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<br /> �� � CONSTRUCTION SECURITY AGREEMENT �
<br /> DEED OF TRUST °
<br /> Intending to create a construction security interest in accordance with the
<br /> Nebraska Construction Lien Act, this DEED OF TRUST is made as of the 18th day of C\ ��
<br /> December, 1998 by and among the Trustor, OLD SEARS DEVELOPMENT, INC., a vl "
<br /> Nebraska corporation, whose mailing address for purposes of this Deed of Trust is 1388 `—`
<br /> Sutter St., Surte 900, San Francisco, CA 94109 (herein, "Trustor", whether one or more), �
<br /> the Trustee, THE OVERLAND NATIONAL BANK OF GRAND ISLAND, whose
<br /> mailing address is P. O. Box 1688, Grand Island,NE 68802-1688 (herein "Trustee"), and
<br /> the Beneficiary, THE OVERLAND NATIONAL BANK OF GRAND ISLAND, whose
<br /> mailing address is P. O. Box 1688, Grand Island,NE 68802-1688 (herein "Lender").
<br /> FOR VALUABLE CONSIDERATION, including Lender's extension of credit
<br /> identified herein to OLD SEARS DEVELOPMENT, INC. (herein "Borrower", whether
<br /> one or more), and the trust herein created,the receipt of which is hereby acknowledged,
<br /> Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST,
<br /> WITH POWER OF SALE, for the benefit and security of Lender, under and subject to
<br /> the terms and conditions hereinafter set forth, legally described as follows:
<br /> Lots One (1) and Two (2) and the Easterly Forty-Four(44) feet of Lot
<br /> Three (3), in Block Sixty-Three (63), in the Original Town, now City of
<br /> Grand Island, Hall County,Nebraska.
<br /> together with all buildings, improvements, fixtures, streets, alleys, passageways, ease-
<br /> ments, rights, privileges and appurtenances located thereon or in anywise pertaining
<br /> thereto, and the rents, issues and profits, reversions and remainders thereof, and such
<br /> personal property that is attached to the improvements so as to constitute a fixture,
<br /> including, but not limited to, heating and cooling equipment and together with the
<br /> homestead or marital interests, if any, which interests are hereby released and waived, all
<br /> of which, including replacements and additions thereto, is hereby declared to be a part of
<br /> the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br /> referred to herein as the "Property".
<br /> This Deed of Trust shall secure (a) the payment of the principal sum and interest
<br /> evidenced by a Construction Line of Credit Draw Note dated October 18, 1999, having a
<br /> maturity date of March 1, 2000, in the original principal amount of Two Hundred Thou-
<br /> sand and No/100 Dollars ($200,000.00), and any and all modifications, extensions and
<br /> renewals thereof or thereto and any and all future advances and readvances to Borrower
<br /> (or any of them if more than one) hereunder pursuant to one or more promissory notes or
<br /> credit agreements (herein called "Note"); (b)the payment of other sums advanced by
<br /> Lender to protect the security of the Note; (c)the performance of all covenants and
<br /> agreements of Trustor set forth herein; and (d) all present and future indebtedness and
<br /> obligations of Borrower(or any of them if more than one)to Lender whether direct,
<br /> indirect, absolute or contingent and whether arising by note, guaranty, overdraft or
<br /> otherwise. The Note, this Deed of Trust and any and all other documents that secure the
<br /> Note or otherwise executed in connection therewith, including without limitation guaran-
<br /> tees, security agreements and assignments of leases and rents, shall be referred to herein
<br /> as the "Loan Instruments".
<br /> TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br /> 1. Pavment of Indebtedness. All indebtedness secured hereby shall be paid when
<br /> due.
<br /> 2. Title. Trustor is the owner of the Property, has the right and authority to con-
<br /> vey the Property and warrants that the lien created hereby is a second lien on the
<br /> Property, subject only to a first lien in the original principal amount of Four Hundred
<br /> Thirty-Five Thousand and No/100 Dollars ($435,000.00) in favor of Lender, and the
<br /> execution and delivery of the Deed of Trust does not violate any contract or other
<br /> obligation to which Trustor is subject.
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