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<br />RETURN TO
<br />DR! Tit!e 8,
<br />12720 I Sh.r-t, 2:';"': ;~o
<br />Olllall(:j, r~E GoEi
<br />
<br />FOR RECORDER'S USE ONLY
<br />
<br />WHt"n~~~~ MIIr,lL TO:
<br />4~1 :.lyth A.e J.V
<br />Farge, NB 58 IOj
<br />
<br />
<br />45.50
<br />
<br />*000000000010504049670340*
<br />
<br />CONSTRUCTION DEED OF TRUST
<br />
<br />THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />
<br />THIS DEED OF TRUST is dated December 18, 2007, among RODNEY GALVAN and CATHERINE GALVAN,
<br />
<br />husband and wife, whose address is 520 W AVE, GRAND ISLAND, NE 68803 ("Trustor"); BANK OF THE
<br />
<br />WEST, whose address is Omaha CLO #21386, 13220 California St., Omaha, NE 68154 (referred to below
<br />
<br />sometimes as "Lender" and sometimes as "Beneficiary"); and BANK OF THE WEST, whose address is 13220
<br />
<br />California St., Omaha, NE 68154 (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 Hall
<br />
<br />County. State of Nebraska:
<br />
<br />lot One Hundred Fifteen (115), of LARUE Subdivision, in the City of Grand Island, Hall County, Nebraska
<br />
<br />The Real Property or its address is commonly known as 3803 Deerwood Ave, Grand Island, NE 68803.
<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 OF
<br />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 />PAYMENT 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 />
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