|
TRUST DEED - THIRD PARTY
<br />~' __._ fi~t0738
<br />THIS TRUST DEED is made this _~~ day of February, 1984, avong the
<br />Trustor, METTENBRINK FARMS, INC., a Nebraska corporation, GARY R. METTENBHINK and
<br />ROXANNE METTENBRINK, husband and wife, JOAN D. METTENBRINK, a single person,. LYNN
<br />METTENBRINK, a single person, THOMAS L. YORK and CAROL A. YORK (a/k/a CAROL
<br />METTENBRiNK YORK), husband and wife, and ARLENE METTEHBRINK, a widow (herein
<br />"Trustor"), NORWEST BANK OMAHA SOUTH, N.A. (herein "Trustee"), a national banking
<br />association of 24th and "L" Streets, Omaha, Nebraska 68107 and the Beneficiary,
<br />NORWEST BANK SOUTH, N.A., a national banking association of 24th & "L" Streets,
<br />Omaha, Nebraska b8107 (herein "Lender").
<br />WHEREAS, Trustor, being interested in the financial success of METTENB$INK
<br />FARMS, INC., a Nebraska corporation of Grand Island, Nebraska and 4-M AGRICULTURAL
<br />ASSOCIATES, INC., a Nebraska corporation of Grand Island, Nebraska (herein, unless
<br />otherwise individually referred to, "Borrower"), has executed and delivered to Lender
<br />their unconditional personal guaranties of payment of the indebtedness of Borrower to
<br />Lender and have otherwise agreed to convey the real estate described below to Lender,
<br />in trust, as security for repayment of the indebtedness of Borrower to Lender; and
<br />WHEREAS, Borrower has applied to Lender for one or more loans, letters of
<br />credit or other financial accommodations and may hereafter from time to time apply to
<br />Lender for additional loans, letters of credit or other financial accommodations in
<br />any amount; and
<br />WHEREAS, Borrower is, in addition to such other indebtedness from Borrower
<br />to Lender as may exist, indebted to Lender as follows:
<br />{i) February 1,~, 1984 Promissory Note of Mettenbrink Farms, Inc. in
<br />the original principal sum of Four Hundred Twenty-Five Thousand
<br />Dollars ($42,000.00), payable on demand, Leering interest at
<br />two fZb) percent over Lender's agricultural prime rate and
<br />interest payable quarterly;
<br />(ii) February ~, 1984 Promissory Note of Mettenbrink Farms, Inc. in
<br />the original principal sum of Three Hundred Sixty-Five Thousand
<br />Dollars (3db5,000.00), payable on demand, bearing interest at
<br />two {2~) percent over Lender's agricultural prime rate and
<br />interest payable quarterly;
<br />(iii) February ~, 1984 Promissory Note of Mettenbrink Farms, Inc. in
<br />the original principal sum of One Hundred Fifteen Thousand
<br />Bollars (3115,000.00), payable ou July 31, 1984, in full,
<br />bearing iaterest at two (2 p) percent over Lender's agricultural
<br />prime; and
<br />(iv) February ~3, 1984 Promissory Note of 4-M Agricultural
<br />Associates, Inc. i^ the original principal sum of Three Hundred
<br />Thousand Bollars {$300,000.00), payable on demand, 6eariag
<br />interest at two (2~) percent over Lender's agricultural prime
<br />rate and iaterest payable quarterly;
<br />all of which indebtedness is heminafter referred to as the "Note"; and
<br />WHEREAS, Lender has required as a condition precedent to the continuation
<br />and/or extension of any financial accommodations to Harrower that Trustor execute
<br />this Trust Deed for the purpose of securing payment of all indebteduess owing by Bor-
<br />rower and such further indebtedness of Harrower as may hereafter, from time to time,
<br />be awigg by Borrower to Lender:
<br />NOit, TIIEREF'ORE, in the context of the foregoing preamble paragraphs, which
<br />paragraphs era by this reference specifically made a contractual part of thie Trust
<br />heed-, and for the purpose of securing, in such order of prioritg as Lender may elect:
<br />(a) the repayment of the indebtedness evidenced by the Note, and
<br />any and all extensions, madificat.ans, substitutions and renew-
<br />als thereof, whether or not the instruments evidencing such
<br />indebtedness make reference to this Trust Deed;
<br />
|