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<br />WHEN RECORDED MAIL T0: c"'„ J
<br />Exchange Bank
<br />P.O. Bax 7B0
<br />#14 LaBarra
<br />Gibbon, NE 68840 _'S USE ONLY
<br />.,.. _,..._,,.. FOR RECORDER,,.,.,,,... ~ ,~~
<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 />TWIS DEED OF TRUST is dated June 11, 2010, among Rhoads Enterprises, Inc., whose address is PO Box
<br />5616, Grand Island, NE 68802 ("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"); and Exchange
<br />Bank, whose address is P.O. Box 760, Gibbon, NE 68840 (referred to below as "Trustee").
<br />CONVEYANCE AND GRANT. For valuable consideration, Truster 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, 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 />Coun#y, State of Nebraska:
<br />;,~ D~bctt;raws C~1~
<br />Lots Three 131 and Faur (4) tiGladstone Place, an Addition to the City of Grand Island, Hall County,
<br />Nebraska
<br />The Real Property or its address is oammonly known as 2915 & 2923 W. Louise, Grand Island, NE 68803.
<br />CR055-COLLATERALIZATION. In addition to the Note, this Deed of Trust secures all obligations, debts and liabilities, plus interest
<br />thereon, of Trustor to Lender, or any one ar more of them, as well as all claims by Lender against Trustor or any one or more of them,
<br />whether now existing or hereafter arising, whether related or unrelated to the purpose of the Nate, 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.
<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 />Trustor presently assigns tc 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 IA1 PAYMENT OF THE INDEBTEDNESS AND IBI 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 AL50 GIVEN TO SECURE ANY AND ALL OF
<br />TRUSTOR'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN TRUSTOR AND LENDER pF 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 />Deed of Trust, and the Related Documents.
<br />CONSTRUCTION MORTGAGE. This Deed of Trust is a "nonstruction 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 111 remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and 131 collect the Rents from the Property.
<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 />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: 111 buying 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 to believe
<br />that there has been, except as previously disclosed to and acknowledged by Lender in writing, Ia1 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 or from the Property by any prior owners or occupants of the Property, or (c) any actual ar
<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, laj 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 />
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