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<br />200512533
<br />
<br />THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT AND SECURES ~~\
<br />AN OBLIGATION WHICH THE TRUSTOR INCURRED OR WILL INCUR FOR THE PURPOSE OF ~,
<br />MAKING AN IMPROVEMENT TO THE REAL ESTATE IN WHICH THE SECURITY INTEREST IS ,j ~.
<br />GIVEN THAT IS A CONSTRUCTION SECURITY INTEREST. ~
<br />
<br />THIS DEED OF TRUST, is made as of the i.f.t:L day of December, 2005,
<br />by and among, Famos Construction, Inc., a corporation ("Trustor"), whose
<br />mailing address is 540 E. Capital Avenue, Grand Island, NE 68801; Gary D.
<br />Byrne, a member of the Nebraska State Bar Association ("Trustee"), whose
<br />mailing address is P.O. Box 929, North Platte, NE 69103-0929 and Jim S. Reed
<br />and Precious A. Reed ("Beneficiary"), whose mailing address is 2511 Lakewood
<br />Drive, Grand Island, NE 68801.
<br />
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys
<br />and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and
<br />security of Beneficiary, under and subject to the terms and conditions of this
<br />Deed of Trust, the real property described as follows (the "Property"):
<br />
<br />Lot Twenty-nine (29), Grand West Third Subdivision, in the City of
<br />Grand Island, Hall County, Nebraska.
<br />
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments,
<br />interests in adjoining roads, streets and alleys, all improvements and
<br />buildings of any kind now or hereafter situated thereon and all personal
<br />property that may be or hereafter become an integral part of such buildings and
<br />improvements including, but not limited to, all building materials stored on
<br />the Property, goods, machinery, tools, equipment (including fire sprinklers and
<br />alarm systems, air conditioning, heating and refrigerating equipment, and all
<br />other equipment of every kind) and all water rights.
<br />
<br />The Property and the entire estate and interest conveyed to the
<br />Trustee are referred to collectively as the "Trust Estate".
<br />
<br />FOR THE PURPOSE OF SECURING:
<br />
<br />a. Payment of indebtedness in the total principal amount of
<br />$140,000.00, with interest thereon, as evidenced by that certain promissory
<br />note of even date (the "Note") with a maturity date of December ~, 2006,
<br />executed by Trustor, which has been delivered and is payable to the order of
<br />Beneficiary, and which by this reference is hereby made a part hereof, and any
<br />and all modifications, extensions and renewals thereof, and
<br />
<br />b. Payment of all sums advanced by Beneficiary to protect the
<br />Trust Estate, with interest thereon at the rate of six percent (6%) Eer annum,
<br />and
<br />
<br />c. The performance of Trustor's covenants and agreements under the
<br />building loan agreement, deeds of trust, security agreements and assignments of
<br />rents, notices of commencement which evidence and secure these covenants and
<br />agreements, all of which instruments, together with the Note, are herein
<br />collectively referred to as the "Loan Instruments".
<br />
<br />To the extent that the Property and any improvements thereon
<br />constitute fixtures, this instrument shall be filed in the real estate records
<br />in the county in which the Property is located and be deemed a fixture filing.
<br />
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />
<br />1. PAYMENT OF SECURED OBLIGATION.
<br />secure the following indebtedness and obligations:
<br />
<br />This Deed of Trust shall
<br />(1) indebtedness evidenced
<br />
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