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<br />DEED OF TRUST
<br />THI ' TRUST DEED made this %� day of TUC C/.S , 2005, between
<br />LENNIS ^OEHN and LADONNA A. KOEHN, Husband and Wife, as TRUSTOR, whose �6
<br />address is & �'S ��'1 b'/ , Grand Island, Nebraska; WILLIAM A.
<br />FRANCIS, A Member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 } �,
<br />N. Cedar Street, P. O. Box 2280, Grand Island, Nebraska, 68802; and THE MEADOWS .�
<br />APARTMENT HOMES, L.L.C., a 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:
<br />Lot Nineteen (19), in Country Meadows Second Subdivision to the City of Grand
<br />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 al
<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 -SIX THOUSAND DOLLARS ($26,000.00), the TRUSTOR has
<br />executed a Promissory Note bearing even date, at the rate of interest and on the terms and
<br />conditions as set forth in such Note until paid. The principal sum shall be payable on or before
<br />January 1, 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 and
<br />underwritten by companies acceptable to the BENEFICIARY, in an amount of at least
<br />Twenty-Six Thousand Dollars ($26,000.00), which policies shall name the BENEFICIARY
<br />as additional insured, with the loss proceeds payable to the parties as their interests may
<br />appear hereunder. TRUSTOR agrees to provide BENEFICIARY with copies of such
<br />policies or certificates of insurance during the term of this indebtedness, which policies of
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