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<br />CONSTRUCTION SECURITY AGREEMENT
<br />DEED OF TRUST
<br />
<br />Intending to create a construction security interest in accordance with the Nebraska Construction Lien Act,
<br />this DEED OF TRUST is made as of the 8TH day of MARCH, 2007 by and among the Trustor, THE
<br />EVANGELICAL FREE CHURCH OF GRAND ISLAND, NEBRASKA, AKA. EVANGELICAL FREE
<br />CHURCH OF GRAND ISLAND whose mailing address for purposes of this Deed of Trust is 2609 S BLAINE ST,
<br />GRAND ISLAND, NEBRASKA 68801 (herein, "Trustor", whether one or more), the Trustee, AREND R. BAACK,
<br />Attorney at Law, a member of the Nebraska State Bar Association, whose mailing address is P. O. Box 790, Grand
<br />Island, NE 68802-0790 (herein "Trustee"), and the Beneficiary, HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND, whose mailing address isP. O. Box I009,GrandIsland,NE 68802-1009
<br />(herein "Lender").
<br />
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<br />FOR V ALUABLE CONSIDERATION, including Lender's extension of credit identified herein to THE
<br />EVANGELICAL FREE CHURCH OF GRAND ISLAND, NEBRASKA, A.K.A EVANGELICAL FREE CHURCH
<br />OF GRAND ISLAND (herein "Borrower", whether one or more), and the trust herein created, the receipt of which is
<br />hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST,
<br />WITH POWER OF SALE, for the benefit and security of Lender, under and subject to the terms and conditions
<br />hereinafter set forth, legally described as follows:
<br />
<br />PARCEL 1: LOTS ONE (1), TWO (2), THREE (3), FOUR (4), FIVE (5), SIX (6), SEVEN (7),
<br />EIGHT (8), NINE (9), TEN (10), ELEVEN (11), TWELVE (12), THIRTEEN (13), FOURTEEN
<br />(14), FIFTEEN (15), SIXTEEN (16), AND SEVENTEEN (17) BLOCK ONE (1), OLDE MILL
<br />SUBDIVISION IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />
<br />PARCEL 2: LOTS ONE (1), TWO (2), THREE (3), FOUR (4), FIVE (5), SIX (6), SEVEN (7),
<br />EIGHT (8), NINE (9), TEN (10), ELEVEN (11), TWELVE (12), THIRTEEN (13), FOURTEEN
<br />(14), FIFTEEN (15), SIXTEEN (16), SEVENTEEN (17), EIGHTEEN (18), NINETEEN (19),
<br />TWENTY (20), TWENTY-ONE (21), TWENTY-TWO (22), TWENTY-THREE (23),
<br />TWENTY-FOUR (24), TWENTY-FIVE (25) AND TWENTY-SIX (26), BLOCK TWO (2),
<br />OLDE MILL SUBDIVISION IN THE CITY OF GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, and such personal property that is attached to the improvements so as to constitute a fixture,
<br />including, but not limited to, heating and cooling equipment and together with the homestead or marital interests, if
<br />any, which interests are hereby released and waived, all of which, including replacements and additions thereto, is
<br />hereby declared to be a part of the real estate secured by the lien of this Deed of Trust and all of the foregoing being
<br />referred to herein as the "Property".
<br />
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest evidenced by a
<br />Construction Line of Credit Draw Note dated MARCH 8, 2007, in the original principal amount of ONE MILLION
<br />FIVE HUNDRED THOUSAND AND 00/100 Dollars ($1,500,000.00), having a maturity date of MAY 1,2028,
<br />unless the earlier call options therein contained shall be exercised by the Beneficiary, together with any and all modi-
<br />fications, extensions and renewals thereof or thereto and any and all future advances and readvances to Borrower (or
<br />any of them if more than one) hereunder pursuant to one or more promissory notes or credit agreements (herein
<br />called "Note"); (b) the payment of other sums advanced by Lender to protect the security of the Note; (c) the
<br />performance of all covenants and agreements of Trustor set forth herein; and (d) all present and future indebtedness
<br />and obligations of Borrower (or any of them ifmore than one) to Lender whether direct, indirect, absolute or contin-
<br />gent and whether arising by note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all
<br />other documents that secure the Note or otherwise executed in connection therewith, including without limitation
<br />guarantees, security agreements and assignments ofleases and rents, shall be referred to herein as the "Loan
<br />Instruments" .
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