ONE HUNDRED SIX THOUSAND AND 00 /100ths DOLLARS 6106,000.001 Dollars with interest thereon evidenced by that certain Promissory Note ( "the Note ") executed by Trustor, which has been delivered and is payable to the order of Beneficiary, and which by this reference is hereby made a part hereof, and any and all modifications, extensions. and renewals thereof together with any future advances made by Beneficiary, and B. Payment of all sums advance by Beneficiary for any reason to protect the Trust Estate, with interest thereon at the maximum rate allowed by law. This Deed of Trust, the Note, and any other instrument given to evidence or further secure the payment and performance of any obligation secure hereby, including any Building Loan Agreement or Construction Loan Agreement, are referred to collectively as the "Loan Documents." TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest on, the indebtedness evidenced by the Note, charges, fees and all other sums as provided in the Loan Documents. 2. PAYMENT OF TAXES AND INSURANCE. Unless otherwise agreed to in writing by Beneficiary, Trustor shall pay to Beneficiary on the day monthly payments are due under the Note, until the Note is paid in full, a sum (Funds) for (a) at least one - twelfth of the yearly property taxes and assessments on the property; and (b) at least one - twelfth of the yearly hazard or property insurance premiums. These items are called "Escrow Items ". Beneficiary may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items and notify Trustor in writing of any changes in the amounts to be paid by Trustor. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds. The Funds are pledged as additional security for all sums secured by this Deed of Trust. If the amount the Funds held by Beneficiary at any time is not sufficient to pay the Escrow Items when due, Beneficiary may so notify Trustor in writing, and, in such case, Trustor shall pay to Beneficiary the amount necessary to make up the deficiency. Upon payment in full of all sums secured by this Deed of Trust, Beneficiary shall promptly refund to Trustor any Funds held by Beneficiary. A rn ton C �t y o rrnn cDi, p Cn 4 3* N _n CO S C O LZ Ml ® O CJ 'T tr t C07 D W O a cl rA I--� tin N CO a CM 200107219 a [SPACE ABOVE THIS LINE FOR RECORDING DATA ] ----------------------- - - - - -- LOAN NO. 249525 Construction Security Agreement/Deed of Trust This Instrument is a Construction Security Agreement and secures an obligation which the Trustor incurred for purposes of making an improvement of the real estate in which a security interest is given and is a construction security interest. THIS DEED OF TRUST is made this 20'h day of JULY, 2001, by and among RANDALL JEPSON AND JULIE A. JEPSON, HUSBAND AND WIFE, ( "Trustor ") whose mailing address is 811 N KIMBALL, GRAND ISLAND, NE 68801, and Commercial Federal Bank, a federal savings bank (Trustee "), whose mailing address is 450 Regency Blvd., 2"d Floor East, Omaha, Nebraska 68114 and Commercial Federal Bank (`Beneficiary"), whose mailing address is 450 Regency Blvd., 2d Floor East, Omaha, Nebraska 68114. FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for benefit and security of Beneficiary, under and subject to the terms and conditions of this Deed of Trust, the real property located in the County of HALL, State of Nebraska, and described as follows ( "the Property "): LOT 6 IN VALLEY VIEW THIRD SUBDIVISION IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA TOGETHER WITH all interest which Trustor now has or may hereafter acquire in or to said Property and in or to all rents easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may be or hereafter become an integral part of such buildings and improvements, all crops raised thereon, and all water rights. The Property and the entire estate and interest conveyed to the Trustee are referred to collectively as the "Trust Estate." Trustor covenants that Trustor is lawfully seized of the Trust Estate hereby conveyed and has the right to grant, convey, transfer and assign the Trust Estate to the Trustee and that Trustor will warrant and defend generally the title to the Trust Estate against all claims and demands and that the Trust Estate if free of all liens. THIS CONVEYANCE IS GIVEN FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of ONE HUNDRED SIX THOUSAND AND 00 /100ths DOLLARS 6106,000.001 Dollars with interest thereon evidenced by that certain Promissory Note ( "the Note ") executed by Trustor, which has been delivered and is payable to the order of Beneficiary, and which by this reference is hereby made a part hereof, and any and all modifications, extensions. and renewals thereof together with any future advances made by Beneficiary, and B. Payment of all sums advance by Beneficiary for any reason to protect the Trust Estate, with interest thereon at the maximum rate allowed by law. This Deed of Trust, the Note, and any other instrument given to evidence or further secure the payment and performance of any obligation secure hereby, including any Building Loan Agreement or Construction Loan Agreement, are referred to collectively as the "Loan Documents." TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: 1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the interest on, the indebtedness evidenced by the Note, charges, fees and all other sums as provided in the Loan Documents. 2. PAYMENT OF TAXES AND INSURANCE. Unless otherwise agreed to in writing by Beneficiary, Trustor shall pay to Beneficiary on the day monthly payments are due under the Note, until the Note is paid in full, a sum (Funds) for (a) at least one - twelfth of the yearly property taxes and assessments on the property; and (b) at least one - twelfth of the yearly hazard or property insurance premiums. These items are called "Escrow Items ". Beneficiary may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items and notify Trustor in writing of any changes in the amounts to be paid by Trustor. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds. The Funds are pledged as additional security for all sums secured by this Deed of Trust. If the amount the Funds held by Beneficiary at any time is not sufficient to pay the Escrow Items when due, Beneficiary may so notify Trustor in writing, and, in such case, Trustor shall pay to Beneficiary the amount necessary to make up the deficiency. Upon payment in full of all sums secured by this Deed of Trust, Beneficiary shall promptly refund to Trustor any Funds held by Beneficiary.