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<br /> 99 110292
<br /> CONSTRUCTION SECURITY AGREEMENT
<br /> DEED OF TRUST � ^'
<br /> ��``��
<br /> Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act, '
<br /> this DEED OF TRUST is made as of the 20�day of OCTOBER, 1999 by and among the Trustor, T'HE d
<br /> EVANGELICAL FREE CHURCH OF GRAND ISLAND,NEBRASKA,A.K.A.EVANGELICAL FREE
<br /> CHURCH OF GRAND ISLAND whose mailing address for purposes of this Deed of Trust is 2609 S BLAINE ST,
<br /> GRAND ISLAND,NEBRAKSA 68801 (herein, "Trustor",whether one or more),the Trustee,AREND R.BAACK,
<br /> Attorney at Law,a member of the Nebraska State Bar Association,whose mailing address is P. O. Box 790, Grand
<br /> Island,NE 68802-0790(herein"Trustee"),and the Beneficiary,HOME FEDERAL SAVINGS AND LOAN
<br /> ASSOCIATION OF GRAND ISLAND,whose mailing address is P. O.Box 1009, Grand Island,NE 68802-1009
<br /> (herein"Lender").
<br /> FOR VALUABLE CONSIDERATION,including Lender's extension of credit identified herein to THE
<br /> EVANGELICAL FREE CHURCH OF GRAND ISLAND,NEBRASKA, A.K.A EVANGELICAL FREE CHURCH
<br /> OF GRAND ISLAND(herein"Borrower",whether one or more), and the trust herein created,the receipt of which is
<br /> hereby acknowledged, 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 the terms and conditions
<br /> hereinafter set forth,legally described as follows:
<br /> PARCEL 1: LOTS ONE(1), TWO(2), THREE(3), FOUR(4), FIVE(5), SIX(6), SEVEN(7),
<br /> EIGHT(8),NINE(9), TEN(10),ELEVEN(11), TWELVE(12), THIltTEEN(13), FOURTEEN
<br /> (14), FIFTEEN(15), SIXTEEN (16), AND SEVENTEEN(17) BLOCK ONE (1), OLDE MII.,L
<br /> StJBDIVISION 1N'THE CITY OF GRAND ISLAND,HALL COLJNTY,NEBRASKA.
<br /> PARCEL 2: LOTS ONE (1), TWO (2), THREE(3), FOUR(4), FIVE (5), SIX(6), SEVEN (7),
<br /> EIGHT(8),NINE(9), TEN(10),ELEVEN(11), TWELVE(12), THIlZT'EEN(13), FOURTEEN
<br /> (14), FIFT'EEN (15), SIXTEEN (16), SEVENT'EEN (17), EIGHTEEN (18), NINETEEN (19),
<br /> TWENTY (20), TWENTY-ONE (21), TWENTY-TWO (22), TWENTY-THREE (23),
<br /> TWENTY-FOUR (24), TWENTY-FIVE (25) AND TWENTY-SIX (26), BLOCK TWO (2),
<br /> OLDE MII.,L SUBDIVISION IN THE CITY OF GRAND ISLAND, HALL COUNTY,
<br /> NEBRASKA
<br /> together with a11 buildings,improvements,fixtures, streets,alleys,passageways,easements,rights,privileges and
<br /> appurtenances located thereon or in anywise pertaining thereto,and the rents,issues and profits, reversions and
<br /> remainders thereof,and such 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 homestead or marital interests,if
<br /> any,which interests are hereby released and waived, all of which,including replacements and additions thereto,is
<br /> hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and a11 of the foregoing being
<br /> referred to herein as the"Property".
<br /> This Deed of Trust sha11 secure(a)the payment of the principal sum and interest evidenced by a
<br /> Construction Line of Credit Draw Note dated OCTOBER 20, 1999,in the original principal amount of ONE
<br /> MII,LION FIVE HiJNDRED THOUSAND AND 00/100 Dollars($1,500,000.00),having a maturity date of APRII,
<br /> 1, 2021,unless the earlier ca11 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 a11 future advances and readvances to
<br /> Borrower(or any of them if more than one)hereunder pursuant to one or more promissory notes or credit agree-
<br /> ments(herein called"Note");(b)the payment of other sums advanced by Lender to protect the security of the Note;
<br /> (c)the performance of all covenants and agreements of Trustor set forth herein;and(d)a11 present and future
<br /> indebtedness and obligations of Borrower(or any of them if more than one)to Lender whether direct,indirect,
<br /> absolute or contingent and whether arising by note,guaranty, overdraft or otherwise. The Note,this Deed of Trust
<br /> and any and a11 other documents that secure the Note or otherwise executed in connection therewith,including
<br /> without limitation guarantees, security agreements and assignments of leases and rents, sha11 be referred to herein as
<br /> the"Loan Instruments".
<br /> TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br /> �
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