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<br />DEED OF TRUST
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<br />DEED OF TRUST
<br />THIS TRUST DEED made this A ?W day of �A* , 200-{,
<br />between GARY EILENSTINE and LINDA E- ENSTINE, Husbalid and Wife, as
<br />TRUSTORS, whose address is Route 1, Box 42, Rockville, NE 68871;
<br />WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association,
<br />as TRUSTEE, whose address is 222 N. Cedar Street, P. 0. Box 2280, y
<br />Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES,
<br />L.L.C., A Nebraska Limited Liability Company, BENEFICIARY.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant
<br />to TRUSTEE, IN TRUST, his successors and assigns, with power of
<br />sale, the following- described real property:
<br />Lots Three (3), Four (4), Five (5), Six (6), Seven (7),
<br />Eight (8), Nine (9) and Ten (10) , in Country Meadows
<br />Second Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska,
<br />together with all buildings, improvements and appurtenances
<br />thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and
<br />BENEFICIARY that they are lawfully seized and owners of the above -
<br />described property; that they have good right and lawful authority
<br />to sell and convey said premises and that said premises are free
<br />and clear of all liens and encumbrances except for a first mortgage
<br />construction loan, and further, that TRUSTORS will warrant and
<br />defend the title to said premises forever against the claims of all
<br />persons whomsoever.
<br />For the purpose of securing performance of each agreement of
<br />TRUSTORS herein contained and the payment of ONE HUNDRED FIFTY
<br />THOUSAND DOLLARS ($150,000.00), the TRUSTORS have executed a
<br />Promissory Note bearing even date. The Promissory Note shall
<br />become due and payable on June 1, 2006, at which time all
<br />outstanding principal and interest shall become immediately due and
<br />payable.
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />B. Maintain the building and its improvements and all personal
<br />property sold under the parties' Contract for Sale of Real
<br />Estate, in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed against or due upon said
<br />property before delinquency, and to deliver to BENEFICIARY
<br />copies of receipts showing payment of such taxes.
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<br />200400852
<br />THIS TRUST DEED made this A ?W day of �A* , 200-{,
<br />between GARY EILENSTINE and LINDA E- ENSTINE, Husbalid and Wife, as
<br />TRUSTORS, whose address is Route 1, Box 42, Rockville, NE 68871;
<br />WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association,
<br />as TRUSTEE, whose address is 222 N. Cedar Street, P. 0. Box 2280, y
<br />Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES,
<br />L.L.C., A Nebraska Limited Liability Company, BENEFICIARY.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant
<br />to TRUSTEE, IN TRUST, his successors and assigns, with power of
<br />sale, the following- described real property:
<br />Lots Three (3), Four (4), Five (5), Six (6), Seven (7),
<br />Eight (8), Nine (9) and Ten (10) , in Country Meadows
<br />Second Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska,
<br />together with all buildings, improvements and appurtenances
<br />thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and
<br />BENEFICIARY that they are lawfully seized and owners of the above -
<br />described property; that they have good right and lawful authority
<br />to sell and convey said premises and that said premises are free
<br />and clear of all liens and encumbrances except for a first mortgage
<br />construction loan, and further, that TRUSTORS will warrant and
<br />defend the title to said premises forever against the claims of all
<br />persons whomsoever.
<br />For the purpose of securing performance of each agreement of
<br />TRUSTORS herein contained and the payment of ONE HUNDRED FIFTY
<br />THOUSAND DOLLARS ($150,000.00), the TRUSTORS have executed a
<br />Promissory Note bearing even date. The Promissory Note shall
<br />become due and payable on June 1, 2006, at which time all
<br />outstanding principal and interest shall become immediately due and
<br />payable.
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />B. Maintain the building and its improvements and all personal
<br />property sold under the parties' Contract for Sale of Real
<br />Estate, in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed against or due upon said
<br />property before delinquency, and to deliver to BENEFICIARY
<br />copies of receipts showing payment of such taxes.
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