88100024 - Laserfiche WebLink

Browse

r 88-1000?t1 w...; (Grand Island OK & Eddy) REVOLVING LOAN LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT REVOLVING LOAN LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT ("Deed of Trust") dated as of December J..2-' 1987, made by and between ELLIOT SUPPLY, INC. ("Mort- gagor"), a Nebraska corporation, the successor by merger to Fairbury Pipe & Supply Co., Inc. ("Fairbury"), having its princi- pal place of business and chief executive office at 4301 Industri- al Avenue, Lincoln, Nebraska 68501, Leroy Scott Owens, having a busines& address at 202 South 19th Street, Omaha, Nebraska 68102 ("Trustee") for the benefit of WASHINGTON SQUARE CAPITAL, INC. ("Beneficiary"), as beneficiary, a Minnesota corporation having its principal offices at 512 Nicollet Mall, Suite 440, Minneapo- lis, Minnesota 55440. R E C I TAL S: Whereas, Mortgagor is the owner (i) of a leasehold estate in the real property described in Exhibit A attached hereto and incorporated herein by this reference, (ii) of the landlord's interest in the Leases (as hereinafter defined) and (iii) of a leasehold estate in the Improvements and Personal Property (each as hereinafter defined); Whereas, Mortgagor, Chesen Beneficiary have entered into a certain ment (the "Loan Agreement") dated as of Mortgagor as "Borrower"; Investment Company and Loan and Security Agree- even date herewith, with Whereas, Mortgagor is the Lessee under a certain lease agreement dated April 15, 1987 between Fairbury and Meredyth Speir Osborn (herein the "Underlying Lease"). The provisions of this Deed of Trust are subject and subordinate to the terms of the Lease; Whereas, pursuant to the Loan Agreement, the Mortgagor has agreed to borrow and the Mortgagee has agreed to lend, subject to all the terms and conditions of the Loan Agreement, an amount not to exceed Seven Million Dollars ($7,000,000.00) (the "Loan"); Whereas, the Loan is in the form of a revolving credit loan (the "Loan") under which advances, payments and readvances may be made from time to time in a principal amount not to exceed at any time outstanding Seven Million Dollars ($7,000,000.00) and evidenced by a note entitled "Revolving Loan Note" of even date herewith, (the "Note"). The maturity date of the Note is December ~, 1992. The Note bears interest at an adjustable rate as therein provided or as provided in the Loan Agreement; L L L ,.-..-- ij -.J i i ( ~ l: