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<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />North Locust Branch
<br />113-115 N Locust St
<br />PO Box 160
<br />Grand Island, NE 68802-0160
<br />
<br />FOR RECORDER'S USE ONLY
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<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 />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at anyone time $45,442.50.
<br />
<br />THIS DEED OF TRUST is dated June 17, 2008, among MERLE LEE PARSONS and ROXIE A. PARSONS FKA
<br />
<br />ROXIE A. STOUT; HUSBAND AND WIFE ("Trustor"); Equitable Bank, whose address is North Locust Branch,
<br />
<br />113-115 N Locust St. PO Box 160, Grand Island, NE 68802-0160 (referred to below sometimes as "Lender"
<br />
<br />and sometimes as "Beneficiary"); and Equitable Bank (Grand Island Region), whose address is 113-115 N
<br />
<br />Locust St; PO Box 160, Grand Island, NE 68802-0160 (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 />LElndElr as Bllneficiary, 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 relatin!:! to the real
<br />property, including without limitation all minerals, oil, gas, geothermel and similar matters, (the "Real Property") located in HAll
<br />
<br />County. State of Nebraska:
<br />
<br />LOT ONE HUNDRED TWENTY TWO (122), IN BUENAVISTA SUBDIVISION, AN ADDITION TO THE CITY
<br />
<br />OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />
<br />The Real Property or its address is commonly known as 315 HALL ST, GRAND ISLAND, NE 688017913.
<br />
<br />FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Borrower whether or not
<br />the advances are made pursuant to a commitment. Specifically, without Iimitetion, 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 Borrower, 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 (A) PAYMENT OF THE INDEBTEDNESS AND IB) 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 />BORROWER'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN BORROWER 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 />TRUSTOR'S REPRESENTATIONS AND WARRANTIES, Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and
<br />not at the request of Lender; (b) Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate tha
<br />Property; (c) the provisions of this Deed of Trust do not conflict with, or result in a default under any egreement or other instrument
<br />binding upon Trustor and do not result in a violation of any law, regulation, court decree or order applicable to Trustor; (d) Trustor has
<br />established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and (e)
<br />Lender has made no representation to Trustor about Borrower (including without limitation the creditworthiness of Borrower).
<br />
<br />TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other
<br />law which may prevent Lender from bringing any action against Trustor, including a claim for daficiency to the extent Lender is otherwise
<br />entitled to a claim for deficiency. before or after Lender's commancement or completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale.
<br />
<br />PA YMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Borrower shall pay to Lender all Indebtedness
<br />secured by this Deed of Trust as it becomes due, and Borrower and Trustor shall perform all their respective obligations under the Note,
<br />this 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 tha
<br />Uniform Commercial Code, as those sections have been adopted by the Stete of Nebraske.
<br />
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY, Borrower and Trustor agree that Borrower's and Trustor's possession and use of
<br />the Property shall be governed by the following provisions:
<br />
<br />Possession and Use. Until the occurrence of an Event of Default, Trustor mey (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 Mllintain. Trustor shall maintain the Property in good condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value,
<br />
<br />Complience With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership
<br />of the Property, there has baen no use, generation. manufacture, storage, treatment, disposal, release or threatened releasa 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 />
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