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<br />200301053 201V0J9
<br />DEED OF TRUST
<br />This DEED OF TRUST is made as of the 23`° day of January, 2003 by and among the Truster, Steven Pau ,S S'
<br />Lamb and Kianne M. Lamb, husband and wife, whose mailing address for purposes of this Deed of Trust is 11 v
<br />Sonja Drive Doniphar, Nebraska 68832 (herein, "Trustor", whether one or more), the Trustee, AREND R. BAACK,
<br />Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand
<br />Island, NE 68802 -0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009
<br />(herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Steven
<br />Paul Lamb and Kiwoo M. Lamb (herein "Borrower ", whether one or more), and the trust herein created, the receipt
<br />of which is hereby acknowledged, Truster hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of the Lender, under and subject to the terms and
<br />conditions hereinafter set forth, legally described an follows:
<br />Lot Twenty Five (25), tt19%Meadows Subdivision, in the City of Grand Island, Hall County,
<br />Nebraska; eeluntry
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />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
<br />referred to herein as the "Property".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated January 23, 2003, having a maturity date of January 1, 2004, in the
<br />original principal anrount of Ninety One Thousand and 00 /100 Dollars ($91,000.00), and any and all modifications,
<br />extensions and renewals thereof or thereto and any and all future advances and re- advances to Borrower (or any of
<br />them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein called
<br />"Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the performance
<br />of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness and obliga-
<br />tions of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or contingent and
<br />whether arising by note, guaranty, overdraft or otherwise. The Note, this Decd of Trust and any and all other
<br />documents that secure the Note or otherwise executed in connection therewith, including without limitation
<br />guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan
<br />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. I rustor is the owner of the Property, has the right and authority to convey the Property and
<br />warrants drat the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Dced of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay before delinquent all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the term
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
<br />of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender
<br />may determine, (it) to the Trustor to be used for the repair or restoration of the Property , or (iii) for any other
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