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Exhibit 10.23
LOAN AGREEMENT
executed by and between
XXXXXXX CARIBBEAN BEDDING, INC.
&
BANCO SANTANDER PUERTO RICO
December 12, 1997
XXXXXXXX XXXXXX, XXXXXX XXXXXXX,
XXXXXXX XXXXXXX, HERRERO & XXXXXXX
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LOAN AGREEMENT
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THIS AGREEMENT, made on the 12th day of December , 1997, by and
between XXXXXXX CARIBBEAN BEDDING, INC. (hereinafter referred to as the
"BORROWER" or "Borrower") a corporation organized under the laws of the
Commonwealth of Puerto Rico, herein represented by its President and General
Manager Mister Xxxxxx X. Xxxxxx, of legal age, married, executive and resident
of Guaynabo, Puerto Rico; and BANCO SANTANDER PUERTO RICO (hereinafter referred
to as the "LENDER" or "Lender"), a banking corporation organized and existing
under the laws of the Commonwealth of Puerto Rico, represented herein by its
Authorized Agents Xxxxx Xxxxxx Lebron and Xxxxx Xxxx Xxxxxxx both of legal age,
married and resident of Xxxxxxxx Alto and San Xxxx, Puerto Rico respectively.
W I T N E S S E T H:
WHEREAS, the BORROWER is the owner and holder of fee simple title to
the property described in Exhibit "A" attached hereto and made a part hereof by
reference and hereinafter referred to as the "SECURITY" or "Security", and
WHEREAS, the BORROWER has applied to the LENDER for a loan (hereinafter
referred to as "the LOAN" or "Loan"), of THREE MILLION TWO HUNDRED THOUSAND
DOLLARS ($3,200,000.00) for a term ending Fifteen (15) months from date, with
interest on its daily outstanding balance at a fluctuating annual rate equal to
Two Hundred (200) basis points over the London Interbank Offered Rate (LIBOR),
adjusted every Ninety (90) days, to partially finance the cost of
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construction and development of a commercial building to be used by Borrower as
a warehouse and office building (hereinafter referred to as the "BUILDING" or
"Building"), with an area of approximately 50,000 square feet, and Sixty Six
(66) parking spaces, to be constructed in a parcel of land located at Las Xxxxxx
Industrial Park, Xxxxxxxx Alto, Puerto Rico, more fully described in Exhibit "A"
attached hereto and made part hereof, and to partially finance the acquisition
of machinery and equipment to be installed in the "BUILDING". Such machinery and
equipment shall be hereinafter referred to as the "EQUIPMENT" or Equipment".
The estimated cost of the BUILDING, the EQUIPMENT, and related expenses
for the construction of the building according to BORROWER'S figures, is the
amount of THREE MILLION EIGHT HUNDRED SEVENTY THOUSAND DOLLARS ($3,870,000.00)
of which amount Lender will provide in accordance with the terms of this Loan
Agreement the amount of THREE MILLION TWO HUNDRED THOUSAND DOLLARS
($3,200,000.00), and Borrower will provide from its own funds the difference
necessary to complete the improvements in the security.
WHEREAS, the LOAN shall be advanced as hereinafter provided and said
advances shall be guaranteed by a Mortgage Promissory Note (hereinafter referred
to as the "MORTGAGE NOTE" or "Mortgage Note"), in the amount of THREE MILLION
TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00), payable to Lender on Demand.
WHEREAS, the abovementioned Mortgage Note shall be secured by a first
mortgage (hereinafter referred to as the "MORTGAGE" or "Mortgage") on the
SECURITY, and
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WHEREAS, each loan advanced hereunder shall be evidenced by an
Acknowledgment Note (hereinafter the "ACKNOWLEDGMENT NOTE") or "Acknowledgment
Note"), to be issued by BORROWER to the order of LENDER, payable on demand, with
interest payable monthly at the same annual rate as the interest on the LOAN,
each in a principal amount equal to the amount of the LOAN advance it evidences,
in the form attached hereto and made a part hereof as Exhibit "G", with blanks
duly filled.
WHEREAS, the BORROWER has represented to the LENDER that the SECURITY
is to be improved in the manner set forth in certain documents heretofore made
available to the LENDER by the BORROWER as described on Exhibit "B" attached
hereto; and
WHEREAS, the BORROWER has represented to the LENDER that the LOAN funds
are to be used solely for the purposes set forth herein and for no other
purposes.
