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<br />DEED OF TRUST
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<br />THIS TRUST DEED made this A- day of April, 2005, between KEVIN WOODWARD
<br />CONSTRUCTION & CUSTOM RENOVATIONS, INC., as TRUSTOR, whose address is 2407
<br />Cottonwood Road, Grand Island, NE 68801; WILLIAM A. FRANCIS, A Member of the Nebraska
<br />State Bar Association, as TRUSTEE, whose address is 222 North Cedar Street, P. O. Box 2280,
<br />Grand Island, Nebraska, 68802; and THE MEADOWS APARTMENT HOMES, L.L.C., A
<br />Nebraska Limited Liability Company, BENEFICIARY.
<br />WITNESSETH:
<br />That TRUSTOR hereby grants, bargains, sells, conveys and warrants to TRUSTEE, IN
<br />TRUST, his successors and assigns, with power of sale, the following- described real property:
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<br />Lots Thirty-Nine (39), in Country Meadows Svlq��n Second �ex, in the
<br />City of Grand Island, Hall County, Nebraska,
<br />together with all buildings, improvements and appurtenances thereon.
<br />The TRUSTOR hereby covenants and agrees with the TRUSTEE and BENEFICIARY that
<br />he is lawfully seized and the owner of the above - described property; that he has good right and
<br />lawful authority to sell and convey said premises and that said premises are free and clear of all
<br />liens and encumbrances except for a first mortgage construction loan to Home Federal Savings &
<br />Loan Association of Grand Island, Nebraska, and further, that TRUSTOR will warrant and defend
<br />the title to said premises forever against the claims of all persons whomsoever.
<br />For the purpose of securing performance of each agreement of TRUSTOR herein contained
<br />and the payment of TWENTY -SEVEN THOUSAND DOLLARS ($27,000.00), the TRUSTOR has
<br />executed a Promissory Note in the sum of TWENTY -SEVEN THOUSAND DOLLARS
<br />($27,000.00), bearing even date, at the rate of interest and on the terms and conditions as set forth in
<br />such Note until paid. The principal sum shall be due and payable on or before April 15, 2006.
<br />It is agreed by and between the parties hereto that while title is vested in the TRUSTEE and
<br />until filing of Notice of Default, the TRUSTOR shall:
<br />A. Retain possession of the property at all times, except as may be otherwise agreed by the
<br />parties in writing.
<br />B. Maintain the building and its improvements and all personal property sold under the parties'
<br />Contract for Sale of Real Estate, in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments of every kind levied or assessed
<br />against or due upon said 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 improvements, in sums equal to
<br />the value of the lot and improvements or in the minimum sum of the amount of the first and
<br />second Deed of Trust liens filed against the property and underwritten by companies
<br />acceptable to the BENEFICIARY, which policy shall name the BENEFICIARY as an
<br />additional insured, with the loss proceeds in an amount of at least Twenty -Seven Thousand.
<br />Dollars ($27,000.00) on each lot, which policies shall name the BENEFICIARY as
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