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.+r Y i 0 a n m C � n = CA Z v rn Y N (NIN DEED OF TRUST r THIS TRUST DEED made this day of March, 2004, between STEVEN PAUL LAMB and KIANNE M. LAMB, Husband and Wife, as TRUSTORS, whose address is 11 Sonja Drive, Doniphan, NE 68832; WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association, as �n TRUSTEE, whose address is 222 N. Cedar Street, P. 0. Box 2280, Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES, L.L.C., A Nebraska Limited Liability Company, BENEFICIARY. WITNESSETH: That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE, IN TRUST, his successors and assigns, with power of sale, the following- described real property: Lot Twenty -Nine (29), in Country Meadows Subdivision, in the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements and appurtenances thereon. The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARY that they are lawfully seized and the owners of the above - described property; that they have 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 TRUSTORS 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 TRUSTORS herein contained and the payment of TWENTY -FIVE THOUSAND DOLLARS ($25,000.00), the TRUSTORS have executed a Promissory Note 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 August 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 TRUSTORS shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties ih writing. B. Maintain the building and its improvements and all personal property sold under the parties' Contract for Sale of Real Estate, 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 Thousand Dollars ($25,000.00), which policies shall name the BENEFICIARY as additional insured, with the loss proceeds payable to the parties as their interests may appear hereunder. TRUSTORS agree to provide BENEFICIARY with copies CAD C> Cn C) --i O _c N �. �l \ m o c� W o O O � "i7 D O ran M 3 W S 0 CD O D Co r=i„ N Cn N C? Cn r THIS TRUST DEED made this day of March, 2004, between STEVEN PAUL LAMB and KIANNE M. LAMB, Husband and Wife, as TRUSTORS, whose address is 11 Sonja Drive, Doniphan, NE 68832; WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association, as �n TRUSTEE, whose address is 222 N. Cedar Street, P. 0. Box 2280, Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES, L.L.C., A Nebraska Limited Liability Company, BENEFICIARY. WITNESSETH: That TRUSTORS hereby grant, bargain, sell, convey and warrant to TRUSTEE, IN TRUST, his successors and assigns, with power of sale, the following- described real property: Lot Twenty -Nine (29), in Country Meadows Subdivision, in the City of Grand Island, Hall County, Nebraska, together with all buildings, improvements and appurtenances thereon. The TRUSTORS hereby covenant and agree with the TRUSTEE and BENEFICIARY that they are lawfully seized and the owners of the above - described property; that they have 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 TRUSTORS 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 TRUSTORS herein contained and the payment of TWENTY -FIVE THOUSAND DOLLARS ($25,000.00), the TRUSTORS have executed a Promissory Note 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 August 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 TRUSTORS shall: A. Retain possession of the property at all times, except as may be otherwise agreed by the parties ih writing. B. Maintain the building and its improvements and all personal property sold under the parties' Contract for Sale of Real Estate, 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 Thousand Dollars ($25,000.00), which policies shall name the BENEFICIARY as additional insured, with the loss proceeds payable to the parties as their interests may appear hereunder. TRUSTORS agree to provide BENEFICIARY with copies