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t� 6'»Y s� n C1 73 M -s, S M �C DEED OF TRUST THIS TRUST DEED made this 7�) _ day of February, 2004, between KEVIN WOODWARD CONSTRUCTION & CUSTOM RENOVATIONS, INC., as TRUSTOR, whose address is 2407 Cottonwood Road, Grand Island, NE 68801; WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 N. Cedar Street, P. O. Box 2280, Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES, L.L.C., A Nebraska Limited Liability Company, BENEFICIARY. WITNESSETH: That TRUSTOR hereby grants, bargains, sells, conveys and warrants to TRUSTEE, IN TRUST, his successors and assigns, with power of sale, the following- described real property: Lots Two (2) and Three (3), in Country Meadows Subdivision, in the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements and appurtenances thereon. The TRUSTOR hereby covenants and agrees with the TRUSTEE and BENEFICIARY that he is lawfully seized and the owner of the above - described property; that he has good right and lawful authority to sell and convey said premises and that said premises are free and clear of all liens and encumbrances except for a first mortgage construction loan to Home Federal Savings & Loan Association of Grand Island, Nebraska, and further, that TRUSTOR will warrant and defend the title to said premises forever against the claims of all persons whomsoever. For the purpose of securing performance of each agreement of TRUSTOR herein contained and the payment of Fifty Thousand Dollars ($50,000.00), the TRUSTOR has executed two separate Promissory Notes in the sum of Twenty -Five Thousand Dollars ($25,000.00) each, bearing even date, at the rate of interest and on the terms and conditions as set forth in such Note until paid. The principal sum shall be payable on or before October 1, 2004. It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and until filing of Notice of Default, the TRUSTOR shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties in writing. B. Maintain the building and its improvements and all personal property sold under the parties' Contract for Sale of Real E,�tate, in good condition and repair. C. Pay all general and special taxes and all special assessments of every kind levied or assessed against or due upon said property before delinquency, and to deliver to BENEFICIARY copies of receipts showing payment of such taxes. D. Procure and maintain policies of all -risk insurance on said improvements, in sums and underwritten by companies acceptable to the BENEFICIARY, in an amount of at least Twenty -Five O. CD N O CL i� U Cwt F- + CD iZ 0 c� rn 4 CZ N Cn Cn THIS TRUST DEED made this 7�) _ day of February, 2004, between KEVIN WOODWARD CONSTRUCTION & CUSTOM RENOVATIONS, INC., as TRUSTOR, whose address is 2407 Cottonwood Road, Grand Island, NE 68801; WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 N. Cedar Street, P. O. Box 2280, Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES, L.L.C., A Nebraska Limited Liability Company, BENEFICIARY. WITNESSETH: That TRUSTOR hereby grants, bargains, sells, conveys and warrants to TRUSTEE, IN TRUST, his successors and assigns, with power of sale, the following- described real property: Lots Two (2) and Three (3), in Country Meadows Subdivision, in the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements and appurtenances thereon. The TRUSTOR hereby covenants and agrees with the TRUSTEE and BENEFICIARY that he is lawfully seized and the owner of the above - described property; that he has good right and lawful authority to sell and convey said premises and that said premises are free and clear of all liens and encumbrances except for a first mortgage construction loan to Home Federal Savings & Loan Association of Grand Island, Nebraska, and further, that TRUSTOR will warrant and defend the title to said premises forever against the claims of all persons whomsoever. For the purpose of securing performance of each agreement of TRUSTOR herein contained and the payment of Fifty Thousand Dollars ($50,000.00), the TRUSTOR has executed two separate Promissory Notes in the sum of Twenty -Five Thousand Dollars ($25,000.00) each, bearing even date, at the rate of interest and on the terms and conditions as set forth in such Note until paid. The principal sum shall be payable on or before October 1, 2004. It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and until filing of Notice of Default, the TRUSTOR shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties in writing. B. Maintain the building and its improvements and all personal property sold under the parties' Contract for Sale of Real E,�tate, in good condition and repair. C. Pay all general and special taxes and all special assessments of every kind levied or assessed against or due upon said property before delinquency, and to deliver to BENEFICIARY copies of receipts showing payment of such taxes. D. Procure and maintain policies of all -risk insurance on said improvements, in sums and underwritten by companies acceptable to the BENEFICIARY, in an amount of at least Twenty -Five O. CD N O CL i� U Cwt F- + CD iZ 0 c