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<br />State or Nebraska Space Above This Line For Recording Data �
<br />DEED OF TRUST
<br />(With Future Advance Clause)
<br />® Construction Security Agreement
<br />1. DATE AND PARTIES. The date of this Deed of Trust (Security Instrument) is July 12, 2002
<br />and the parties, their addresses and tax identification numbers, if required, are as follows:
<br />TRUSTOR: SHAFER PROPERTIES, LLC
<br />819 DIERS AVE STE. 1
<br />GRAND ISLAND, NEBRASKA 68803
<br />17 If checked, refer to the attached Addendum incorporated herein, for additional Trustors, their signatures and
<br />acknowledgments.
<br />TRUSTEE: EARL D. AHLSCHWEDE, ATTORNEY AT LAW
<br />BENEFICIARY: EQUITABLE FEDERAL SAVINGS BANK OF GRAND ISLAND
<br />113 -115 N LOCUST STREET, -
<br />GRAND ISLAND, NEBRASKA 68801 -6003
<br />ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF NEBRASKA
<br />2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to
<br />secure the Secured Debt (defined below) and Trustor's performance under this Security Instrument, Trustor irrevocably
<br />grants, conveys and sells to Trustee, in trust for the benefit of Beneficiary, with power of sale, the following described
<br />property:
<br />LOT SEVEN (7) MEHRING AND KELLY SUBDIVISION TO THE CITY OF GRAND ISLAND,
<br />HALL COUNTY, NEBRASKA.
<br />The property is located in HALT, at 1611 SOUTH
<br />(County) - -. _. -.
<br />LINCOLN AVENUE GRAN_ D I_SALN_D Nebraska _ 68801
<br />(Address) (City) (ZIP Code)
<br />Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian
<br />rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may
<br />now, or at any time in the future, be part of the real estate described above (all referred to as "Property ").
<br />3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall
<br />not exceed $ 110, 000.00 . This limitation of amount does not include interest and other fees
<br />and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under
<br />the terms of this Security Instrument to protect Beneficiary's security and to perform any of the covenants contained in this
<br />Security Instrument.
<br />4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
<br />A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described
<br />below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is
<br />suggested that you include items such as borrowers' names, note amounts, interest rates, maturity dates, etc.)
<br />A PROMISSORY NOTE AND LOAN AGREEMENT DATED JULY 12, 2002.
<br />I '
<br />NEBRASKA - DEED OF TRUST (NOT FOR FNMA, FHEMC, FHA OR VA USE) "?� (page 1 of 4)
<br />(D 1994 Bankers Systems, Inc., St. Cloud, MN (1 -800 -397 -2341) Form RE -DT -NE 10127f97
<br />®C165(NE) 198O8).o1 VMP MORTGAGE FORMS - (8001521 -7291
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