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89100133
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Last modified
10/19/2011 3:43:39 PM
Creation date
10/20/2005 9:10:46 PM
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DEEDS
Inst Number
89100133
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r <br />F <br />89--- 100133 <br />(a) The following first mortgage(s) and /or deed(s) of <br />trust by Albee Printing Co., Inc. to Five Points Bank: <br />(i) Mortgage dated February 4, 1987 and recorded <br />on February 10, 1987 as Inst.rwent No. 87 100747, in the <br />original principal amount of $90,000.00. <br />(b) Any and all other secured indebtedness owing by <br />Trustor or Trustor's parents to any bank, savings and loan, <br />insurance company or other financial institutions which are <br />Trustors or Trustors' parent's primary lender or lenders <br />(including institutions having participating interests in any <br />such loan or loans made; provided, however, that in no event <br />shall there be any subordination to any subordinated <br />debentures of Trustor's parent owned by such financial <br />institutions). <br />Such indebtednesses are hereafter.collectively referred to as the <br />"Senior Lien" and the holder(sp of such "Senior Lien" are <br />hereafter collectively referred to as the "Senior Lienholder ". <br />Beneficiary shall not restrict iri -any way the amount of the Senior <br />Lien - either the current amount of the Senior Lien due to the <br />current Senior Lienholder or any future amount of the Senior Lien <br />due to the current and /or any future Senior Lienholder. <br />Beneficiary agrees to execute all written instruments evidencing <br />said subordination as any Senior Lienholder may request including, <br />but not limited to, any intercreditor agreement. If beneficiary <br />refuses to sign any such instrument tendered by any present or <br />future Senior Lienholder, this Deed of Trust shall be void and of <br />no further force or affect and the Trustee shall, upon the receipt <br />of an affidavit from Trustor or rrustor4s parent evidencing such. <br />facts of the Beneficiary's refusal to so sign, promptly reconvey <br />the Property to Trustor and shall execute such documents <br />evidencing said reconveyance as any Senior Lienholder may request. <br />Provided, however, that if the Senior Lien exceeds One Million Two <br />Hundred Fifty Thousand Dollars ($1,250,000), this Deed of Trust <br />shall no longer be subordinated to any other debt unless <br />Beneficiaries are paid $100,000 towards the discounted value <br />(using a 10% rate of`,return) of the remaining Covenant Not to <br />Compete,payments. <br />.Trustor shall not directly or indirectly mortgage, pledge or <br />otherwise encumber the Trust.Estate or assign or attempt'to assign <br />the rents and profits from the Trust Estate, to any person or <br />party -other than the Beneficiary or,any Senior Lienholder without <br />Beneficiary's prior written consent. <br />6. EMINENT DOMAIN. Should the Trust Estate, or any <br />material part thereof-or interest therein, be taken or damaged by <br />reason of any public improvement or condemnation proceeding, or in <br />any other manner including Deed in Lieu of Condemnation <br />( "Condemnation "), or should Trustor receive any notice or other <br />information regarding such proceeding, Trustor shall give prompt <br />written notice thereof to Beneficiary. Beneficiary shall be <br />entitled to all compensation, awards and other payments or relief <br />-4- <br />L.. <br />IN <br />7 <br />S i <br />�d <br />M1 <br />o <br />MR <br />
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