201002922 - Laserfiche WebLink

Browse

201002922 trustee, Master Collateral Agent shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Upon appointment by Master Collateral Agent, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, became vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally Warned as Trustee herein. 27. USE OF PROPERTY. (a) The Property is not currently used for agricultural, farming, timber or grazing purposes. Subsidiary warrants that this Instrument is and will at all times constitute a commercial trust deed, as defined under appropriate state law. (b) The Property is not, nor shall it at any time in the future without the prior written consent of Master Collateral Agent, be used in farming or ranching operations (as defined in the Nebraska constitution) conducted by Subsidiary. 28. FUTURE ADVANCES. Upon request by Arctic Group, Master Collateral Agent or any one or more of the Benefited Creditors described under the Intercreditor Agreement, at their option so long as this Instrument secures Indebtedness held by Master Collateral Agent for the benefit of the Benefited Creditors, may make Future Advances to Arctic Group. Such Future Advances, with interest thereon, shall be secured by this Instrument to the same extent as if such advances were made or such future obligations incurred on the date of recording of this Mortgage. Portions of the Indebtedness are or may be revolving credit facilities, and principal amounts which Arctic Group borrows and repays on account of the Indebtedness may be re- borrowed, subject to the terms and conditions of the Benefited Creditor Documents; all such re- borrowings by Arctic Group shall be deemed future advances hereunder, and shall be a part of the Indebtedness and shall be secured hereby. 29. ATTORNEYS' FEES. In the event suit or action is instituted to enforce or interpret any of the terms of this Instrument (including without limitation efforts to modify or vacate any automatic stay or injunction), the prevailing party shall be entitled to recover all expenses reasonably incurred at, before and after trial and on appeal whether or not taxable as costs, or in any bankruptcy proceeding including, without limitation, attorneys' fees, witness fees (expert and otherwise), deposition costs, copying charges and other expenses. Whether ar nat any court action is involved, all reasonable expenses, including but not limited to the costs of searching records, obtaining title reports, surveyor reports, title insurance, trustee fees, and other attorney fees, incurred by Master Collateral Agent that are necessary at any time in Master Collateral Agent's opinion for the protection of its interest or enforcement of its rights shall become a part of the Indebtedness payable an demand and shall bear interest from the date of expenditure until repaid at the interest rate or rates as provided in the Benefited Creditor Documents. The term "attorneys' fees" as used in the Benefited Creditor Documents shall be deemed to mean such fees as are reasonable and are actually incurred. 22 (Grand Island, Hall County, Nebraska) 10476803.5 14451-2246