Laserfiche WebLink
(Signatures appear on the following page.) <br />201404242 <br />618 West 3' Street, Trustor, to Valley Bank & Trust Co., Trustee and Western States Bank, a branch of <br />Valley Bank & Trust Co., Beneficiary, dated November 15, 2013 and recorded on November 15, 2013, in the <br />Register of Deeds Office in Hall County, Nebraska, as Document No. 2013069076 (the "Existing <br />Encumbrance "). The Parties agree that this Mortgage and the Promissory Note payable to 618 West 3` <br />Street, L.L.C. that is secured by this Mortgage shall include usual and customary "wrap- around" terms, <br />including the following: <br />a. For so long as an unpaid balance remains on the Existing Encumbrance, Mortgagor <br />shall remit the monthly installments due on the Promissory Note payable to 618 West 3` Street, <br />L.L.C. directly to Western States Bank to be applied to the Existing Encumbrance. If the payments <br />from Mortgagor are not sufficient to pay in full the current obligations of 618 West 3` Street, LLC <br />pursuant to the Existing Encumbrance, and provided that the said Promissory Note and this <br />Mortgage are not in default, 618 West 3` Street, L.L.C. agrees to make all additional payments of <br />principal, interest and any deposits for taxes or other charges when due on the Existing Encumbrance <br />and shall furnish Mortgagor with proof of such payments. Upon payment of the Promissory Note in <br />full, 618 West 3' Street, L.L.C. agrees to pay the Existing Encumbrance in full and shall secure the <br />cancellation, release and termination of the deed to trust securing the Existing Encumbrance without <br />additional cost to Mortgagor. <br />b. For so long as an unpaid balance remains on the Existing Encumbrance, Mortgagor <br />shall remit directly to Western States Bank additional funds equal to one - twelfth of the estimated <br />annual general and special (if any) real estate taxes for the Property based on the most recent levy <br />along with the monthly installments on the Promissory Note referenced above. In the event the <br />amount shown on the statement for a current year's real estate taxes exceeds or will exceed the sum <br />of the funds projected to be accumulated by the end of the current calendar year, Mortgagor shall <br />increase its monthly payment of additional funds so that sufficient funds are accumulated during the <br />current calendar year to pay the real estate taxes in full. <br />c. In the event a default shall occur on the Existing Encumbrance, the Mortgagor shall <br />have the right to cure said default or defaults and redeem the Property from foreclosure. In the event <br />the Mortgagor shall cure any such defaults, or redeem the Property from foreclosure, Mortgagor shall <br />have the option, in addition to any legal or equitable remedies available to it, to apply all or any part <br />of the moneys expended by Mortgagor in curing such defaults or redeeming the Property from <br />foreclosure, including interest on such expenditures at the default rate and Mortgagor's reasonable <br />costs and attorney fees, toward payment of the Promissory Note to 618 West 3" Street, L.L.C. <br />d. In the event the Mortgagor loses title to the Real Property, or any part thereof, by <br />reason of foreclosure of the Existing Encumbrance, the Mortgagor may take and shall have such <br />legal or equitable remedies as may be available against 618 West 3' Street, L.L.C. or any other <br />party to recover all damages suffered by Mortgagor, including Mortgagor's costs and reasonable <br />attorney fees. However, the Mortgagor's right to assert any action against 618 West 3 Street, <br />L.L.C. is subject to Mortgagor not being in default on its obligations on the Promissory Note or this <br />Mortgage to 618 West 3` Street, L.L.C. <br />