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<br />DEED OF TRUST
<br />THIS TRUST DEED made this 4th day of March, 2003, between
<br />GARY EILENSTINE and LINDA EILENSTINE Husband and Wife, as
<br />TRUSTORS, whose address is &i /for l�Z s �C �ff�Jry�
<br />WILLIAM A. FRANCIS, A Member of the Nebraska 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 />Lots Seventeen (17) and Eighteen (18) , in Country Meadows
<br />Subdivision, in the City of Grand Island, Hall County,
<br />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, 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 ELEVEN THOUSAND EIGHT
<br />HUNDRED THIRTY DOLLARS ($11,830.00), the TRUSTORS have executed a
<br />Promissory Note bearing even date, at the rate of interest and on
<br />the terms and conditions as set forth in such Note until paid. The
<br />Promissory Note shall become due and payable on March 4, 2004, or
<br />upon sale of the above - described real estate pursuant to the terms
<br />and conditions of the Promissory Note.
<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 and 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
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<br />DEED OF TRUST
<br />THIS TRUST DEED made this 4th day of March, 2003, between
<br />GARY EILENSTINE and LINDA EILENSTINE Husband and Wife, as
<br />TRUSTORS, whose address is &i /for l�Z s �C �ff�Jry�
<br />WILLIAM A. FRANCIS, A Member of the Nebraska 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 />Lots Seventeen (17) and Eighteen (18) , in Country Meadows
<br />Subdivision, in the City of Grand Island, Hall County,
<br />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, 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 ELEVEN THOUSAND EIGHT
<br />HUNDRED THIRTY DOLLARS ($11,830.00), the TRUSTORS have executed a
<br />Promissory Note bearing even date, at the rate of interest and on
<br />the terms and conditions as set forth in such Note until paid. The
<br />Promissory Note shall become due and payable on March 4, 2004, or
<br />upon sale of the above - described real estate pursuant to the terms
<br />and conditions of the Promissory Note.
<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 and 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 />
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