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<br />DEED OF TRUST
<br />k AND CONSTRUCTION SECURITY AGREEMENT
<br />THIS DEED OF TRUST, Is mad. as of the 5th day February 2003
<br />Y of �' , by and among
<br />the Truslor,
<br />ct�rncttra unmet Tnc_. 807 W. 4th St., Grand Island, NE 68801 prerefn 'Borrower'),
<br />the Trustee, Arohpr Cooperative Credit TTnion (herdn'Luslee'),
<br />end the 8enellclary. Arrhpr nos pii five Credit Iininn (herein
<br />'Lends').
<br />FOR VALUABLE CONSIDERATION, Including the Indebtedness Identified herein and the trust herein created, the receipt of which Is
<br />hereby acknowledged, Borrower hereby Irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for
<br />the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, the real property, described as
<br />follows:
<br />Ponderosa Lake Estates, 4th Subdivision
<br />Lot Four (4), Block Three (3), City of
<br />Grand Island, Hall County, Nebraska.
<br />IT IS UNDERSTOOD BY BORROWER AND LENDER THAT THIS INSTRUMENT, WHICH IS SECURED BY THE ABOVE REFERENCED
<br />PROPERTY, IS A CONSTRUCTION SECURITY AGREEMENT AND THAT IT DOES OR WILL SECURE AN OBLIGATION WHICH THE
<br />BORROWER HAS OR WILL INCUR FOR THE PURPOSE OF MAKING AN IMPROVEMENT On IMPROVEMENTS ON PROPERTY
<br />HEREINDEFORE DESCRIBED,
<br />Together with all buildings, Improvements, fixtures, .[reels, alleys, passageways, easements, dghls. prlvllages and appurtenances located
<br />thereon or In anywise peftaining thereto, and the rents, Issues and profits, reversions and remainders Ihereal; Including, run not limited lo,
<br />heating and cooling equipment and such personal property that is attached to the Improvements so as to constitute a fixture: all of which,
<br />including replacements and additions thereto, Is hereby declared to he a part of the real estate secured by the lien of this Deed of Trust and
<br />all of the foregoing being referred to herein as the 'Property'. r'
<br />This Decd
<br />of Trust Shutt secure (a) the payment of the principal sum
<br />and
<br />Interests evidenced by Borrower': flute dated
<br />February
<br />5, 2003 , having a maturity data of January
<br />15,
<br />'2004 In the o lgbml principal amount of
<br />s 225,000
<br />and any and all modifications, extensions and renewals thereof or
<br />thereto (herein called 'Note); (b) the payment of
<br />other sums advanced by Lender to protect the security of this Deed of Trust, with Interest thereon as provided in the Note: and (c) the
<br />performance of all covenants and agreement to Borrower set forth herein.
<br />Borrower, to protect the security .I this Deed of Trust, covenants and agrees will, Lender as follows;
<br />' - 1. Payment of Principal and Interest. Borrower shell promptly pay when due the principal of and Interest on, and any foes
<br />or charges provided In, Iho Note or In file Dead of Trust,
<br />2. Title. Borrower Is the owner of the Property, has the right and authority to convey the Properly, and warrants that the lien
<br />created hereby Is a first and prior lien on the Properly, except as may otherwise be set tariff herein, and the execution and delivery of This
<br />Deed or Trust does net violate any contract or ether obligation to which Borrower Is subject.
<br />0. Taxes, Asso Ssmpnl5. To pay when due all taxes, special assessments and all other charges against the Property and, upon
<br />written demand by Lends, to pay to Lender such amount as may be sufficient to enable the Lender to pay such lazes, assessments or other
<br />charges a$ they, become due.
<br />4. Insurance. To keep the Properly Insured against damage by lire, hazards Included within the term 'extended coverage', and
<br />such other hazards as Lender may require, in amounts and with companies acceptable to the Lender, and with loss payable to the Lender.
<br />In case of loss under such policies, the Lender Is ou[hoil"d to adjust, collect and campromise, oil claims thereunder and shall have the
<br />option of applying all or pad of the Insurance proceeds (1) to any indebtedness secured hereby and In such order as Lender may determine,
<br />(ii) to the Borrower to be used for the repair of restoration of the Property or (iii) for any other purpose dr object selisfaclory to Lender
<br />without affecling the lien of this Deed of Trust for Iho full amount secured hereby before such payfli over look place. Any application of
<br />proceeds to Indebtedness shall not extend or postpone the due dale of any payments under the Nule, or cure any default thereunder or
<br />hereunder.
<br />F113GO.LMO Pago 1 of <
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