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<br />DEED OF TRUST
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<br />THIS TRUST DEED made this r;IIp day of Uur"""j,<<, 200.> , between
<br />SHAFER PROPERTIES, L.L.c., a Nebraska Limited Liability Company, as TRUSTOR, whose
<br />address is 920 N. Diers Avenue, Suite 1, Grand Island, NE 68803; WILLIAM A. FRANCIS, A
<br />Member of the Nebraska State Bar Association, as TRUSTEE, whose address is 222 North Cedar
<br />Street, P. O. Box 2280, Grand Island, Nebraska, 68802; and THE MEADOWS APARTMENT
<br />HOMES, L.L.c., a Nebraska Limited Liability Company, BENEFICIARY.
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<br />WITNESSETH:
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<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:
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<br />Lots Twenty-Two (22), in Country Meadows Second Subdivision in the City of
<br />Grand Island, Hall County, Nebraska,
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<br />together with all buildings, improvements and appurtenances thereon.
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<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 all
<br />liens and encumbrances except for a first mortgage construction loan to Archer Cooperative Credit
<br />Union of Archer, Nebraska, and further, that TRUSTOR will warrant and defend the title to said
<br />premises forever against the claims of all persons whomsoever.
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<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 in the sum of TWENTY-SIX THOUSAND DOLLARS ($26,000.00),
<br />bearing even date, at the rate of interest and on the terms and conditions as set forth in such Note
<br />until paid. The principal sum shall be due and payable on or before January 15, 2006.
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<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:
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<br />A. Retain possession of the property at all times, except as may be otherwise agreed by the
<br />parties in writing.
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<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.
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<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.
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<br />D. Procure and maintain policies of all-risk insurance on said improvements, in sums equal to
<br />the value of the lot and improvements or in the minimum sum of the amount of the first and
<br />second Deed of Trust liens filed against the property and underwritten by companies
<br />acceptable to the BENEFICIARY, which policy shall name the BENEFICIARY as an
<br />additional insured, with the loss proceeds in an amount of at least Twenty-Six Thousand
<br />Dollars ($26,000.00) on each lot, which policies shall name the BENEFICIARY as
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