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<br /> FOR RECORDER'S USE ONLY dO.SO
<br />
<br />
<br />WHEN RECORDED MAIL TO:
<br />FIVE POINTS BANK OF HASTINGS
<br />MAIN BANK
<br />2815 OSBORNE DRIVE WEST
<br />HASTINGS, NE 68901
<br />
<br />
<br />
<br />CONSTRUCTION DEED OF TRUST
<br />THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $650,000.00.
<br />
<br />THIS DEED OF TRUST is dated August 21, 2007, among DOUGLAS J HERBEK and TENA L HERBEK;
<br />
<br />HUSBAND AND WIFE ("Trustor"); FIVE POINTS BANK OF HASTINGS, whose address is MAIN BANK, 2815
<br />
<br />OSBORNE DRIVE WEST, HASTINGS, NE 68901 (referred to below sometimes as "Lender" and sometimes as
<br />
<br />"Beneficiary"); and Five Points Bank of Hastings, whose address is 2815 Osborne Drive West, Hastings, NE
<br />
<br />68901 (referred to below as "Trustee").
<br />
<br />CONVEYANCE AND GRANT. For valuable considaration, Truslor conveys 10 Trustae in trust. WITH POWER OF SALE, for Ihe benefil of
<br />Lander as Beneficiary, all of Trustor's righi, litle, and inleraSl in and to the 10llowing described real properly, together with all existing or
<br />subsequently erected or affixed buildinus, impr.ovements end fixtures; all easements, fights of way. and appurtenances; all water, water
<br />rights and ditch rig his (including slock in utililies with ditch or irrigation rights); and all olher rights, royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas, gaotharmal and similar matters, (the "Real Property") located in HALL
<br />
<br />County, State of Nebraska:
<br />
<br />Lot Eleven (11), Westwood Park Eighth Subdivision, in the City of Grand Island, Hall County, Nebraska
<br />
<br />The Real Property or its address is commonly known as 409 BEACHWOOD DR, GRAND ISLAND, NE 68803.
<br />
<br />The Real Property tax identification number is 400420546.
<br />
<br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor whether or not the
<br />advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts
<br />specified in the Note. all future amounts Lender in its discretion may loan to Trustor. tugether with all interest thereon: however, in no
<br />event shall such future advences lexcluding intaresll exceed in the aggregate $660,000.00.
<br />
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trustl all of Trustor!s dOht. title. and interest in and to all
<br />present and future leases of the Property and all Rents from the Property_ In addition. Trustor grants to Lender a Uniform Commercial
<br />Code security intarest in the Personal Property and Rents_
<br />
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (Bl PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />
<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 01 Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under tha Note, this
<br />Deed of Trust, and the Related Documents.
<br />
<br />CONSTRUCTION MORTGAGE. This Deed of Trust is a 'construction mortgage" for the purposes 01 Sections 9-334 and 2A-309 0\ the
<br />Uniform Commercial Code, as those sections have been adopted by the State of Nebraska.
<br />
<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:
<br />
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor may J1) remain in possession and control of the Property;
<br />(2) use, operale or manage the Property; and 13) collcct the Rents from the Property.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in good condition and promptly perform all repairs/ replacements, and
<br />maintenance nec6fisary to preserve its value.
<br />
<br />Hazardous Substances. Trustor represents and warrants that the Property never has beenl Bnd never will be so long as this Deed of
<br />Trust remains a lien on the Property, lIsed for tll0 generation, man~lfacturel storage, treatment, dispofial, release or throatened reloaso
<br />of any Hazardous Substance in violation of any Environmental Laws, Trustor authorizes Lender and its agtmts to enter upon the
<br />Property to make such inspections and tests as Lender may deem appropriate to determine compliance of the Property with this
<br />soction of the Deed of Trust. Trustor hereby (11 releases and waives any future claims against Lender for indemnity or contribution
<br />in the event Trustor becomes liable for cleanup or other costs under any such laws. and (2) agrees to indemnifYI defendl and hold
<br />harmless Lender against any and all claims and losses resulting from a breach of this paragraph 01 the Dead of Trust. This obligation
<br />to indemnify and ciefend shall survive the paymenl of the Indebtedness and the satisfaction of this Deed of Trust.
<br />
<br />Construction Loan. If some or all of the proceeds of tho loan creating the Indebtedness are to be used to construct or complete
<br />comaruction of any Improvements on the Property, the Improvements shall be completed no later than the maturity date of the Note
<br />lor such earlier date as Lender may reasonably establish) and Trustor shall pay in lull all costs and expenses in connection with the
<br />work. Lender will disbursa lo~n proceeds under such terms and conrtitions 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 reportfi, and such other documentation afi Lender may reasonably request.
<br />
<br />DUE ON SALE. CONSENT BY LENDER. l.ender may, at Lender's option, declare immediately due and payable all sums secured hy this
<br />Deed of Trust upon the sale or transfer, without Lender's prior written consent. of all or any part of the Real Property, or any interes1 in th!::l
<br />Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or interest in the neal Property; whether legal.
<br />beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land c.ontract, contract
<br />for dBed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment. or transfer of any
<br />beneficial interest in or to any land trust holdioO title to the Real Property, or by any other Il\ethod of conveyance of an interest in the Real
<br />Property. Howeverl this option shall not be exercised by lender if such exercise is prohibited by fedBrallaw or by Nebraska law.
<br />
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