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<br />DEED OF TRUST
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<br />November -
<br />THIS TRUST DEED made this LU " day of CRS, 2003, between
<br />KEVIN WOODWARD CONSTRUCTION & CUSTOM RENOVATIONS, INC., as TRUSTOR,
<br />whose address is 2407 Cottonwood Road, Grand Island, NE 68801;
<br />WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association,
<br />as TRUSTEE, whose address is 222 N. Cedar Street, P. 0. Box 2280,
<br />Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES,
<br />L.L.C., A Nebraska Limited Liability Company, 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 Twenty -Two (22), 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 -FIVE THOUSAND
<br />DOLLARS ($25,000.00), 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 -Five
<br />Thousand Dollars ($25,000.00), which policies shall name the
<br />BENEFICIARY as additional insured, with the loss proceeds
<br />11�
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<br />November -
<br />THIS TRUST DEED made this LU " day of CRS, 2003, between
<br />KEVIN WOODWARD CONSTRUCTION & CUSTOM RENOVATIONS, INC., as TRUSTOR,
<br />whose address is 2407 Cottonwood Road, Grand Island, NE 68801;
<br />WILLIAM A. FRANCIS, A Member of the Nebraska State Bar Association,
<br />as TRUSTEE, whose address is 222 N. Cedar Street, P. 0. Box 2280,
<br />Grand Island, Nebraska 68802; and THE MEADOWS APARTMENT HOMES,
<br />L.L.C., A Nebraska Limited Liability Company, 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 Twenty -Two (22), 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 -FIVE THOUSAND
<br />DOLLARS ($25,000.00), 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 -Five
<br />Thousand Dollars ($25,000.00), which policies shall name the
<br />BENEFICIARY as additional insured, with the loss proceeds
<br />11�
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