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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
<br />Lien Act, this DEED OF TRUST is made as of the 21" day of September, 2000 by and among the Trustor,
<br />LUTHERAN HIGH SCHOOL ASSOCIATION OF CENTRAL NEBRASKA, INCORPORATED, a
<br />Nebraska nonprofit corporation, whose mailing address for purposes of this Deed of Trust is P.O. Box
<br />2277, Grand Island, NE 68802 -2277 (herein, "Trustor ", whether one or more), the Trustee, AREND R.
<br />BAACK, Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is
<br />P. O. Box 790, Grand Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL
<br />SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box 1009,
<br />Grand Island, NE 68802 -1009 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to
<br />LUTHERAN HIGH SCHOOL ASSOCIATION OF CENTRAL NEBRASKA, INCORPORATED, a
<br />Nebraska nonprofit corporation, (herein "Borrower ", whether one or more), and the trust herein created, the
<br />receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns
<br />to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Lender, under and subject
<br />to the terms and conditions hereinafter set forth, legally described as follows:
<br />The Southwest Quarter of the Southwest Quarter (SW 1 /4SW 1/4) of Section Twenty -Five
<br />(25), Township Eleven (11) North, Range Ten (10), West of the 6th P.M., Hall County,
<br />Nebraska except that tract deeded to the County of Hall, State of Nebraska, as recorded
<br />in Book 137, at Page 495 of the deed records of Hall County, Nebraska; and except that
<br />tract deeded to Marvin Lautenschlager and Violet Lautenschlager as recorded in Book
<br />144, at Page 109 of the deed records of Hall County, Nebraska; and except those tracts
<br />deeded to Willie J. Vogeltanz and Mildred R. Vogeltanz, Husband and Wife as recorded
<br />in Book 168 at Page 117, and in Book 171, at Page 215 of the deed records of Hall
<br />County, Nebraska;
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights,
<br />privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and
<br />profits, reversions and remainders thereof, and such personal property that is attached to the improvements
<br />so as to constitute a fixture, including, but not limited to, heating and cooling equipment and together with
<br />the homestead or marital interests, if any, which interests are hereby released and waived, all of which,
<br />including replacements and additions thereto, is hereby declared to be a part of the real estate secured by
<br />the lien of this Deed of Trust and all of the foregoing being 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 September 21, 2000, in the original principal amount of Four
<br />Hundred Ninety Thousand and No /100 Dollars ($490,000.00), having a maturity date of March 1, 2021,
<br />unless the earlier call options therein contained shall be exercised by the Beneficiary, together with any and
<br />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
<br />notes or credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to
<br />protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth
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