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<br />SUBORDINATE
<br />DEED OF T` _RUST
<br />1ST is made on tC/ , 2004
<br />Walnut Housing, Ltd.
<br />5631 So. 481" St. Suite 220
<br />Lincoln, Ne. 68516
<br />The TRUSTEE is FIRST AMERICAN TITLE INSURANCE COMPANY C1b
<br />ADDRESS: 3710 Central Ave.
<br />P.O. Box 2596
<br />Kearney, NE 68848
<br />The BENEFICIARY is Trinity United Methodist Church
<br />ADDRESS: 511 N. Elm Street
<br />Grand Island, Ne. 68501
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<br />Borrower irrevocably conveys to Trustee, in Trust, with power of sale, the following:
<br />Units A, B, C, D, E, F, G, H, I, and J, Old Walnut, a Condominium, in the City of Grand Island, Hall County, Nebraska, according to the
<br />Declaration recorded December 12, 2003 at Instrument No. 200315961, and Supplemental Declaration ofOld Walnut, a Condominium, dated
<br />April 22, 2004, filed April 29, 2004 at Instrument No 200404208, together with an undivided interest in the commoA elements as described
<br />in the Declaration to be appurtenant to such Unit. .. P 1ec, Se Cti1► Ac 1 v � G -'achy y A
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<br />together with all buildings and improvements thereon, and all the rents and profits therefrom and subject to easements and
<br />restrictions of record, if any.
<br />Trustor owes Beneficiary one hundred thousand Dollars ($100,000) evidenced by Trustor's note dated of even date, payable
<br />according to the terms thereof.
<br />This Security Instrument secures to Beneficiary the Debt evidenced by said note, the payment of a future advances in the amount of
<br />$50,000, the payment of all other sums, with interest advanced under the provisions hereafter to protect the security and the
<br />performance of Trustor's covenants and agreements with beneficiary.
<br />Trustor covenants that Trustor is lawfully seized of such real estate and has the legal power and lawful authority to convey the same
<br />and warrants and will defend title to the real estate against the lawful claims of all persons. This deed of trust shall be subordinate to
<br />two deeds of trust, one in favor of Lincoln Federal Savings Bank, the other the Community Redevelopment Authority of Grand
<br />Island, Nebraska. Such deeds of trust and any other loan documents entered into in connection therewith are called the "Senior Loan
<br />Documents ".
<br />TRUSTOR AND BENEFICIARY AGREE AS FOLLOWS:
<br />1. Trustor shall pay, when due, the principal and interest as provided in said note and such other sums, when due, that come
<br />due under this Agreement.
<br />2. All payments received by Beneficiary shall be first applied to advances which may have been made by Beneficiary and then
<br />to interest due and last to principal due.
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<br />This DEED OF TRL
<br />The TRUSTOR is
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<br />SUBORDINATE
<br />DEED OF T` _RUST
<br />1ST is made on tC/ , 2004
<br />Walnut Housing, Ltd.
<br />5631 So. 481" St. Suite 220
<br />Lincoln, Ne. 68516
<br />The TRUSTEE is FIRST AMERICAN TITLE INSURANCE COMPANY C1b
<br />ADDRESS: 3710 Central Ave.
<br />P.O. Box 2596
<br />Kearney, NE 68848
<br />The BENEFICIARY is Trinity United Methodist Church
<br />ADDRESS: 511 N. Elm Street
<br />Grand Island, Ne. 68501
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<br />Borrower irrevocably conveys to Trustee, in Trust, with power of sale, the following:
<br />Units A, B, C, D, E, F, G, H, I, and J, Old Walnut, a Condominium, in the City of Grand Island, Hall County, Nebraska, according to the
<br />Declaration recorded December 12, 2003 at Instrument No. 200315961, and Supplemental Declaration ofOld Walnut, a Condominium, dated
<br />April 22, 2004, filed April 29, 2004 at Instrument No 200404208, together with an undivided interest in the commoA elements as described
<br />in the Declaration to be appurtenant to such Unit. .. P 1ec, Se Cti1► Ac 1 v � G -'achy y A
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<br />together with all buildings and improvements thereon, and all the rents and profits therefrom and subject to easements and
<br />restrictions of record, if any.
<br />Trustor owes Beneficiary one hundred thousand Dollars ($100,000) evidenced by Trustor's note dated of even date, payable
<br />according to the terms thereof.
<br />This Security Instrument secures to Beneficiary the Debt evidenced by said note, the payment of a future advances in the amount of
<br />$50,000, the payment of all other sums, with interest advanced under the provisions hereafter to protect the security and the
<br />performance of Trustor's covenants and agreements with beneficiary.
<br />Trustor covenants that Trustor is lawfully seized of such real estate and has the legal power and lawful authority to convey the same
<br />and warrants and will defend title to the real estate against the lawful claims of all persons. This deed of trust shall be subordinate to
<br />two deeds of trust, one in favor of Lincoln Federal Savings Bank, the other the Community Redevelopment Authority of Grand
<br />Island, Nebraska. Such deeds of trust and any other loan documents entered into in connection therewith are called the "Senior Loan
<br />Documents ".
<br />TRUSTOR AND BENEFICIARY AGREE AS FOLLOWS:
<br />1. Trustor shall pay, when due, the principal and interest as provided in said note and such other sums, when due, that come
<br />due under this Agreement.
<br />2. All payments received by Beneficiary shall be first applied to advances which may have been made by Beneficiary and then
<br />to interest due and last to principal due.
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