201200159 - Laserfiche WebLink

Browse

201200159 DEED OF �RUST Loan No: 810121 (Continuedl Page 7 of Lender. Applicable Law. The Loan secured 6y this lien was made under a United States Small Business Administration (SBA)nationwide prog�am which uses tax dollars to assist small business owners. If the United States is seeking to enforce this docum�nt,then under SBA regulatoons: (a)When SBA is the holder of the Note,this document and all documents evidencing or securing this Loan will be construed in accordance with federal law. lb) Lender or SBA may use bcal oa state procedures for purposes such as filing papers, recordng documeMS, giving notice, foredosing liens,and other purposes. By using these procedures,SBA does not waive any federal immunity from local or state control,penalty.ta�c or liability. No Bbrrower or GuaranYar may claim or assert against SBA any local � or state law to deny any obligation of Borrower,or defeat any claim of SBA with respect to this Loan. Any clause in.this document requiring arbitration is not enforceable when SBA is the holder oi the Note secured by this instrument. Ghoice of Venue. If there is a IawsuiL.Trustor agrees upon Lender's request to submit to the jurisdiction of the � courts of Hall County,State of Nebraska. Joint and Several Liability. All.obligations of Borrower and Trustor under this Deed of Trust shall be joint and several,and all references m Trustor shall mean each and every Trustor,and all references to Borrower shall mean . each and every Borrower. This means that each Trustor signing below is responsible for all obiigations in this Deed of Trust. No Waivec by Lender.,,._Lender_shall.not:be deemed to have waived any rights under this Deed of Trust unless such waiver is give�in writing ar�dsigned by Lender. No delay or omission on the part of Lender in exercising any right shall•operate as a�waivet�of�sucti.rigFif or any other right. A waiver by Lender of a provision of this Deed of Trust shail' not�prejudice or cor�stitufe a�waiJer of Lender's righi otherwise to demand strict compfiance with that provision-or any-oYher provisidn�of fRis'Deed of Trust. No prior waiver by Lender, nor any course of dealing. between Lender and Trustor,shall constitute a waiver of any of Lender's rights or of any of Trustor's o@ligations as to any future transactions. Whenever the consent of Lender is required under this Deed of Trust,the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. Severability. If a court of competent jurisdiction finds any provision of this Deed of Trust to 6e illegal, invalid,or unenforceable as to any person or circumstance,that finding shall not make the offending provision illegal,.invalid, or unenforceable a5 to any other person or circumstance. If feasible,the offending provision shall be considered modified so that it becomes legal,valid and enforceable. if the offending provision cannot be so modified,it shall be considered deleted from this Deed of Trust. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Deed of Trust shall not affect the legality,validity or enforceab�ility of any other provision of this Deed of Trust. Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Trustor's interest, this Deed of Trust shall be binding.upon and inure to the benefit of the parties,Yheir successors and assigns. If ownership of the Property becomes vested in a person other than Trustqr,Lender,without notice to Trustor,may deal with Trustor's successors with reference io this Deed of Trust and the Indebtedness by way of forbearance or extension without releasing Trustor from the obligations of this Deed of Trust or liability under the Indebted�ess. Time is of the Essence. Time is of the essence in the performance of this Deed of Trust. Waive Jury. All parties to this Deed of Trust hereby waive the right to any jury trial in.any action,proceeding,or � couMerclaim brought by any party against any other party. � � Waiver of Homestead Exemption. Trustor hereby releases and waives all rights and benefits of the homestead exempiion laws of the State of Nebraska as to all Indebtedness secured by this Deed of Trust. DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Deed of Trust. Unless specifically stated to the contrary,all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include ihe singufar, as the context may require. Words and terms not otherwise defined in this Deed of Trust shall have the.meanings attri6uted to such terms in the Uniform Commercial Code: Bene£eciary. The word"Beneficiary"means Equitable Bank,and its successors and assigns. . Borrower. The word "Borrower" means DR MOTORSPORTS, INC. and includes all co-signers and co-makers signing the Note and all their successors and assigns. � Deed of Trust. The words "Deed of Trust" mean this Deed of Trust among Trustor, Lender, and Trustee, and includes without limitation all assignment and security interest provisions relating to the Personal Property and Rents. Default. The word"Default"means the Defauli set forth in this Deed of Trust in the section titled"Default".- Environmental Laws. The words "Environmental Laws" mean any and alI state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,Compensation,and Liability Act of 1980,as amended,42 U.S.C. Section 9601,et seq.(�"CERCLA");the Superfund Amendments and Reauthorization Act of 1986, Pub�. L. No.99-499("SARA"1,the Hazardous Materials Transportation Act,49 U.S.C.Section 1801,et seq.,tFie Resource Conservation and Recovery Act,42 U.S.C. Section 6901,et seq.,or other applica�ble state or federal laws,rules, or regulatio�s adopted pursuant thereto. Event of Default. The words"Event of Default"mean any of the events of default set forth in this Deed of Trust in the events of default section of this Deed of Trust. � . Existing Indebtedness. The words"Ezisting Inde6tedness" mean the indebtedness described in the Existing Liens provision of this Deed of Trust � Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness. Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,chemical or infectious characteristics,. may cause or pose a present or potential hazard to human health or the environment when improperly used,treated,stored,disposed of,genereted,manufactured, transported or otherwise handled. The words"Hazardous Substances"�are used.in their very broadest sense and include without limitation any and alI hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term"Hazardous Substances"also includes,without limitation,petroleum and petroleum by-products or any fraction thereof and ashestos. Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on the Real Property,facilities, additions,replacements and other construction on.the Real Property.