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<br />08.06.2008
<br />
<br />200807161
<br />
<br />File No. 16-471
<br />
<br />claiming any interest in the Mortgaged Property, to the extent permitted by law, hereby waives
<br />and releases all rights of redemption, valuation, appraisement, stay of execution, notice of
<br />election to mature or declare due the whole of the Secured Obligations and marshaling in the
<br />event of foreclosure of the liens hereby created. If any law referred to in this Section 6.02 and
<br />now in force, of which Trustor, Trustor's heirs, devisees, representatives, successors and
<br />assigns or other person might take advantage despite this Section 6.02, shall hereafter be
<br />repealed or cease to be in force, such law shall not thereafter be deemed to preclude the
<br />application of this Section 6.02. Trustor expressly waives and relinquishes any and all rights,
<br />remedies and defenses that Trustor may have or be able to assert by reason of the laws of the
<br />state in which the Property is located pertaining to the rights, remedies and defenses of
<br />sureties.
<br />
<br />Section 6.03. limitation of Interest. All agreements between Trustor and Beneficiary,
<br />whether now existing or hereafter arising and whether written or oral, are expressly limited so
<br />that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to
<br />Beneficiary for the use, forbearance, or detention of the money to be loaned pursuant to the
<br />Promissory Note or otherwise, or for the pertormance or payment of any covenant or obligation
<br />contained herein, exceed the maximum amount permissible under applicable law. If from any
<br />circumstance whatsoever fulfillment of any provision hereof at the time pertormance of such
<br />provision shall be due shall involve transcending the limit of validity prescribed by law, then, ipso
<br />facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any
<br />such circumstance Beneficiary or holder of the Promissory Note shall ever receive as interest
<br />under the Promissory Note or this Deed of Trust or otherwise anything of value which would
<br />exceed interest at the highest lawful rate, such amount that would be excessive interest shall be
<br />applied to the reduction of the principal amount owing under the Promissory Note or on account
<br />of other Secured Obligations and not to the payment of interest, or if such excessive interest
<br />exceeds the unpaid balance of principal of the Promissory Note and such other Secured
<br />Obligations, such excess shall be refunded to Trustor, or to the maker of the Promissory Note,
<br />or other evidence of Secured Obligations, if other than Trustor. All sums paid or agreed to be
<br />paid to Beneficiary for the use, forbearance, or detention of the Secured Obligations shall, to the
<br />extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the
<br />full term of such obligations until payment in full so that the rate of interest on account of
<br />Secured Obligations is uniform throughout the term thereof. The terms and provisions of this
<br />paragraph shall control all agreements between Trustor, or the maker of the Promissory Note,
<br />or other evidence of Secured Obligations, if other than Trustor, and Beneficiary.
<br />
<br />Section 6.04. Statements bv Trustor. Trustor, within ten (10) days after being given
<br />notice, will furnish, or cause to be furnished, to Beneficiary a written statement stating the
<br />unpaid principal of and interest on the Promissory Note and any other amounts secured by this
<br />Deed of Trust and stating that no offset or defense exists against such amounts.
<br />
<br />Section 6.05. Notices. Whenever Beneficiary or Trustor shall desire to give or serve
<br />any notice, demand, request or other communication with respect to this Deed of Trust, each
<br />such notice, demand, request or other communication shall be in writing and shall be deemed to
<br />have been given if sent by hand delivery, overnight courier or certified mail, postage prepaid,
<br />addressed to the following addresses:
<br />
<br />If to Trustor:
<br />
<br />Village Development-Grand Island, LLC
<br />1045 Lincoln Mall, Suite 300
<br />Lincoln, Nebraska 68508
<br />
<br />With a copy to:
<br />
<br />Jennifer J. Strand, Esq.
<br />Woods & Aitken, LLP
<br />301 South 13th Street, Suite 500
<br />Lincoln, Nebraska 68508M2578
<br />
<br />If to Trustee or
<br />Beneficiary:
<br />
<br />First National Bank of Omaha
<br />Attention: Senior Officer, Mortgage Loan Department
<br />1620 Dodge Street, Stop 4300
<br />Omaha, Nebraska 68197-4300
<br />
<br />Ronald L. Eggers, Esq.
<br />Gross & Welch, P.C., L.L.O.
<br />2120 South 72nd Street, Suite 1500
<br />Omaha, Nebraska 68124-2342
<br />
<br />With a copy to:
<br />
<br />Deed of Trust, Security Agreement and Assignment of Rents, Page 18
<br />#553480-v1
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