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<br />WHEN REC6~D1m MAIL TO:
<br />Five Points Bank
<br />West Branch
<br />2009 !II. Diers Ave.
<br />Grand Island, NE 68803
<br />
<br />..;
<br />,..,
<br />
<br />2{)OG04003
<br />
<br />FOR RECORDER'S US!: uNL Y
<br />
<br />CONSTRUCTION DEED OF TRUST
<br />THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $163.300.00.
<br />
<br />THIS DEED OF TRUST is dated May 2. 2006. among DAN KNIPPING and JENNY KNIPPING; HUSBAND AND
<br />
<br />WIFE ("Trustor"); Five Points Bank. whose address is West Branch. 2009 N. Diers Ave.. Grand Island, NE
<br />
<br />68803 (referred to below sometimes as "lender" and sometimes as "Beneficiary"); and Five Points Bank.
<br />
<br />whose address is P.O Box 1507. Grand Island. NE 68802-1507 (referred to below as "Trustee").
<br />
<br />CONVEYANCE AND GRANT. For valuable consideration. Trustor conveys to Trustee in trust, WITH POWER OF SALE. for the benefit of
<br />Lender as Beneficiary, all of Trustor's right. title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in HALL
<br />
<br />County. State of Nebraska:
<br />
<br />Lot Three (3). R & J Dibbern Subdivision to the Village of Cairo. Hall County. Nebraska.
<br />
<br />The Real Property or its address is commonly known as 405 S SYCAMORE ST. CAIRO. NE 68824. The Real
<br />
<br />Property tax identification number is 400408058.
<br />
<br />T fustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, title, and interest in and to all
<br />present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial
<br />Code security interest in the Personal Property and Rents.
<br />
<br />THIS DEED f')~ TRUST, INCllIDINr. THE ASSlnNf\IlF.NT OF RFI\IT~ ANn THE SECIIRITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLlGA nONS
<br />UNDER THE NOTE, THE RelATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />FOLLOWING TERMS:
<br />
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all amounts secured by
<br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the Note, this
<br />Deed of Trust, and the Related Documents.
<br />
<br />CONSTRUCTION MORTGAGE. This Deed of Trust is a "construction mortgage" for the purposes of Sections 9-334 and 2A-309 of the
<br />Uniform Commercial Code, as those sections have been adopted by the State of Nebraska.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Trustor agrees that Trustor's possession and use of the Property shall be
<br />governed by the following provisions:
<br />
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />
<br />Compliance With Environmental laws. Trustor represents and warrants to lender that: (1) During the period of Trustor's ownership
<br />of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe
<br />that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any
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