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, it is stipulated as follows:
1. MORTGAGE NOTE: The LENDER shall make to the BORROWER and the BORROWER
shall accept from the LENDER a LOAN in the amount of THREE MILLION TWO
HUNDRED THOUSAND DOLLARS ($3,200,000.00), which LOAN shall be evidenced
by the BORROWER'S Acknowledgement Notes, as set forth hereinbefore, and
shall be guaranteed by the Mortgage Note and Mortgage, as hereinbefore
provided, which Mortgage Note and Mortgage are to be simultaneously
executed with this LOAN Agreement. LENDER and BORROWER have agreed to
consider this LOAN as an interim construction loan and LENDER has also
agreed to convert the LOAN into a permanent loan upon completion of the
Building and the
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improvements and installation of the EQUIPMENT in accordance with the
Plans and Specifications submitted to LENDER by BORROWER, provided such
satisfactory completion of the construction of the BUILDING and the
installation of the EQUIPMENT occurs within 450 days from the date of
this Agreement and provided the BORROWER is not then in material
default hereunder. At such time as the interim construction loan is
converted into the permanent loan that the Mortgage Note shall no
longer be payable on demand but that the permanent loan will mature
FIFTEEN (15) years after its conversion to a permanent loan, will earn
interest at the same annual rate as the interim construction loan,
payable monthly, and its principal shall be payable as set forth
hereinafter and that the Lender agrees to deliver to Borrower a letter
at the time of conversion acknowledging that the Mortage Note is no
longer payable on demand.
2. SECURITY: The LOAN shall be secured by a Mortgage Note, which shall be
secured by the Mortgage. The lien of the Mortgage shall be subject only
to those encumbrances, limitations, restrictions, or easements which
may be approved in writing by counsel designated by the LENDER. XXXXXXX
COMPANY, the Parent Company of Borrower (hereinafter called the
"GUARANTOR"), shall guarantee the payment in full of the principal
amount of the loan, plus interest and any other sums due under the
terms of the Loan, Mortgage Note or Loan Agreement. Said guaranty shall
continue until the Mortgage Note has been paid in full and the Mortgage
has been satisfied of record.
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3. DISBURSEMENT OF LOAN FUNDS: Upon presentation for recordation of the
Mortgage and delivery to the LENDER of the Mortgage Note, and upon
compliance by Borrower with all other requirements specified by the
LENDER as set forth in this Agreement, the LENDER shall disburse the
LOAN funds to the BORROWER at such times and in such amounts as set
forth in the Disbursement Schedule attached hereto and made a part
hereof as Exhibit "C". Prior to each disbursement of LOAN funds
hereunder, BORROWER shall deliver to LENDER its Acknowledgment Note in
a principal amount equal to the amount of such disbursement.
The BORROWER shall, as a condition precedent to being entitled to
receive each LOAN advance hereunder, provide the LENDER, or its designee, with
such certificates of progress of construction of the BUILDING and/or acquisition
or installation of EQUIPMENT as the LENDER may require, describing the nature
and extent of all work done and/or EQUIPMENT acquired or installed, indicating
the stage to which construction has progressed, and certifying that all work has
been done and materials and EQUIPMENT have been installed in compliance with
plans and specifications. The BORROWER shall furnish proof as to payment of
construction bills and subcontracts, and provide lien waivers, inspection
reports, architects' and/or engineer's certificates of on-site and off-site
improvements, invoices, and such other proof as the LENDER may reasonably
require to establish the progress of construction of the BUILDING and of
acquisition and/or installation of EQUIPMENT. Lender acknowledges that the
Parent Company of Borrower, Xxxxxxx Company, has heretofore advanced to Borrower
the amounts shown on Exhibit "C -1" for certain design and construction costs
(the "Parent
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Company Advance") and that the Parent Company Advance shall be disbursed to
Borrower from the Loan funds from the initial or first disbursement request from
Borrower. The LENDER may require, prior to any LOAN disbursement hereunder,
statements from the general contractor or contractors and from any
subcontractors and/or materialmen and/or suppliers to whom payments are due, or
will become due, covering (i) all work done or to be done, together with waivers
of lien covering all work and materials and/or Equipment for which payments have
been made prior to the closing of the LOAN, (ii) the current status of accounts
of contractors, sub-contractors, materialmen, and laborers furnishing labor,
materials or services in the improvements of the Security, in the construction
of the BUILDING and in the supply and installation of the EQUIPMENT, and (iii)
compliance with all applicable laws. The BORROWER shall furnish insurance
policy(ies), with premiums prepaid, from such company(ies), in such form(s) and
amount(s), and with such coverage and for such terms as may be satisfactory to
the LENDER, insuring all improvements on the SECURITY or related thereto,
including the BUILDING and EQUIPMENT, against loss or damage by fire or other
casualty, and with extended coverage for such other hazards as may reasonably be
required by the LENDER. Said policy(ies) shall contain a "Mortgagee's Loss
Payable" clause(s) providing for payment to the LENDER to the extent of its
interest in the event of loss, said policy(ies) may, during construction, be in
"Builder's Risk" form, so far as the same relates to the improvements erected or
to be erected on the SECURITY. In the event any of said policy(ies) is (are)
cancelled, BORROWER shall notify LENDER in writing within five (5) days of
receipt of notice of such cancellation.
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The LENDER shall not be obligated to make disbursements hereunder until
the BORROWER delivers to the LENDER the required requisitions, certifications
and other documents.
All requests for LOAN advances hereunder shall be submitted to the
LENDER in the form specified in Exhibit "D" attached hereto and made a part
hereof, with all blanks duly filled.
Each such request shall be submitted with sufficient time prior to the
date upon which the BORROWER requests that a LOAN advance be made hereunder, to
enable the LENDER to process such request. Loan funds shall be characterized as
disbursed to the BORROWER when disbursed by the LENDER, as herein before
provided.
