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RES 2008-0149 - Debt subordination agmt for 1316 Jones St partnership 0 oM,.HA 4'4'4 • °F ` h[ ►^ \J F t V �' r 4.7 1 1_ J �� Planning Department � r r ti ' {�n Omaha/Douglas Civic Center EI C'� o i `. 9: 5a 1819 Farnam Street,Suite 1100 ®1.' C � � Omaha,Nebraska 68183 °?.o V ig: ti 402 444-5150 °4, 1- January 29C i x 0O , Telefax(402)444-6140 4/ED FEBOt* ' L t_C w ( ) M /!, Id[�'C S Steven N.Jensen,MCP,LA City of Omaha Director Mike Fahey,Mayor Honorable President and Members of the City Council The attached proposed Resolution authorizes the Mayor to execute a Debt Subordination Agreement regarding the City's interest in property located at 1316 Jones Street. The terms of the 1992 Deed of Trust securing this loan provided for the partial financing of the rehabilitation of this property by 1316 Jones Street Partnership under the Multi-family Rehabilitation Program, such financing consisting of a CDBG funded repayable loan in the original amount of $170,000.00. The Agreement outlining the terms of this financing was approved on August 4, 1992, by City Council Resolution No. 2011. The terms of the Agreement and Repayable Loan Promissory Note require repayment of the loan principal and accrued interest on January 1, 2013, and also require repayment in full if transfer of title occurs prior to that date. The Partnership needs to refinance the existing first mortgage balance of $315,412.09 to obtain a move favorable rate and to obtain funds to cover project related expenses. Security National Bank of Omaha has given preliminary approval to the Partnership for a new loan in the amount of $410,000.00 provided its lien can be in first position. The Partnership has asked the City to subordinate its interest in the subject property to a new loan. A similar request was approved on August 9, 2002, by City Council Resolution No. 1887 to facilitate the refinance of the original first mortgage.• In accordance with the terms of the original Agreement, the project has made 7 (58%) of its 12 rental units affordable and available to low and moderate income households since construction completion in 1993. Continued success of the project is also important due to its location at the western edge of the Old Market area. The assessed value of the property is $901,000.00 and is sufficient to secure both the principal of the proposed loan and that of the City. Approval of this Resolution will allow the Partnership to put the project on better financial footing and make a more positive impact upon the surrounding neighborhood without jeopardizing the City's interest. Your favorable consideration of the attached Resolution is hereby requested Sincerely, Referred to City Council for Consi z G /— /42 Steven N. J nsen, ICP LA,40 Mayor's Office Date Planning Di PLNKMD1049 cover ,,* ‘'''.1, '''‘ ' 16 . • A *1*- ' ' - . -" . ,.:.', ...,1...,'',`, .....000. • ,,,t,f‘...;. ....r, , '. • _ . • .N-,.,...-4-0,*''''- '' -- • ,. ,, , ...,,,. ..r. >-• „,....r k.1.4e:,-- , ..-- ,. 4,• , ,*(- ,•! ' .-,k,: .11,.':.;?•s 1047.: kt-• .a. .!., „•,•4 .,,,,t'-to,z•-• 'ci,-- - ,.. ;. , ,,,. v.t,4, . , ix , , .. , •-: .., - .• - ;4„,!„ „,. •.'' ,. , ..., .., ,,,,„ ai . --zi:4' _.,--.. %'.,--,.• :. ,k. ,),, , --•:- ••••.:„'., ,.....tz. , , ,,..,,,••ali , --4.' '' •tl'h til Vp,,,,•.1- ,L• 1,,,,o, t• • ""*Ni- ' e. ri -k•-- - , - ,...,,' ,... - . t",-t - ,'" ..„,..1x - ., !-‘• - , _ - t -,• ,i. - ,.-i..,=:.:t_t.4-,... , ,04,..-.4.i, , ,.ttA..1..t.1..• fie . _...,_.: , ,_..,,,4....,:4441 & ..„,. - *--....,-..--k •:-..,.:.r,T" ,.r.:'•.:•1:19111 iil li IT . L .;,',•-,7:I, , 1 iIr. ... .N.,,:„......,,,,„1„. ,1 .1 ,,T , ,,,4„N....,• _AI. _ ,, .,,,,, ,.. ,, . _ •,7 -,111tA , , . -• .:. -t'.. . — ' .- —3 ..4",....',il t.r, se ----,',..,,,!•• 1.\•, . • •. , , . .i1"•:,'9 il' " ' 1_, '" ... , . ,,r, .,• ,,t.- .-if tm.'4',41$43. *1910(44 ,.., ler- - __ i • ' ' 1 ',.';',„„.‘':,,,,„',,,,,boir.Q.2.;d•44...,,,O..1n,..11(.„,:,..,,,;^'•-•, -"A''f,,''''.-7-- • :: -• •. • .. - So.- • ':. ", • 7.. ':..'. '• • - X.Tr.`-'..iii ,. A-A.....+A •.,A...,.1.".1.8 , ..n...e, ' - .- • '4,. ''•": *s - .. -'' ' '''''•''.:';' r ''•r."1:::* 1 ‘,.1"*. .. '. , " '''• ..,...IS ;,.. .A.,/.) •A•‘. "-F.....^A.4`•C' •'.,......n• .' ^ :,. tA V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • EXHIBIT."A" DEBT SUBORDINATION AGREEMENT WHEREAS, 1316 Jones Street Partnership, a Nebraska General Partnership, (hereinafter referred to as "Borrower") is now or hereafter may be indebted to U.S. National Bank, (hereinafter referred to as `Bank") on account of a loan in the amount of Four Hundred Thousand and 00/100 Dollars ($400,000.00), which indebtedness was incurred for the purpose of rehabilitation of commercial space and 12 rental units located at 1316 Jones Street, Omaha,Nebraska and legally described as: Lot 6 and the South half of Lots 7 and 8, Block 173, in the Original City of Omaha, as surveyed, platted and recorded in Douglas County,Nebraska; WHEREAS, the Borrower's above-described indebtedness to the Bank is secured by a Deed of Trust, which security interest was perfected on September 11, 2002, upon the filing of same with the Douglas County Register of Deeds, same being recorded on September 19, 2002, in Book 7406 at Page 395; and, WHEREAS, the Borrower is also indebted to the City of Omaha (hereinafter referred to as "City") by virtue of a loan made in the sum of One Hundred Seventy Thousand and 00/100 Dollars ($170,000.00), which indebtedness was also incurred for the purposes of partially financing the rehabilitation of the above-described property; and, WHEREAS, the Borrower's above-described indebtedness to the City is secured by a Deed of Trust and Promissory Note, which security interest was perfected on December 15, 1992, upon the filing of same with the Douglas County Register of Deeds, same being recorded on December 18, 1992, in Book 3948 at Page 217,and Acknowledgement of Sale recorded in Book 1049 at Page 298; and, WHEREAS, Security National Bank of Omaha(hereinafter referred to as"Lender")is willing to make a loan sufficient to refinance the balance of the first deed of trust, pay expenses related to the property, plus pay closing costs, the proceeds of which loan to be used solely for the aforementioned purposes, in a total amount not to exceed Four Hundred Ten Thousand and 00/100 Dollars ($410,000.00); and, WHEREAS, the Lender is unwilling to make the above-described loan unless same could be secured by a"first"mortgage/deed of trust; and, WHEREAS, it was the intention of the City that its security interests in the above-described property be subordinate to a"first"mortgage/deed of trust; and, edge of the Old Market area. The assessed value of the property is $901,000.00 and is sufficient to secure both the principal of the proposed loan and that of the City. Approval of this Resolution will allow the Partnership to put the project on better financial footing and make a more positive impact upon the surrounding neighborhood without jeopardizing the City's interest. Your favorable consideration of the attached Resolution is hereby requested Sincerely, Referred to City Council for Consi z G /— /42 Steven N. J nsen, ICP LA,40 Mayor's Office Date Planning Di PLNKMD1049 cover ,,* ‘'''.1, '''‘ ' 16 . • A *1*- ' ' - . -" . ,.:.', ...,1...,'',`, .....000. • ,,,t,f‘...;. ....r, , '. • _ . • .N-,.,...-4-0,*''''- '' -- • ,. ,, , ...,,,. ..r. >-• „,....r k.1.4e:,-- , ..-- ,. 4,• , ,*(- ,•! ' .-,k,: .11,.':.;?•s 1047.: kt-• .a. .!., „•,•4 .,,,,t'-to,z•-• 'ci,-- - ,.. ;. , ,,,. v.t,4, . , ix , , .. , •-: .., - .• - ;4„,!„ „,. •.'' ,. , ..., .., ,,,,„ ai . --zi:4' _.,--.. %'.,--,.• :. ,k. ,),, , --•:- ••••.:„'., ,.....tz. , , ,,..,,,••ali , --4.' '' •tl'h til Vp,,,,•.1- ,L• 1,,,,o, t• • ""*Ni- ' e. ri -k•-- - , - ,...,,' ,... - . t",-t - ,'" ..„,..1x - ., !-‘• - , _ - t -,• ,i. - ,.-i..,=:.:t_t.4-,... , ,04,..-.4.i, , ,.ttA..1..t.1..• fie . _...,_.: , ,_..,,,4....,:4441 & ..„,. - *--....,-..--k •:-..,.:.r,T" ,.r.:'•.:•1:19111 iil li IT . L .;,',•-,7:I, , 1 iIr. ... .N.,,:„......,,,,„1„. ,1 .1 ,,T , ,,,4„N....,• _AI. _ ,, .,,,,, ,.. ,, . _ •,7 -,111tA , , . -• .:. -t'.. . — ' .- —3 ..4",....',il t.r, se ----,',..,,,!•• 1.\•, . • •. , , . .i1"•:,'9 il' " ' 1_, '" ... , . ,,r, .,• ,,t.- .-if tm.'4',41$43. *1910(44 ,.., ler- - __ i • ' ' 1 ',.';',„„.‘':,,,,„',,,,,boir.Q.2.;d•44...,,,O..1n,..11(.„,:,..,,,;^'•-•, -"A''f,,''''.-7-- • :: -• •. • .. - So.- • ':. ", • 7.. ':..'. '• • - X.Tr.`-'..iii ,. A-A.....+A •.,A...,.1.".1.8 , ..n...e, ' - .- • '4,. ''•": *s - .. -'' ' '''''•''.:';' r ''•r."1:::* 1 ‘,.1"*. .. '. , " '''• ..,...IS ;,.. .A.,/.) •A•‘. "-F.....^A.4`•C' •'.,......n• .' ^ :,. tA V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • WHEREAS, the City is willing to subordinate its position as a secured creditor to that of the Lender. NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Lender and the City do hereby agree that the lien acquired by the Lender by virtue of a mortgage/deed of trust executed in its favor by the Borrower to secure the above-referenced indebtedness shall be deemed a first and prior lien upon the above-described property, which lien shall be superior to the previously acquired lien of the City (as hereinabove described), as if the mortgage/deed of trust executed in favor of the Lender had been filed with and duly recorded by the Register of Deeds at some time prior to that of the City, further, that the City's lien shall therefore be deemed a second lien upon said property, being subject and subordinate to that of the Lender. IN WITNESS WHEREOF, the parties have executed this Debt Subordination Agreement as of the date indicated below. ATTEST: CITY OF OMAHA,A Municipal Corporation C CLERK ACTING MAYOR OkM4JJV CITY OF OMAHA STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) On this . I It day of , 2008,before me the undersigned, a Notary Public in and forsaid County,personally came J cl.Z�ti, youtI y eD,,�L. who executed the above document, and acknowledged the execution thereof to be their voluntary act and deed as such officer and the voluntary act and deed of the City of Omaha, a Municipal Corporation. t Page 217,and Acknowledgement of Sale recorded in Book 1049 at Page 298; and, WHEREAS, Security National Bank of Omaha(hereinafter referred to as"Lender")is willing to make a loan sufficient to refinance the balance of the first deed of trust, pay expenses related to the property, plus pay closing costs, the proceeds of which loan to be used solely for the aforementioned purposes, in a total amount not to exceed Four Hundred Ten Thousand and 00/100 Dollars ($410,000.00); and, WHEREAS, the Lender is unwilling to make the above-described loan unless same could be secured by a"first"mortgage/deed of trust; and, WHEREAS, it was the intention of the City that its security interests in the above-described property be subordinate to a"first"mortgage/deed of trust; and, edge of the Old Market area. The assessed value of the property is $901,000.00 and is sufficient to secure both the principal of the proposed loan and that of the City. Approval of this Resolution will allow the Partnership to put the project on better financial footing and make a more positive impact upon the surrounding neighborhood without jeopardizing the City's interest. Your favorable consideration of the attached Resolution is hereby requested Sincerely, Referred to City Council for Consi z G /— /42 Steven N. J nsen, ICP LA,40 Mayor's Office Date Planning Di PLNKMD1049 cover ,,* ‘'''.1, '''‘ ' 16 . • A *1*- ' ' - . -" . ,.:.', ...,1...,'',`, .....000. • ,,,t,f‘...;. ....r, , '. • _ . • .N-,.,...