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89100859
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89100859
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Last modified
10/19/2011 6:05:17 PM
Creation date
10/20/2005 9:17:07 PM
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DEEDS
Inst Number
89100859
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1� <br />89-10085'9 <br />f (a) The following first mortgage(s) and /or deed(s) of <br />trust by PA- bee - Printing Co., Inc. to Five Points Bank: <br />(AY Mortgage dated February 4, 1987 and recorded <br />on Fabruary 10, 1987 as Instrument No. 87 100747, in the <br />original.principal amount of $9O,QOO.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 Tru,stors' 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 €inancia_l <br />.. ' <br />Such::r3ebec�esses .aree eafter colleciYely referre3't as the <br />"Se. ii r i.era'!. and the holder (s) of such "Senior L4 en" eye <br />here�ft-r dollectitr6ly referred to as the " Senlor. fienholder ". <br />Beneflr�iar f shall ftat restrict in any way the ar1ouht of the Senior <br />Lien_ the current amount of the Senior Lieh.dige 11:o the <br />5...,., ...:. current Senior '. Lientolder or any future amount of 12 a Senior Lien <br />due to the tZarrent =d /or any future Senior Lienh,.ol er. <br />Beneficiary agrees to execute all �iritten instruments cuiwencing <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 Trustor's 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 />G. EMINENT DOMAIN. Should the Trust Estate, or any <br />material part thereo 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 />_ b <br />
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