200808987 - Laserfiche WebLink

Browse

TRUST DEED 200808987 THIS TRUST DEED, made this 21 st day of October, 2008, by and between Grand Island Area Economic Development Corporation, hereinafter called "Trustor", Wells Fargo Bank, National Association, as "Trustee" and as "Beneficiary". WITNESSETH: That Trustor, in consideration of One Dollar ($1.00) and other valuable consideration receipt whereof is hereby acknowledged, grants, conveys, sells and warrants to Trustee, in trust, with power of sale, the following described property, situated in Hall County, Nebraska: See Exhibit "A" attached hereto and by this reference made a part hereof. The intention being to convey hereby an absolute title in fee simple, including improvements and appurtenances thereunto belonging; and all of the foregoing, together with said property are herein referred to as the "Property". FOR THE PURPOSE OF SECURING performance of each agreement and covenant of Trustor herein contained herein, the payment of the principal sum of Three Million Six Hundred Nine Thousand Three Hundred Thirty-Six Thousand and 00/100 Dollars ($3,609,336.00), as evidenced by a Promissory Note of even date at the rates of interest therein which may hereafter be paid or advanced under the terms of this Trust Deed; both principal sum and interest thereon being payable according to the terms as set forth in said Promissory Note, reference to which is hereby made, at the office of the Beneficiary in Grand Island, Nebraska, or at such other place as the holder may designate in writing, the final payment of principal and interest, if not sooner paid, shall be due and payable on the 1 st day of November, 2010, and for the purpose of further securing the terms of agreements related in the closing of the loan transaction including but not limited to Environmental Indemnity Agreement, and Assignments of Leases and Rents. Trustor and Beneficiary covenant and agree as follows: 1. Warranty of Title. Trustor is lawfully seized of the Property; it has good right and lawful authority to sell and convey the Property; the Property is free and clear of all liens and encumbrances other than this Trust Deed in the amount of$3,609,336.00 in favor of Wells Fargo Bank, National Association; and Trustor will warrant and defend the title to the Property unto the Trustee and its successors and assigns forever, against the claims of all persons. Trustor, at its 1