|
20��04442
<br />faithfully perform all of the conditions, covenants and agreements contained in E�usting Loan
<br />Documents, as if it were an original party thereto.
<br />2. Borrower hereby agrees that the liability of Borrower, for payment of the Note and performance
<br />of the conditions, covenants and agreements contained in the Existing Loan documents shall not
<br />be released, diminished or otherwise affected in any manner by this Agreement.
<br />3. Lender hereby consents to the conveyance of the Property to BM & J Grand Island and agrees
<br />that it will not exercise its rights under the terms of the due-on-sale clause of the Deed of Trust
<br />because of such conveyance. Lender's consent to this conveyance does not constitute a waiver of
<br />its rights under the due-on-sale clause as to any future conveyance.
<br />4. Upon any default under this Ageement, the Note, the Deed of Trust, the Assignment of Leases
<br />and Rents or other Existing Loan Documents, Lender may, at its option, and without waiving any
<br />rights against any party or against the Property or any other collateral, proceed directly and at
<br />once, without notice, against any one or more of the parties hereto to collect and recover the
<br />unpaid balance of the Note, or any portion thereof, or any other amounts which become due
<br />under the Deed of Trust, Assignment of Leases and Rents or other Existing Loan documents,
<br />without proceeding against any other party or parties hereto or foreclosing upon or selling the
<br />Property. Lender may also proceed under the power of sale provisions of the Deed of Trust or
<br />foreclose upon, and sell or otherwise dispose of, or collect and apply, any real or personal
<br />property securing the Note either before, after or concurrently with any proceeding against any of
<br />the parties hereto and without waiving any rights against any of the parties hereto.
<br />5. Omaha Paper Broker Company, Inc., a Nebraska corporation, B& J Holdings Ltd, an Ohio
<br />limited liability company, BM & J Holdings LLC, a Nebraska limited liability company, and
<br />J.E.M Transportation, Inc., a Nebraska corporation, are refened to herein cumulatively as
<br />"Affiliated Entities" or individually as"Affiliated Entity".
<br />6. Borrower, BM & J Grand Island, the A�liated Entities, and Jeffrey H. Epstein, Robert L.
<br />Epstein and Michael L. Mercer, in their respective capacities as borrowers or guarantors, have
<br />entered into that certain Loan Addendum dated June 6, 2011 wherein such parties have agreed,
<br />among other things, to provide for cross-default of their respective indebtedness and obligations
<br />due and owing to Lender and cross-collateralization of their respective property interests, pledges
<br />of liens, security interests arid other rights and interests in property as created or pledged in favor
<br />of Lender thereby securing the payment and performance of any and all indebtedness and
<br />obligations, debts and liabilities, plus interest thereon, to Lender, whether now existing or
<br />hereafter arising.
<br />7. Subject to receipt of this Agreement, fully executed, the Parties agree to amend and modify the
<br />terms and conditions of the Deed of Trust, as follows:
<br />a. The following paragraphs shall be added to the Deed of Trust:
<br />Cross Default Provision. In the event Borrower or BM & J Grand Island fail to comply
<br />with or is in default or breach of or fail to perform any term, obligation, covenant or
<br />condition contained in any other agreement between Lender, Borrower or BM & J Grand
<br />Island, including any other loan, obligation, debt or liability of Borrower or BM & J
<br />Grand Island to Lender, whether Borrower or BM & J Grand Island may be liable
<br />individually or jointly with others, whether obligated as guarantor, surety,
<br />accommodation party or otherwise, then such failure, default or breach sha11 constitute
<br />an event of default under this Deed of Trust and Borrower and BM & J Grand Island
<br />further covenant and agree that any event of default under the Note or this Deed of Trust
<br />shall likewise constitute an event of default under any and all other loans, obligations,
<br />debts or liabilities of Borrower or BM & J Grand Island to Lender.
<br />Cross Collateral Provision. In addition to the indebtedness evidenced by the Note and
<br />other obligations secured hereby and all future advances made at Lender's option or
<br />advanced to protect the security of the Deed of Trust, this Deed of Trust shall further
<br />secure all other obligations, debts and liabilities, plus interest thereon, of Borrower, BM
<br />& J Grand Island or an Affiliated Entity or Jeffrey H. Epstein, Robert L. Epstein or
<br />Michael L. Mercer, or any one or more of them, to Lender, as well as all claims by
<br />Lender against Borrower, BM & J Grand Island or an Affiliated Entity or Jeffrey H.
<br />Epstein, Robert L. Epstein or Michael L. Mercer or any one or more of them, whether
<br />now existing or hereafter arising, whether related or unrelated to the purpose of the Note,
<br />whether voluntary or otherwise, whether due or not due, direct or indirect, determined or
<br />
|