-4-0,*''''- '' -- • ,. ,, , ...,,,. ..r. >-• „,....r k.1.4e:,-- , ..-- ,. 4,• , ,*(- ,•! ' .-,k,: .11,.':.;?•s 1047.: kt-• .a. .!., „•,•4 .,,,,t'-to,z•-• 'ci,-- - ,.. ;. , ,,,. v.t,4, . , ix , , .. , •-: .., - .• - ;4„,!„ „,. •.'' ,. , ..., .., ,,,,„ ai . --zi:4' _.,--.. %'.,--,.• :. ,k. ,),, , --•:- ••••.:„'., ,.....tz. , , ,,..,,,••ali , --4.' '' •tl'h til Vp,,,,•.1- ,L• 1,,,,o, t• • ""*Ni- ' e. ri -k•-- - , - ,...,,' ,... - . t",-t - ,'" ..„,..1x - ., !-‘• - , _ - t -,• ,i. - ,.-i..,=:.:t_t.4-,... , ,04,..-.4.i, , ,.ttA..1..t.1..• fie . _...,_.: , ,_..,,,4....,:4441 & ..„,. - *--....,-..--k •:-..,.:.r,T" ,.r.:'•.:•1:19111 iil li IT . L .;,',•-,7:I, , 1 iIr. ... .N.,,:„......,,,,„1„. ,1 .1 ,,T , ,,,4„N....,• _AI. _ ,, .,,,,, ,.. ,, . _ •,7 -,111tA , , . -• .:. -t'.. . — ' .- —3 ..4",....',il t.r, se ----,',..,,,!•• 1.\•, . • •. , , . .i1"•:,'9 il' " ' 1_, '" ... , . ,,r, .,• ,,t.- .-if tm.'4',41$43. *1910(44 ,.., ler- - __ i • ' ' 1 ',.';',„„.‘':,,,,„',,,,,boir.Q.2.;d•44...,,,O..1n,..11(.„,:,..,,,;^'•-•, -"A''f,,''''.-7-- • :: -• •. • .. - So.- • ':. ", • 7.. ':..'. '• • - X.Tr.`-'..iii ,. A-A.....+A •.,A...,.1.".1.8 , ..n...e, ' - .- • '4,. ''•": *s - .. -'' ' '''''•''.:';' r ''•r."1:::* 1 ‘,.1"*. .. '. , " '''• ..,...IS ;,.. .A.,/.) •A•‘. "-F.....^A.4`•C' •'.,......n• .' ^ :,. tA V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • • In testimony whereof I have hereunto set my hand and affixed by Notary Seal at Omaha in Douglas County, on the day and date last above written. GENERAL NOTARY•State of Nebraska .-- TAMMY BIODROWSrKI Iq r,1 ry k1— Ny Comm.Ezp.Sea.4,2011 NOTARYTBLIC My Commission expires . Q J Li ic=:)6 SECURITY NATIONAL BANK OF OMAHA By WITNESS Title Date STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) On this day of , 2008,before me the undersigned, a Notary Public in and for said County, personally came to me known to be the person named in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her voluntary act and deed. In testimony whereof I have hereunto set my hand and affixed by Notary Seal at Omaha in Douglas County, on the day and date last above written. NOTARY PUBLIC My Commission expires APP V D AS .•ORM. i ASSIS ANT CITY ATTORNEY PLNKMD 1049 subordination CLERK ACTING MAYOR OkM4JJV CITY OF OMAHA STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) On this . I It day of , 2008,before me the undersigned, a Notary Public in and forsaid County,personally came J cl.Z�ti, youtI y eD,,�L. who executed the above document, and acknowledged the execution thereof to be their voluntary act and deed as such officer and the voluntary act and deed of the City of Omaha, a Municipal Corporation. t Page 217,and Acknowledgement of Sale recorded in Book 1049 at Page 298; and, WHEREAS, Security National Bank of Omaha(hereinafter referred to as"Lender")is willing to make a loan sufficient to refinance the balance of the first deed of trust, pay expenses related to the property, plus pay closing costs, the proceeds of which loan to be used solely for the aforementioned purposes, in a total amount not to exceed Four Hundred Ten Thousand and 00/100 Dollars ($410,000.00); and, WHEREAS, the Lender is unwilling to make the above-described loan unless same could be secured by a"first"mortgage/deed of trust; and, WHEREAS, it was the intention of the City that its security interests in the above-described property be subordinate to a"first"mortgage/deed of trust; and, edge of the Old Market area. The assessed value of the property is $901,000.00 and is sufficient to secure both the principal of the proposed loan and that of the City. Approval of this Resolution will allow the Partnership to put the project on better financial footing and make a more positive impact upon the surrounding neighborhood without jeopardizing the City's interest. Your favorable consideration of the attached Resolution is hereby requested Sincerely, Referred to City Council for Consi z G /— /42 Steven N. J nsen, ICP LA,40 Mayor's Office Date Planning Di PLNKMD1049 cover ,,* ‘'''.1, '''‘ ' 16 . • A *1*- ' ' - . -" . ,.:.', ...,1...,'',`, .....000. • ,,,t,f‘...;. ....r, , '. • _ . • .N-,.,...-4-0,*''''- '' -- • ,. ,, , ...,,,. ..r. >-• „,....r k.1.4e:,-- , ..-- ,. 4,• , ,*(- ,•! ' .-,k,: .11,.':.;?•s 1047.: kt-• .a. .!., „•,•4 .,,,,t'-to,z•-• 'ci,-- - ,.. ;. , ,,,. v.t,4, . , ix , , .. , •-: .., - .• - ;4„,!„ „,. •.'' ,. , ..., .., ,,,,„ ai . --zi:4' _.,--.. %'.,--,.• :. ,k. ,),, , --•:- ••••.:„'., ,.....tz. , , ,,..,,,••ali , --4.' '' •tl'h til Vp,,,,•.1- ,L• 1,,,,o, t• • ""*Ni- ' e. ri -k•-- - , - ,...,,' ,... - . t",-t - ,'" ..„,..1x - ., !-‘• - , _ - t -,• ,i. - ,.-i..,=:.:t_t.4-,... , ,04,..-.4.i, , ,.ttA..1..t.1..• fie . _...,_.: , ,_..,,,4....,:4441 & ..„,. - *--....,-..