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201100433
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201100433
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Last modified
3/4/2011 3:53:02 PM
Creation date
1/21/2011 1:42:09 PM
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DEEDS
Inst Number
201100433
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<br /> <br /> <br /> 201100433 <br /> <br /> ( I) Request of Grantor. A letter from the Grantor that requests the release of certain <br /> property from the lien of this Deed of Trust (referred to herein as "Released Property") and that <br /> describes the property to be released. <br /> <br /> (2) Certificate of Grantor. A letter from the Grantor to the Deed Trustee certifying: <br /> <br /> (A) That the Grantor has substituted property of equal value to the Released <br /> Property (referred to herein as "Substituted Property") or has deposited with the Deed <br /> Trustee, in trust, cash equal to the fair market value of the Released Property; <br /> <br /> (B) The fair market value of both the Released Property and the Substituted <br /> Property; <br /> (C) The use for the Released Property and the consideration to be received <br /> for the Released Property; <br /> <br /> (D) That the substitution of the Substituted Property or cash for the Released <br /> Property will not have a material adverse affect on the operation of the Project or any <br /> other properties of the Grantor, or the ability of the Grantor to satisfy its duties and <br /> obligations under the Loan Documents; <br /> <br /> (E) That the Substituted Property is necessary or useful in the operation of <br /> the Project; <br /> <br /> (F) That the fair market value of the Substituted Property together with cash, <br /> if any, or all cash to be received is at least equal to the fair market value of the Released <br /> Property; <br /> (G) That the substitution of the Substituted Property or cash for the Released <br /> Property will not result in a default under the Loan Documents of this Deed of Trust; <br /> <br /> (H) That all required permits and authorizations of all federal, state and local <br /> governmental bodies and agencies have been granted, or that no such permits or <br /> authorizations, other than those granted, are required; and <br /> <br /> (I) That the removal of the Released Property from the lien of this Deed of <br /> Trust, and its replacement with Substituted Property or cash, is permitted under the Loan <br /> Documents and this Deed of Trust. <br /> <br /> (3) Appraisal of the Released Property. An independent appraisal of the fair market <br /> value of the Released Property by a member of the American Institute of Real Estate Appraisers <br /> licensed in Nebraska (an "MAI appraiser") if the Released Property is Real Property, or by <br /> another expert acceptable to the Deed Trustee and the lender if the Released Property is not Real <br /> Property. <br /> (4) Appraisal of the Substituted Property. An independent appraisal of the fair <br /> market value of the Substituted Property by an MAI appraiser if the Substituted Property is Real <br /> Property, or another expert satisfactory to the Deed 'T'rustee and the Lender if the Substituted <br /> Property is not Real Property. <br /> <br /> <br /> -3- <br />
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