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Loan # 809023
<br />CONSTRUCTION SECURITY AGREEMENT DEED OF TRUST
<br />Intending to create a construction security interest in accordance with the Nebraska
<br />Construction Lien Act, this DEED OF TRUST is made as of the 10th day of August, 2004
<br />by and among the Trustor, Calvary Assembly of God, A Corporation whose mailing
<br />address for purpose of this Deed of Trust is 1424 N. Eddy Grand Island, NE 68803 (herein,
<br />"Trustor ", whether one or more), the Trustee, Equitable Federal Savings Bank of Grand Island
<br />, whose mailing address is 113 -115 N. Locust St. Grand Island. NE (herein, "Trustee "), and
<br />the Beneficiary, Equitable Federal Savings Bank of Grand Island, whose mailing address is
<br />PO Box 160, Grand Island NE 68802 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit
<br />identified herein to Calvary Assembly of God, A Corporation (herein `Borrower ", whether
<br />one or more), and the trust herein created, the receipt of which is hereby acknowledged,
<br />Trustor hereby irrevocable 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
<br />terms and conditions hereinafter set forth, legally described as follows:
<br />See attached Exhibit "A"
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />attached to the improvements so as to constitute a fixture, including, but not limited to,
<br />heating and cooling equipment and together with the homestead or marital interests, if any,
<br />which interests are hereby released and waived, all of which, including replacements and
<br />additions thereto, is hereby declared to be a part of the real estate secured by the lien of this
<br />Deed of Trust and all of the foregoing being 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 08 -10 -2004, having a maturity
<br />date of 08 -10 -2010, in the original principal amount of Four Hundred Thousand and
<br />No /100 Dollars ($400,000.00) and any and all modifications, extensions and renewals
<br />thereof or thereto and any and all future advances and readvances to Borrower (or any of
<br />them if more than one) hereunder pursuant to one or more promissory notes or credit
<br />arrangements (herein called "Note "); (b) the payment of other sums advanced by Lender to
<br />protect the security of the Note; (c) the performance of all covenants and agreements of
<br />Trustor set forth herein; and (d) all present and future indebtedness and obligations of
<br />Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or
<br />contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed
<br />of Trust and any and all other documents that secure the Note or otherwise executed in
<br />connection therewith, including without limitation guarantees, security agreements and
<br />assignments of leases and rents, shall be referred to herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1) Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2) Title. Trustor is the owner of the Property, has the right and authority to convey the
<br />Property and warrants that the lien created hereby is a first and prior lien on the Property
<br />and the 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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<br />Loan # 809023
<br />CONSTRUCTION SECURITY AGREEMENT DEED OF TRUST
<br />Intending to create a construction security interest in accordance with the Nebraska
<br />Construction Lien Act, this DEED OF TRUST is made as of the 10th day of August, 2004
<br />by and among the Trustor, Calvary Assembly of God, A Corporation whose mailing
<br />address for purpose of this Deed of Trust is 1424 N. Eddy Grand Island, NE 68803 (herein,
<br />"Trustor ", whether one or more), the Trustee, Equitable Federal Savings Bank of Grand Island
<br />, whose mailing address is 113 -115 N. Locust St. Grand Island. NE (herein, "Trustee "), and
<br />the Beneficiary, Equitable Federal Savings Bank of Grand Island, whose mailing address is
<br />PO Box 160, Grand Island NE 68802 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit
<br />identified herein to Calvary Assembly of God, A Corporation (herein `Borrower ", whether
<br />one or more), and the trust herein created, the receipt of which is hereby acknowledged,
<br />Trustor hereby irrevocable 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
<br />terms and conditions hereinafter set forth, legally described as follows:
<br />See attached Exhibit "A"
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />attached to the improvements so as to constitute a fixture, including, but not limited to,
<br />heating and cooling equipment and together with the homestead or marital interests, if any,
<br />which interests are hereby released and waived, all of which, including replacements and
<br />additions thereto, is hereby declared to be a part of the real estate secured by the lien of this
<br />Deed of Trust and all of the foregoing being 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 08 -10 -2004, having a maturity
<br />date of 08 -10 -2010, in the original principal amount of Four Hundred Thousand and
<br />No /100 Dollars ($400,000.00) and any and all modifications, extensions and renewals
<br />thereof or thereto and any and all future advances and readvances to Borrower (or any of
<br />them if more than one) hereunder pursuant to one or more promissory notes or credit
<br />arrangements (herein called "Note "); (b) the payment of other sums advanced by Lender to
<br />protect the security of the Note; (c) the performance of all covenants and agreements of
<br />Trustor set forth herein; and (d) all present and future indebtedness and obligations of
<br />Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or
<br />contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed
<br />of Trust and any and all other documents that secure the Note or otherwise executed in
<br />connection therewith, including without limitation guarantees, security agreements and
<br />assignments of leases and rents, shall be referred to herein as the "Loan Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1) Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2) Title. Trustor is the owner of the Property, has the right and authority to convey the
<br />Property and warrants that the lien created hereby is a first and prior lien on the Property
<br />and the execution and delivery of the Deed of Trust does not violate any contract or other
<br />obligation to which Trustor is subject.
<br />doc l0.doc 1 of 6
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