--k •:-..,.:.r,T" ,.r.:'•.:•1:19111 iil li IT . L .;,',•-,7:I, , 1 iIr. ... .N.,,:„......,,,,„1„. ,1 .1 ,,T , ,,,4„N....,• _AI. _ ,, .,,,,, ,.. ,, . _ •,7 -,111tA , , . -• .:. -t'.. . — ' .- —3 ..4",....',il t.r, se ----,',..,,,!•• 1.\•, . • •. , , . .i1"•:,'9 il' " ' 1_, '" ... , . ,,r, .,• ,,t.- .-if tm.'4',41$43. *1910(44 ,.., ler- - __ i • ' ' 1 ',.';',„„.‘':,,,,„',,,,,boir.Q.2.;d•44...,,,O..1n,..11(.„,:,..,,,;^'•-•, -"A''f,,''''.-7-- • :: -• •. • .. - So.- • ':. ", • 7.. ':..'. '• • - X.Tr.`-'..iii ,. A-A.....+A •.,A...,.1.".1.8 , ..n...e, ' - .- • '4,. ''•": *s - .. -'' ' '''''•''.:';' r ''•r."1:::* 1 ‘,.1"*. .. '. , " '''• ..,...IS ;,.. .A.,/.) •A•‘. "-F.....^A.4`•C' •'.,......n• .' ^ :,. tA V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • - JUED OF TRUST,CONSTRUCTION SECURITY AGREEMENT AND ASSIGNMENT OF RENTS • • • THIS CONSTRUCTION SECURITY AGREEMENT(HEREINAFTER MAY BE REFERRED TO AS SECURITY AGREEMENT) SECURES AN OBLIGATION WHICH THE DEBTOR INCURRED FOR THE PURPOSES OF MAKING IMPROVEMENTS ON THE REAL PROPERTY DESCRIBED BELOW. THIS DEED OF TRUST,CONSTRUCTION SECURITY AGREEMENT AND ASSIGNMENT OF RENTS,made thisl5th day of December 19 92 ,among 1316 Jones Street Partnership, 1213 Jones Street, Omaha,' NE -68102 'c as Truetar, rr Wadie Thomas, Attorney—at—Law as Trustee,and 2505 North 24th Street, Omaha, NE 68110 City of Omaha, a Municipal Corporation as Beneficiary: 1819 Farnam Street, Omaha, NE 68183 • c-- WITNESSETH: That Trustor irrevocably grants,transfers and assigns to Trustee in trust,with power of sale,the following described Real Estate: Lot 6 and the South half of Lots 7 and 8, Block 173, in the Original • City of Omaha, as surveyed, platted and recorded in Douglas County, Nebraska (commonly known as 1316 Jones Street) �k l:`l • CASH-_ TYPE• • FEE,`" ����. t i� 60 �111�� together with all interest which Trustor now has or may hereafter acquire in and to said Real Estate and in and to:(a)all easements and rights of way appurtenant thereto and all of the estate,right,title,interest,claim and demand whatsoever of Trustor in the Real Estate,either at law or in equity,now or hereafter acquired:(b)all structures,buildings and improvements of every kind and description now or at any time hereafter located or placed on the Real Estate(the"Improvements");(c)all machinery,appliances,apparatus,equipment and fixtures now or hereafter located in,upon or underthe Real Estate or the Improvements,or any part thereof,and used or usable in connection with any present or future operation thereof,and all additions thereto and replacements therefore;(d)all articles of personal property and any additions to,substitutions for,changes in or replacements of the whole or any part thereof,including,without limitation,all furniture and furnishings,now or at any time hereafter affixed to,attached to,placed upon or used in any way in connection with the use,enjoyment,occupancy or operation of the Real Estate or the Improvements,or any portion thereof,and owned by the Trustor or in which Trustor now has or hereafter acquires an interest;(3)all of the rents,royalties,issues and profits of the Real Estate and the Improvements,or arising from the use or enjoyment of all or any portion thereof or from any lease,license,concession,occupancy agreement or other agreement pertaining thereto (the"Rents and Profits"),and all right,title and interest of Trustor in and to all leases,licenses and occupancy agreements of the Real Estate or of the improvements now or hereafter entered into and all right,title and interest of Trustor thereunder,including without limitation,cash or securities deposited thereunder to secure performance by tenants,lessees or licensees,as applicable,of their obligations thereunder;(f)all building materials and supplies now or hereafter placed on the Real Estate or in the Improvements;(g)all proceeds of the conversion,voluntary or involuntary,of any of the foregoing into cash or liquidated claims,including,without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • SCHEDULE "A" DEFERRED PAYMENT LOAN PROMISSORY NOTE Project No. : Multi-Family Rehab Program Place: 1316 Jones Street Omaha, Douglas County, Nebraska Loan No. : 92-HCD/1303 Date: December 15, 1992 FOR VALUE RECEIVED, the undersigned jointly and severally promise(s) to pay to the order of the CITY OF OMAHA (herein called "CITY") , acting by and through the Director of the Planning Department or his successors, the sum of One Hundred Seventy Thousand and no/100 Dollars, ($170,000.00) , and shall be repayable in twenty years from and after January 1, 1993. The loan shall bear an annual interest rate of One Percent (1%) simple interest, with interest accruing from and after January 1, 1993, and annual accruals of $1,700.00, each accumulating each January thereafter through and including January 1, 2013. Such interest and subsequent annual accruals of $1,700.00 are to be deferred for twenty years and added to the principal amount of the loan. The principal ($170,000.00) together with the accrued interest ($34,000.00) in an amount of $204,000.00 shall be due and payable on January 1, 2013. The principal balance plus accrued interest shall become due and payable upon sale or transfer of ownership of the property during the term of the loan. All payments on this Note shall be made in lawful money of the United States at the principal office of the City of Omaha, 1819 Farnam Street, Omaha, Nebraska, or at such other place or