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200606980 describing all or any part of the Property, or other contract, instrument or agreement constituting a lien or encumbrance against all or any part of the Property (collectively, "Liens") existing as of the date of this Deed of Trust, and that any and all existing Liens remain unmodified except as disclosed to Lender in Trustor's written disclosure of liens and encumbrances provided for herein. Trustor shall timely perform all of Trustor's obligations, covenants, representation and warranties under any and all existing and future Liens, and shall not without Lender's prior writ- ten consent in any manner modify the provisions of or allow any future advances under any existing or future Liens. (i) Application ofPavments. Unless otherwise required by law, sums paid to Lender hereunder, including, without limitation, payments of principal and interest, insurance proceeds, condemnation proceeds and rents and profits, shall be applied by Lender to the amounts due and owing from Trustor and Borrower in such order as Lender in its sole discretion deems desirable. (j) Severability. If any provision of this Deed of Trust conflicts with applicable law or is declared invalid or otherwise unenforceable, such conflict or invalidity shall not affect the other provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end, the provisions of this Deed of Trust and the Note are declared to be severable. (k) Terms. The terms "Trustor" and "Borrower" shall include both singular and plural, and when the Trustor and Borrower are the same person(s), those terms as used in this Deed of Trust shall be interchangeable. (1) Governing Law. This Deed of Trust shall be governed by the laws of the State of Nebraska. Trustor has executed this Construction Security Agreement Deed of Trust as of the date written above. HOUSING PLUS, LLC, a Nebraska Limited Liability Company By Raym d J. O'Connor, Managing Member STATE OF NEBRASKA) (ss: COUNTY OF HALL ) The foregoing Construction Security Agreement Deed of Trust was acknowledged before me this 4th day of August, 2006, by Raymond J. O'Connor, Managing Member of Housing Plus, LLC, a Nebraska limited liability company, on behalf of such limited liability company. t!tt I~ My commission expires: 1~:=,;,so:.=1 ~ _~. Exp.March 1.2010 , 2-204/151453 ~ 7