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Deed of Trust ZNKS 88- 103139 THIS Triad Properties Limited 19 S8 , by and between Partnership, By Triad - whether one or more, (hereinafter called the "Trustor'), whose mailing address is r u nox iats ivaa tveorasKa oaoiu qqppKK n 1 Association h relna rc led the "Trisha 1. hose marlin address is NOR BoxB 176 ran s an and NORWEST gq(yK a -r a�ca, at one Assoc aY on (hereinafter called the "Beneficiary"), whose mailing address is P.O. Box 1768, ran Is an , ebrasli WITNESSETH: IF THiS BOX IS CHECKED[ ) THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION LIEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURITY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. WHER rugs % dablad to Beneficiary in the principal sum of TWO HUNDRED EIGHTY THOUSAND AND NO /100--- - - - - -- Dollars (S� -• UOU • uB ), which indebtedness is evidenced by Trustor's promlissso�ry note dated 1998 19 (hereinafter called the "Note "), payable to the order of Beneficiary and having a maturity of NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with interest thereon, late charges, prepayment penalties, any future advances, and all extensions, modifications, substitutions and renewals thereof, (b) payment of all other sums, fees or charges, together with interest thereon, advanced to protect the security of this Deed of Trust and the performance of the covenants and agreements oi' .Truster, whether or not set forth herein, (c) performance, discharge of and compliance with every term, covenant, obligation and agreement of Trustor contained herein or incorporated by reference or any other security instrument at anytime given to secure the Note, and (d) the repayment of all other sums or future advances, with interest thereon, which may heretofore have been or hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, ail of which is hereinafter collectively called the "Indebtedness Trustor irrevocably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the following described properly: LOTS FOUR (4), SIX (6), AND SEVEN (7), IN ARGO SUBDIVISION, ALDA IN SECTION FIVE (5), TOWNSHIP 10 NORTH, RANGE 10, WEST OF THE 6TH P.M., HALL COUNTY, NEBRASKA together with (i) all buildings, structures, additions, enlargements, modifrcatic :s, repairs, replacements, and improvements now or hereafter located thereon, (ii) all equipment, machinery and fixtures (including, without limitation, all lighting, heating, ventilating, cooling, air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mantels, carpeting, furnaces, oil bumers, elevators and motors, refrigeration plants or units, communication systems. dynamos, transformers, electrical equipment, storm and screen wmdows,doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located Maroon. (ia) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right We and interest of Trustor in and to all leases, whether now or hereafter existing or entered into (including, without limitaton, ail cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto. (v) all rents, issues, prohis and income therefrom (subject to the right of Trustor to collect and apply such rents, issues, profits and income as they become due and payable so long as no event of default exists hereunder), (W) all royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, (vii) all tenements, hereditaments, privileges and appurtenances beloriging, used or enjoyed in connection therewith, and (viii) all proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims (including, without limitation, proceeds of insurance and condemnation awards), all of which is hereinafter collectively called the "Trust Property ". TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES AS FOLLOWS: I. Title. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free from any prior hen or encumbrance, that this Deed of Trust is and will remain a valid and enforceable first hen on the Trust Property, that Trustor, at its expense, will preserve such lobe and will maintain this Deed of Trust as a first and paramount ken upon the Trust Property and wig forever warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties whomsoever. Trustor, of its expense, will cause this Deed of Trust, and each amendment or supplement hereto, to be filed and recorded as a mortgage of the Trust Property in such manner and in such place and will take such action as in the opinion of Trustee may be required by any present or future law in order to perfect, maintain and protect the lien of this Deed of Trust, as the same may be amended or supplemented from time to time. Trustor will make such further assurance or assurances to perfect its title to the Trust Property as may be required by Beneficiary. Trustor hereby relinquishes all right of dower and homestead in and to the Trust Property. 2. Payment of Indebtedness. Trustor shall punctually pay the principal of and interest on the Indebtedness secured hereby. 1 Construction of kprovemens. Tnslor shag complete in good and workmanlike manner any buildings, improvements or repairs relating thereto winch may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due aff costs and liabilities incurred therefore, and not to permit any construction lien against such Trust Property. In the event construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commerce any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a (wilding kart agreement, It any, between Trustor and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof, (d) to allow Beneficiary to inspect Me Trust Property at all times during construction. and (e) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. I. Funds for Payment of Charges. Subject to applicable law or to a written waiver by Beneficiary, Trustor shall pay to Beneficiary on the first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in fug, a sum (herdrlaffar cabled ft "Funds ") equal to 1112th of lite yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Property, if any, plus 1112th of the yearly premium installments for hazard insurance, plus 1,,12th of the yearly premium Installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on Me basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or accow is of which are insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said tetras, assasarrtants, insurance premiums and ground rents. Beneficiary shag not be required to pay Trustor any interest or sarr*W oA Ow Funds. BerroHciary shaft give to Trustor, without charge, an annual accounting of the Funds showing credits and dabits to the Funds and rite purpose for which each debit to the Funds was made. The Funds are pledged as additional security for Me Indebtedom "owed by this Deed of Trust. N the amount of the Funds held by Beneficiary, together with the future monthly ktsfrMkrroMs of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shag exceed the lmown( required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Trustor's option, tither promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds H the amount of Me Funds held by Beneficiary shag not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall due. Thrator shag pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness, Beneficiary shall promptly refund to Trustor any Funds held by Beneficiary. N the Trust Property is sold under the power of sale or the Trust Property is otherwise acquired by Beneficiary. Benefktary shaft apply, immediately prior to the sale of the Trust Property or its acquisition by Benehcrary, any Funds held by Beneficiary of tMr time of application as it Credit against tine Indebtedness n Beneficiary executes a wnffen waiver of inistot s Ot igations under Ns paragraph !. Trustor covenants and agrees to pay, bofore the same become delinquent, all tarns. assessments. %r? LYE .wr.— r.+,: