Common use of Modification of Deed of Trust Clause in Contracts

Modification of Deed of Trust. The Deed of Trust is modified as follows: (a) The lien and other terms of the Deed of Trust shall continue to secure the Line as increased hereby, and any subsequent extensions, renewals, amendments, modifications increases or supplements to the Line or the Amended Line Note. Accordingly, each reference in the Deed of Trust (1) to the “Credit Agreement” shall be deemed to be a reference individually and collectively to the Credit Agreement as amended hereby, and all further amendments, modifications or supplements of the Credit Agreement, and (2) to the “Line Note” shall be deemed to be a reference individually and collectively to the Amended Line Note, and all further amendments, modifications, supplements, extensions, renewals or replacements of the Amended Line Note. (b) Notwithstanding anything to the contrary contained in the Deed of Trust, the maximum amount of principal secured by the Deed of Trust shall be increased to $5,000,000 and the reference to $2,500,000 in Section 2(b) of the Deed of Trust is hereby changed to read as “$5,000,000.” (c) The Grantor ratifies and confirms the grant of the Property, as defined and as set forth in the Deed of Trust to secure payment of the Secured Indebtedness, as defined therein, and as increased by this Agreement. (d) The Grantor hereby restates, confirms and ratifies each of the representations and warranties set forth in the Deed of Trust and agrees that a breach or default under this Agreement will constitute a default under the Deed of Trust. Except as specifically modified by this Agreement, the terms and provisions of the Deed of Trust are ratified and confirmed by the parties hereto and remain in full force and effect. The Deed of Trust, as modified hereby, continues to secure the Secured Indebtedness, as defined therein and as increased hereby, with the same priority as before this Agreement was executed and delivered.