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200407276
<br />Loan ID # 34204118NH
<br />CONSTRUCTION RIDER TO SECURITY INSTRUMENT
<br />THIS MORTGAGE, DEED OF TRUST OR SECURITY DEED IS A "CONSTRUCTION
<br />MORTGAGE, DEED OF TRUST OR SECURITY DEED."
<br />This Construction Rider to Security Instrument (the "Security Instrument Rider ") is made this 22nd
<br />day of July, 2004 , and is incorporated into and shall be deemed to amend and supplement the
<br />Mortgage, Deed of Trust or Security Deed (the "Security Instrument ") of even date given by the undersigned
<br />(the "Borrower ") to NEW HORIZONS COMUNITY CREDIT UNION
<br />(the "Lender "), to secure the Note of even date executed by and between Borrower and
<br />Lender, which Security Instrument covers the property therein and located at:
<br />Lots Three (3) and Four (4), Argo Fourth Subdivision, Village of Alda, Hall
<br />County, Nebraska
<br />In addition to the covenants and agreements made in the Note and Security Instrument, Borrower and
<br />Lender further covenant and agree as follows:
<br />THIS SECURITY INSTRUMENT SECURES FUTURE ADVANCES. Borrower has entered into a
<br />Construction Loan Agreement with Lender under the terms of which Lender may continue to provide and
<br />Borrower may obtain, from time to time, advances not to exceed at any time a MAXIMUM PRINCIPAL
<br />AMOUNT (EXCLUDING PROTECTIVE ADVANCES) of One Hundred Sixteen Thousand-
<br />- - - - - - - - - - - - - - - - - -- - - - - Dollars (U.S. $ 116, 000.00 ),
<br />Borrower agrees to pay, or cause to be paid and discharged, on or before the last day on which they may be
<br />paid without penalty or interest, all such duties, taxes, sewer rents, charges for water, or for setting or repairing
<br />meters, and all other utilities in the Improvements or on the Property or any part thereof, and any assessments
<br />and payments, usual or unusual, extraordinary or ordinary, which shall be imposed upon or become due and
<br />payable or become a lien upon the Property or any part thereof and the sidewalks or streets in front thereof and
<br />any vaults therein by virtue of any present or future law of the United States or the State, County or City
<br />wherein the Property is located (all of the foregoing being herein collectively called "Impositions "). Borrower
<br />shall appear in and contest any action or proceeding purporting to affect the security hereof or the rights or
<br />powers of the Lender. If any action or proceeding affecting the Property of any part thereof shall be
<br />commenced, to which action or proceeding the Lender is made a party or in which the right to use the Property
<br />or any part thereof is threatened or in which, in the opinion of the Lender, it becomes necessary to defend or
<br />uphold the lien of this Security Instrument, all sums paid by the Lender in connection therewith, including
<br />reasonable attorneys' fees, shall be paid by the Borrower, together with interest thereon at the rate stated in the
<br />Note or Construction Rider to Note executed on even date herewith, unless a lesser rate of interest is specified
<br />by state law, then at the lesser rate and as extended, amended and renewed from time to time, and any such
<br />sum and the interest thereon shall be a lien on the Property, prior to any right or title to, interest in, or claim
<br />upon the Property, attaching or accruing subsequent or otherwise subordinate to the lien of this Security
<br />Instrument and shall be deemed to be secured by this Security Instrument.
<br />Borrower shall pay and promptly discharge, at Borrower's cost and expense, all liens, encumbrances and
<br />charges upon the subject Property or any part thereof or interest therein. Borrower shall have the right to
<br />contest in good faith the validity of any such lien, encumbrances or charge, provided Borrower shall first
<br />deposit with Lender a bond or other security satisfactory to Lender in such amounts as Lender shall reasonably
<br />require, but not more than one and one -half (150 %) of the amount of such claim, and provided further that
<br />Borrower shall thereafter diligently proceed to cause such lien, encumbrance or charge to be removed and
<br />discharged.
<br />AAXFBI - 08142001 Page 1 of 3 www.MortgageBankingSystems.com
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