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1 N� n M _ c M = C Z M > N = 50 7C tT\ ON Q DEED OF TRUST M This DEED OF TRUST is made as of the le day of July, 2004 by and among the Trustor, Reiss -5c) Construction, Inc., whose mailing address for purposes of this Deed of Trust is 4145 Manchester Grand Island, Nebraska 68803 (herein, "Trustor ", whether one or more), the Trustee, AREND R. BAACK, Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand Island, NE 68802- 0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009 (herein "Lender "). FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Reis Construction, Inc. (herein 'Borrower ", whether one or more), and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of the Lender, under and subject to the terms and conditions hereinafter set forth, legally described as follows: Lot Four (4), Grand West Fourth Subdivision, in the City of Grand Island, Hall County, Nebraska; together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture, including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being referred to herein as the "Property". This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a Construction Line of Credit Draw Note dated July 16, 2004, having a maturity date of August 1, 2005, in the original principal amount of One Hundred Thirty Thousand Dollars ($130,000.00), and any and all modifications, extensions and renewals thereof or thereto and any and all future advances and re- advances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments ". TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS: 1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due. 2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the Deed of Trust does not violate any contract or other obligation to which Trustor is subject. 3. Taxes, Assessments. To pay before delinquent all taxes, special assessments and all other charges against the Property now or hereafter levied. 4. Insurance. To keep the Property insured against damage by fire hazards included with the term "extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender may determine, (ii) to the Trustor to be used for the repair or restoration of the Property , or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder. u n co o :3 .-t s o __4 C D N c -1 M O o O o cn z c rn Co C:3 r M C) :3 r n -_3 co cn ~ W CD N Cn N O This DEED OF TRUST is made as of the le day of July, 2004 by and among the Trustor, Reiss -5c) Construction, Inc., whose mailing address for purposes of this Deed of Trust is 4145 Manchester Grand Island, Nebraska 68803 (herein, "Trustor ", whether one or more), the Trustee, AREND R. BAACK, Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand Island, NE 68802- 0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009 (herein "Lender "). FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Reis Construction, Inc. (herein 'Borrower ", whether one or more), and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of the Lender, under and subject to the terms and conditions hereinafter set forth, legally described as follows: Lot Four (4), Grand West Fourth Subdivision, in the City of Grand Island, Hall County, Nebraska; together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture, including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being referred to herein as the "Property". This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a Construction Line of Credit Draw Note dated July 16, 2004, having a maturity date of August 1, 2005, in the original principal amount of One Hundred Thirty Thousand Dollars ($130,000.00), and any and all modifications, extensions and renewals thereof or thereto and any and all future advances and re- advances to Borrower (or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called "Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other documents that secure the Note or otherwise executed in connection therewith, including without limitation guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan Instruments ". TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS: 1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due. 2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the Deed of Trust does not violate any contract or other obligation to which Trustor is subject. 3. Taxes, Assessments. To pay before delinquent all taxes, special assessments and all other charges against the Property now or hereafter levied. 4. Insurance. To keep the Property insured against damage by fire hazards included with the term "extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender may determine, (ii) to the Trustor to be used for the repair or restoration of the Property , or (iii) for any other purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default thereunder or hereunder.