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<br /> ` -e ���• CROSS-COLLATBRALI2ATION A(3RBEMENT '
<br /> S This Croas-Collateralization Agreament made and exacutecl �
<br /> ,� this 6tt► day of . 1� , 1991 by and between THE OVERLAND �1.�-.�__ -
<br /> � '` NATIO�IAL BANK OE' N , nereinaf�er referred tu as the
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<br /> `�'��� "Lender", McCLOUD SUPER 8 MOTEL, INC. , hereinaftier referred to as
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<br /> �`-A1 -" -�hfib�����<� � - the "Borrower", and GERALD G. McCLOUD, a/k/a GBNE G. McCLOUD,
<br />�.�s�:,"°.�`��'' � and CATHY tdcCLOUA, Husband and Wife, hereinafter referred to as
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<br />� 7'{•`•,' , the "Guarantors".
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<br /> �'�.;�n,,,�: W I TN ES3�TH; --
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<br /> WHEREAS, Gerald G. MaCloud in the sole ehareholder o€ t�e �y��- '�u-r'�`�`
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<br /> i ' - eorrowert --
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<br /> �. - - ' td�3£REAS, the LendAx has agreed to advance additional sums to °-
<br /> yF'��'�' ' T r the i�orrawer conditimr�ed upon the Guarantors and the �c�rrower -----__..___�
<br />�;':�- ��t�� ' � agreeing to a cro��-collateralization and cross-default in ..
<br /> � .j��.�,: :�. . respect to exis"ting security granted to the I.ender by either the �:;.:_
<br />�'���,:� �'=��; , ��. . �orrow�r or the Guarantors in resPect to loans hereiaaEter speci- _
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<br />������,,�� :�a:. . ..°.. ... WH�REAS, such commitment for extensfon of additiona] cxedit _ _
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<br /> Z,. . � , � to the Borrowec is in part conditioned upon the cross- s_ ,�
<br /> 4 collateralization an� cross-defaulting of all axisting indebted- __
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<br /> � X � - � ness and security of the Borrower and the Guarantorsi
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<br /> NOW, THEREFORE, in consideration of the mutual ccivei�ants —
<br /> •, . .�;,�',;,1t;=� herein contained, it is agreed: --��------_
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<br /> • ' i 1. Indebtedness. The Borrower is curzently indebted to the
<br /> ' . � Lend�er in respect to a Dlortgage Note dated October 12, 1979 in .,,. -: ��� • - "''''
<br /> � � � � ••• oc3 Pift Thousand and �' ..�.
<br /> • " � the originel p�incip�l amount of Seven Hundx Y
<br /> ° No/100 Dollars ($750,000.00) ; in res�ect to a Line of Gredit Deed ---__ �
<br /> • � � � ' � of Trust Note in the original principal amount of Three Hundrod �=;,.-��:_��
<br /> ' � • ° Fifty Tt►ousand and No/100 �ollars (5350,000.00) and an Install- � •'';,�,'
<br /> � • t , ment Loan dated October 6, 1989 in the orig inal principal amount ��;____._ -�
<br /> ` ' � of Sixtee� Thousand Three and No/100 Dollars ($16,Q03.00) , and i�-_.-,r __
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<br /> � the Guarantor, Gerald G. �icCloud, a/k/a Gene G. McCloucl, is cur- ;,x,;�Y,:
<br /> ' , "•� '�' ' rently indebted to the Lender in respect to a Deed o� Trust Note , ' }!'�.��"
<br /> • . , � � 9 0 i n the ori inal nrincinal amount of One Hun- �;,;'�,`;:.�;;;�:.�,_
<br /> � .� , date March 12, 19 9 _
<br /> drec� Sevent�-Five Thousand and No/100 Dollars ($175.�00.00) , all �•....;1., .,
<br /> � � � ���',���,. � . o£ wt�fch are to become subject to the terms and conditions of `� '�5� �•. _::.
<br /> • ;%`�r��� � this Cross-�ollateralization Agreement. ��t'�' !'�� �--
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<br /> 2. Conditions Precedent. Prior �o the continued extension �_�;,;�;;,i,-
<br /> 9 �f credit naw ex st ng or ereafter to be made to the Borrower, �� • •��;..
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<br /> . ���,,�� the Lender has required tho securitizAtion of atl guch indebted- �,�;�;,�ti�_�_-_`
<br /> '��'�}itr,�::;_ ness by a cross-collateral ization of each laan identif ied in u����'•=' A'
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