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<br />EXECUTION COPY
<br />Return To: Horizon Bank, 10841 North 142nd Street, Post Office Box 447, Waverly, Nebraska 68462
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<br />CONSTRUCTION SECURITY AGREEMENT
<br />TRUST DEED
<br />THIS TRUST DEED, made August 15, 2011, by and among Stonewood Townhomes, LLC, whose mailing ��
<br />address is 2604 26th Avenue, Central City, Nebraska 68826 (herein "Trustor"); and Horizon Bank, whose mailing ��
<br />address is 10841 North 142nd Street, Post Office Box 447, Waverly, Nebraska 68462 (herein "Trustee"); and
<br />Horizon Bank, whose mailing address is 10841 North 142nd Street, Post Office Box 447, Waverly, Nebraska 68462
<br />(herein "Beneficiary").
<br />FOR VALUABLE CONSIDERATION, Trustor irrevocably gra.nts, transfers, conveys, and assigns to
<br />Trustee, IN TRUST, WITH POWER OF SALE for the benefit and security of Beneficiary, under and subject to the
<br />terms and conditions of this Trust Deed, the following described real property, located in Hall County, Nebraska:
<br />Lot 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 and 13, Larue Third Subdivision, in the City of Grand Island,
<br />Hall County, Nebraska.
<br />TOGETHER WITH all of the following, whether now owned or hereafter acquired: rents, profits,
<br />royalties, income, and other benefits derived from the real property; all leases or subleases covering the real property
<br />or any portion thereof; all interests, estate, or other claims, both in law and in equity, in the real property; all
<br />homestead exemptions which are hereby released and waived; all easements, rights-of-way, tenements,
<br />hereditaments; all oil and gas rights and profits and water rights; all right, title, and interest of Trustor in and to any
<br />land lying within the right-of-way of any street or highway adjoining the real property; any and all buildings,
<br />fixtures, improvements, and appurtenances now or hereafter erected thereon or belonging thereto (herein refened to
<br />as "Improvement" or "Improvements"); and any and all awards made for the talcing by eminent domain, or by any
<br />proceeding or purchase in lieu thereof, of the whole or any part of the real properly. All of the foregoing estate,
<br />property, and interest conveyed to Trustee herein collectively referred to as the "Property." This is also a
<br />construction security interest given by Trustor to Trustee in and to the Property securing an obligation which the
<br />Trustor incurred for the purpose of making an improvement of the Property.
<br />FOR THE PURPOSE OF SECURING:
<br />(a) The payment of indebtedness evidenced by Trustor's notes or guarantee ("Note") with an effective
<br />date of August 1, 2011, in the principal sum of Two Million Seven Hundred Thousand Dollars ($2,700,000),
<br />together with interest at the rate or rates provided therein and the principal and interest on any future loans
<br />evidenced by promissory notes or guarantees stating they are secured by this Trust Deed, and any and all renewals,
<br />modifications, and ea�tensions thereof, both principal and interest being payable in accordance with the terms set
<br />forth therein, which, by this reference, is made a part hereof.
<br />(b) The performance of each agreement and covenant of Trustor herein contained; and
<br />(c) The payment of any sum or sums of money which may be hereafter paid or advanced by the
<br />Beneficiary under the terms of this Trust Deed, together with interest thereon at the rate provided in the "Note."
<br />TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR HEREBY COVENANTS AND
<br />AGREES AS FOLLOWS:
<br />1. PAYMENT OF PRINCIPAL AND INTEREST. Trustor shall promptly pay, when due, the
<br />principal of and interest on the indebtedness evidenced by the Note, and all other charges and fees as provided in the
<br />Note, and the principal of and interest on any Future Advances secured by this Trust Deed.
<br />2. WARRANTY OF TITLE. Trustor is lawfully seized and possessed of good and indefeasible
<br />title and estate to the Property hereby conveyed and has the right to grant and convey the Property. The Property is
<br />free and clear of all liens and encumbrances, except liens now of record, and Trustor will warrant and defend the
<br />title to the Property against all claims and demands.
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