The Borrower understands and acknowledges that inspections of the
Project are to be conducted by an inspector designated by the Lender and all
Request for Payment shall be approved by said Inspector. Lender will designate a
qualified engineer to inspect and approve all certifications for work performed
related to the construction and development work. The expenses of such inspector
shall be paid by Borrower, said expenses to be reasonable within the costs
charged by other engineers for the same or similar services.
From each amount approved for payment, there shall be withheld and
retained by the Lender a sum equivalent to ten percent (10%) of the gross
amount, and the amount so withheld and retained, hereinafter called "retainage",
will be subordinated by BORROWER, contractors and sub-contractors until the Loan
is converted to a permanent loan and until LENDER approve such retainage
disbursement.
The BORROWER shall advance in cash or its equivalent any sums not
provided in Exhibit "C", to pay premiums on casualty and title
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insurance, taxes and assessments, recording expenses and filing fees or such
other sums as LENDER may judge to be necessary for the protection and
preservation of the Security, the BUILDING and the EQUIPMENT, and for the
payment of premiums for any insurance required by the LENDER during the life of
this LOAN, before and after its eventual conversion into a permanent LOAN. In
the event BORROWER does not make timely payment of any of the aforesaid sums and
if LENDER so elects, then LENDER may make such payments at BORROWER's expense or
deduct them from the loan funds, if available.
4. CONSTRUCTION WORK:
a. CONSTRUCTION WORK CRITERIA: The construction of the BUILDING
and the supply and installation of the EQUIPMENT shall be in
accordance with the proposed plans and specifications
submitted as the basis for this LOAN, which plans and
specifications were prepared by Xxxx X. XXXXXXXXX & ASSOC.,
Architects and Engineers, copies of which are attached hereto
as Exhibits H & I, and such construction, upply, and
installation shall comply with all restrictions, conditions,
ordinances, codes, regulations and laws of governmental
departments and agencies having direction or jurisdiction over
or an interest in the SECURITY, its improvements, the BUILDING
and the EQUIPMENT. No extra work nor changes in plans and
specifications shall be authorized by the BORROWER without the
written consent of the LENDER, which consent shall not be
unreasonably withheld, delayed or conditioned. If Lender's
consent is given to any such extra work or change in plans and
specifications,
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the BORROWER shall immediately deposit the amount of the cost
thereof with the LENDER, such deposit to be disbursed by the
LENDER upon completion of such extras or changes. Copies of
such plans and specification are attached hereto and made
parts hereof as Exhibits "H" and "I", respectively.
b. COMMENCEMENT AND CONTINUITY OF WORK:
Construction work on the SECURITY shall commence within
FIFTEEN (15) business days from the date of this Agreement
and shall be carried on diligently and with dispatch until
completed. All construction work must be completed within four
hundred fifty (450) calendar days from the date of this
Agreement.
c. PROGRESS REPORTS: Upon request by the LENDER, the BORROWER
shall deliver to the LENDER a report of the progress of the
contemplated improvements to the SECURITY, the construction of
the BUILDING and the supply and installation of the EQUIPMENT,
the aforesaid costs compared to estimates, and/or contracts,
and any other data and information concerning the SECURITY as
may be reasonably required by the LENDER. Such reports shall
be required on a monthly basis unless circumstances dictate
more frequent reports.
5. DEFICIENCY IN FUNDS: If and whenever the LENDER shall determine and
notify the BORROWER that the amount of monies remaining undisbursed is
less than the amount required fully to complete and pay for the
improvements, the construction of the BUILDING and the acquisition and
installation of the EQUIPMENT
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contemplated under this LOAN AGREEMENT, and the LENDER shall demand
that the BORROWER deposit with the LENDER an amount equal to such
deficiency as determined by the LENDER, then and in that event the
BORROWER shall comply with such demand within thirty (30) business days
from the date thereof. The judgment and determination of the LENDER
under this paragraph shall be final and conclusive.
6. PRESENTATIONS AND WARRANTIES OF THE BORROWER:
The BORROWER makes the following warranties and representations:
a. CORRECTNESS OF DOCUMENTS: The documents furnished in support
of the LOAN and listed in Exhibit "B" are true and correct and
accurately set out the facts contained therein in all material
respects.
b. FINANCIAL STATEMENTS AND CONDITION OF BORROWER: The financial
statements provided in support of the LOAN request and
referred to in Exhibit "B" were prepared in accordance with
generally accepted accounting principles and are correct and
complete in all material respects, and fairly present the
financial position of the person(s) or entity which each
purports to reflect, and the financial positions so reflected
have not suffered any material adverse changes to this date.
c. ABSENCE OF PROCEEDINGS AND ACTIONS: There are no actions,
suits or proceedings pending, or to the knowledge of the
BORROWER, threatened against or affecting the BORROWER, except
as set forth in Exhibit "E" hereto.
