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<br />WHEN RECORDED MAIL TO:
<br />Exchange Bank
<br />P.O. Box 760
<br />#14 LaBarre
<br />Gibbon: NE 68840 FOR RECORDER'S USE ONLY
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<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 July 15, 2011, among Rhoads Enterprises. Inc., A Nebraska
<br />Corporation, whose address is PO Box 5616, Grand Island, NE 68802 ("Trustor"); Exchange
<br />Bank, whose address is P.O. Box 760, #14 LaBarre, Gibbon, NE 68840 (referred to below �j
<br />sometimes as "Lender" and sometimes as °Beneficiary"); and Exchange B�nk, whose address is �p �
<br />P.O. Box 760, Gibbon, NE 68840 (referred to below as "Trustee").
<br />CONYEYANCE AND GRANT. For valuabie consideratlon, Trustor conveys to Trustee in trust, WITH POWER OF SALE,
<br />for the benefit of Lender as Beneficiary, all of Trustor's right, title, and interest in and to the following described real
<br />property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all
<br />easemants, rights of way, and appurtenances; all water, water rights and ditch rights (inciuding stock in utilities with
<br />ditch or irrigation rightsl; and all other rights, royalties, and profits relating to the real propert inciuding without
<br />limitation all minerals, oil, gas, geothermal and similar matters, (the " Real Property IOCete in Hall County
<br />State of Nebraska:
<br />Lot One (1), Block One (1), Gosda Subdivision, Hall County, Nebraska
<br />The Real Property or its address is commonly known as 4005 Edna Drive, Grand {sland, NE
<br />68803.
<br />CROSS-COLLATERALIZATION. In addition to the Note, thls Deed of Trust secures all obligations, debts and liabilities,
<br />plus interest thereon, of Trustor to Lender, or any one or more of them, as well as ail claims by Lender against Trustor
<br />or any one or more af them, whether now existing or hsreafter arising, whether related or unrelated to the purpose of
<br />the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined,
<br />absolute or contingent, liquidated or unliquidated, whether Trustor may be liable individually or joinfiy with others,
<br />whether obligated as guarantor, suraty, accommodation party or otherwise, and whether recovery upon such amounts
<br />may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts
<br />may be or hereafter may become otherwise unenforceable.
<br />FUTURE ADVAIVCES. In addition to the Note, this Deed of Trust secures all future advances made by Lender to Trustor
<br />whether or not the advances are made pursuant to a commitment. Specificelly, without limitation, this Deed of Trust
<br />secures, in addition to the amounts specified in the Note, all future amounts Lender in its discretion may loan to
<br />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
<br />interest in and to all present and future leases of the Property and all Rents from the Property. In eddition, Trustor
<br />grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, INCLUDING THE ASSIGIVMENT OF RENTS AND THE SECURITY INTEREST IN THE REIVTS AND
<br />PERSONAL PROPERTY, IS G{VEN TO SECURE IA) PAYMENT OF THE INDEBTEDNESS AND IB) PERFORMANCE OF
<br />ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND TNIS DEED OF TRUST. THIS
<br />DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALl OF TRUSTOR'S OBLIGATIONS UNDER THAT
<br />CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN TRUSTOR AND LENDER OF EVEN DATE HEREWITH. AIVY
<br />EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT, OR ANY OF THE RELA'FED DOCUMENTS
<br />REFERRED TO THEREIN, SHALL ALSO BE AIV EVENT OF DEFAIlLT 11{VDER THIS DEED OF TRUST. THIS DEED OF
<br />TRUST IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Trustor shall pay to Lender all
<br />amounts secured by this Deed of Trust as they become due, and shall strictly and in a timely manner perform all of
<br />Trustor's obligations under the Note, 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
<br />and 2A-309 of the 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
<br />Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Defauft, Trustor may il) remain in possession and
<br />control of the Property; l2) use, operate or manage the Properry; and (3! collect the Rents from tha Property.
<br />Duty to Maintain. Trustor shall maintain tha Property in tenantable condition and promptly perForm all rapa+rs,
<br />replacements, and maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustor represents and warrants to Lender that: (1) During the period of
<br />T�ustor's ownarship of the Property, there has been no use, generation, manufacture, storage, treatment, disposal,
<br />" SU4'ERIOR TITLE � ESCRO�V LLC
<br />11225 DAVENPORT STREET, SUITE f� l�ll
<br />OMAI-IA, NE 68154
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