|
I3VNIS8d TO
<br />m
<br />r=..
<br />WHEN RECORDED MAIL TO:
<br />INTRUST BANK, N.A.
<br />105 N MAIN ST, MAIL STOP 2.6
<br />WICHITA. KS 67202
<br />,Ya
<br />CI'1
<br />CO
<br />FOR RECORDER'S USE ONLY
<br />e.521#`9
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />i
<br />*000000000087275201%0745%06102022*
<br />CONSTRUCTION MORTGAGE
<br />i
<br />i
<br />THIS MORTGAGE IS A CONSTRUCTION SECURITY AGREEMENT
<br />WITHIN THE MEANING OF THE NEBRASKA CONSTRUCTION LIEN ACT
<br />MAXIMUM LIEN. The lien of this Mortgage shall not exceed at any one time $989,200.00.
<br />THIS MORTGAGE dated June 10, 2022, is made and executed between JAMMAIN, LLC, a
<br />Kansas Limited Liability Company, whose address is PO Box 1001, Salina, KS 67402 (referred
<br />to below as "Grantor") and INTRUST Bank, N.A., whose address is 105 N Main, PO Box One,
<br />Wichita, KS 67201 (referred to below as "Lender").
<br />GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to Lender all of Grantor's right,
<br />title, and interest in and to the following described real property, together with all existing or subsequently erected or
<br />affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights,
<br />watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties,
<br />and profits relating to the real property, including without limitation all minerals oil, gas, geothermal and similar
<br />matters, (the "Real Property) located in Hall County, State of Nebraska:
<br />Lot Three (3), Grand Island Mall Eighteenth Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska.
<br />The Real Property or its address is commonly known as 2248 N Webb Rd, Grand Island, NE
<br />68803.
<br />Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future leases of the
<br />Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security
<br />interest in the Personal Property and Rents.
<br />THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND
<br />PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF
<br />ANY AND ALL OBLIGATIONS UNDER THIS MORTGAGE. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF
<br />RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, 15 ALSO GIVEN TO SECURE ANY
<br />AND ALL OF BORROWER'S OBLIGATIONS UNDER THAT CERTAIN CONSTRUCTION LOAN AGREEMENT BETWEEN
<br />BORROWER AND LENDER OF EVEN DATE HEREWITH. ANY EVENT OF DEFAULT UNDER THE CONSTRUCTION LOAN
<br />AGREEMENT, OR ANY OF THE RELATED DOCUMENTS REFERRED TO THEREIN, SHALL ALSO BE AN EVENT OF
<br />DEFAULT UNDER THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:
<br />GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one action" or "anti -deficiency"
<br />law, or any other law which may prevent Lender from bringing any action against Grantor, including a claim for
<br />deficiency to the extent Lender is otherwise entitled to a claim for deficiency, before or after Lender's commencement
<br />or completion of any foreclosure action, either judicially or by exercise of a power of sale.
<br />GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage is executed at
<br />Borrower's request and not at the request of Lender; (b) Grantor has the full power, right, and authority to enter into
<br />this Mortgage and to hypothecate the Property; (c) the provisions of this Mortgage do not conflict with, or result in a
<br />default under any agreement or other instrument binding upon Grantor and do not result in a violation of any law,
<br />regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from
<br />Borrower on a continuing basis information about Borrower's financial condition; and (e) Lender has made no
<br />representation to Grantor about Borrower (including without limitation the creditworthiness of Borrower).
<br />PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Borrower shall pay to Lender all
<br />Indebtedness secured by this Mortgage as It becomes due, and Borrower and Grantor shall strictly perform all
<br />Borrower's and Grantor's obligations under this Mortgage.
<br />CONSTRUCTION MORTGAGE. This Mortgage is a "construction mortgage" for the purposes of Sections 9-334 and
<br />2A-309 of the Uniform Commercial Code, as those sections have been adopted by the State of Nebraska.
<br />POSSESSION AND MAINTENANCE OF THE PROPERTY. Borrower and Grantor agree that Borrower's and Grantor's
<br />possession and use of the Property shall be governed by the following provisions:
<br />Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and
<br />control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property.
<br />
|