places as shall be designated in writing for such purposes by the City. The undersigned reserve(s) the right to prepay at any time all or any part of the principal amount of this Note without the payment of penalties or premiums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • BOOK 3946 PAGE 2_. THIS NOTE is . secured by a Second Deed of Trust, duly filed for record in Douglas County, Nebraska. IN THE EVENT OF A DEFAULT, the City shall rely solely upon the property which is secured by the Deed of Trust which is the security for the Promissory Note and will not initiate or participate in any claim or proceedings against the maker of the Promissory Note or its partners (or the partners, officers, directors, shareholders of any partners) for payment of any sum due under the Promissory Note or any other sum due under the Deed of Trust. DEMAND, protest and notice of demand and protest are hereby waived, and the undersigned hereby waives, to the extent authorized by law, any and all homestead and other exemption rights which otherwise would apply to the debt evidenced by this Note. IN WITNESS WHEREOF, this Note has been duly executed by the undersigned, as of its date. • 1316 JONES STREET PARTNERSHIP, a Nebraska General Partnership • By: Ail 1 A. A Per•, IT. Poy''e , _G ral artner 00.00) in an amount of $204,000.00 shall be due and payable on January 1, 2013. The principal balance plus accrued interest shall become due and payable upon sale or transfer of ownership of the property during the term of the loan. All payments on this Note shall be made in lawful money of the United States at the principal office of the City of Omaha, 1819 Farnam Street, Omaha, Nebraska, or at such other place or places as shall be designated in writing for such purposes by the City. The undersigned reserve(s) the right to prepay at any time all or any part of the principal amount of this Note without the payment of penalties or premiums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • oiioJAN� 2, 2008b 2�: 1�1PM,A SECURITY NAT BANK( N0, 1122 P. 22v ' APPL1CAT'IONP'OR 81/B01 IATION AORSEMINT (Tf apprarod,48350.00 fee will bB ohargod.) Borrow r(e); _ 1`3/6--ki 3tr 'f-r - - - Achim: 1316 ktCalm6-ElAteena. 3- 0ihono Nueaber: . 3 Legal Dosrription*empty! Log 6 and the yth 312 0 145Sar, !ma st_ 41n Net"Mortgage/Deed.of ut Information IstopOsed New Mortgage Loader; NAM Be,cus1tg t kAZJ a,.____ Address i Amnia Jszlesigha.,253.40124 Ce ttut IftegrPtelPir p}toneNuznber (d07...1. 441.-eA9,2 Amount of Proposed Mortgage/Deed of Tisu $ 410,000.00 Proposed interest Rotes 7-1,31...,4'0 $8t.Closing Costs&Pass; $ 1.550 WOW wall a good f filth cant.a rleaswQta161iras' Is the new loan interest ram: Pined AdjUstabio tali faar aataah efts rale oo /l'tvnatlen fr m tandhrr' h?vrpvea(s)oSte Loos; _Pagirasongsk itntklU112 - _Par 1V^prerty Will the new loan re5tanae en existing inarzgage/deed of trust? .X Yee No [fTee,what is the current balance of the existing mortgage/cited of trust; $3115,000.00 If Yes,what is The nwr:o of the Iendea7 138 Ilk 4'614 ammilpoyoffstdatmerN, rnlv:he= Borrower(s)8ignatuse(s); ,- ' y paw '4.4 B _ Please subtle this information to: City Planning I3opaztment C/o Xit Dieing 1819 Parnem Street,Saito 1111 Omaha, 4 65183 Phone:401-444-5232 Paw 40.44d-614o wised 8/28/2007) nam Street, Omaha, Nebraska, or at such other place or places as shall be designated in writing for such purposes by the City. The undersigned reserve(s) the right to prepay at any time all or any part of the principal amount of this Note without the payment of penalties or premiums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • JAN. 2. 2008 2: 11PM SECURITY NAT BANK O. 112 P. 3 "SECURITY NATIONAL BANK October 24, 2007 • NO. Larry Lundquist, President L nd-Ross Constructors 1112 North 13th Street Orinaha,NE 68102 D4ar Larry: Scurity National Bank of Omaha("Bank") is pleased to offer 1316 Jones St.,Partnership ("Borrower") this Conditional Commitment for financing: B RROWER: 1316 Jones St,, Partnership. P RPOSE: Refinance debt on Commercial Building. A OUNT: $410,000.00, REPAYMENT: Monthly principal and interest payments sufficient to amortize the balance over a-twenty (20) year term. TERM; Loan will mature with a balloon payment due in ten(10) years. COLLATERAL: First Deed of Trust and Assignment of Rents on the commercial real estate located at 1316 Jones Street Omaha,NE. INTEREST RATE: Fixed for five(5)years at 7.125%. The loan will reprice for the second five (5) year period at the higher of the FHLB 60-month advance rate+ 2,35%or New York Prime, G13ARANTORS: Larry Lundquist, Michael Alley and Perry Poyner. FEES: $500 Loan Origination Fee plus out of pocket expense associated with closing the loan, p PAYMENT PENALTY: 1.0% if refinanced with another lending institution. CONDITIONS: The obligation of Bank to close and fund the Loan is further conditioned upon.the following; 1) ` -'Receipt of a copy of a Phase 1 Environmental Report on the commercial building located at 1316 Jones Street Omaha,NE. 2) Receipt of a title insurance commitment and policy, subject .to.Bank's approval, containing terms, conditions and ' ';exceptions acoeptable to Bank. 6Arving the Community W®C®II Home,Member FDIC Ci' 1120 South 101st Street I Omaha,NE 1241402- 44 73C70 I enbconnect,com Meg I I ums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • JAN. 2. 