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200602198
<br />DEED OF 'TRUST, SECURITY AGREEMENT,
<br />ASSIGNMENT OF RENTS AND LEASES, AND FIXTURE FILING
<br />THIS DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND
<br />LEASES, AND FIXTURE FILING (the "Deed of Trust "), dated As of March 1, 2006, is granted by
<br />LUTHERAN HIGH SCHOOL ASSOCIATION OF CENTRAL NEBRASKA, INCORPORATED,
<br />as grantor (the "Grantor "), to WELLS FARGO BANK, NATIONAL ASSOCIATION as deed trustee
<br />(the "Trustee "), for the benefit of WELLS FARGO BANK, NATIONAL ASSOCIATION, as
<br />beneficiary (the `Beneficiary ")
<br />RECITALS
<br />1. The Nebraska Elementary and Secondary School Finance Authority (the "Authority ")
<br />has issued $3,640,000 aggregate principal amount of its Revenue Bonds (Heartland Lutheran High School
<br />Project), Series 2006 (the "Series 2006 Bonds "), pursuant to a Trust Indenture, dated As of March 1,
<br />2006 (the "Indenture "), between the Authority and the Beneficiary, a national banking association duly
<br />organized and existing under the laws of the United States of America and having a corporate trust
<br />administration office located in [City, State of Bond Trustee], as trustee, to provide funds to enable the
<br />Authority to make a loan (the "Loan ") to the Grantor pursuant to a Loan Agreement, dated As of March
<br />1, 2006 (the "Loan Agreement ") between the Authority and the Grantor, and the Authority may hereafter
<br />issue Additional Bonds as defined in and provided for by the Indenture to provide funds to enable the
<br />Authority to make additional loans to the Grantor (the Series 2006 Bonds and any Additional Bonds being
<br />herein referred to as the "Bonds ").
<br />2. To evidence the Loan and to provide for the payment of the Series 2006 Bonds the
<br />Grantor has executed its Promissory Note of even date herewith in the principal amount of $3,640,000
<br />(the "Series 2006 Note ") and to evidence any increase in the Loan and to provide for the payment of any
<br />Additional Bonds, the Guarantor may hereafter execute additional notes (the "Additional Notes ", which
<br />together with the Series 2006 Note are collectively referred to herein as the "Notes ").
<br />3. In order to secure the payment of the principal or redemption price of and interest on the
<br />Series 2006 Bonds, the Authority under the Indenture has assigned to the Beneficiary substantially all of
<br />the Authority's right, title and interest in and to the Loan Agreement and the Notes, and furthermore has
<br />endorsed and assigned the Series 2006 Note to the Beneficiary (without recourse).
<br />4. The Grantor desires to make and enter into this Deed of "Trust to secure the payments and
<br />performance of the obligations of the Grantor under the Notes, the Loan Agreement and this Deed of
<br />Trust.
<br />GRANTING CLAUSES
<br />FOR GOOD AND VALUABLE CONSIDERATION, including the indebtedness herein recited
<br />and the trust herein created, the receipt of which is hereby acknowledged, the Grantor hereby irrevocably
<br />warrants, grants, bargains, sells, transfers, conveys and assigns to the Trustee and to its assigns forever,
<br />IN TRUST, WITH POWER OF SALE, for the benefit and security of the Beneficiary, under and subject
<br />to the terms and conditions hereinafter set forth, all of the following - described estate, property and
<br />interest of the Grantor now or hereafter acquired, together with all cash and noncash proceeds thereof,
<br />which may be referred to herein as the "Mortgaged Estate ":
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