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<br />DEED OF TRUST
<br />This DEED OF TRUST is made as of the 5h day of September, 2003 by and among the
<br />Trustor, Grand
<br />Island Country Meadows, L.L.C., whose mailing address for purposes of this Deed of Trust is PO Box 139 Grand
<br />\
<br />Island, NE 68802 (herein, "Trustor ", whether one or more), the Trustee, AREND R. BAACK, Attorney at Law, a
<br />member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand Island, NE 68802-
<br />0790 (herein "Trustee "), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />GRAND ISLAND, whose mailing address is P. O. Box 1009, Grand Island, NE 68802 -1009 (herein "Lender ").
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified herein to Grand
<br />Island Country Meadows, L.L.C. (herein "Borrower ", whether one or more), and the trust herein created, the receipt
<br />of which is hereby acknowledged, Trustor hereby irrevocable grants, transfers, conveys and assigns to Trustee, IN
<br />TRUST, WITH POWER OF SALE, for the benefit and security of the Lender, under and subject to the terms and
<br />conditions hereinafter set forth, legally described as follows:
<br />LOT SEVEN (7), COUNTRY MEADOWS SUBDIVISION IN THE CITY OF GRAND
<br />ISLAND, HALL COUNTY, NEBRASKA;
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property".
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated September 5, 2003, having a maturity date of September 1, 2004, in
<br />the original principal amount of One Hundred Thousand and 00 /100 Dollars ($100,000.00), and any and all modi-
<br />fications, extensions and renewals thereof or thereto and any and all future advances and re- advances to Borrower
<br />(or any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein
<br />called "Note "); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the
<br />performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness
<br />and obligations of Borrower (or any of them if more than one) to Lender whether direct, indirect, absolute or
<br />contingent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and
<br />all other documents that secure the Note or otherwise executed in connection therewith, including without limitation
<br />guarantees, security agreements and assignments of leases and rents, shall be referred to herein as the "Loan
<br />Instruments ".
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the Property and
<br />warrants that the lien created hereby is a first and prior lien on the Property and the execution and delivery of the
<br />Deed of Trust does not violate any contract or other obligation to which Trustor is subject.
<br />3. Taxes, Assessments. To pay before delinquent all taxes, special assessments and all other charges
<br />against the Property now or hereafter levied.
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with the term
<br />"extended coverage" and such other hazards as Lender may require in amounts and with companies acceptable to
<br />Lender, naming Lender as an additional named insured with loss payable to the Lender. In case of loss under such
<br />policies, the Lender is authorized to adjust, collect and compromise all claims thereunder and shall have the option
<br />of applying all or part of the insurance proceeds (i) to any indebtedness secured hereby and in such order as Lender
<br />may determine, (ii) to the Trustor to be used for the repair or restoration of the Property , or (iii) for any other
<br />purpose or object satisfactory to Lender without affecting the lien of this Deed of Trust for the full amount secured
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