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<br />CONSTRUCTION SECURITY AGREEMENT,
<br />DEED OF TRUST, ASSIGNMENT OF RENTS,
<br />AND SECURITY AGREEMENT
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<br />200313229
<br />This Construction Security Agreement, Deed of Trust, Assignment of Rents, and Security
<br />Agreement (the "Trust Deed "), is made this I_ day of 1' LJ o h2�✓ , 2003, by and
<br />among Walnut Housing, Ltd., a Nebraska limited partnership, whose address is 5631 S 48`h, Suite
<br />220, Lincoln, NE 68516, ( "Trustor "), and Lincoln Federal Savings Bank, a national banking
<br />association whose address is 1101 N St., Lincoln, NE 68508 ( "Trustee ") and Lincoln Federal Savings
<br />Bank, a national banking association, whose address is 1101 N St., Lincoln, NE 68508 (the
<br />"Beneficiary ").
<br />RECITALS
<br />A. Pursuant to the terms and conditions of the Construction and Permanent Loan Agreement
<br />dated as of this even date ( "Loan Agreement ") executed by Trustor and Beneficiary,
<br />Beneficiary has loaned to Trustor the Total Loan Amount of Two Million Two Hundred
<br />Thousand and No /100 Dollars ($2,200,000.00) ( "Total Loan Amount') in the form of: (a) a
<br />construction /permanent loan in the amount of One Million Two Hundred Thousand and
<br />No /100 Dollars ($1,200,000.00) ( "Alpha Loan Amount ") evidenced by the promissory note
<br />dated as of this even date ( "Alpha Note "); and (b) a construction /permanent loan pursuant
<br />to a promissory note dated as of this even date ( "Beta Rate Note ") in the original principal
<br />amount of One Million and No /100 Dollars ($1,000,000.00) ( "Beta Loan Amount ").
<br />Collectively, the Alpha Loan Amount and the Beta Loan Amount comprise the Total Loan
<br />Amount secured by this Trust Deed. Upon conversion of the loan from its construction phase
<br />to its permanent phase, the Alpha Note, and the loan amounts due thereunder shall be
<br />resized pursuant to the terms of the Loan Agreement.
<br />B. Trustor has agreed to transfer the Trust Estate (defined below) to Trustee in trust to secure
<br />the Obligations (defined below) in accordance with the terms and conditions set forth herein.
<br />NOW, THEREFORE, in consideration of the foregoing and other good and valuable
<br />consideration, including the indebtedness identified above and the trust created herein, the receipt
<br />and adequacy of which is hereby acknowledged, and intending to be legally bound, Trustor
<br />irrevocably grants, bargains, sells, transfers, conveys, and assigns to Trustee, in trust, with power
<br />of sale, for the benefit and security of Beneficiary, under and subject to the terms and conditions
<br />of this Trust Deed, the following described real property, located at approximately 5th and Elm
<br />Streets, Grand Island, Nebraska:
<br />Lot 1, Block 8, Rollins Addition to the City of Grand Island, Hall
<br />County, Nebraska, together with the Northerly Half of vacated alley
<br />abutting said lot on the South.
<br />Lot 10, Block 8, Rollins Addition to the City of Grand Island, Hall
<br />County, Nebraska together with the Southerly half of the vacated alley
<br />abutting said lot on the North.
<br />Fractional Lot 10, in Fractional Block 8, Rollins Addition to the City
<br />of Grand Island, Hall County, Nebraska.
<br />All that part of Cleburn Street (now vacated), lying between the north
<br />line of Fifth Street and the south line of Sixth Street in the City of
<br />Grand Island, Hall County, Nebraska.
<br />L0553199.1 —1—
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