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~~ <br />~~_ <br />~ r <br />.e f17 ~.a c7 v~ i <br />~ ~ rT'1 ~ <br />~ <br />~ _ <br /> ~ ~ <br />S O ' <br />7C ~, y <br />~ r~~'-i <br />"' ~ ~ ~ d <br /> y Rl '~- C. <br />.~ ~ C~ <br /> C~ <br />cn 7C ~, ~ ct, z <br />~ ,..,, ~ <br /> <br />.~..^ cw ;~ ua ~n <br /> rv <br />- - - ~ . , ,~, .~ ...,. 2 <br /> <br />WHEN RECORDED MAIL TO: <br />Exchange Bank <br />P.O. Box 760 <br />#74 LaBarre <br />Gibbon, NE 68840 FOR RECORDER'S USE O(N~LY~ <br />CONSTRUCTION DEED OF TRUST ~J <br />THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT ~~~ <br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT ~~ <br />THIS DEED OF TRUST is dated December 17, 2009, among MATTHEW C OLIVER and AMY E OLIVER , <br />Husband and Wife as Joint Tenants ("Trustor"1; Exchange Bank, whose address is P.O. Box 760, #14 LaBarre, <br />Gibbon, NE 68840 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"1; and Exchange <br />Bank, whose address is P.O. Box 5793, Grand Island, NE 68802 (referred to below as "Trustee"1. <br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of <br />Len 1' as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or <br />subs uently 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 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 Four (41, Block One 11 ), Summerfield Estates Seventh Subdivision, in the City of Grand Island, Hall <br />County, Nebraska <br />The Real Proper#y or its address is commonly known as 3805 MEADOWLARK CIRCLE ,GRAND ISLAND , NE <br />68803. <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 Nate, all future amounts Lender in its discretion may loan to Trustor, together with all interest thereon. <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 />THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL <br />PROPERTY, IS GIVEN TO SECURE IAl 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 gL50 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 />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 />geed of Trust, and the Related gocuments. <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. Trustor agrees that Trustor's possession and use of the Property shall be <br />governed by the following provisions: <br />Possession and Use. Until the occurrence of an Event of Default, Trustor may (1) 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 good 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: 11- 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; 121 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, Ib- any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any <br />Hazardous Substance on, under, about yr 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 13) Except as previously disclosed to and <br />acknowledged by Lender in writing, la- 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 <br />construed to create any responsibility or liability on the part of Lender to Trustor or to any other person. The representations and <br />warranties contained herein are based on Trustor's due diligence in investigating the Property for Hazardous Substances. Trustor <br />hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Trustor becomes liable for <br />cleanup or other casts under any such laws; and 121 agrees to indemnify, defend, and hold harmless Lender against any and all <br />claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a <br />breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal, release or <br />threatened release occurring prior to Trustor's ownership or interest in the Property, whether or not the same was or should have <br />been known to Trustor, The provisions of this section of the geed of Trust, including the obligation to indemnify and defend, shall <br />%lr~J <br />