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<br />WHEN RECORDED MAil TO:
<br />Exchange Bank
<br />P.O. Box 760
<br />#14 LaBarre
<br />Gibbon. NE 68840
<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
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<br />
<br />THIS DEED OF TRUST is dated January 8, 2009, among Oseka Homes, L.L.C., A Nebraska limited liability
<br />
<br />Company, whose address is 1709 Meadow Rd, Grand Island, NE 68803 ("Trustor"); Exchange Bank, whose
<br />
<br />address is P,O. Box 760, #14 laBarre, Gibbon, NE 68840 (referred to below sometimes as "lender" and
<br />
<br />sometimes as "Beneficiary"); and Exchange Bank, whose address is P.O. Box 760, Gibbon, NE 68840
<br />
<br />(referred to below as "Trustee").
<br />
<br />CONVEYANCE AND GRANT. For valuable consideration. Trustor conveys to Trulltee in trUllt. WITH POWER OF SALE. for tha benefit of
<br />Lender all 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 Thirty Seven (137), larue Subdivision, in the City of Grand Island, Hall County, Nebraska
<br />
<br />The Real Property or its address is commonly known as 1128 Sagewood Ave., Grand Island, NE 68803.
<br />
<br />CROSS-COLLATERALlZATION. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest
<br />thereon, of Trustor to lender, or anyone or more of them, as well as all claims by lender against Trustor or anyone or more of them,
<br />whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise,
<br />whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Trustor
<br />may be liable individually or jointly with others. whether obligated as guarantor, surety, accommodation party or otherwise, and whether
<br />recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay
<br />such amounts may be or hereafter may become otherwise unenforceable. If the lender is required to give notice of the right to cancel
<br />under Truth in lending in connection with any additional loans, extensions of credit and other liabilities or obligations of Trustor to lender,
<br />then this Deed of Trust shall not secure additional loans or obligations unless and until such notice is given.
<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 (A) PAYMENT OF THE INDEBTEDNESS AND (B) 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 />
<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
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