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THIS CONSTRUCTION SECURITY AGREEMENT/DEED OF TRUST WITH ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (herein "Security Instrument ") is made this 181" day of April, 2005, among the Trustor, THE MEADOWS APARTMENT HOMES, L.L.C., a Nebraska limited liability company, P.O. Box 139, Grand Island, NE 68802 (herein "Borrower "), TierOne Bank (herein "Trustee "), and the Beneficiary, TierOne Bank, a corporation organized and existing under the laws of the United States of America, whose address is 1235 "N" Street, Lincoln, Nebraska 68508 (herein "Lender "). Borrower, in consideration of the indebtedness herein recited and the trust herein created, irrevocably grants, transfers, assigns, and conveys to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit of and security of Lender, under and subject to the terms and conditions hereinafter set forth, the following described real property located in the County of Hall, State of Nebraska: (See Exhibit "A" attached hereto and incorporated herein by this reference.) IT IS UNDERSTOOD BY THE BORROWER AND LENDER THAT THIS SECURITY INSTRUMENT, WHICH IS SECURED BY THE ABOVE - REFERENCED PROPERTY, IS A CONSTRUCTION SECURITY AGREEMENT; THAT IT DOES OR WILL SECURE AN OBLIGATION WHICH THE BORROWER HAS OR WILL INCUR FOR THE PURPOSE OF MAKING AN IMPROVEMENT OR IMPROVEMENTS ON PROPERTY HEREIN DESCRIBED AND IS A CONSTRUCTION SECURITY INTEREST; AND THAT ADVANCES MADE HEREUNDER WILL BE APPLIED TO THE PAYMENT OF THE CONTRACT PRICE OF SAID IMPROVEMENTS. TOGETHER WITH all improvements now or hereafter erected on such property, and all easements, rights, appurtenances, rents (subject, however, to the rights and authorities given herein to Lender to collect and apply such rents), royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures, including, but not limited to, heating and cooling equipment, now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Security Instrument; and all of the foregoing, together with said property, or the leasehold estate if this Security Instrument is on a leasehold, are herein referred to as the "Property"; TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's Note Secured by Construction Security Agreement dated of even date herewith (herein "Note "), in the principal sum of TWO MILLION ONE HUNDRED THOUSAND AND NO /100 DOLLARS ($2,100,000.00) (the "Principal ") and any subsequent promissory notes, extensions, renewals, modifications or substitutions now or hereafter given, with Interest (as defined in the Note) thereon, providing for monthly Installments of Principal and Interest, with the balance of the indebtedness, if not sooner paid, due and payable on November 1, 2008 (the "Maturity Date "); the payment of all sums, with interest thereon, advanced in accordance herewith to protect the real and personal property covered by this Security Instrument; and the performance of the covenants and agreements of Borrower herein contained or contained in the Note or any other document executed by Borrower in connection with the indebtedness secured hereby (jointly, the "Loan Documents "). Borrower covenants to Lender and Trustee that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender's interest in the Property and otherwise reasonably acceptable to Lender. �. '~M n M'�. w� �r■rr � C •: -� c-� cn f� 1 C/f rr± { { C? Q 00 ..D A a c _ ~ M 6 P When recorded return to: r— >_ -- 'ierOne Bank "' ca utn: Credit Administration Departme t u-i �. co 235 "N' Street co Cn —incoln, NE 68508 Q CONSTRUCTION SECURITY AGREEMENT/DEED OF TRUST WITH ASSIGNMENT OF RENTS AND SECURITY AGREEMENT THIS CONSTRUCTION SECURITY AGREEMENT/DEED OF TRUST WITH ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (herein "Security Instrument ") is made this 181" day of April, 2005, among the Trustor, THE MEADOWS APARTMENT HOMES, L.L.C., a Nebraska limited liability company, P.O. Box 139, Grand Island, NE 68802 (herein "Borrower "), TierOne Bank (herein "Trustee "), and the Beneficiary, TierOne Bank, a corporation organized and existing under the laws of the United States of America, whose address is 1235 "N" Street, Lincoln, Nebraska 68508 (herein "Lender "). Borrower, in consideration of the indebtedness herein recited and the trust herein created, irrevocably grants, transfers, assigns, and conveys to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit of and security of Lender, under and subject to the terms and conditions hereinafter set forth, the following described real property located in the County of Hall, State of Nebraska: (See Exhibit "A" attached hereto and incorporated herein by this reference.) IT IS UNDERSTOOD BY THE BORROWER AND LENDER THAT THIS SECURITY INSTRUMENT, WHICH IS SECURED BY THE ABOVE - REFERENCED PROPERTY, IS A CONSTRUCTION SECURITY AGREEMENT; THAT IT DOES OR WILL SECURE AN OBLIGATION WHICH THE BORROWER HAS OR WILL INCUR FOR THE PURPOSE OF MAKING AN IMPROVEMENT OR IMPROVEMENTS ON PROPERTY HEREIN DESCRIBED AND IS A CONSTRUCTION SECURITY INTEREST; AND THAT ADVANCES MADE HEREUNDER WILL BE APPLIED TO THE PAYMENT OF THE CONTRACT PRICE OF SAID IMPROVEMENTS. TOGETHER WITH all improvements now or hereafter erected on such property, and all easements, rights, appurtenances, rents (subject, however, to the rights and authorities given herein to Lender to collect and apply such rents), royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures, including, but not limited to, heating and cooling equipment, now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Security Instrument; and all of the foregoing, together with said property, or the leasehold estate if this Security Instrument is on a leasehold, are herein referred to as the "Property"; TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's Note Secured by Construction Security Agreement dated of even date herewith (herein "Note "), in the principal sum of TWO MILLION ONE HUNDRED THOUSAND AND NO /100 DOLLARS ($2,100,000.00) (the "Principal ") and any subsequent promissory notes, extensions, renewals, modifications or substitutions now or hereafter given, with Interest (as defined in the Note) thereon, providing for monthly Installments of Principal and Interest, with the balance of the indebtedness, if not sooner paid, due and payable on November 1, 2008 (the "Maturity Date "); the payment of all sums, with interest thereon, advanced in accordance herewith to protect the real and personal property covered by this Security Instrument; and the performance of the covenants and agreements of Borrower herein contained or contained in the Note or any other document executed by Borrower in connection with the indebtedness secured hereby (jointly, the "Loan Documents "). Borrower covenants to Lender and Trustee that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender's interest in the Property and otherwise reasonably acceptable to Lender.