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{
<br />That TRUSTOR hereby grants, bargains, sells, conveys and
<br />warrants to TRUSTEE, IN TRUST, his successors and assigns, with
<br />power of sale, the following- described real property:
<br />Lot Thirty -Three (33), in Country Meadows Subdivision, in
<br />the City of Grand Island, Hall County, Nebraska,
<br />together with all buildings, improvements and appurtenances
<br />thereon.
<br />The TRUSTOR hereby covenants and agrees with the TRUSTEE and
<br />BENEFICIARY that he is lawfully seized and the owner of the above -
<br />described property; that he has good right and lawful authority to
<br />sell and convey said premises and that said premises are free and
<br />clear of all liens and encumbrances except for a first mortgage
<br />construction loan to Home Federal Savings & Loan Association of
<br />Grand Island, Nebraska, and further, that TRUSTOR will warrant and
<br />defend the title to said premises forever against the claims of all
<br />persons whomsoever.
<br />For the purpose of securing performance of each agreement of
<br />TRUSTOR herein contained and the payment of TWENTY -FOUR THOUSAND
<br />DOLLARS ($24,000.00), the TRUSTOR has executed a Promissory Note
<br />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
<br />shall be payable on or before June 1, 2004.
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTOR shall:
<br />A. Retain possession of the property at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />B. Maintain the building and its improvements and all personal
<br />property sold under the parties' Contract for Sale of Real
<br />Estate, in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed against or due upon said
<br />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
<br />improvements, in sums and underwritten by companies acceptable
<br />to the BENEFICIARY, in an amount of at least Twenty -Four
<br />Thousand Dollars ($24,000.00), which policies shall name the
<br />BENEFICIARY as additional insured, with the loss proceeds
<br />payable to the parties as their interests may appear
<br />hereunder. TRUSTOR agrees to provide BENEFICIARY with copies
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<br />DEED OF TRUST
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<br />THIS TRUST DEED made
<br />this .� day of October, 2003,
<br />between
<br />REIS CONSTRUCTION, INC.,
<br />as TRUSTOR; WILLIAM A. FRANCIS,
<br />A Member
<br />of the Nebraska State Bar
<br />Association,
<br />as TRUSTEE; and THE
<br />MEADOWS
<br />APARTMENT HOMES, L.L.C.,
<br />A Nebraska
<br />Limited
<br />Liability
<br />Company,
<br />BENEFICIARY.
<br />WITNESSETH:
<br />That TRUSTOR hereby grants, bargains, sells, conveys and
<br />warrants to TRUSTEE, IN TRUST, his successors and assigns, with
<br />power of sale, the following- described real property:
<br />Lot Thirty -Three (33), in Country Meadows Subdivision, in
<br />the City of Grand Island, Hall County, Nebraska,
<br />together with all buildings, improvements and appurtenances
<br />thereon.
<br />The TRUSTOR hereby covenants and agrees with the TRUSTEE and
<br />BENEFICIARY that he is lawfully seized and the owner of the above -
<br />described property; that he has good right and lawful authority to
<br />sell and convey said premises and that said premises are free and
<br />clear of all liens and encumbrances except for a first mortgage
<br />construction loan to Home Federal Savings & Loan Association of
<br />Grand Island, Nebraska, and further, that TRUSTOR will warrant and
<br />defend the title to said premises forever against the claims of all
<br />persons whomsoever.
<br />For the purpose of securing performance of each agreement of
<br />TRUSTOR herein contained and the payment of TWENTY -FOUR THOUSAND
<br />DOLLARS ($24,000.00), the TRUSTOR has executed a Promissory Note
<br />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
<br />shall be payable on or before June 1, 2004.
<br />It is agreed by and between the parties hereto that while
<br />title is vested in the TRUSTEE and until filing of Notice of
<br />Default, the TRUSTOR shall:
<br />A. Retain possession of the property at all times, except as may
<br />be otherwise agreed by the parties in writing.
<br />B. Maintain the building and its improvements and all personal
<br />property sold under the parties' Contract for Sale of Real
<br />Estate, in good condition and repair.
<br />C. Pay all general and special taxes and all special assessments
<br />of every kind levied or assessed against or due upon said
<br />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
<br />improvements, in sums and underwritten by companies acceptable
<br />to the BENEFICIARY, in an amount of at least Twenty -Four
<br />Thousand Dollars ($24,000.00), which policies shall name the
<br />BENEFICIARY as additional insured, with the loss proceeds
<br />payable to the parties as their interests may appear
<br />hereunder. TRUSTOR agrees to provide BENEFICIARY with copies
<br />
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