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qee,d of Trust 88- 108848 .. ,.,.....,. BANKS .. THIS DEED OF TRUST Is made thIL,l~!__ deyol December , /9lHL, by and ba/ween Art-Kraft Siana. Inc. , whather ana or mOre, (harolnBnar CBI/ad the "Trustor"), whosemalllngaddrossls POBox 130. fda. NE 6B810 . NORWEST BANK N(!braska, Nation&l 83ociation (hereinafter called the "Trustes"), whose malflng address Is P.O. Box 1768. Grand Islsnd. NE , and NOR WEST BANK Nehraaka. National Aasociation , (haralnanar called the "Beneficiary"), whose mailing address Is ~ox 1768. Grand Island. Nebraska. 68802 WITNESSETH: IF THIS BOX IS CHECKED I J THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT UNDER THE NEBRASKA CONSTRUCTION UEN ACT AND CREATES, GRANTS AND CONSTITUTES A CONSTRUCTION SECURtTY INTEREST IN THE PROPERTY DESCRIBED HEREINBELOW. STFX-~HH~ 'IlMOUSAND THREE HUNDRED EIGHTY- WHEREAS Trustor is indebted to Beneficiary In the principal sum of ON N 1 -------------------------------- Dollars ($ 63.381.17 J, which indebtedness Is eVIdenced by Trustor's promissory note dated December 1 . 19.1lB...-, (hereinafter called the "Nots"), payable to the order of Beneficiary and having B maturity of neotember 4, 1995 NOW, THEREFORE, for the purpose of securing: (a) payment of the Note, together with intarestthareon, late charges, prepayment penaft/es, any tuture advances, and al/ 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 of Trustor, whether or not set forth herein, (c) performance, discharge Df and cDmpliance with every term, CDvenant, Dbligation and agreement Df Trustor contained herein or incorporated by reference or any Dther security instrument at anytime given to secure the NDte, and (d) the repayment of al/ Dther sums or future advances, with interest thereon, which may heretofDre have been Dr hereafter be advanced by Beneficiary to Trustor or Trustor's successor in interest or title, alf of which is hereinafter collectively cal/ed the "Indebtedness", Trustor irrevDcably grants and transfers to Trustee, in trust, WITH POWER OF SALE, the foffowing described property: SEE ATTACHED EXHIBIT "A" together with (i) all buildings. structures, additiDns, enlargements, modifications, repairs, replacements, and improvements now 'or hereafter loeBtad thereon. (ii) all aqulpmant. mBchinery and fixtures (including. without iimltation, all iighting, heating. ventilating, cooling. air conditioning, sprinkling and plumbing fixtures, water and power systems, engines, boilers, ranges, ovens, dishwashers, mirrors and mentels, carpeting, furnaces, oil burners, elevators and motors, refrigeration plants or units, communication systems, dynamos, transformers, electriCal equipment, storm and screen windows, doors, awnings and shades) now or hereafter attached to, or built in, any building or improvement now or hereafter located thereon, (ill) all easements and rights of way appurtenant thereto, (iv), all leasehold estate, right, title and interest of Trustor in and to all/eases, whether now or hereafter existing or entered into (incl/.)ding, without limitation, all cash and security deposits, advance rentals and deposits or payments of a similar nature), pertaining thereto. (v) all rents, issues, profits 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), (vi) all royalties, mineral, oil and gas rights snd profits. water, watsr rights. and water stock, (vii) all tenements. hereditaments, privileges and appurtenances belonging, used or enjDyed 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: 1. Tit/e. Trustor covenants, warrants and agrees with Beneficiary, its successors and assigns, that Trustor owns the Trust Property free from any prior lien or encumbrance, that this Deed of Trust;s and will remain a valid and enforceable first lien on the Trust Property, that Trustor, at its expense, will preserve such title and will maintain this Deed of Trust as a first and paramount lien upon the Trust Property and will forever warrant and defend the validity and priority of the lien hereof against the claims of aI/ persons and parties whomsoever. Trustor, at 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 perlect, maintain and protect the lien or this Deed of Trust, as the same may be amended or supplemented from time to time. Trustor wl/1 maJce 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 (ndebtedness. Trustor shall puncluaJ/y pay the principal of and interest on the Indebtedness secured hereby. 3. Construction of Improvements. Trustor shall complete in good and wor1cmanlike manner any buildings, improvements or repairs relating thereto whIch may be begun on the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due aI/ costs and liabilities incurred therefore, and not to permit any construction Jien against such Trust Property. (n the event constructiDn of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence 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, (e) to comply with afJ the terms of a building loan agreement, if any, between Trustor and Beneficiary, tbe terms of which are incorporated herein by reference end made a part hereof, (d) to allow Beneficiary to inspect the Trust Property at all times during construction, and (a) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Subject to applicable law or to a wrinen waiver by BeneficIary, Trustor shall pay to Benefir.iary 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 full, a sum (hereinafter called the "Funds") equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Propeny,lf any, plu:; 1112th of the yearly premium Installments for hazard insurance, plus 1112th of the yearly premium installments for mortgage insurance, if any, all as masonably estimated initially and from time to time by Beneficiary Dn the basis of assessments and bifJs and reasonable estimates thereof. The Funds shall be held in an institution, the deposits or accounts of which are Insured or guaranteed by a federal or state agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. BeneficIary shall not be required to pay Trustor any interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for whIch each debit to the Funds was made. The Funds are pledged as additional security for the Indebtedness secured by this Deed of Trust. If the amount Df the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due detes of taxes, assessments, insurance premiums and ground rents, shall exceed the . amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shalf be, at Trustor's option, either promptly repaid to Trustor or credited to Trustor against future mDnthly installments of Funds. If the amount 01 the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they faJl due, Trustor shall pay to Beneficiary any amount necessary to maka up the deficiency within thirty days from the date notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of aJllndebtedness. Beneficiary shall promptly refund 10 Trusror any Funds hBld by Beneficiary. If the Trust Property is said under the powsr of safe Dr the Trusr Property IS otherwise aCQUIred by Beneficiary. ~enefjciary.shaJI apply, immadJalaly priDr to the s8/e orme Trust Property or Its acqUIsition by BenefICIary. any Funds held by BenefiCIary at tta time of application as a credit against the Indebtedness. If Beneftclary executes a wrlttfm waIver of Trustors obligations under thIS paragraph 4. TrustGf covenants end agrees to pay. belore the same become delmquent, all ra.es, assessments. lroUuar~()rvr1