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<br />200611513
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<br />Loan No: 101211435
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<br />
<br />DEED OF TRUST
<br />( Continued)
<br />
<br />
<br />Page 2
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<br />TRUSTOR'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION lOAN AGREEMENT BETWEEN TRUSTOR AND lENDER OF EVEN
<br />DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION lOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS
<br />REFERRED TO THEREIN, SHAll ALSO BE AN EVENT OF DEFAULT UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND
<br />ACCEPTED ON THE FOllOWING TERMS:
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<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.
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<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.
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<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:
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<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) remain in possession and control of the Proparty;
<br />(2) use, operate or manage the Property; and (3) collect the Rents from the Property.
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<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
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<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, relaase or threatenad 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 baen, excapt as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any
<br />Environmental laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and
<br />acknowledged by lender in writing, (a) neither Trustor nor any tenant, contractor, agent or other authorized user of the Property
<br />shall use, generate, manufacture, store, treat, dispose of or raleasa any Hazardous Substance on, under, about or from the Proparty;
<br />and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and
<br />ordinances, including without limitation all Environmental Laws. Trustor authorizes lender and its agents to enter upon the Property
<br />to make such inspections and tests, at Trustor's expense, as lender may deem appropriate to determine compliance of the Property
<br />with this section of the Deed of Trust. Any inspections or tests made by lender shall be for Lender's purposes only and shall not be
<br />construed to create any responsibility or liability on the part of lender to Trustor or to any other person. Tha representations and
<br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor
<br />hereby (1) releases and waives any future claims against lender for indemnity or contribution in the event Trustor becomes liabla for
<br />cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless lender against any and all claims, losses,
<br />liabilities, damages, penalties, and axpenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this
<br />section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or thraatened release
<br />occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have been known to Trustor.
<br />Tha provisions of this section of the Daed of Trust, including the obligation to indemnify, shall survive the payment of the
<br />Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be affected by Lender's acquisition
<br />of any interest in the Property, whether by foreclosure or otherwise.
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<br />Nuisance, Waste. Trustor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on
<br />or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Trustor will not ramove, or grant to
<br />any other party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products
<br />without lender's prior written consent.
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<br />Removal of Improvements. Trustor shall not demolish or remove any Improvements from the Real Property without Lender's prior
<br />writtan consent. As a condition to the removal of any Improvements, Lender may require Trustor to make arrangements satisfactory
<br />to lender to replace such Improvements with Improvements of at least equal value.
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<br />Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to
<br />attend to Lender's interests and to inspect the Real Property for purposes of Trustor's compliance with the terms and conditions of
<br />this Deed of Trust.
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<br />Compliance with Governmental Requirements. Trustor shall. promptly comply with all laws, ordinances, and regulations, now or
<br />hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the
<br />Americans With Disabilities Act. Trustor may contest in good faith any such law, ordinance, or regulation and withhold complianca
<br />during any proceading, including appropriate appeals, so long as Trustor has notified lender in writing prior to doing so and so long as,
<br />in Landar's sola opinion. Lendar's interests in the Property are not jeopardized. Lender may require Trustor to post adequate security
<br />or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
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<br />Duty to Protect. Trustor agrees neither to abandon or leave unattanded the Proparty. Trustor shall do all other acts, in addition to
<br />those acts set forth above in this section. which from the character and use of the Property are reasonably necessary to protect and
<br />presarva the Property.
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<br />Construction Loan. If some or all of the proceeds of the loan creating the Indebtedness are to be used to construct or complete
<br />construction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note
<br />(or such earlier date as lender may reasonably establish) and Trustor shall pay in full all costs and expenses in connection with the
<br />work. Lender will disburse loan procaads undar such terms and conditions as Lender may deem reasonably necessary to insure that
<br />the interest created by this Deed of Trust shall have priority over all possible liens, including those of material suppliers and workmen.
<br />Lender may require, among other things. that disbursement requests be supported by receipted bills, expense affidavits, waivers of
<br />liens, construction progress reports, and such other documantation as Lendar may reasonably request.
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