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<br />{hen recorded return to:
<br />----n-1'ierOne Bank
<br />Attn: Credit Administration Department
<br />1235 "N" Street
<br />Lincoln, NE 68508
<br />
<br />CONSTRUCTION SECURITY AGREEMENTIDEED OF TRUST
<br />WITH ASSIGNMENT OF RENTS AND SECURITY AGREEMENT
<br />
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<br />Loan No. 01~0925ll93
<br />
<br />THIS CONSTRUCTION SECURITY AGREEMENTIDEED OF TRUST WITH
<br />ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (herein "Security Instrument") is made
<br />this 27th day of October, 2006, among the Trustor, THE MEADOWS APARTMENT HOMES I,
<br />L.L.C., a Nebraska limited liability company whose address is c/o Raymond J. O'Connor, PO Box
<br />139, Grand Island, Nebraska 68802 (herein "Borrower"), TierOne Bank (herein "Trustee"), and the
<br />Beneficiary, TierOne Bank, a federally chartered savings bank, whose address is c/o Credit
<br />Administration Department, 1235 "N" Street, Lincoln, Nebraska 68508 (herein "Lender").
<br />
<br />Borrower, in consideration of the indebtedness herein recited and the trust herein created,
<br />irrevocably grants, transfers, assigns, and conveys to Trustee, IN TRUST, WITH POWER OF SALE, for
<br />the benefit of and security of Lender, under and subject to the terms and conditions hereinafter set forth,
<br />the following described real property located in the County of Hall, State of Nebraska:
<br />
<br />(See Exhibit "A" attached hereto and incorporated herein by this reference.)
<br />
<br />IT IS UNDERSTOOD BY THE BORROWER AND LENDER THAT THIS SECURITY
<br />INSTRUMENT, WIDCH IS SECURED BY THE ABOVE-REFERENCED PROPERTY, IS A
<br />CONSTRUCTION SECURITY AGREEMENT; THAT IT DOES OR WILL SECURE AN
<br />OBLIGATION WHICH THE BORROWER HAS OR WILL INCUR FOR THE PURPOSE OF
<br />MAKING AN IMPROVEMENT OR IMPROVEMENTS ON PROPERTY HEREIN DESCRIBED
<br />AND IS A CONSTRUCTION SECURITY INTEREST; AND THAT ADVANCES MADE
<br />HEREUNDER WILL BE APPLIED TO THE PAYMENT OF THE CONTRACT PRICE OF
<br />SAID IMPROVEMENTS.
<br />
<br />TOGETHER WITH all improvements now or hereafter erected on such property, and all
<br />easements, rights, appurtenances, rents (subject, however, to the rights and authorities given herein to
<br />Lender to collect and apply such rents), royalties, mineral, oil and gas rights and profits, water, water
<br />rights, and water stock, and all fixtures, including, but not limited to, heating and cooling equipment, now
<br />or hereafter attached to the property, all of which, including replacements and additions thereto, shall be
<br />deemed to be and remain a part of the property covered by this Security Instrument; and all of the
<br />foregoing, together with said property, or the leasehold estate if this Security Instrument is on a
<br />leasehold, are herein referred to as the "Property";
<br />
<br />TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's Note
<br />Secured by Construction Security Agreement dated of even date herewith (herein "Note"), in the
<br />principal sum of THREE MILLION TWENTY THOUSAND EIGHT HUNDRED AND NO/IOO
<br />DOLLARS ($3,020,800.00) (the "Principal") with Interest (as defined in the Note) thereon, providing
<br />for monthly Interest Only payments, with the balance of the indebtedness, if not sooner paid, due and
<br />payable on November 1, 2009 (the "Maturity Date"); the payment of all sums, with interest thereon,
<br />advanced in accordance herewith to protect the real and personal property covered by this Security
<br />Instrument; and the performance of the covenants and agreements of Borrower herein contained or
<br />contained in the Note or any other document executed by Borrower in connection with the indebtedness
<br />secured hereby (jointly, the "Loan Documents").
<br />
<br />Borrower covenants to Lender and Trustee that Borrower is lawfully seized of the estate hereby
<br />conveyed and has the right to grant and convey the Property, that the Property is unencumbered, and that
<br />
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