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d. BORROWER'S POWERS AND STATUS OF AUTHORITY:
Attached hereto is Exhibit "F" which is hereby incorporated by
reference as if fully set forth at length herein.
e. ABSENCE OF JUDGMENTS AND/OR AWARDS AND/OR ORDERS: There are no
outstanding and unpaid judgments or arbitration awards against
the BORROWER except as are set forth in Exhibit "E" attached
hereto. The BORROWER has not received any written notice that
it is in default with respect to any valid regulation, order,
writ, or decree of any court or governmental or municipal
department, commission, board, bureau, agency or
instrumentality pertaining to the Security, the Building or
the Equipment.
f. NON-DEFAULT OF THE BORROWER CONTRACTUALLY:
The BORROWER is not in default in any material respect under
any agreement or instrument to which it is a party or by which
it may be bound. The execution and delivery of this Agreement,
the Acknowledgment Notes, the Mortgage Note, and the Mortgage,
and the consummation of the other transactions contemplated by
this Agreement do not conflict with or result in breach of any
valid regulation, order, writ, injunction or decree of any
court or governmental or municipal instrumentality or in the
breach of or default under any indenture, contract, agreement
or other instrument to which the BORROWER is a party or by
which it is bound. The execution and delivery of this
Agreement, and of the Mortgage, and the issuance of the
Acknowledgment Notes, the Mortgage Note, and Mortgage will not
result in the
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creation or imposition of, or be any cause for imposing, any
lien, charge or encumbrance of any nature whatsoever upon any
of the SECURITY, the BUILDING, the EQUIPMENT, or other assets
of the BORROWER other than those created, imposed or required
by this Agreement or the Mortgage.
g. MARKETABLE TITLE IN BORROWER WITHOUT LIENS: The BORROWER has,
and at all times will have, good and marketable title in fee
simple to the SECURITY. The SECURITY is subject to no liens,
charges or encumbrances except as shown on the title policy of
Borrower obtained at the time Borrower acquired the Security,
or as approved in writing by Counsel designated by LENDER.
h. NON-COMMENCEMENT OF WORK. There is no visible commencement of
operations incident to the proposed improvements on the
SECURITY, or if commencement in any form has begun, the legal
effect of any liens will be negated by title insurance or by
surety bond.
i. USE OF PROCEEDS: The proceeds of this LOAN will be used solely
for the purposes specified herein and in the supporting
documents to each LOAN request hereunder.
j. REQUIRED APPROVALS: That the BORROWER has received and there
are in effect all required approvals for the uninterrupted
development and construction of the work subject of this
Agreement.
7. INTEREST ON LOAN FUNDS: Although the Acknowledgement Notes evidencing
the disbursements of the LENDER to the BORROWER hereunder may provide
that they shall bear interest at
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an specific rate therein, the parties herein agree that said
Acknowledgment Note(s) and the LOAN shall bear interest at all times at
the fluctuating annual rate set forth in this Agreement until full
payment thereof.
8. INSURANCE POLICIES AND CERTIFICATES: BORROWER shall furnish
certificates from the insurance carrier(s) for the general contractor
or contractors, and for the BORROWER, evidencing Workmen's Compensation
Insurance in such from and amount as may be required by law, and public
liability insurance (including contractual liability) is to be carried
during the full course of construction work of the Building and
installation of the Equipment, naming the LENDER as an additional
insured, and with minimum limits of coverage for death of or injury to
persons of not less than ONE MILLION DOLLARS ($1,000,000) and for
damage to property of not less than ONE MILLION DOLLARS ($1,000,000)
unless otherwise specified by LENDER.
9. SURVEY: A survey of the subject SECURITY has been furnished to the
LENDER by BORROWER. Such survey was prepared by a surveyor licensed in
the Commonwealth of Puerto Rico, reflects any encroachments, easements
and rights-of-way affecting the Security, and includes a certification
from said surveyor as to the precise acreage contained in the SECURITY
and the legal description thereof.
10. REMOVAL OF LIENS: The BORROWER and/or GUARANTOR specifically agree to
have any liens other than those approved by Lender, which may be filed
against the SECURITY released or bonded within thirty (30) calendar
days from the date the
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BORROWER receives notice of the same, time being of the essence.
Notwithstanding the obligations hereinbefore stated, Borrower will have
the right to contest any lien on the SECURITY.
11. PAYMENT OF TAXES: The BORROWER and/or GUARANTOR agree to promptly pay
and discharge any taxes, assessments or indebtedness upon the SECURITY,
the BUILDING and/or the EQUIPMENT which may become due or payable
during the existence of this LOAN. At least ten (10) days before any
related delinquency, the BORROWER shall furnish to the LENDER evidence
satisfactory to the LENDER that such taxes and assessments have been
paid after five (5) days prior written notice to Borrower. The LENDER
may pay such sums as may become due out of undisbursed LOAN proceeds in
the event BORROWER fails to promptly pay as aforesaid. Notwithstanding
the obligations hereinbefore stated, Borrower will have the right to
contest any taxes, assessment or indebtedness on the SECURITY.