2008 2: 11PM SECURITY NAT BANK NO. 112 P. 4 I\4. Larry Lundquist Page 2 October 24, 2007 CONDITIONS (cont.): 3) 1316 Jones Partnership to maintain primary checking account with Bank. If the terms and conditions of this Conditional Commitment for financing are acceptable please acknowledge your acceptance of this Commitment by signing where indicated and returning one ofithe copies of this letter to my attention. A credit agreement must be in writing to be enforceable under Nebraska law. To protect you and us from any misunderstandings or disappointments,any contact,promise,undertaking or offer to(forebear repayment of money or to make any other financial accommodation in connection wilth this loan of money or grant or extension of credit, or any amendment of, cancellation of, waiver of,or substitution for any or all of the terms or provisions of any instrument or document executed in connection with this loan of money or grant or extension of credit,must be in writing to ibe effective. Si ccrely, Keith McCormick Senior Vice President A4reed upon and accepted this day of October,2007. 1316 Jones St., Partnership Bt: ted with closing the loan, p PAYMENT PENALTY: 1.0% if refinanced with another lending institution. CONDITIONS: The obligation of Bank to close and fund the Loan is further conditioned upon.the following; 1) ` -'Receipt of a copy of a Phase 1 Environmental Report on the commercial building located at 1316 Jones Street Omaha,NE. 2) Receipt of a title insurance commitment and policy, subject .to.Bank's approval, containing terms, conditions and ' ';exceptions acoeptable to Bank. 6Arving the Community W®C®II Home,Member FDIC Ci' 1120 South 101st Street I Omaha,NE 1241402- 44 73C70 I enbconnect,com Meg I I ums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • JAN, 2. 2008 2: 12PM SECURITY NAT BANK NO. 112 P. 5 i • I ; . i , From KENT.WHEELOCK©usbank.com [mallto;KENT.WHEELOCK@usbank.com] Sent:IWednesday, December 12, 2007 11:42 AM . To: K ith McCormick Subj4t: RE: 1316 Jones St. • Goodlmorning, Keith . Per ycbur request, here is the pay off for subject loan as of 12/14/07: $308,0,16.49 • prin 7,395.50 int $315, 12.09 total $104�81 per diem Wire Instructions are below, and releases/terminations will be requested upon receipt of proceeds. As we • . discussed, that will likely take 2 or 3 weeks. Thanks, and please let me know if you have any questions/need anything further. Kent I • Kent .Wheelock,V.P., Special Assets US B NCORP CENTER BC- N-H22A 800 (COLLET MALL, 22ND FLOOR MIN EAPOLIS, MN 55402 'TEL: (612) 303-4521 FAX:1(612) 303-4660 Email: kent.wheelock@usbank.com This Communication, along with any attachments, Is covered by federal and state law governing electronic communications and may.contain confidential and legally privileged Information. If the reader of this message is not the intended recipient, you are notified that any dissemination, distribution, use or copying of this message is stricty prohibited. If you have received this in error, please reply immediately to the sender and delete this mes age. Thank you. i 1/2/2008 I • title insurance commitment and policy, subject .to.Bank's approval, containing terms, conditions and ' ';exceptions acoeptable to Bank. 6Arving the Community W®C®II Home,Member FDIC Ci' 1120 South 101st Street I Omaha,NE 1241402- 44 73C70 I enbconnect,com Meg I I ums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • ■■■ 011V, I. LUDO IV: UGHIVI JCI,UIiI I T IVH I bHIV\ NUM r, I ■ ■ II ■ ■ ■� • ■ IN ■ SECURITY NATIONAL BANK OF OMAHA FAX COVER SHEET TO: Kit Diesing OF: City of Omaha Planning Department Fax # (402) 444-6140 FROM: Keith McCormick Fax (402) 344-0173 NUMBER OF PAGES INCLUDING THIS PAGE: Two (2) IF ALL OF THE PAGES DID NOT TRANSMIT,PLEASE CONTACT ME AT SECURITY NATIONAL BANK OF OMAHA. (402) 344-7300 Kit: Attached is our Closing Statement for the 1316 Jones Street Partnership transaction. The US Bank loan that is being refinanced is at 7.25% Please call or E-mail with any problems or questions. My direct line (402) 449-0939. My E-mail address kmccormick@snbomaha.com. Thank you for your assistance in this matter. Keith McCormick Senior Vice President Security National Bank of Omaha THE INFORMATION CONTAINED IN THIS FACSIMILE TRANSMISSION AND THE ACCOMPANYING PAGES IS INTENDED SOLELY FOR THE ADDRESSEE(*NAMED ABOVE,IF YOU ARE NOT AN ADDRESSEE,OR RESPONSIBLE FORDELIVERINO THESE DOCUMENTS TO AN ADDRESSEE,YOU HAYS RECEIVED THIS DOCUMENT IN ERROR AND YOU ARE STRICTLY PROHIBITED FROM READING OR DISCLOSING IT.THE.INFORMATION CONTAINED IN THIS DOCUMENT IS SUBJECT TO LEGALLY ENFORCEABLE PRJVILEOES,UNLESS YOU ARE AN ADDRESSEE,OR ASSOCIATED WITH AN ADDRESSEE FOR DELIVERY PURPOSES,YOU WILL VIOLATE THESE PRIVILEGES IF YOU DO ANYTHING WITH TICS DOCUMENT OR THE INFORMATION IT CONTAINS OTHER THAN CALLING US IMMEDIATELY AT THE NUMBER LISTED ABOVE AND RETURNING THIS DOCUMENT TO US AT ONCE • title insurance commitment and policy, subject .to.Bank's approval, containing terms, conditions and ' ';exceptions acoeptable to Bank. 6Arving the Community W®C®II Home,Member FDIC Ci' 1120 South 101st Street I Omaha,NE 1241402- 44 73C70 I enbconnect,com Meg I I ums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • JAN. 7. 