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<br />200600862
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<br />..'.""
<br />Space above this line for Recorder's use only
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<br />THIS DEED OF TRUST AND SECURITY AGREEMENT (the "Security Instrument") is made as of January
<br />25,2006, by Todd W. Friesen, having an address at 4]34 West Faidley Avenue, Grand Island, NE 68803, as grantor
<br />("Borrower"), to Gary D. Byrne, a member of the Nebraska State Bar Assciation, 220 N. Dewey Street, Suite ] 02,
<br />North Platte, NE 69101, as Trustee ("Trustee"), for the benefit of InterBay Funding, LLC, a Delaware Limited Liability
<br />Company, having an address at 4601 Sheridan Street, 6th Floor, Hollywood, Florida 33021, as beneficiary ("Lender").
<br />
<br />R Eel TAL S:
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<br />Borrower by its promissory note of even date herewith given to Lender is indebted to Lender in the principal
<br />sum of Four Hundred Nine Thousand Five Hundred and No/lOO Dollars ($409,500.00) in lawful money of the United
<br />States of America (the note together with all extensions, renewals, modifications, substitutions and amendments thereof
<br />shall collectively be referred to as the "Note"), with interest from the date thereof at the rates set forth in the Note,
<br />principal and interest to be payable in accordance with the terms and conditions provided in the Note and with a maturity
<br />date of February I, 2031.
<br />
<br />Borrower desires to secure the payment of the Debt (hereinafter defined in Article 2) and the performance of all
<br />of its obligations under the Note and the Other Obligations (defined in Article 2).
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<br />ARTICLE 1. - GRANTS OF SECURITY
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<br />Section 1.1. PROPERTY INTRUST. To secure the full and timely payment and performance of the Debt and
<br />the full and timely performance and discharge of the Other Obligations, Borrower has GRANTED, BARGAINED, SOLD
<br />and CONVEYED, and by these presents does GRANT, BARGAIN, MORTGAGE, SELL, CONVEY and CONFORM in
<br />trust with power of sale, as permitted by applicable law, unto Trustee the following described "Property", subject,
<br />however, to the Permitted Exceptions (defined in Section 5.1), TO HAVE AND TO HOLD the Property unto Trustee, his
<br />successors in trust and the Trustee's assigns forever, and Borrower does hereby bind itself, its successors and assigns, to
<br />warrant and forever defend title to the Property unto Trustee against every person whomsoever lawfully claiming or to
<br />claim the same or any part thereof; pmyided, however, that if Borrower shall pay (or cause to be paid) the Debt as and
<br />when the same shall become due and payable and shall perform and discharge (or cause to be performed and discharged)
<br />all of the Other Obligations of Borrower under the Note and this Security Instrument and the Other Security Documents
<br />on or before the date same are to be performed and discharged, then the liens, security interests, estates and rights granted
<br />by this Security Instrument and the Other Security Documents shall terminate and be released by the Trustee, otherwise
<br />same shall remain in full force and effect. In the event of such termination and release, Trustee, shall, at the request of
<br />Lender and at the expense of Borrower,execute an instrument in writing and in recordable form providing for the release
<br />of the liens, security interests, estates and rights granted by the Security Instrument and the Other Security Documents.
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<br />As used herein, the term "Property" shall mean the following property, rights, interests and estates now owned,
<br />or hereafter acquired by Borrower (collectively, the "Property"):
<br />
<br />(a)
<br />"Land");
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<br />h-flJ1Q. The real property described in Exhibit A attached hereto and made a part hereof (the
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<br />(b) Additional Land. All additional lands, estates and development rights hereafter acquired by
<br />Borrower for use in connection with the Land and the development of the Land and all additional lands and estates therein
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