200410043 - Laserfiche WebLink

Browse

OCT -13 -2004 10:06 FARM CRED SERU AMER 402 348 3520 P.11 200410043 30. Stock ownershipWoting Member To own or purchase, if necessary, such stock in Lender as is from time to time required by Lender's policies and bylaws. Capitalization requirements are met by stock owned by: Alan Svitak sole That Alan Svitak is the authorized voter on behalf of the owner(s) of voting stock. 31. Cross Default Declaration of default under any loan may, at Lender's option, cause all loans to be in default, charged interest at the default rate, as stated in Section 15 and the note(s), and all sums loaned or advanced and all accrued interest thereon to be declared immediately due and payable. The loan(s) may be declared In default for ((a) providing false, misleading, or incomplete information to Lender for the purpose of Influencing the decisions) of Lender; (b) selling, transferring, or disposing of property, whether or not the property is collateral for the Ioan(s), with the intent to defraud Lender; (c) using loan proceeds for purposes not designated and approved In the loan application; (d) failure to comply with any term, covenant, or agreement in any loan application, note, security instrument, security agreement, loan agreement, or other document or instrument executed In connection with any loan. 32. Default Interest During the Fixed Interest Rate Period, default interest will be assessed on ail past due principal, interest, and any advance at an interest rate that Is 4 percent per annum higher than the Fixed Interest Rate stated in Section 2 of the Note. Immediately upon the expiration or termination of the Fixed Interest Rate Period, default interest will be assessed at an interest rate that Is 6 percent per annum higher than the ILPC Index in effect at the time of default. This default rate will then apply until the loan is brought current. If the loan is subsequently brought current, the interest rate will be adjusted to the interest rate that would otherwise be applicable to the loan as provided in Sections 2, 3, and 4 of the Note. By signing below, Borrower accepts and agrees to the terms and covenants contained in this Interim Fixed Rate Rider. Signature Signature Date Date Signature Date Signature Date TOTAL P.11