12. ACCESS TO THE BORROWER'S BOOKS AND RECORDS: The LENDER, or its agents
shall, during normal business hours, have reasonable access to the
records, accounting books, contracts, sub-contracts, bills and
statements of the BORROWER, including any supporting or related
vouchers, bills, or other instruments, and shall have the right to make
copies of the same, but only to the extent such records, accounting
books, contracts, sub-contracts, bills, statements, vouchers or other
instruments relate to the Security, the Building and/or the Equipment.
If the LENDER so requires, the records, books, vouchers, or other
instruments shall be made available to an accountant of the LENDER's
choice for
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audit, examination, inspection, and photocopying or other type of
duplication, such audit to be done at the BORROWER's office. Lender
agrees to keep all information obtained during such audit, examination
and/or inspection confidential and shall not disclose the same to any
third party without the prior written consent of Borrower.
13. FINANCIAL STATEMENTS: The BORROWER shall furnish to the LENDER a signed
semi-annual unaudited statement of financial condition and profit and
loss statement, and an annual financial condition statement, including
profit and loss, audited by an independent certified public accountant
acceptable to the LENDER. The semi-annual statements shall be
delivered by the BORROWER to the LENDER within thirty (30) days after
close of the fiscal period and the annual audited statements within
ninety (90) days after close of the BORROWER'S fiscal year.
14. EVENTS OF DEFAULT: The happening of any one or more of the following
events shall constitute a default by BORROWER under this LOAN
Agreement, the Acknowledgement Notes, the Mortgage Note, and the
Mortgage:
a. NON-PAYMENT OF INTEREST: The BORROWER shall fail to make the
interest payments on the due dates.
b. Non-payment of Principal: The BORROWER shall fail to make any
required repayment of principal, or any portion thereof, on
the due date.
c. BREACH OF CONDITION, ETC.: If the BORROWER violates any term
or condition contained in this Agreement, and/or the
Acknowledgment Note(s), and/or the Mortgage Note, and/or
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the Mortgage or if the LENDER determines, in its sole
judgment, that the BORROWER and/or GUARANTOR misrepresented
facts in any material respect contained in any document
submitted in support of this LOAN.
d. BANKRUPTCY OR INSOLVENCY: Any action in bankruptcy,
receivership, or reorganization filed by or against the
BORROWER and/or any GUARANTOR; any assignment for the benefit
of creditors made by the BORROWER; any judgment or proceeding
entered or brought against the BORROWER and/or any GUARANTOR
or affecting the subject premises; the insolvency of the
BORROWER and/or any GUARANTOR. Borrower will have a sixty (60)
day period to cure any involuntary bankruptcy filing against
Borrower.
e. LIENS OR FORECLOSURES: The institution of foreclosure action
against the SECURITY, and/or the Building and/or the
Equipment, or the filing of a valid lien, other than liens
approved by Lender or permitted hereunder, against the
SECURITY, and/or the BUILDING, and/or the EQUIPMENT, which is
not removed of record, bonded or dismissed within thirty (30)
days after the BORROWER receives notice of such filing.
f. SUBSTANTIAL DISCONTINUANCE OF CONSTRUCTION OF BUILDING OR OF
INSTALLATION OF EQUIPMENT: The substantial discontinuance of
construction, development or installation work for a period of
thirty (30) calendar days which discontinuance is, in the sole
determination of the LENDER, without cause.
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g. TRANSFER OF SECURITY: The sale, assignment, pledge, transfer,
hypothecation or other disposition of the SECURITY, the
BUILDING and/or the EQUIPMENT by the BORROWER to some other
person or entity without the written consent of the LENDER,
other than the transfer to any affiliate, subsidiary or other
entity in common control with Borrower so long as the same
assumes the obligations of Borrower under these loan
documents.
h. ABILITY OF THE BORROWER TO PERFORM: The sale assignment,
pledge, transfer, hypothecation, or other disposition by
BORROWER of any proprietary or beneficial interest in the
Security, the Building and/or the Equipment, if in the
LENDER's reasonable judgment such sale, assignment, pledge,
transfer, hypothecation, other disposition, or change
materially and adversely affects the ability of the BORROWER
to perform in accordance with the terms of this Agreement.
i. IMPAIRMENT OF SECURITY: Any condition or situation which, in
the reasonable determination of the LENDER, constitutes a
danger or material impairment of the SECURITY and/or the
BUILDING, and/or the EQUIPMENT and such condition or situation
is not remedied within thirty (30) days after written notice
to the BORROWER to remedy such condition or situation, or
action has not been commenced to remedy such condition or
situation where it is not possible to fully remedy such
condition or situation within thirty (30) calendar days. The
LENDER agrees that it will not exercise this right in an
unreasonable manner.
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j. NON-COMPLETION: Subject to force majeure, if by the 450th
calendar day after the date of this Agreement, the BUILDING
and/or the improvements to the SECURITY are not completed
and/or the EQUIPMENT, or any part thereof is not acquired by
BORROWER and, if applicable, installed in the BUILDING.
