200402041 - Laserfiche WebLink

Browse

200402041 29. SUBSTITUTE TRUSTEE. Lender, at Lender's option, may from time to time by an instrument recorded in the Register of Deeds' office of the County in which this Deed of Trust is recorded and otherwise in accordance with the provisions of Neb. Rev. Stat. § 76 -1004 remove Trustee and appoint a successor trustee to any Trustee appointed hereunder. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon the Trustee herein and by applicable law. 30. OTHER DOCUMENTS. The undersigned has also executed other Loan Documents simultaneously with the Note and this Deed of Trust. The parties hereto agree that said Loan Documents shall survive the closing, and that a default or violation of any one Loan Document is a default or violation of all Loan Documents, and that as a result thereof, the Deed of Trust can be foreclosed or a default can be declared. 31. ANNUAL OPERATING STATEMENTS. Borrower shall furnish to Lender certified annual financial statements of Growth Management Corporation and Subsidiaries within ninety (90) days following the end of Growth Management Corporation's fiscal year during the term of the loan. Said statements shall be prepared in accordance with generally accepted accounting principles consistently applied and audited by an independent certified public accountant in good standing. Said statements shall include a balance sheet, profit and loss statement, and any supplemental schedules. Said statements shall also include gross sales, cost of sales, itemized operating expenses, depreciation charges and net income for each restaurant location. If Borrower fails to furnish said statements, Lender shall, at the Borrower's expense, have the right to audit Growth Management Corporation's books and records. Guarantors, Roger D. Moore and Janice M. Moore, shall submit personal financial statements dated and signed certifying to the accuracy of the statement within ninety (90) days following the end of Borrower's fiscal year during the term of the loan. Said personal financial statements must be current (not more than 60 days old) when submitted to Lender. Upon request, Borrower and Guarantors will also provide copies of their respective federal income tax returns to Lender. 32. MONTHLY INSTALLMENT ADJUSTMENTS. Borrower and Lender acknowledge that the Interest and Installments of Principal and Interest of the Note secured hereby are subject to periodic adjustment pursuant to the provisions of said Note. 33. SECONDARY FINANCING. Borrower hereby agrees that there shall be no secondary financing on the Property without the prior written consent of Lender. 34. REQUEST FOR NOTICE. Borrower and Lender hereby request that a copy of any notice of default and notice of sale made or executed by Trustee pursuant to the provisions hereof be sent to Borrower and Lender at their respective mailing addresses set forth above. 35. SPECIAL PROVISION. Borrower agrees that the Property described herein shall be continuously operated as restaurants owned and operated by Borrower and approved by Lender throughout the term of the loan secured hereby. If any time during the loan term the Property shall, regardless of cause or reason, ceased to be operated as restaurants owned and operated by Borrower, Lender shall have the right, at its option, to declare any and all indebtedness or any obligation secured hereby, immediately due an payable. 36. CROSS - DEFAULT PROVISION. In the event Borrower has entered or does in the future enter into any other loan agreement, deed of trust, mortgage or note payable to Lender, a default in the terms and provisions of the other loan agreement, note or instrument securing it shall constitute a default hereunder. Nothing in the preceding sentence shall in any way lessen or impair the rights of Lender with respect to this Deed of Trust and the Note (or notes) which it secures. Lender, at its option, may separately enforce the provisions of any loan, note or deed of trust or mortgage securing it. Default under each loan, note or deed of trust or mortgage shall constitute a separate cause of action, and the institution of proceedings upon one, but not upon both or all, shall not be construed as a splitting of a cause of action by Lender or a waiver of any rights under any other loan, note, or deed of trust or mortgage. IN WITNESS WHEREOF, Borrower has executed and delivered this Deed of Trust as of the date and year first above written. [see next page for signatures] 11