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DEED OF TRUST
<br />CONSTRUCTIM SECURITY AGREEMENT
<br />86-1,06983
<br />This Deed of Trust Construction Security Agreement is made this
<br />6th day of October 1986, by and among WESTERING
<br />DISTRIB(TI'ING OOMPAN`f, INC., hereinafter referred to as ' Trustor," whose'
<br />mailing address is 3554 West Stolley Park Road, Grand Island, Nebraska
<br />68801; Arend R. Baack, Attorney at Law, hereinafter referred to as 'Trustee, ",
<br />whose mailing address is Post Office Box 790v Grand Island, NE 68802; and
<br />THE OVERLAND NATIONAL BANK OF GRAND ISLAND, hereinafter referred to as
<br />"Beneficiary," whose mailing address is P. 0. Box 1688, Grand Island,
<br />Nebraska. 68802.
<br />For valuable consideration, Trustor irrevocably grants, transfers,
<br />conveys and assigns to Trustee, in trust, with power of sale, for the
<br />benefit and security of Beneficiary, under and subject to the terms and
<br />conditions of this Deed of Trust Construction Security Agreement, the
<br />following- described property, located in Hall County, Nebraska, to-wit:
<br />Lots Nine (9) and Ten (10), Mehring and Giesenhagen Second
<br />Subdivision, Hall County, Nebraska AND
<br />A tract of land located in the Southeast Quarter of Section
<br />Twenty Four, Township Eleven North, Range Ten, West of the
<br />6th P.M., lying South of the Union Pacific Railroad Company,
<br />more particularly described as follows: Referring to the
<br />Southeast corner of Section Twenty Four; thence Westerly
<br />Two Thousand Twenty Two and Seventy Hundredths (2,022.70) feet;
<br />thence Northerly Thirty Three (33) Feet to the Actual point of
<br />beginning; thence Northerly Two Hundred (200) feet; thence
<br />Easterly Two Hundred (200) feet; thence Southerly Two Hundred
<br />(200) feet; thence iesterly Two Hundred (200) feet to the
<br />point of beginning,
<br />together with all buildings, improvements, fixtures, streets, alleys,
<br />passageways, easements, rights, privileges and appurtenances located
<br />thereon or in any way pertaining thereto, and the rents, issues, profits,
<br />reversions and the remainders thereof, including all such personal property
<br />that is attached to the improvements so as to constitute a fixture, all of
<br />which, including replacements and additions thereto, are hereby declared to
<br />be a part of the real estate conveyed in trust hereby, it being agreed that
<br />all of the foregoing shall be hereinafter referred to as the "Property."
<br />FOR THE PURPOSE OF SECURING:
<br />(a) the payment of construction indebtedness in respect to sums to
<br />be advanced to Trustor from Beneficiary for the purpose of making an
<br />improvement of the real estate above - described, as evidenced by a Con-
<br />struction Draw Deed of Trust Note of even date herewith in the original
<br />total principal draw amount of Three Hundred Fifty Thousand and No /100
<br />Dollars (5350,000.00);
<br />(b) the payment of interest at the rate or rates provided in the
<br />aforedescribed note and the payment of both principal and interest on
<br />any and all renewals, modifications and extensions of such notes;
<br />(c) the payment of principal and interest on any future advance as
<br />may be evidenced by promissory notes stating they are secured by this
<br />Deed of Trust Construction Security Agreement; provided, however, that the
<br />total principal indebtedness, not including sums advanced to protect the
<br />security or interest accrued, shall not exceed the sun of Three Hundred
<br />Fifty Thousand and No /100 Dollars (S350,000.00);
<br />(d) the performance of each agieanent and covenant of Trustor herein
<br />contained; and
<br />(e) the payment of any sun or suns of money which may be hereafter
<br />paid or advanced by Beneficiary under the terms of this Deed of Trust
<br />Construction Security Agreement, together with interest at the highest
<br />rate provided in the notes secured hereby.
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