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~^ m r~r r°> > rn to ~ ~ ~ ~ ~ ~ ~ r.. -~ ~ ~ ~ ~ ~-?j ~ ~t ~ ~ ~ ~ m '~ y. ~ CO -1 ~ ~' ~ ^~] ~ ~ I'll'1 r.~ .._.,~ ,. rv ~ F^~ ~ ~""'^^ ~ f>~E~E.vd. /r,~T WHEN RECORDED MAIL TO: ,35. $Q Platte Valley State Bank & Trust Company PVSB Grand Island Branch PO•Da7~ S/!.b' 890 Allen Dr Grand Island, NE G8803 _„ ~°~~,Q~,,,,,,,,,,_,„__.. _,-,_,_..,,.,,_ ...................._. FOR RECORDER'S USE ONLY CONSTRUCTION DFFD OF TRUST THIS DEED OF TRUST IS A CONSTRUCTION SECURITY AGREEMENT WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN AGT THIS DEED OF TRUST is dated July 2, 2010, among King Builders, Inc; a Nebraska Corporation ("Trustor"-; Platte Valley State Bank & Trust Company, whose address is PVSB Grand Island Branch, 810 Allen Dr, Grand Island, NE 68803 (referred to below sometimes as "Lender" and sometimes as "Beneficiary"); and Platte Valley•State Bank & Trust Company, whose address is 810 Allen Dr, Grand Island, NE .68801 (referred to below as "Trustee"). CONVEYANCE AND GRANT. For valuable cansideratign, Trustor conveys to Trustee in trust, WITH POWER OF SALE, for the benefit of Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights and ditch rights (including stock in utilities with ditch or irrigation rightsl; and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located In Hall County, State of Nebraska: Lot Twenty-Four (24) Hoffman Second Subdivision an Addi#ion to the Village of Doniphan, Hall County, Nebraska The Real Property or its address is commonly known as 323 E Plum, Doniphan, NE 68832. The Real Property tax identification number is 40042487$. FUTURE ADVANCES. In addition to the Note, this Deed of Trust secures atl future advances made by Lender to Borrower whether or not the advances are made pursuant to a commitment. Specifically, without limitation, this Deed of Trust secures, in addition to the amounts specified in the Note, all future amounts Lender in its discretion may loan to Borrower, together with all interest thereon. 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 present and future leases of the Property and all Rents from the Property. In addition, Trustor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents. THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OP THE INDEBTEDNESS AND IBI PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUST. THIS DEEP OP TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF BORROWER'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN 6DRRDWER AND LENDER pF EVEN DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL AL50 BE AN EVENT OF DEFAULT UNDER THIS DEED OF TRUST. THIS DEED pF TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: TRUSTOR'S REPRESENTATIONS AND WARRANTIES. Trustor warrants that: la- this Deed of Trust is executed at Borrower's request and not at the request of Lender; Ib- Trustor has the full power, right, and authority to enter into this Deed of Trust and to hypothecate the Property; Ic- the provisions of this Dasd of Trust do not conflict with, or result in a default under any agreement or other instrument binding upon Trustor and dp not result in a violation of any law, regulation, court decree or order applicable to Trustor; Id- Trustor has established adequate means of obtaining from Borrower on a continuing basis information about Borrower's financial condition; and le) Lender has made no representation to Trustor about Borrower (including without limitation the creditworthiness of Borrowerl. TRUSTOR'S WAIVERS. Trustor waives all rights or defenses arising by reason of any "one action" or "anti-deficiency" law, or any other law which may prevent Lender from bringing any action against Trustor, including a claim for deficiency to the extent Lender is otherwise entitled to a claim for deficiency, before or after Lender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale. PAYMENT AND PERFORMANCE. Except as otherwise provided in this Dsed of Trust, Borrower shall pay to Lender all Indebtedness secured by this Deed of Trust as it becomes due, and Borrower and Trustor shall perform all their respective obligations under the Note, this Peed of Trust, and the Related Documents. CONSTRUCTION MORTGAGE. This Deed of Trust is a "construction mortgage" for the purposes of-Sectiohs 9-334 and 2A-309 of the Uniform Commercial Code, as those sections have been adapted by the State of Nebraska. POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Trustor agree that Borrower's and Trustor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Trustor may 111 remain in possession and control of the Property; 12- use, operate or manage the Property; and 131 collect the Rents from the Property. Duty to Maintain. Trustor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of Trustor's ownership of the Property, there has bean no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Trustor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, la1 any breach or violation of any Environmental Laws, (6) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or Icl any actual or threatened litigation or claims of any kind by any person relating to such matters; and 131 Except as previously disclosed to and acknowledged by Lender in writing, lal neither Trustor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property;