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<br /> WHEN RECORDED MAIL TO:
<br /> Five Points Bank
<br /> West Branch
<br /> 2009 N. Diars Ave.
<br /> _ .Grand Island, NE 68803 ~ , ,,,,,_ FOR RECORDER'S U SE ONLY,
<br /> FIVE PQ-NTS B,~WWK
<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 />THIS DEED OF TRUST is dated June 11, 2010, among KEVIN L CLAUSSEN and MELISSA CLAUSSEN;
<br />HUSBAND AND WIFE ("Trustor"); Five Points Bank, whose address is West Branch, 2009 N. Diars Ave„
<br />Grand Island, NE 68803 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Five
<br />Points Bank, whose address is P.O Box 1507, Grand Island, NE 6$$02-'1507 (referred to below as "Trustee").
<br />CONVEYANCE AND GRANT. For valuable consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of
<br />Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or
<br />subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water
<br />rights and ditch rights (including stock in utilities with ditch or irrigation rightsl; and all other rights, royalties, and profits relating to the real
<br />property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in HALL
<br />County, State of Nebraska:
<br />Lot Two 12), Block One (1), Woodland Park Second Subdivision, in the City of Grand Island, Hall County,
<br />Nebraska.
<br />The Real Property or its address is commonly known as 41 $$ IOWA AVE, GRAND ISLAND, NE 6$$03. The
<br />Real Property tax identification number is 400425077.
<br />Trustor presently assigns to Lender (also known as l3eneficiary in this Deed of Trust) all of Trustar'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 (A) PAYMENT OF THE INDEBTEDNESS AND IBl PERFORMANCE OF ANY AND ALL OBLIGATIONS
<br />UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEED OF TRUST IS GIVEN AND ACCEPTED ON THE
<br />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 "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 11- remain in possession and control of the Property;
<br />(2) use, operate or manage the Property; and (31 collect the Rents from the Property.
<br />Du#y 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: (1) During the period of Trustor's ownership
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