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<br />DEED OF TRUST
<br />AND CONSTRUCTION SECURITY AGREEMENT
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<br />THIS DEED OF TRUST, is made as of the 31st day of January 2002 , by and
<br />the Trustor, Todd A Hedlund and Kelly A Hedlund, husband and wife
<br />the Trustee, United Nebraska Bank 700 North Webb Road Grand Island, NE 68803
<br />and the Beneficiary, United Nebraska Bank
<br />(herein "Lender ").
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<br />(herein "Borrower "),
<br />(herein "Trustee "),
<br />FOR VALUABLE CONSIDERATION, including the indebtedness identified herein and the trust herein created, the receipt
<br />of which is hereby acknowledged, Borrower hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH
<br />POWER OF SALE, for the benefit and security of Lender, under and subject to the terms and conditions hereinafter set forth, the real
<br />property, described as follows:
<br />See Attached Addendum
<br />IT IS UNDERSTOOD BY BORROWER AND LENDER THAT THIS INSTRUMENT, WHICH IS SECURED BY THE ABOVE
<br />REFERENCED PROPERTY, IS A CONSTRUCTION SECURITY AGREEMENT AND THAT IT DOES OR WILL SECURE AN
<br />OBLIGATION WHICH THE BORROWER HAS OR WILL INCUR FOR THE PURPOSE OF MAKING AN IMPROVEMENT OR
<br />IMPROVEMENTS ON PROPERTY HEREINBEFORE DESCRIBED.
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and appurtenances
<br />located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, including, but
<br />not limited to, heating and cooling equipment and such personal property that is attached to the improvements so as to constitute a
<br />fixture; all of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien
<br />of this Deed of Trust and all of the foregoing being referred to herein as the "Property".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interests evidenced by Borrower's note dated
<br />January 31, 2002 , having a maturity date of July 28, 2002 , in the original principal
<br />amount of $ 305,000.00 and any and all modifications, extensions and renewals thereof or thereto (herein called "Note); (b)
<br />the payment of other sums advanced by Lender to protect the security of this Deed of Trust, with interest thereon as provided in the
<br />Note; and (c) the performance of all covenants and agreement to Borrower set forth herein.
<br />Borrower, to protect the security of this Deed of Trust, covenants and agrees with Lender as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on, and any fees
<br />or charges provided in, the Note or in this Deed of Trust.
<br />2. Title. Borrower is the owner of the Property, has the right and authority to convey the Property, and warrants that the lien
<br />created hereby is a first and prior lien on the Property, except as may otherwise be set forth herein, and the execution and delivery of
<br />this Deed of Trust does not violate any contract or other obligation to which Borrower is subject.
<br />3. Taxes, Assessments. To pay when due all taxes, special assessments and all other charges against the Property and, upon
<br />written demand by Lender, to pay to Lender such amount as may be sufficient to enable the Lender to pay such taxes, assessments or
<br />I ther charges as they become due.
<br />4. Insurance. To keep the Property insured against damage by fire, hazards included within the term "extended coverage ",
<br />and such other hazards as Lender may require, in amounts and with companies acceptable to the Lender, and with loss payable to the
<br />Lender. In case of loss under such policies, the Lender is authorized to adjust, collect and compromise, all claims thereunder and
<br />shall have the option of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as
<br />Lender may determine, (ii) to the Borrower to be used for the repair of restoration of the Property or (iii) for any other purpose or
<br />object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured hereby before such payment
<br />ever took place. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the
<br />Note, or cure any default thereunder or hereunder.
<br />11601.CV (4 /01) G11368 Page 1 of
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