15. LENDER's REMEDIES: Upon the occurrence of any event of default
hereunder, LENDER shall have the absolute right to refuse to disburse
any LOAN funds provided in Exhibit "C" hereto, and should said default
not be remedied by the BORROWER within thirty (30) days after notice
thereof to the BORROWER by the LENDER, then the LENDER shall have the
absolute right, at its option and election to:
a. CANCELLATION: Cancel this Agreement by written notice to the
BORROWER;
b. SPECIFIC PERFORMANCE: Institute appropriate proceedings to
specifically enforce performance hereof;
c. WITHHOLD ADVANCES: Withhold further LOAN advances hereunder;
d. TAKING OF POSSESSION: Take immediate possession of the
SECURITY, the BUILDING and the EQUIPMENT encumbered by the
Mortgage, as well as other property to which title is held by
the BORROWER which may be necessary or convenient to fully
complete all on-site and off-site improvement's construction
and installations contemplated to be developed and/or
constructed and/or installed under this Agreement.
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e. RECEIVERSHIP: Appoint a Receiver, as matter of strict right
without regard to the solvency of the BORROWER, for the
purpose of preserving the SECURITY, the BUILDING and the
EQUIPMENT, preventing waste, and to protect all rights
accruing to the LENDER by virtue of this Agreement, and of the
Mortgage and/or the Mortgage Note and/or the Acknowledgment
Note executed in connection with this Agreement, and expressly
to make any and all further improvements, construction and
installations, whether on-site or off-site, as may be
determined by the LENDER for the purpose of completing the
improvements, the construction of the BUILDING and the
acquisition and installation of the EQUIPMENT in accordance
with this Agreement. All expenses incurred in connection with
the appointment of said Receiver, or in protecting,
preserving, or improving the subject SECURITY, BUILDING and
EQUIPMENT, shall be chargeable against the BORROWER and shall
be enforced as a lien against the SECURITY, the BUILDING and
the EQUIPMENT.
f. ACCELERATION: Accelerate maturity of said Mortgage, Mortgage
Note and Acknowledgment Note(s) and demand payment of the
principal sums due thereunder, with interest, advances, and
costs, and in default of said payment or any part thereof, to
foreclosure and enforce collection of such payment by
foreclosure and/or other appropriate action in any court of
competent jurisdiction.
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The said remedies and rights of the LENDER shall be cumulative
and not exclusive. The LENDER shall be privileged and shall have the
absolute right to resort to any one or more, or all of said remedies,
neither to the limited exclusion of the other. In the event of any such
default or breach of this Agreement, the Acknowledgment Note(s),
Mortgage Note, or Mortgage by the BORROWER, the LENDER shall have the
absolute right to refuse to disburse the balance of the LOAN funds, as
aforesaid, and no other party, whether contractor, materialmen,
laborer, sub-contractor, or supplier, shall have any interest in the
LOAN funds so applied and shall not have any right to garnish, require,
or compel payment hereof towards discharge or satisfaction of any claim
or lien which they or any of them have or may have for work performed
or materials or EQUIPMENT supplied for the development and/or
construction work of the BUILDING and/or acquisition and/or
installation of the EQUIPMENT. Any additional funds advanced by the
LENDER to complete development and/or construction of the BUILDING
and/or acquisition and/or installation of the EQUIPMENT shall be
secured by the lien of the Mortgage, and shall be considered a part of
the LOAN as though initially included therein.
16. WAIVER OF DEFAULTS: The waiver by the LENDER of any breach or breaches
hereof shall not be deemed, nor shall the same constitute, a waiver of
any subsequent breach or breaches on the part of the BORROWER.
17. LENDER's RIGHT TO APPEAR IN LITIGATION: The LENDER shall have the right
to commence, to appear in, or to defend any action or proceeding
purporting to affect the rights or duties of the parties
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22
hereunder and in connection therewith pay out of said LOAN funds all
necessary expenses, employ counsel and pay his reasonable fees, all of
which the BORROWER agrees to repay to the LENDER upon demand.
18. THIS AGREEMENT PART OF ACKNOWLEDGEMENT NOTES: The Acknowledgment Notes
provided for herein shall specifically incorporate this Agreement by
reference and in the event that the Acknowledgement Notes, and/or the
Mortgage Note, and/or the Mortgage are duly assigned, this Agreement
shall be considered assigned in like manner.
19. EXCLUSIVENESS OF AGREEMENT: This Agreement is made for the sole
protection of the BORROWER, GUARANTOR, and the LENDER, its successors
and assigns, and no other person shall have any right of action
hereunder.
20. CONDEMNATION: The BORROWER, for the BORROWER and the BORROWER's heirs,
executors, administrators, successors and assigns, does hereby assign
unto the LENDER, its successors and assigns, any and all awards hereto
made and hereafter to be made by any Federal, State or Municipal
authorities to the present and all subsequent owners of the SECURITY,
the BUILDING and/or the EQUIPMENT, and the LENDER, for itself, its
successors and assigns (at its or their option) is hereby authorized,
directed and empowered to collect and receive the proceeds of any such
award and awards from the authorities making the same and to give
proper receipts and acquittances therefor, and to apply the same toward
the payment of the amount owing on account of the LOAN and/or the
Mortgage Note, the Acknowledgment Note(s) and/or the Mortgage.
