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<br /> ~ n s; <br /> "if m <br /> ." :J: ,-..> <br /> c: m CIl ~ <br /> <;::;;) <br /> ""> n z (') :r -..2 <br /> -. ~ ~~ 0 '" ~ en <br /> ~ rt ~ ::0 >:I r",., <br />N ncn m~ -0 <br />CSl ::s ;S ;;III\:J: :~ ........ <br />CSl <br />"'-./ SV~ --,., -..,J <br />CSl c.? l:~' <br />co <br />cSl ~- d r"t1 ~\ ::0 <br />CSl n"l :3 <br /> c:r ~ <br />N lfl <br /> ........ <br /> c::> <br /> r-v <br /> CD <br /> <br /> <br /> <br />CONSTRUCTION SECURITY AGREEMENT <br />TRUST DEED <br /> <br />C":l(f> a ~ <br />0-; <br />c: ::> N <br />z-t <br />-trr1 0 f! <br />-< ("~ <br />0"'" C) G;" <br />"Tl Z -..,J <br />:;:: r'l <br />l"-~ c,..) 0 <br />r- :;1) <br />r P- co <br /> (f> 0 <br /> :;><; <br /> J> C) <br />----- ----- <br />(f> N <br />CI) f <br /> 10.50 <br /> <br /> <br />THIS TRUST DEED, made September 12,2007, by and among Windridge Townhomes, LLC, whose mailing address is 1635 <br />16th Street, Post Office Box 335, Central City, Nebraska 68826 (herein "Trustor"); and Horizon Bank, whose mailing address is 10841 <br />North 142nd Street, Post Office Box 447, Waverly, Nebraska 68462 (herein "Trustee"); and Horizon Bank, whose mailing address is <br />10841 North 142nd Street, Post Office Box 447, Waverly, Nebraska 68462 (herein "Beneficiary"). <br /> <br />FOR VALUABLE CONSIDERATION, Trustor irrevocably grants, transfers, conveys, and assigns to Trustee, IN TRUST, <br />WITH POWER OF SALE for the benefit and security of Beneficiary, under and subject to the terms and conditions of this Trust Deed, <br />the following described real property, located in Hall County, Nebraska: <br /> <br />Lots 1,2,3,4,5,6,.7,8,9,10,11,20,21,22,23,24,25,26,27,28 and all of Outlot A lying south of the south lot line <br />of Lot 12 as extended east across Outlot A, all in Larue Fourth Subdivision to the City of Grand Island, Hall County, <br />Nebraska. <br /> <br />TOGETHER WITH all of the following, whether now owned or hereafter acquired: rents, profits, royalties, income, and other <br />benefits derived from the real property; all leases or subleases covering the real property or any portion thereof; all interests, estate, or <br />other claims, both in law and in equity, in the real property; all homestead exemptions which are hereby released and waived; all <br />easements, rights-of-way, tenements, hereditaments; all oil and gas rights and profits and water rights; all right, title, and interest of <br />Trustor in and to any land lying within the right-of-way of any street or highway adjoining the real property; any and all buildings, <br />fixtures, improvements, and appurtenances now or hereafter erected thereon or belonging thereto (herein referred to as "Improvement" or <br />"Improvements"); and any and all awards made for the taking by eminent domain, or by any proceeding or purchase in lieu thereof, of the <br />whole or any part of the real property. All of the foregoing estate, property, and interest conveyed to Trustee herein collectively referred <br />to as the "Property." <br /> <br />FOR THE PURPOSE OF SECURING: <br /> <br />(a) The payment of indebtedness evidenced by Trustor's notes or guarantee ("Note") dated September 12, 2007, in the <br />principal sum of Two Million Three Hundred Thousand Dollars ($2,300,000), together with interest at the rate or rates provided therein <br />and the principal and interest on any future loans evidenced by promissory notes or guarantees stating they are secured by this Trust Deed, <br />and any and all renewals, modifications, and extensions thereof, both principal and interest being payable in accordance with the terms set <br />forth therein, which, by this reference, is made a part hereof. <br /> <br />(b) The performance of each agreement and covenant of Trustor herein contained; and <br /> <br />(c) The payment of any sum or sums of money which may be hereafter paid or advanced by the Beneficiary under the terms <br />of this Trust Deed, together with interest thereon at the rate provided in the "Note." <br /> <br />TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR HEREBY COVENANTS AND AGREES AS <br />FOLLOWS: <br /> <br />1. PAYMENT OF PRINCIPAL AND INTEREST. Trustor shall promptly pay, when due, the principal of and interest <br />on the indebtedness evidenced by the Note, and all other charges and fees as provided in the Note, and the principal of and interest on any <br />Future Advances secured by this Trust Deed. <br /> <br />2. WARRANTY OF TITLE. Trustor is lawfully seized and possessed of good and indefeasible title and estate to the <br />Property hereby conveyed and has the right to grant and convey the Property. The Property is free and clear of all liens and <br />encumbrances, except liens now of record, and Trustor will warrant and defend the title to the Property against all claims and demands. <br /> <br />3. MAINTENANCE AND COMPLIANCE WITH LAWS. Trustor shall keep the Property in good repair and <br />condition, shall not commit waste or permit impairment or deterioration of the Property, and shall comply with the provisions of any lease <br />if this Trust Deed is on a leasehold. No improvement, now or hereafter erected upon the Property, shall be altered, removed, or <br />demolished without the prior written consent of Beneficiary. Trustor shall comply with all laws, ordinances, regulations, covenants, <br />conditions, and restrictions affecting the Property and not commit, suffer, or permit any act to be done in or upon the Property in violation <br />of any law, ordinance, regulation, covenant, condition, or restriction. Trustor shall complete or restore, promptly and in good <br />workmanlike manner, any improvement on the Property which may be damaged or destroyed and pay, when due, all claims for labor <br />performed and materials furnished therefor and for any alterations thereof. <br /> <br />4. INSURANCE. Trustor, at its expense, will maintain, with insurers approved by Beneficiary, insurance with respect to <br />the improvements and personal property, constituting the Property, against loss by fire, lightning, tornado, and other perils and hazards <br />covered by standard extended coverage indorsement, in an amount equal to at least one hundred percent (100%) of the full replacement <br />value thereof and insurance against such other hazards and in such amounts as is customarily carried by owners and operators of similar <br />properties. All insurance policies maintained pursuant to this Trust Deed shall name Trustor and Beneficiary as insured, as their <br />respective interests may appear, and provide that there be no cancellation or modification without at least 15 days' prior written <br />notification to Trustee, and Beneficiary may procure such insurance in accordance with the provisions of paragraph 6 hereof. Trustor <br />