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<br />88- 100022 <br /> <br />r <br /> <br />(Grand Island) <br /> <br />REVOLVING LOAN LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS <br />AND SECURITY AGREEMENT <br /> <br />REVOLVING LOAN LEASEHOLD DEED OF TRUST, ASSIGNMENT OF <br />RENTS AND SECURITY AGREEf'.1ENT ("Deed of Trust") dated as of <br />December 3Q., 1987, made by and between ELLIOT SUPPLY, INC. ("Mort- <br />gagor"), a Nebraska corporation, the successor by merger to <br />Fairbury Pipe & Supply Co., Inc. (Fairbury), having its principal <br />place of business and chief executive office at 4301 Industrial <br />Avenue, Lincoln, Nebraska 68501, Leroy Scott Owens, having a <br />business address at 202 South 19th Street, Omaha, Nebraska 68102 <br />("Trustee") for the benefit of WASHINGTON SQUARE CAPITAL, INC. <br />("Beneficiary"), as beneficiary, a Minnesota corporation having <br />its principal offices at 512 Nicollet Mall, Suite 440, Minneapo- <br />lis, Minnesota 55440. <br /> <br />R E C I TAL S: <br /> <br />Whereas, Mortgagor is the owner (i) of a leasehold <br />estate in the real property described in Exhibit A attached hereto <br />and incorporated herein by this reference, (ii) of the landlord's <br />interest in the Leases (as hereinafter defined) and (iii) of a <br />leasehold estate in the Improvements and Personal Property (each <br />as hereinafter defined); <br /> <br />Whereas, Mortgagor, Chesen <br />Beneficiary have entered into a certain <br />ment (the "Loan Agreement") dated as of <br />Mortgagor as "Borrower"; <br /> <br />Investment Company and <br />Loan and Security Agree- <br />even date herewith, with <br /> <br />Whereas, Mortgagor is the Lessee under a certain Lease <br />dated April 15, 1987 between Fairbury and Meredyth Speir Osborn <br />(herein the "Underlying Lease"). The provisions of this Deed of <br />Trust are subject and subordinate to the terms of the Lease; <br /> <br />Whereas, pursuant to the Loan Agreement, the Mortgagor <br />has agreed to borrow and the Mortgagee has agreed to lend, subject <br />to all the terms and conditions of the Loan Agreement, an amount <br />not to exceed Seven Million Dollars ($7,000,000.00) (the "Loan"); <br /> <br />Whereas, the Loan is in the form of a revolving credit <br />loan (the "Loan") under which advances, payments and readvances <br />may be made from time to time in a principal amount not to exceed <br />at any time outstanding Seven Million Dollars ($7,000,000.00) and <br />evidenced by a note entitled "Revolving Loan Note" of even date <br />herewith, (the "Note"). The maturity date of the Note is December <br />3(/, 1992. The Note bears interest at an adjustable rate as <br />therein provided or as provided in the Loan Agreement; <br /> <br />r-- <br />I <br /> <br />L <br /> <br />L <br /> <br />~ <br /> <br />., <br />( <br /> <br />L <br />