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23
The BORROWER and the GUARANTOR heirs, executors, administrators,
successors and assigns, hereby covenants and agrees to and with the
LENDER, its successors and assigns, upon request; to make, execute and
deliver any and all assignments and other instruments sufficient for
the purpose of assigning the aforesaid award or awards to the holder(s)
of the Mortgage Note, the Acknowledgment Note(s), and the Mortgage,
free, clear and discharged of any and all encumbrances of any kind or
nature whatsoever.
21. DEFINITIONS: Wherever used herein, the following words are considered
in the context of these definitions:
a. MORTGAGE: The Mortgage, Deed of Trust, Deed to Secure Debt, or
such other security instrument or instruments issued by
BORROWER used to establish the first lien upon the SECURITY
and the BUILDING and to secure the Mortgage Note.
b. MORTGAGE NOTE: The demand mortgage promissory note issued by
BORROWER in the principal amount of THREE MILLION TWO HUNDRED
THOUSAND DOLLARS ($3,200,000.00) secured by the Mortgage.
c. ACKNOWLEDGEMENT NOTE: The acknowledgement note or other notes
or evidence(s) of the indebtedness created by the LOAN, issued
by BORROWER to the order of LENDER, payable on demand.
d. LOAN: The LOAN which is the subject matter of this Agreement
and the other documents to which this Agreement refers.
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24
e. LENDER: The named party to this Agreement, and any subsequent
owner and holder of the rights and obligations established
under this Agreement, the Acknowledgement Notes, the Mortgage
Note, and the Mortgage.
f. BORROWER: The named BORROWER in this Agreement, and any
successor in interest to the BORROWER permitted by the LENDER
as hereinbefore stated.
g. GUARANTOR: The name GUARANTOR in this Agreement, and any
successor in interest to the GUARANTOR.
h. SECURITY: The real and/or personal properties described in
Exhibit "A" upon which the Mortgage attaches, and all its
improvements.
i. LIBOR RATE: The rate of interest for offered quotations for
ninety (90) day deposits of United States Dollars in the
London Interbank Market, at 9:00 a.m. Eastern Standard Time on
such Pricing Date, as published by Telerate Systems, Inc.
currently on page 4833 of the financial information reporting
services furnished electronically by Telerate Systems, Inc. If
on a Pricing Date the Bank cannot determine the LIBOR Rate on
the basis of the foregoing procedure, the Bank shall utilize
the LIBOR Rate for the prior business day as set forth above.
j. PRIME OR BASE RATE: The annual interest rate, computed on a
360-days basis, charged by Citibank, N. A. or Chase Manhattan
Bank, N.A., at its main office in the Borough of Manhattan,
City of New York, whichever is lower, on
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25
90 days unsecured commercial loans to its corporate borrowers
with the best credit rating.
k. REQUEST FOR PAYMENT: As indicated in Exhibit "D" attached
hereto and made part hereof.
22. NOTICE TO PARTIES: All notices provided for herein shall be by
certified mail addressed to the appropriate party at the address
designated for such party underneath its signature, at the bottom of
this Agreement, or such other address as the party who is to receive
such notice may designate in writing. Notice shall be completed by
depositing the same in a letter box or other means provided by the
United States Post Office for the posting of mail addressed to the
party with the proper amount of postage affixed thereto. Actual receipt
of notices shall not be required to effect notice hereunder.
23. LOAN FUNDS: The LENDER shall not be required to segregate the LOAN
funds or to earmark such funds in any manner. The sole obligation of
the LENDER shall be to disburse the funds as set forth herein, provided
there exists no default under this Agreement, the LOAN, the Mortgage
Note, the Acknowledgment Note(s), or the Mortgage at the time of each
request for LOAN advances hereunder.
24. UNLIMITED ACCESS TO PROPERTY: The LENDER and its agents shall at all
times during the development and/or construction of the BUILDING and/or
acquisition and/or installation of the EQUIPMENT have the right of
entry and free access to the property which constitutes the SECURITY
and to the BUILDING and the EQUIPMENT and the right to inspect all work
done, labor
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26
performed, materials furnished and Equipment installed on or about the
SECURITY.
25. NON-ASSIGNABLE BY BORROWER: The BORROWER shall not assign this
Agreement or any part of any advance to be made hereunder, nor convey,
nor encumber the SECURITY, the BUILDING or the EQUIPMENT by mortgage or
other liens without the written consent of the LENDER, except
assignments to a subsidiary or affiliate under common control of
Borrower. Any assignment, conveyance or encumbrance without such
consent of the LENDER shall constitute an immediate default under this
Agreement, the Acknowledgment Note(s), the Mortgage Note, and the
Mortgage.
26. NO AGENCY RELATIONSHIP: The BORROWER understands and agrees that the
LENDER is not the agent or representative of the BORROWER, and this
Agreement shall not be construed to make the LENDER liable to
materialmen, suppliers, contractors, craftsmen, laborers or others for
goods or services delivered to the SECURITY or to the BORROWER or
services performed by them upon said premises, or for the BORROWER, or
for debts or claims accruing to said parties against the BORROWER, and
it is distinctly understood and agreed that there is no contractual
relation, either expressed or implied, between the LENDER and any
materialmen, suppliers, subcontractors, craftsmen, laborers, or any
other person supplying any work, labor, goods, equipment, or materials
in the improvement of the SECURITY, the construction of the BUILDING
and/or the supply and/or installation of the EQUIPMENT.
