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DEED OF TRUST
<br />'Phis DEED OF TRUST is made as of the 3" day of March, 2003 by and among the 1'rus[or, Larson
<br />Construction, Inc., whose mailing address Car purposes of this Deed of 'I'mst is 505 Linden Ave. Grand Island,
<br />Nebraska 68801 (herein, "Trustor", whether one or more), the Trustee, AREND R. BAACK, Annmey at Law, a
<br />member of the Nebraska State Bar Association, whose mailing address is V O. Box 790, Grand Island, NE 68802- ^ C•
<br />0790 (herein "Trustee "), and the Beneficiary, HOME. FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Larson
<br />Construction, Inc. (herein "Borrower ", whether one or more), and the trust herein created, the receipt of which is
<br />hereby acknowledged, Truster hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN 'TRUST,
<br />WITH POWER OF SALE, for the benefit and security of the Lender, under and subject to the terms and conditions
<br />hereinafter set forth, legally described as follows.
<br />LOTS ONE (1), FOUR (4), EIGHT (8) AND TEN (10), COUNTRY MEADOWS
<br />SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA;
<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 Four (4)
<br />Universal Notes dated March 3, 2003, each having a maturity date of March I, 2004, in the original principal
<br />amount of Eighty Two 'Thousand Five Hundred and 00 /1000 Dollars ($82,500.00), 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 uric) hereunder pursuant to one or more promissory notes or credit agreements (herein called
<br />"Note "T (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 Trnstor 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 Deed of 'trust and any and all otter
<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 />I _ 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 Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. 'faxes Assessments. To pay before delinquent all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied
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<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 anmunts and with companies acceptable to
<br />Lender, naming bender 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 (t) to any indebtedness secured hereby and in such order as Lender
<br />may determine, (ii) to the 'Truster to be used for the repair or restoration of the Property , or (iii) for any other
<br />purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the fill amount secured
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<br />DEED OF TRUST
<br />'Phis DEED OF TRUST is made as of the 3" day of March, 2003 by and among the 1'rus[or, Larson
<br />Construction, Inc., whose mailing address Car purposes of this Deed of 'I'mst is 505 Linden Ave. Grand Island,
<br />Nebraska 68801 (herein, "Trustor", whether one or more), the Trustee, AREND R. BAACK, Annmey at Law, a
<br />member of the Nebraska State Bar Association, whose mailing address is V O. Box 790, Grand Island, NE 68802- ^ C•
<br />0790 (herein "Trustee "), and the Beneficiary, HOME. FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Larson
<br />Construction, Inc. (herein "Borrower ", whether one or more), and the trust herein created, the receipt of which is
<br />hereby acknowledged, Truster hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN 'TRUST,
<br />WITH POWER OF SALE, for the benefit and security of the Lender, under and subject to the terms and conditions
<br />hereinafter set forth, legally described as follows.
<br />LOTS ONE (1), FOUR (4), EIGHT (8) AND TEN (10), COUNTRY MEADOWS
<br />SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA;
<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 Four (4)
<br />Universal Notes dated March 3, 2003, each having a maturity date of March I, 2004, in the original principal
<br />amount of Eighty Two 'Thousand Five Hundred and 00 /1000 Dollars ($82,500.00), 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 uric) hereunder pursuant to one or more promissory notes or credit agreements (herein called
<br />"Note "T (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 Trnstor 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 Deed of 'trust and any and all otter
<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 />I _ 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 Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. 'faxes Assessments. To pay before delinquent all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied
<br />-
<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 anmunts and with companies acceptable to
<br />Lender, naming bender 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 (t) to any indebtedness secured hereby and in such order as Lender
<br />may determine, (ii) to the 'Truster to be used for the repair or restoration of the Property , or (iii) for any other
<br />purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the fill amount secured
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