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<br />
<br />CONSTRUCTION SECURITY AGREEMENT
<br />DEED OF TRUST
<br />,\:2:>
<br />Intending to create a construction security interest in accordance with the Nebraska ~
<br />Construction Lien Act, this DEED OF TRUST is made as of the 3rd day of May, 2007 by and '- ~
<br />among the Trustor, RAMIRO J. FAZ and BARBARA S. FAZ, Husband and Wife, whose mail-
<br />ing address for purposes of this Deed of Trust is 2228 S. Riverview Drive, Grand Island, NE
<br />68801 (herein, "Trustor", whether one or more), the Trustee, AREND R. BAACK, Attorney at
<br />Law and member of the Nebraska State Bar Association, whose address is 104 N. Wheeler, P.O.
<br />Box 790, Grand Island, NE 68802-0790 (herein "Trustee"), and the Beneficiary, AXIS
<br />CAPITAL, INC., a Nebraska corporation, whose mailing address is P.O. Box 2555, Grand
<br />Island, NE 68802-2555 (herein "Lender").
<br />
<br />FOR VALUABLE CONSIDERATION, including Lender's extension of credit identified
<br />herein to RAMIRO 1. FAZ and BARBARA S. FAZ (herein "Borrower", whether one or more),
<br />and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irre-
<br />vocable grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE,
<br />for the benefit and security of Lender, under and subject to the terms and conditions hereinafter
<br />set forth, legally described as follows:
<br />
<br />The South 648' of the South Half of the North Half of the Southeast Quarter
<br />(SI/2Nl/2SEl/4) of Section Two (2), Township Eleven (11) North, Range Nine
<br />(9) West of the 6th P.M., Hall County, Nebraska;
<br />
<br />together with all buildings, improvements, fixtures, streets, alleys, passageways, easements,
<br />rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the
<br />rents, issues and profits, reversions and remainders thereof, and such personal property that is
<br />attached to the improvements so as to constitute a fixture, including, but not limited to, heating
<br />and cooling equipment and together with the homestead or marital interests, if any, which
<br />interests are hereby released and waived, all of which, including replacements and additions
<br />thereto, is hereby declared to be a part of the real estate secured by the lien of this Deed of Trust
<br />and all of the foregoing being referred to herein as the "Property".
<br />
<br />This Deed of Trust shall secure (a) the payment of the principal sum and interest
<br />evidenced by a Construction Line of Credit Draw Note dated April 30, 2007, having a maturity
<br />date of October 1, 2013, in the original principal amount of Three Hundred Seventy-Five
<br />Thousand and NollOO Dollars ($375,000.00) and any and all modifications, extensions and
<br />renewals thereof or thereto and any and all future advances and readvances to Borrower (or any
<br />of them if more than one) hereunder pursuant to one or more promissory notes or credit agree-
<br />ments (herein called "Note"); (b) the payment of other sums advanced by Lender to protect the
<br />security of the Note; (c) the performance of all covenants and agreements of Trustor set forth
<br />herein; and (d) all present and future indebtedness and obligations of Borrower (or any of them if
<br />more than one) to Lender whether direct, indirect, absolute or contingent and whether arising by
<br />note, guaranty, overdraft or otherwise. The Note, this Deed of Trust and any and all other docu-
<br />ments that secure the Note or otherwise executed in connection therewith, including without
<br />limitation guarantees, security agreements and assignments of leases and rents, shall be referred
<br />to herein as the "Loan Instruments".
<br />
<br />TRUSTOR COVENANTS AND AGREES WITH LENDER AS FOLLOWS:
<br />
<br />1. Payment of Indebtedness. All indebtedness secured hereby shall be paid when due.
<br />
<br />2. Title. Trustor is the owner of the Property, has the right and authority to convey the
<br />Property and warrants that the lien created hereby is a first and prior lien on the Property and the
<br />execution and delivery of the Deed of Trust does not violate any contract or other obligation to
<br />which Trustor is subject.
<br />
<br />3. Taxes, Assessments. To pay, before delinquent, all taxes, special assessments and all
<br />other charges against the Property now or hereafter levied.
<br />
<br />4. Insurance. To keep the Property insured against damage by fire hazards included with
<br />the term "extended coverage" and such other hazards as Lender may require in amounts and with
<br />companies acceptable to Lender, naming Lender as an additional named insured with loss
<br />
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