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<br />THIS DEED OF TRUST, is made as of the day of October, 2004, by and among, Famos -�
<br />Construction, Inc., a Nebraska corporation, ( "Trustor "), whose mailing address is 540 E. Capital, Grand Island,
<br />NE 68801. Gary D. Byrne, a member of the Nebraska State Bar Association ('Trustee ), whose mailing
<br />address is P.O. Box 929, North Platte, NE 69103 -929 and James S. Reed and Precious A. Reed, husband and
<br />wife, ( "Beneficiary"), whose mailing address is 2511 Lakewood Drive, Grand Island, NE 68801.
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject to
<br />the terms and conditions of this Deed of Trust, the real property located in the County of Hall, State of
<br />Nebraska, and legally described as follows (the "Property"):
<br />Lot 26, Grand West Fourth Subdivision, Grand Island, Hall County, Nebraska.
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments, interests in adjoining
<br />roads, streets and alleys, improvements and buildings of any kind situated thereon and all personal property
<br />that may be or hereafter become an integral part of such buildings and improvements, all crops raised
<br />thereon, and all water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to
<br />collectively as the "Trust Estate ".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness in the total principal amount of $130,000.00, with interest
<br />thereon, as evidenced by that certain promissory note of even date (the "Note ") with a maturity date of
<br />October , 2005, executed by Trustor, which has been delivered and is payable to the order of
<br />Beneficiary, and which by this reference is hereby made a part hereof, and any and all modifications,
<br />extensions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest
<br />thereon at the rate of 6.5% per annum, and
<br />c. The performance of Trustor's covenants and agreements.
<br />This Deed of Trust, the Note, and any other instrument given to evidence or further secure
<br />the payment and performance of any obligation secured hereby are referred to collectively as the "Loan
<br />Instruments ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the
<br />interest on, the indebtedness evidenced by the Note, charges, fees and all other sums as provided in the Loan
<br />Instruments.
<br />2. TAXES AND ASSESSMENTS. Trustor shall pay all taxes and special assessments of
<br />every kind, now or hereafter levied against the Trust Estate or any part thereof directly without notice or
<br />demand as each installment comes due and shall provide the Beneficiary with evidence of the payment of
<br />the same.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage
<br />insurance insuring the improvements and buildings constituting part of the Trust Estate for an amount no less
<br />than the amount of the unpaid principal balance of the Note (co- insurance not exceeding 80% permitted).
<br />Such insurance policy shall contain a standard mortgage clause in favor of Beneficiary and shall not be
<br />cancelable, terminable or modifiable without ten (10) days prior written notice to Beneficiary. Trustor shall
<br />furnish Beneficiary a certificate of insurance coverage at Beneficiary's request, with a provision in such
<br />certificate that the insurer shall provide Beneficiary ten (10) days advance notice of any cancellation of the
<br />policy at any time for any reason, or of expiration of policy without renewal thereof. Trustor shall promptly
<br />repair, maintain, and replace the Trust Estate or any part thereof so that, except for ordinary wear and tear,
<br />the Trust Estate shall not deteriorate. In no event shall the Trustor commit waste on or to the Trust Estate.
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