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<br />DEED OF TRUST
<br />
<br />THIS DEED OF TRUST, is made as of 30th day of April, 2009, by and among Peace Lutheran
<br />Church of Grand Island, Nebraska ("Trustor"), whose mailing address is 1710 N North Rd, Grand Island,
<br />NE 68803-1530; Old Republic National Title Insurance Company ('Trustee"), whose mailing address is
<br />704 West 3rd St., Grand Island, NE 68802 and Lutheran Church Extension Fund - Missouri Synod
<br />("Beneficiary") whose mailing address is P.O. Box 229009, St.Louis,MO 63122-9009,
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably transfers, conveys and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and
<br />subject to the terms and conditions of this Deed of Trust, the real property located in the City of Grand
<br />Island, County of Hall, State of Nebraska, and legally described as follows (the "Property"):
<br />
<br />SEE ATTACHED EXHIBIT "A"
<br />
<br />TOGETHER WITH, all rents, easements, appurtenances, hereditaments, interests in adjoining
<br />roads, streets and alleys, improvements and buildings of any kind situated thereon and all personal
<br />property that may be or hereafter become an integral part of such buildings and improvements, all crops
<br />raised thereon and all water rights.
<br />The Property and the entire estate and interest conveyed to the Trustee are referred to collectively
<br />as the "Trust Estate".
<br />FOR THE PURPOSE OF SECURING:
<br />a. Payment of indebtedness in the total principal amount of $320.000.00, with interest thereon, as
<br />evidenced by that certain promissory note of even date (the "Note") with a maturity date of See
<br />attached Exhibits "B" & "c" , executed by Trustor, which has been delivered and is payable to the
<br />order of Beneficiary, and which by this reference is hereby made a part hereof, and any and all
<br />modifications, extensions and renewals thereof, and
<br />b. Payment of all sums advanced by Beneficiary to protect the Trust Estate, with interest thereon
<br />at the rate of *See attached Exhibit "B" percent (8%) per annum, and
<br />c. The performance of Trustor's covenants and agreements.
<br />This Deed of Trust, the Note, and any other instrument given to evidence or further secure the
<br />payment and performance of any obligation secured hereby are referred to collectively as the "Loan
<br />Instruments" .
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST:
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay when due the principal of, and the
<br />interest on, the indebtedness evidenced by the Note, charges, fees and all other sums as provided in the
<br />Loan Instruments.
<br />2. TAXES AND ASSESSMENTS. Trustor shall pay all taxes and special assessments of every
<br />kind, now or hereafter levied against the trust estate of any part thereof as follows:
<br />(initial one)
<br />X Trustor shall directly pay such taxes, without notice or demand as each installment comes due and
<br />shall provide the beneficiary with evidence of the payment of the same.
<br />Trustor shall pay to beneficiary one-twelfth of the real estate taxes each month and such other
<br />assessments as they become due. The one-twelfth payment shall be adjusted annually as the taxes
<br />change and trustor agrees that after payment of the taxes each year that any deficiency will be
<br />promptly paid to Beneficiary. Beneficiary agrees to provide trustor with receipts showing that the
<br />real estate taxes have been paid in full and when due.
<br />3. INSURANCE AND REPAIRS. Trustor shall maintain fire and extended coverage insurance
<br />insuring the improvements and buildings constituting part of the Trust Estate for an amount no less than
<br />the amount of the unpaid principal balance of the Note (co-insurance not exceeding 80% permitted).
<br />Such insurance policy shall contain a standard mortgage clause in favor of Beneficiary and shall not be
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