201001139 - Laserfiche WebLink

Browse

201401139 Nebraska as Instrument Na. 0200908804 (as modified, hereinafter referred to as the "Term Loan Deed ") and (ii) that certain Deed of Trust, Security Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing (Revolving Laan) dated March 27, 2008, executed by Grantor in favor of Lender recorded on June 18, 2008 in the Register of Deeds Office of the County of Hall, Nebraska as Instrument No. 0200805276 (as modified, hereinafter referred to as the "Revolving Loan Deed "and together with the Term Loan Deed, the "Loan Deeds"), it being the intention and agreement of Grantor and Grantee that the interests created by the Loan Deeds shall not merge with the interest conveyed by this Warranty Deed. This Warranty Deed is delivered by Grantor to Grantee partially in consideration of Lender's forbearance from foreclosure of the Loan Deeds and the avoidance of the additional cast and expense of foreclosure of the Loan Deeds, but it is expressly agreed by Grantor and Grantee that the liens or interests of Lender by virtue of the Loan Deeds may hereafter be foreclosed by Lender in the event of a breach of the warranties in this Warranty Deed, or in accordance with applicable law. 1N REGARD TO THE FOREGOING, GRANTOR AND GRANTEE EXPRESSLY ACKNOWLEDGE AND AGREE THAT: This Warranty Deed is an absolute conveyance in lieu of foreclosure of the Loan Deeds and does not constitute the pledging of additional security by Grantor, there being no equity in the property in excess of the indebtedness secured by the Loan Deeds, and that Grantor shall have na equity of redemption with respect to the property conveyed hereby; 2. The liens, security titles and interests (hereinafter collectively referred to as the "Liens") of Lender evidenced by the Loan Deeds are not released or relinquished in any manner or respect whatsoever, but rather shall remain in full force and effect unless and until released by written instrument executed by the Lender, or its respective successors and assigns, and filed for record in the Register of Deeds Office of the County of Hall, Nebraska; 3. There shall not be a merger of said Liens of Lender with the title of Grantee to the Property acquired by virtue of this conveyance (even if title to the Property and the Liens shall be owned and held by the exact same entity), and the Liens on the one hand and the title to the Property on the other hand shall remain separate and distinct; 4. For purposes of priority as between (i) intervening ar inferior liens, claims or encumbrances on or against the Property, and (ii) the Liens, all rights of the Lender to exercise its remedies of foreclosure by private power of sale or by judicial foreclosure of the Liens are expressly preserved hereby; and 5. The priority of the Liens is entitled to be and shall remain in full force and effect and nothing herein or any instrument executed in connection herewith shall be construed to subordinate the priority of the Liens to