2008 10: 08AV1 SECURITY NAT BANK NO. 202 P. 2 CLOSING STATEMENT DATE: February 12,2008 BORROWER: 1316 Jones Street Partnership c/o Alley Poyner Macchietto Architecture P,C. 1213 Jones Street Omaha,Nebraska 68102 BANK: Security National Bank of Omaha 1120 South 101 st Street Omaha,Nebraska 68124 Debit Credit Loan Proceeds $410,000.00 Payoff US Bank $319,309.38 Real Estate Taxes thru 2/12/2008 $ 44,295,90 Loan Origination Fee $ 500,00 Title Insurance $ 957.00 Flood Insurance Certificate $ 10.00 Recording Fees TOTAL $365,118,78 $410,000.00 Maintenance Reserve $ 44,881.22 Borrower agrees to the above closing costs and directs Bank to disburse the funds as necessary to pay the above items. Agreed upon this 12th day of February,2008. Borrower: 1316 Jones Street Partnership By: Michael D, Alley, Managing Partner Bank: Security National Bank of Omaha By: Keith McCormick, Senior Vice President ERROR AND YOU ARE STRICTLY PROHIBITED FROM READING OR DISCLOSING IT.THE.INFORMATION CONTAINED IN THIS DOCUMENT IS SUBJECT TO LEGALLY ENFORCEABLE PRJVILEOES,UNLESS YOU ARE AN ADDRESSEE,OR ASSOCIATED WITH AN ADDRESSEE FOR DELIVERY PURPOSES,YOU WILL VIOLATE THESE PRIVILEGES IF YOU DO ANYTHING WITH TICS DOCUMENT OR THE INFORMATION IT CONTAINS OTHER THAN CALLING US IMMEDIATELY AT THE NUMBER LISTED ABOVE AND RETURNING THIS DOCUMENT TO US AT ONCE • title insurance commitment and policy, subject .to.Bank's approval, containing terms, conditions and ' ';exceptions acoeptable to Bank. 6Arving the Community W®C®II Home,Member FDIC Ci' 1120 South 101st Street I Omaha,NE 1241402- 44 73C70 I enbconnect,com Meg I I ums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • Page : 1 Document Name : untitled PARC 1599 0002 03 FB 23 STATUS 2 CLASS M EXEMPT 0 EXEMPT TYPE X TAX DISTRICT 0100 SID F- PROP HOUSE HALF DIR ----STREET NAME TYPE SUFFIX APT AREA ZIP CODE ADDRESS 01316 JONES ST OMA 68102 OWNER INFORMATION NAME 1316 JONES STREET PARTNERSHIP DATE OF LAST CHANGE 12-29-2004 + PROPERTY SOURCE BK/PG OR DOC# 1924/694 ADDR 6235 S 90 ST HOMESTEAD DELETE CITY OMAHA ST NE ZIP 68127 NON NUMERIC ZIP CODE CURRENT VALUE HOMESTEAD YEAR ---DATE-- - -- -LAND-- ---IMPR-- --TOTAL-- PAR RSN NUMBER TY CD PCT VALUE 2004 03-18-2004 50400 850600 901000 RA ADDITION NO . 80000 LOT 8 HALF BLOCK 173 HALF CITY LOTS SECT TOWN RANGE PLAT 0121 LEGAL DESCRIPTION LEGAL DESCRIPTION 1 LOT 6 & S 1/2 LOTS 7 & 8 BLK 173 2 3 4 5 6 7 8 PF1-ADFB PF5-PNFB PF6-PAFB Date : 1/9/2008 Time : 9 : 55 : 05 AM President ERROR AND YOU ARE STRICTLY PROHIBITED FROM READING OR DISCLOSING IT.THE.INFORMATION CONTAINED IN THIS DOCUMENT IS SUBJECT TO LEGALLY ENFORCEABLE PRJVILEOES,UNLESS YOU ARE AN ADDRESSEE,OR ASSOCIATED WITH AN ADDRESSEE FOR DELIVERY PURPOSES,YOU WILL VIOLATE THESE PRIVILEGES IF YOU DO ANYTHING WITH TICS DOCUMENT OR THE INFORMATION IT CONTAINS OTHER THAN CALLING US IMMEDIATELY AT THE NUMBER LISTED ABOVE AND RETURNING THIS DOCUMENT TO US AT ONCE • title insurance commitment and policy, subject .to.Bank's approval, containing terms, conditions and ' ';exceptions acoeptable to Bank. 6Arving the Community W®C®II Home,Member FDIC Ci' 1120 South 101st Street I Omaha,NE 1241402- 44 73C70 I enbconnect,com Meg I I ums. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the CITY, without notice to the undersigned. Failure of the CITY to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, on August 4, 1992, a Loan Agreement (hereinafter referred to as "Agreement")between the City of Omaha(hereinafter referred to as"City")and 1316 Jones Street Partnership, a Nebraska General Partnership, 1213 Jones Street, Omaha, Nebraska 68102, (hereinafter referred to as "Borrower")was approved by City Council Resolution No. 2011; and, WHEREAS, the terms of that Agreement provided for the partial financing of the rehabilitation of property located at 1316 Jones Street(hereinafter referred to as "Property")under the Multi-family Rehabilitation Program,such financing consisting of a repayable loan in the amount of$170,000.00;the principal of which becomes due upon sale,lease or other transfer of any kind or nature of the mortgaged property, or any part thereof prior to its maturity date of January 1, 2013; and, WHEREAS,on December 15, 1992,the Borrower executed a repayable loan Deed of Trust and Promissory Note as evidence of the City's secured interest in the above-referenced Property,such documents being recorded on December 18, 1992,with the Douglas County Register of Deeds in Book 3948 on Page 217,and an Acknowledgement of Power of Sale,filed in Book 1049 on Page 298; and, WHEREAS, the terms of the Deed of Trust and Promissory Note, allow the Deed of Trust securing such financing be in no less than second lien position; and, WHEREAS,the Borrower is also indebted to U.S.National Bank(hereinafter referred to as"Bank")by virtue of a loan made in the sum of$400,000.00,which indebtedness was incurred for the purpose of refinancing the balance of the original first mortgage financing for the rehabilitation of the Property; and, WHEREAS,the Borrower's above-described indebtedness to the Bank is secured by a Deed of Trust and Promissory Note,which security interest was perfected on September 11, 2002, upon the filing of same with the Douglas County Register of Deeds, same being recorded on September 19, 2002, in Book 7406 at Page 395; and, WHEREAS, on August 2, 2002, the City Council approved Resolution No. 1887, authorizing the Mayor to execute a subordination agreement,subordinating the City's interest in the Property to that of the Bank; and, By Councilmember Adopted City Clerk Approved Mayor e such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska WHEREAS,the Borrower has been approved for a new loan in an amount sufficient to refinance the balance of the existing first lien, pay other property-related expenses, plus cover reasonable closing costs; and, WHEREAS,the new lender is willing to make such a loan provided it can be secured by a"first" mortgage/deed of trust; and, WHEREAS, it is in the best interests of the citizens of the City of Omaha that the Mayor execute a debt subordination agreement, in a form substantially the same as to the attached Exhibit A; and, WHEREAS,the repayable loan will remain as a lien against the property until maturity on January 1, 2013, at which time it will be paid in full. