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S <br />rn <br />n <br />Prepared bBe [. E <br />And return to: First Am( <br />;o <br />M <br />n <br />Z <br />Cn d <br />= cn <br />r <br />v <br />C-. , <br />n cn <br />o •-4 <br />o <br />M C/ <br />= <br />N <br />m\ <br />—1 m <br />o M <br />"n <br />CD <br />CD <br />O <br />O <br />W Q. <br />Dj <br />O <br />1 n <br />rn <br />ro <br />Cn <br />co <br />:N <br />ry <br />C) <br />Cn <br />n <br />W2 <br />CD <br />cn <br />a <br />rn <br />CD <br />kve Clive, Iowa 50325 <br />e-" <br />ue, <br />515.440.6911 <br />Z <br />O <br />MEMORANDUM OF SUBORDINATION AGREEMENT <br />BE IT KNOWN THAT effective on the I 01 day of December, 2002, FIRST <br />AMERICAN BANK, an Iowa banking corporation ( "FAB ") entered into a Subordination <br />Agreement dated December 10, 2002 (the "Agreement ") with EARL MAY SEED & <br />NURSERY L.C. (d/b /a Earl May Garden Centers), an Iowa limited liability company ( "Earl <br />May "), BJS ENTERPRISES L.C., an Iowa limited liability company ( "BJS "), and WGMS <br />ENTERPRISES, L.C., an Iowa limited liability company ( "WGMS "), which was executed in <br />order to define the parties' respective rights, remedies and interests as they may appear against <br />the real estate located in �A I, County, State of QL3VO, more fully <br />described on Exhibit "A" attached hereto (the "Real Estate "), together with all improvements <br />located thereon and rights appertaining thereto. Said rights, remedies and interests appearing <br />against the Real Estate are set forth in the following documents: <br />1. FAB Loan Agreement, as defined in the Agreement, by and between FAB and Earl <br />May; and <br />2. Corporate Guaranty from BJS to FAB pursuant to the FAB Loan Agreement; and <br />3. Certain lease agreements between BJS and WGMS, as landlords, and Earl May, as <br />tenant, attached to the Agreement as Exhibits A and B, respectively. <br />This is only a Memorandum of the Subordination Agreement, and the complete <br />agreement between the parties is contained in the Agreement, and any further amendment <br />thereto. All parties affected by such Agreement are hereby put on notice of its contents and <br />effects thereof, and should review said document for its contents. You should contact First <br />American Bank to request a copy of said Agreement at 12333 University Ave., Clive, IA 50325. <br />IN WITNESS WHEREOF, the parties have executed this Memorandum of <br />Subordination Agreement to be effective December 10, 2002. <br />BJS ENTERPRISES L.C. WGMS ENTERPRISES, L.C. <br />By: <br />By: :� �� 46044-w-' <br />Name: Be�IyAme Shaw Name: William E. Shaw <br />Title: Manager Title: Manager <br />