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200305812 DEED OF TRUST Loan No: 777579 (Continued) Page 8 Borrower and Trustor signing below is responsible for all obligations in this Dead of Trust. Where any one or more of the parties is a corporation, partnership, limited liability company or similar entity, it Is not necessary for Lender to inquire into the powers of any of the officers, directors, partners, members, or other agents acting or purporting to ad on the entity's behalf, and any obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Deed of Trust. No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Deed of Trust unless such waiver is given in writing and signed by Lender. No delay or omission on the pad of Lender in exemising any right shall operate as a waiver of such night or any other right. A waiver by Lender of a provision of this Deed of Trust shall not prejudice or constitute a waiver of Lenders night otherwise to demand strict compliance with that provision or any other provision of this Dead of Trust. No prior waiver by Lender, nor any course of dealing between Lender and Trustor, shall constitute a waiver of any of Lender's rights or of any of Trusters obligations as to any future transactions. Whenever the consent of Lender is required under this Deed of Trust, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Dead of Trust. Unless otherwise required by law, the Illegality, Invalidity, or unenforosability, of any provision of this Dead of Trust shall not affect the legality, validity or enforceabllity, of any other provision of this Deed of Trust. Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this Deed of Trust shall be binding upon and inure to the benefit of the parties, their summers and assigns. If ownership of the Property becomes vested In a person other than Trustor, Lender, without notice to Trustor, may deal with Trusters successors with reference to this Deed of Trust and the Indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebtedness. Time Is of the Essence. Time is of the essence in the performance of this Deed of Trust. Waiver of Homestead Exemption. Truster hereby releases and waives all rights and benefits of the homestead exemption laws of the Stale of Nebraska as to all Indebtedness secured by this Deed of Trust. DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined In this Deed of Trust shall have the meanings attributed to such terms in the Uniform Commercial Code: Beneficiary. The word "BeneficiaM means Five Points Bank, and its successors and assigns. Borrower. The word "Borrower" means LARSON CONSTRUCTION INC and DAVID LARSON, and all other persons and entities signing the Note In whatever capacity. Deed of Trust. The words 'Deed of Trust" mean this Deed of Trust among Truster, Lender, and Trustee, and includes without limitation all assignment and security interest provisions relating to the Personal Property and Rents. Default. The word "Default" means the Default set forth in this Deed of Trust in the section titled "Default ". Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1981 as amended, 42 U.S.C. Section 9601, at seq. ( "CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ( "SARA "), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, at seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, at seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Defaulr mean any of the events of default set forth in this Dead of Trust in the events of default section of this Deed of Trust. Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, Including without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or love substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by- products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future Improvements, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Reel Property. Indebtedness. The word "Intlebtedness" means all pnucipal, interest, and other amounts, costs and expenses payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Trustor's obligations or expenses incurred by Trustee or Lender to enforce Trustor's obligations under this Deed of Trust, together with interest on such amounts as provided in this Dead of Trust. Lender. The ward "Lender" means Five Points Bank, its successors and assigns. Note. The word "Note' means the promissory note sated May 8, 2003, In the original principal amount of $150,000.00 from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date of this Deed of Trust is May 7, 2004.