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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
<br />CONSTRUCTION DEED OF TRUST
<br />THIS DEED OF TRUST IS Q CONSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />THIS DEED OF TRUST is dated September 16, 2011, among Rhoads Enterprises, Inc., whose
<br />address is PO Box 5616, Grand Island, NE 68802 f"7rustor"); Exchange Bank, whose address
<br />is P.O. Box 760, #14 LaBarre, Gibbon, NE 68840 (referred to below sometimes as "Lender"
<br />and sometimes as "Seneficiary"); and Exchange Bank, whose address is P.O. Box 760, Gibbon,
<br />NE 68840 (referred to be{ow as "Trustee"'.
<br />CONVEYANCE AND GRANT. For valuabfe consideration, Trustor conveys to Trustee in trust, WITH POWER OF SALE,
<br />for the beneftt 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 />easements, rights of wey, and appurtenances; all water, water rights and ditch rights iincluding stock in utilities with
<br />ditch or irrigation rightsl; and all other rights, royalties, and profits relating to the real property, including without
<br />limitation all minerals, oil, gas, geothermal and similar matters, (the "Real PI'Opel°ty IoCated ifl Hell COUtlty,
<br />State of Nebraska:
<br />Lot Four (4), Schumann Subdivision, City of Grand Island, Hall County, Nebraska
<br />The Real Property or its address is commonly known as 2923 N. Webb Rd., Grand Island, NE
<br />68803.
<br />Trustor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Trustor's . eight, title, and
<br />interest in and to all present and future leases of the Property and all Rents from the Property. In addition, Trustor
<br />grants to Lender a Unifarm Commarcial Code security interest in the Personal Property and Rents.
<br />THIS DEED OF TRUST, llllClUDIIVG THE ASSIGNMEMT OF REIV7S AND THE SECURITY INTEREST IN THE RENTS A111D
<br />PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (6) PERFORMANCE OF
<br />ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS DEED OF TRUS7. THIS
<br />DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECUR{TY INTEREST IN THE REN'TS AND
<br />PERSONAL PROPERTY, IS ALSO GIVEN TO SECURE ANY AND ALL OF TRUSTOR'S OBLIGATIONS UNDEH THA7
<br />CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN TRUSTOR AND LENDER OF EVEId DATE HEREWITH. ANY
<br />EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN AGREEMENT. OR ANY OF THE RELATED DOCUMENTS
<br />REFERRED TO THEREIN, SHALL ALSO BE AW EVENT OF DEFAULT UNDER THIS DEED OF TRUST. THIS DEED OF
<br />TRUST {S GIVEN AND ACCEPTED OIV THE FOLLOWING TERMS:
<br />PAYMENT APID PERFORMATICE. Except as otherwise provided in this Deed of Trust, Trustor shail pay to Lender all
<br />amounts secured by this Deed of Trust as they become due, and shall strictly and in a timely manner parform all of
<br />Trustor's obligations under the Note, this Deed of Trust, and the Related Documents.
<br />CONSTRUCTION MORTGAGE. This Deed ofi Trust is a"construction mortgage" for the purposes of Sections 9-334
<br />a�d 2A-309 of tha Uniform Cammercial Code, as those sections have been adopted by the State of Nebraska.
<br />POSSESSION AND MAlNTENANCE OF THE PROPERTY. Tr�stor 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 Default, Trustor may (7) remain in possession and
<br />control of the Property; (2) use, opeeate or manage the Property; and (31 collecY the Rents from the Property.
<br />Duty to Maintain. Trustor shall maintein the Property in tenantable condition and promptly perform all repairs,
<br />replacements, and maintenance necessary to preserve its value.
<br />Compliance With Environmental Laws. Trustoe represents and warrants to Lender that: 11 i During the period of
<br />Trustor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment, disposal,
<br />release or threatened refease of any Hazardous Substarice by any person on, under, about or from the Property;
<br />(2) Trustor has no knowledge of, or reason to believe that there has 6een, except as previously disclosed to and
<br />acknowiedged by Lender in writing, (a) any breach or violetion of any Environmental Laws, (b) any use,
<br />generation, manufacture, storage, treatment, disposat, refease or threatened release of any Hazardous Substance
<br />on, under, about or from the Property by any prior owners or occupants of the Property, or (c) eny actual or
<br />threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previousiy
<br />disctosed to and scknowledged by Lender in writing, (a) neither Trustor nor any tenaM; contractor, agent or other
<br />authorized user of the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
<br />Substance'on, under, about or from the Property, and (b) any such activity shall be conducted in compliance with
<br />all applicatrle fedaral, state, and local 1aws, regulations and ordinances, including without limitation a11
<br />Environmental Laws. Trustor authorizes Lender and its agents to enter upon tha Property to make such
<br />inspections and tests, at Trustor's expense, as Lender may deem appropriate to determine compliance of the
<br />Property with this section of the Deed of Trust. Any inspections or tests made by Lender shall be for Lender's
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