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<br /> O
<br />WHEN RECORDED MAIL TO:
<br />Equitable Bank
<br />Dlers Avenue Branch
<br />PO Box 160
<br />Gr I - 1 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 ~
<br />
<br />MAXIMUM LIEN. The lien of this Deed of Trust shall not exceed at any one time $3$3,000.00.
<br />THIS DEED OF TRUST is dated June 12, 2009, among ROY R. RATHGEBER; AN UNMARRIED PERSON
<br />("Trustor"); Equitable Bank, whose address is Diers Avenue Branch, PO Box 160, Grand Island, NE
<br />68802-0760 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Equitable Bank
<br />(Grand Island Region), whose address is 113-115 N Locust St; PO Box 160, Grand Island, NE 68802-0160
<br />(referred to below as "Trustee"-.
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lender as 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 />County, State of Nebraska:
<br />Lot Two 121, Spencer Acres Subdivision, Hall County, Nebraska
<br />The Real Property or its address is commonly known as 441 Pheasant Dr, Grand Island, NE 68807. The Real
<br />Property tax identification number is 400495541.
<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 tp 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 Bprrpwer, together with all interest thereon.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Daed of Trust) all pf 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 />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
<br />PROPERTY, IS GIVEN TO SECURE (Al PAYMENT OF THE INDEBTEDNESS AND IB- PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEEP OF TRUST. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF
<br />RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS AL50 GIVEN TO SECURE ANY AND ALL OF
<br />BORROWER'S OBLIGATIONS UNDER TWAT 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 />TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: Ia1 this Deed of Trust is executed at Borrower's request and
<br />not at the request of Lender; Ib1 Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the
<br />Property; (c) the provisions pf this Deed of Trust dp net cpnflict with, or result in a default under any agreement 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 Borrowerl.
<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 deficiency to the extent Lender is otherwise
<br />entitled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by
<br />exercise of a power of sale.
<br />PAYMENT AND PERFORMANCE. Except as otherwise prpvidad 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 />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 />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 />Possession and Use. Until the occurrence of an Event of Default, Trustor may 11- remain in possession and control of the Property;
<br />12- use, operate or manage the Property; and 131 collect the Rents from the Property.
<br />Duty to Maintain. Truster shall maintain the Property in good condition, and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Truster represents and warrants to Lender that: 11- During the period of Trustor's ownership
<br />pf 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; 12) 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, la- any breach or violation of any
<br />Environmental Laws, Ibl 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 131 Except as previously disclosed to and
<br />acknowledged by Lender in writing, lal neither Trustor nor any tenant, cpntractor, agent or ether authorized user of the Property
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