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THIS TRUST DEED made this /�lL�iJl day of January, 2003, between
<br />STEVEN PAUL LAMB and KIANNE M LAMB, Hu/� band nd Wife, as TRUSTORS,
<br />whoseaddressis �/ SeA/��/� ✓� //O �,�/i/B /O��'
<br />WILLIAM A. FRANCIS, A Member of the N r ca State Bar Association,
<br />as TRUSTEE, whose address is 222 N. Cedar Street, P. O. Box 2280,
<br />Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES,
<br />L.L.C., A Nebraska Limited Liability Company, BENEFICIARY.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant
<br />to TRUSTEE, IN TRUST, his successors and assigns, with power of
<br />sale, the following- described real property:
<br />Lot Twenty -Five (25) , in Country Meadows Subdivision, in
<br />the City of Grand Island, Hall County, Nebraska,
<br />together with all buildings, improvements and appurtenances
<br />thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and
<br />BENEFICIARY that they are lawfully seized and owners of the above -
<br />described property; that they have good right and lawful authority
<br />to sell_ and convey said premises and that said premises are free
<br />and clear of all liens and encumbrances except for a first mortgage
<br />construction loan to Home Federal Savings & Loan Association of
<br />Grand Island, Nebraska, and further, that TRUSTORS will warrant and
<br />defend the title to said premises forever against the claims of all
<br />persons whomsoever.
<br />For the purpose of securing performance of each agreement of
<br />TRUSTORS herein contained and the payment of TWENTY -FIVE THOUSAND
<br />DOLLARS ($25,000.00), the TRUSTORS have executed a Promissory Note
<br />bearing even date, at the rate of interest and on the terms and
<br />conditions as set forth in such Note until paid. The principal sum
<br />shall be payable on or before July 1, 2003.
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />B. Maintain the building and its improvements and all personal
<br />property sold under the parties, Contract for Sale of Real
<br />Estate. in good condition an.! repair.
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed against or due upon said
<br />property before delinquency, and to deliver to BENEFICIARY
<br />copies of receipts showing payment of such taxes.
<br />D. Procure and maintain policies of all -risk insurance on said
<br />improvements, in sums and underwritten by companies acceptable
<br />to the BENEFICIARY, in an amount of at least Twenty -Five
<br />Thousand Dollars ($25,000.00), which policies shall name the
<br />BENEFICIARY as additional insureds, with the loss proceeds
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<br />200301055
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<br />DEED
<br />OF TRUST
<br />THIS TRUST DEED made this /�lL�iJl day of January, 2003, between
<br />STEVEN PAUL LAMB and KIANNE M LAMB, Hu/� band nd Wife, as TRUSTORS,
<br />whoseaddressis �/ SeA/��/� ✓� //O �,�/i/B /O��'
<br />WILLIAM A. FRANCIS, A Member of the N r ca State Bar Association,
<br />as TRUSTEE, whose address is 222 N. Cedar Street, P. O. Box 2280,
<br />Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES,
<br />L.L.C., A Nebraska Limited Liability Company, BENEFICIARY.
<br />WITNESSETH:
<br />That TRUSTORS hereby grant, bargain, sell, convey and warrant
<br />to TRUSTEE, IN TRUST, his successors and assigns, with power of
<br />sale, the following- described real property:
<br />Lot Twenty -Five (25) , in Country Meadows Subdivision, in
<br />the City of Grand Island, Hall County, Nebraska,
<br />together with all buildings, improvements and appurtenances
<br />thereon.
<br />The TRUSTORS hereby covenant and agree with the TRUSTEE and
<br />BENEFICIARY that they are lawfully seized and owners of the above -
<br />described property; that they have good right and lawful authority
<br />to sell_ and convey said premises and that said premises are free
<br />and clear of all liens and encumbrances except for a first mortgage
<br />construction loan to Home Federal Savings & Loan Association of
<br />Grand Island, Nebraska, and further, that TRUSTORS will warrant and
<br />defend the title to said premises forever against the claims of all
<br />persons whomsoever.
<br />For the purpose of securing performance of each agreement of
<br />TRUSTORS herein contained and the payment of TWENTY -FIVE THOUSAND
<br />DOLLARS ($25,000.00), the TRUSTORS have executed a Promissory Note
<br />bearing even date, at the rate of interest and on the terms and
<br />conditions as set forth in such Note until paid. The principal sum
<br />shall be payable on or before July 1, 2003.
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTORS shall:
<br />A. Retain possession of the property at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />B. Maintain the building and its improvements and all personal
<br />property sold under the parties, Contract for Sale of Real
<br />Estate. in good condition an.! repair.
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed against or due upon said
<br />property before delinquency, and to deliver to BENEFICIARY
<br />copies of receipts showing payment of such taxes.
<br />D. Procure and maintain policies of all -risk insurance on said
<br />improvements, in sums and underwritten by companies acceptable
<br />to the BENEFICIARY, in an amount of at least Twenty -Five
<br />Thousand Dollars ($25,000.00), which policies shall name the
<br />BENEFICIARY as additional insureds, with the loss proceeds
<br />
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