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<br />
<br />DEED OF TRUST
<br />
<br />THIS DEED OF TRUST is made on this 18th day of October, 2006. The Trustor
<br />(whether one or more) is Universal Builders, a Nebraska General Partnership whose address for
<br />purposes of notices in respect to this Deed of Trust is 825 E. Sunset Avenue, Grand Island, NE
<br />68801 and is sometimes herein identified as Borrower. The Trustee is Arend R. Baack, Attorney
<br />at Law and member of the Nebraska State Bar Association, whose address is 104 N. Wheeler,
<br />P.O. Box 790, Grand Island, NE 68802-0790. The Beneficiary is HASTINGS VENTURES,
<br />L.L.C., a Nebraska limited liability company, whose address for purposes of notification under
<br />this Deed of Trust is 429 Industrial Lane, Grand Island, NE 68803 and is sometimes herein
<br />identified as Lender.
<br />
<br />BORROWER IRREVOCABLY CONVEYS TO TRUSTEE, IN TRUST, WITH
<br />POWER OF SALE, THE FOLLOWING:
<br />
<br />Lot One (1), Block One (1), Woodland Park Second Subdivision to the City of
<br />Grand Island, Hall County, Nebraska;
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />attached to the improvements so as to constitute a fixture, including, but not limited to, heating
<br />and cooling equipment and together with the homestead or marital interests, if any, which
<br />interests are hereby released and waived, all of which, including replacements and additions
<br />thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust
<br />and all of the foregoing being referred to herein as the "Property".
<br />
<br />This Deed of Trust secures the total sum of Thirty Four Thousand Dollars ($34,000.00)
<br />as evidenced by Borrower's Deed of Trust Note of even date herewith (hereinafter referred to as
<br />"Debt") which has a stated maturity date of October 18, 2007. This Debt shall include any and
<br />all modifications, extensions and renewals thereof or thereto and any and all future advances and
<br />re-advances to Borrower (or any of them if more than one) hereunder pursuant to one or more
<br />promissory notes or credit agreements (herein called "Note").
<br />
<br />This Deed of Trust secures to Lender the Debt evidenced by said Note, the payment of all
<br />other sums, with interest, advanced under the provisions hereafter to protect the security and the
<br />performance of Borrower's covenants and agreements.
<br />
<br />Borrower covenants that Borrower is lawfully seised of such real estate and has the legal
<br />power and lawful authority to convey the same and warrants and will defend title to the real
<br />estate against the lawful claims of all persons.
<br />
<br />BORROWER AND LENDER AGREE AS FOLLOWS:
<br />
<br />1. Borrower shall pay when due, the principal and interest as provided in said Note.
<br />
<br />2. All payments received by Lender shall be first applied to advances that may have been
<br />made by Lender and then to interest due and last to principal due.
<br />
<br />3. Borrower shall pay all general real estate taxes and special assessments against the
<br />Property before the same become delinquent.
<br />
<br />4. Borrower shall keep the improvements on said Property insured against loss by fire
<br />and hazards included with the term "extended coverage" for their insurable value and policies for
<br />the same shall include a standard mortgage clause showing Lender herein. In event of loss,
<br />Lender may make proof of loss if not promptly made by Borrower. Insurance proceeds shall be
<br />applied to restoration or repair of the Property damaged, unless both parties otherwise agree,
<br />except if restoration or repair is not economically feasible or Lender's security is not lessened,
<br />otherwise said proceeds shall be paid on the debt herein, whether or not then due.
<br />
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