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a <br />Minutes in Lieu of Special <br />Meeting of Sole Stockholder <br />and Directors of <br />The Five -B Corporation <br />January 16, 1985 <br />� ;I � 1 %- . -11 <br />Thirty -Three (33), Township Eleven (11) North, <br />Range Ten (10) West of the 6th P.M., Hall <br />County, Nebraska, except the riqht -of -way and <br />a 100' strip conveyed by deed recorded in Book <br />106 of the Deed Record„ Page 115, <br />Page 3 <br />the President and Secretary of the corporation are hereby <br />authorized and directed to execute a mortgage granting the <br />Farmers Home Administration a first mortgage lien upon the <br />followinq- described real estate owned by the corporation, to -wit: <br />Part of the South Half of the Northeast <br />Quarter (S�NE�) of Section Thirty -Three (33) <br />and that part of the West Half of the Northwest <br />Quarter (W�NWa) of Section Thirty -Four (34) <br />lying South of the right -of -way of the Union <br />Pacific Railroad Company and all of the West <br />Half of the Southwest Quarter (10,SWk) of <br />Section Thirty -Four (34) , all in Township <br />Eleven (11) North, Range Ten (10) West of the <br />6th P.M., Hall County, Nebraska. <br />This mortgage shall serve as collateral to secure the present <br />corporate indebtedness owing to FHA. <br />5. Upon motion duly made and seconded, the stockholder and <br />directors acknowledge that Laverne D. Baxter has, pursuant to <br />section 351 of the Internal Revenue Code, offered to the corpora- <br />tion the followinq- described real estate, to -wit: <br />The North Half of the Northwest Quarter <br />(N�NW4) of Section Four (4), Township Ten <br />(10) North, Range Ten (10) West of the 6th <br />P.M., Hall County, Nebraska, and the South- <br />west Quarter of the Southwest Quarter (SP7�-SWi) <br />of Section Thirty -Three (33), Township Eleven <br />(11) North, Range Ten i10) West of the 6th <br />P.M., Hall County, Nebraska, except the <br />right -of -way and a 100' strip conveyed by <br />deed recorded in Book 106 of the Deed Records, <br />Page 115. <br />The offer is to be in exchange for the issuance by the corporation <br />of its promissory note to Laverne D. Baxter and Sharon Baxter, <br />husband and wife, as ioint tenants with right of survivorship. <br />The note shall he in the face amount of Fiftv -Nine Thousand Four <br />Hundred and No /100 Dollars (559,400.00), representing Laverne D. <br />X <br />1 <br />