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT,the Mayor is hereby authorized to execute a debt subordination agreement for 1316 Jones Street Partnership,a Nebraska General Partnership,reflecting the terms and conditions set forth in this resolution regarding property located at 1316 Jones Street,in substantially the same form as the proposed debt subordination attached hereto. APPROVED AS TO FORM: C tq 0f Affz,r, CITY ATTORNEY D TE PLNKMD1049 resolution ByC-)7&14/44- /04000 Councilmember Adopted' 2 9 2008 `O Jerk Approved.-. .... ti\iy I ` C� �' A TING Mayor r r r is also indebted to U.S.National Bank(hereinafter referred to as"Bank")by virtue of a loan made in the sum of$400,000.00,which indebtedness was incurred for the purpose of refinancing the balance of the original first mortgage financing for the rehabilitation of the Property; and, WHEREAS,the Borrower's above-described indebtedness to the Bank is secured by a Deed of Trust and Promissory Note,which security interest was perfected on September 11, 2002, upon the filing of same with the Douglas County Register of Deeds, same being recorded on September 19, 2002, in Book 7406 at Page 395; and, WHEREAS, on August 2, 2002, the City Council approved Resolution No. 1887, authorizing the Mayor to execute a subordination agreement,subordinating the City's interest in the Property to that of the Bank; and, By Councilmember Adopted City Clerk Approved Mayor e such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of the optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the CITY a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. If this Note be reduced to judgment, such judgment should bear the statutory interest rate on judgments, but not to exceed 9% per annum. IF suit is instituted by the CITY to recover this Note, the undersigned agree(s) to pay all costs of such collection including reasonable attorneys' fees and court costs. without limitation,proceeds of insurance and condemnation awards;and(h)all other or greater rights and interests of every nature in the Real Estate and the Improvements and in the possession or use thereof and income therefrom,whether now owned or subsequently acquired by Trustor.The property so conveyed hereunder is hereinafter referred to as"such property". FOR THE PURPOSE OF SECURING: A. Payment of the principal sum of One Hundred Seventy Thousand Dollars($170,000a.00 evidenced by that certain promissory note dated of even date herewith(hereinafter referred to as the"Promissory Note")issued by Trustor in said amount and payable to the order of Beneficiary,together with interest thereon,late charges and prepayment bonuses according to the terms of the Promissory Note and all renewals,extensions and modifications thereof. B. Performance,discharge of and compliance with every obligation,convenant and agreement of Trustor incorporated by reference or contained herein or in any other security agreement or deed of trust at any time given to secure any indebtedness hereby secured,or any part thereof,inclucji8g the Redevelopment Agreement with the City of Omaha dated August 6, 1992 and approved by City Council Res. No. 11 C. Payment of all fees and charges of Beneficiary,whether or not set forth herein. D. Payment of future advances necessary to protect such property. E. Payment of future advances to be made at the option of Trustor and Beneficiary. TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR COVENANTS: 1. Title:That it is lawfully seized and possessed of a good and indefeasible title and estate to such property in fee simple and will forever warrant and defend the title thereto against the claims and demands of all persons whosoever;that it will,at its expense,maintain and preserve the lien of this Deed of Trust as a first and paramount lien upon such property. V.41\• .f.-• ., ' ,-.0.....-. ,--•,',..- A •'' * A . 1...‘ . .•.:',.0.W. * . ' •k•:,.4f, .• ._., _,....._____----- --.7..---,-.---•"-- s ,.....:-... -••- . . I • • :r.-.... -• ' •:...*..**:,.-7..A - .1••••7_,_.r... .--,... ":,....177* -4..'•• 4 3.'0' „liar , " -' . :•/.. ' '+ ,4.•-••47-P-e;7:,-...;•,,f1-.-' 4.. :'7•g'---..g.'t...r .,, --1 "r•••1' 4 •44 - 't ,,„;,4 . Ifs q,•i ;‘„,,, - • - 1--•••••. " -- --•-•, -•A"-"J",-.4..._!--z ••• . . .- . ,.,,.......,,'-:.•,, 4,..6.-4-...;; ;:lf.::)..•.....'4•'. 1`r ' -- .—a•ML _ ..„ - ..--...-........... . ......t 4. ._ •A, - - • I. •-.-- .._ . _ ... . •. . . . .,.. ----: - -_ . .. ...„.:1„.• ., •"„1.,‘ ••,10..;,_,•. • ,, „......:. .., . • _.-. . . ,..:- .„ .. 1-• .,....•.. : ..,.. , ...:„.. ...... • ..,....q..t....I•-,..r....41, . ..,- -,•• . .. .. . . ..L : 5S-10 LSD31/ fr • \ cr p \ v, 0 \ Cr k ° o ' / ° S § # 0 " 0 0 \ ' 2 \ ® § V) c g \ CO §• 7 \ ƒ / En ° 2 \ / \ & �' � § § " id q o . 0 9 _ g 0 q " e P. z- n g - #• , n \ a § @ _/ q k 0 � � �' Ro � \ . & 9 § 7 K 2 / I ? 2 5 k M fc 9 a iq ! iq• (7 p a §'k a pa i o . • « ` - - -� , r \\/ w 2 _ __ U) § 001/08) - , 20 -4-