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201404837
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201404837
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Last modified
11/21/2014 8:48:42 AM
Creation date
8/5/2014 4:09:56 PM
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DEEDS
Inst Number
201404837
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M104837 <br />CONSENT TO TERMS OF WRAP AROUND FINANCING <br />Valley Bank & Trust Co. and Western States Bank ( "Consenting Parties ") hereby state as <br />follows: <br />1. Consenting Parties are in receipt of a draft Purchase and Sale Agreement by which 618 <br />West 3 Street, LLC intends to sell the real estate described in paragraph 3 ( "Real Estate ") below to LB <br />Audio, LLC ( "Purchaser") <br />2. There presently exists a promissory note secured by a deed of trust encumbering the Real <br />Estate executed by 618 West 3' Street, LLC, Trustor, to Valley Bank & Trust Co., Trustee, and Westem <br />States Bank, a branch of Valley Bank & Trust Co., Beneficiary, dated November 15, 2013 and recorded on <br />November 15, 2013, in the Register of Deeds Office in Hall County, Nebraska, as Document No. <br />2013069076 (the "Existing Encumbrance "). <br />2. The Real Estate encumbered by the above referenced deed of trust is described as follows: <br />Lots Five (5) and Six (6), Block Sixty (60), Original Town of Grand Island, <br />Hall County, Nebraska <br />Also known as 618 W. 3`° Street, Grand Island, Nebraska 68801 <br />3. Consenting Parties acknowledge that Trustor wishes to sell the above described Real Estate <br />to LB Audio, LLC, a Nebraska limited liability company ( "Purchaser ") subject to the Existing <br />Encumbrance pursuant "wrap- around" financing terms, including the following: <br />a. For so long as an unpaid balance remains on the Existing Encumbrance, <br />Borrower shall remit the installments due on this Note directly to Western States Bank to be <br />applied to the Existing Encumbrance. If the payments from Borrower are not sufficient to <br />pay in full the current obligations of Payee pursuant to the Existing Encumbrance, and <br />provided that this Note and the Mortgage securing this Note are not in default, Payee agrees <br />to make all additional payments of principal, interest and any deposits for taxes or other <br />charges when due on the Existing Encumbrance and shall furnish Borrower with proof of <br />such payments. Upon payment of this Note in full, Payee agrees to pay the Existing <br />Encumbrance in full and shall secure the cancellation, release and termination of the deed to <br />trust securing the Existing Encumbrance without additional cost to Borrower. <br />b. For so long as an unpaid balance remains on the Existing Encumbrance, <br />Borrower shall remit directly to Western States Bank additional funds equal to one-twelfth <br />of the estimated annual general and special (if any) real estate taxes for the Property <br />securing this Note based on the most recent levy along with the monthly installments on this <br />Note referenced above. In the event the amount shown on the statement for a current year's <br />real estate taxes exceeds or will exceed the sum of the funds projected to be accumulated by <br />the end of the current calendar year, Borrower shall increase its monthly payment of <br />
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