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<br />WHEN RECORDED MAil 1'0:
<br />Platte Valley State Bank & Trust
<br />PVSB Grand Island ~ranjjh
<br />810 Allen Dr f'/) '-'~ 5/"1'
<br />Grand Island, NE 68803 t-,I;>d z..,. " z.~
<br />
<br />20070859a
<br />
<br />FOR RECORDER'S USE ONLY
<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 />36.eiD
<br />
<br />THIS DEED OF TRUST is dated September 27. 2007. among l & P Investments. whose address is 429
<br />
<br />Industrial lane. Grand Island. NE 68803 ("Trustor"); Platte Valley State Bank & Trust. whose address is PVSB
<br />
<br />Grand Island Branch. 810 Allen Dr. Grand Island. NE 68803 (referred to below sometimes as "lender" and
<br />
<br />sometimes as "Beneficiary"); and Platte Valley State Bank & Trust. Co. Inc.. whose address is PO Box 430.
<br />
<br />Kearney. NE 68848-0430 (referred to below as "Trustee").
<br />
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust. WITH POWER OF SALE. for the benefit of
<br />Lender as Beneficiary. all of Trustor's right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in H'all
<br />
<br />County. State of Nebraska:
<br />
<br />lot Two (2) and Three (3). Commercial Industrial Park Third Subdivision to the City of Grand Island. Hall
<br />
<br />County. Nebraska
<br />
<br />The Real Property or its address is commonly known as 3003 and 438 Frontage Rd. Grand Island. NE 68803.
<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, together with all interest thereon.
<br />
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's right, 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 interest 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 (AI PAYMENT OF THE INDEBTEDNESS AND (BI PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE. THE RELATED DOCUMENTS. AND THIS DEED OF TRUST. THIS DEED OF TRUST. INCLUDING THE ASSIGNMENT
<br />OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY. IS ALSO GIVEN TO SECURE ANY AND ALL OF
<br />TRUSTOR'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN TRUSTOR AND LENDER OF EVEN
<br />DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT. OR ANY OF THE RELATED DOCUMENTS
<br />REFERRED TO THEREIN. SHALL ALSO BE AN EVENT OF DEFAULT UNDER THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND
<br />ACCEPTED ON THE FOLLOWING TERMS;
<br />
<br />PA YMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all amounts secured by
<br />this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of Trustor's obligations under the 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 of Sections 9-334 and 2A-309 of 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 (1) remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />
<br />Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership
<br />of the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe
<br />that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any
<br />Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
<br />Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and
<br />acknowledged by Lender in writing, (a) neither Trustor nor any tenant, contractor, agent or other authorized user of the Property
<br />shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property;
<br />and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and
<br />ordinances, including without limitation all Environmental Laws. Trustor authorizes Lender and its agents to enter upon the Property
<br />to make such inspections and tests, at Trustor's expense, as Lender may deem appropriate to determine compliance of the Property
<br />with this section of the Deed of Trust. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be
<br />construed to create any responsibility or liability on the part of Lender to Trustor or to any other person. The representations and
<br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor
<br />hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Trustor becomes liable for
<br />cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and all
<br />claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
<br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or
<br />threatened release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have
<br />been known to Trustor. The provisions of this section of the Deed of Trust, including the obligation to indemnify and defend, shall
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