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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 66802-01 F0 ,,,,,, _,,,., _,,.._,_ _„,,,,FOR RECORDE,R;,S USE ONLY
<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 v
<br />MAXIMUM LIEN. The lien of'this Deed of Trust shall not exceed at any one time $96,519.50.
<br />THIS DEED OF TRUST is dated July 21, 2009, among David P. Word and Traci A. Rauch; Husband & Wife
<br />("Trustor"-; Equitable Bank, whose address is North Locust Branch, 113-115 N Locust St, PO Box 160, Grand
<br />Island, NE 6$$02-0160 (referred to below sometimes as "'Lender" and sometimes as "Beneficiary"-; and
<br />Equitable Bank (Grand Island Region, whose address is 113-115 N Locust $t; PO Box 160, Grand Island, NE
<br />68802-0160 (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 rightsl; and all other rights, rpyalties, and profits relatin to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") locatef~ in HALL
<br />County, State of Nebraska:
<br />LOT THREE 13-, M & S SUBDIVISION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />The Real Property or its address is commonly known as 2105 W LAMAR AVE, GRAND ISLAND, NE 68803.
<br />The Real Property tax identification number is 400060825.
<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 pf 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 DEEb OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS ANp 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 bEED 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 UNDFR 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 4F 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 WARRANTIE5. Trustor warrants that: (a) this Deed of Trust is executed at Borrower's request and
<br />not at the request of Lender; Ibl Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the
<br />Property; Icl the provisions of this heed of Trust do not conflict 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; Id1 Trustor has
<br />established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and le)
<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 pr 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 provided in this peed 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 Nvte,
<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 ZA-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 Usa. Until the occurrence of an Event of Default, Trustor may 11- remain in possession and control of the Property;
<br />121 use, operate or manage the Property; and 131 collect the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintain the Property in goad condition and promptly perform all repairs, replacements, and
<br />maintenance necessary to preserve its value.
<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 />Wazardous Substance by any person on, under, about or from the Property; 121 Trustor has no knowledge of, or reason f.o believe
<br />that there has been, except as previously disclosed to and acknowledged by Lender in writing, lal 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 frorn the Property by any prior owners or occupants pf the Property, or (cl any actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (31 Except as previously disclosed to and
<br />acknowledged by Lender in writing, lal 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, ~bout*oS from the Property;
<br />and Ibl any such activity shall be conducted in cpmpliance with ail applicable federal, state; tahd TMlocsal +IawS, regulations and
<br />ordinances, including without lirnitatien all Environmental Laws. Trustor authorizes Lender and its agents to enter upon the Property
<br />
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