27. TITLE INSURANCE: The LENDER will procure, at BORROWER'S expense, a
title insurance policy in the ALTA form, to be issued by
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27
a title insurance company acceptable to Lender through an authorized
agent acceptable to Lender and its legal counsel. The title policy is
to be issued without exceptions, except for customary standard
exceptions and those exceptions which are acceptable to Counsel for the
LENDER, insuring the LENDER's Mortgage as a valid and paramount lien
upon the SECURITY and the BUILDING and insuring against loss or change
in priority as a result of filing of any lien or special assessment for
material or work under construction or completed.
Designation by the OWNER of the title insurer shall be subject to the
LENDER's approval of the financial ability of said insurer to pay the
face amount of the aforesaid policy and all of its other policies
insuring the LENDER in the event of loss.
Prior to making any disbursement under the LOAN, the LENDER shall
receive evidence, satisfactory to it, that the title insurance company
is prepared to issue its title insurance binder, in ALTA form, covering
the date of the disbursement and insuring the Mortgage, as of said
date, as a first, valid and subsisting lien on the subject premises,
free and clear of any and all liens, except those approved by Lender or
permitted hereunder, and subject only to such exception as the LENDER
may approve.
28. MISCELLANEOUS PROVISIONS: All inspections and other services rendered
by the LENDER or its agent, whether or not paid for by the BORROWER or
its successors in title, shall be rendered solely for the protection
and the benefit of the LENDER; and the BORROWER shall not be entitled
to claim any loss or damage against the
26
28
LENDER or its agent or employees for failure to properly discharge
their duties to the LENDER.
This Agreement, the Mortgage Note, the Acknowledgment Note(s), and the
Mortgage, are or will be executed and delivered in the Commonwealth of
Puerto Rico, and the Laws of the Commonwealth of Puerto Rico shall
govern in the interpretation, enforcement, and all other aspects of the
obligations and duties created under this Agreement.
Nothing contained in this Agreement, the Mortgage Note, the
Acknowledgment Note(s), and the Mortgage shall impose upon the LENDER
any obligation to see to the proper application of advances under the
LOAN. No provision of this Agreement shall be amended, waived or
modified except by an instrument in writing signed by the parties
hereto.
The Borrower shall protect, indemnify and save harmless the Lender from
and against all liabilities, obligations, damages, penalties, claims,
causes of action, costs, charges and expenses (including without
limiting the generality of the foregoing, court costs, reasonable
attorneys' and consultants' fees, environmental cleanup costs, natural
resources damages, fines, penalties and damages to persons, personal
property, real property and business enterprises, including any and all
past, present and future claims and liability arising out of or
relating to the environmental condition of the Security, the
existence of any environmental hazard on the Security and any release
or threat of release of any Hazardous Substance (as hereinafter
defined) of any kind in, on, under or from the Security at any time,
regardless of whether caused by or within the control
27
29
of the Borrower which may be imposed upon or incurred by or asserted
against the Lender by reason of (i) any accident, injury or damage to
any person or property occurring on or about the Security or any part
thereof, (ii) any use, non-use or condition of the Security or any part
thereof, (iii) any failure on the part of the Borrower to perform or
comply with any of the provisions hereof, or (iv) any necessity to
defend any of the rights, title or interest conveyed or created by this
Contract, except to the extent any of the foregoing results from the
gross negligence and/or willful misconduct of Lender. Any amounts
payable to the Lender under this paragraph which are not paid within
ten (10) days after written demand therefor by the Lender shall bear
interest from the date of such demand until full payment thereof at a
fluctuating annual rate (computed on the basis of a
three-hundred-sixty-day (360-day) year and the actual number of days
elapsed) equal to four percent (4%) over and above the Prime Rate, such
fluctuating rate to change simultaneously with the changes in such
Prime Rate, and such amounts, together with such interest, shall be
deemed to be indebtedness secured by this Agreement. In no event shall
the interest rate to be charged hereunder exceed the maximum
permissible legal rate. In case any action, suit or proceeding is
brought against the Lender by reason of any such occurrence, the
Borrower upon request by the Lender, will at the Borrower's expenses
resist and defend such action, suit or proceeding or cause the same to
be resisted or defended, either by counsel designated by the Borrower
and approved by the Lender or, where such occurrence is covered by
liability insurance, by counsel designated
28
30
by the insurer. Notwithstanding anything to the contrary in this
Agreement, the provisions of this indemnity and all other
representations, warranties and covenants contained in this Agreement
shall survive the payment and satisfaction or termination of this
Agreement. As used in this Agreement the term Hazardous Substance has
the following meaning:
HAZARDOUS SUBSTANCE: (i) any "hazardous substance", "pollutant" or
"contaminant" as said terms are defined in clauses fourteen (14) and
thirty-three (33) of Section one hundred one (101) of the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA) [Title
Forty-Two (42) United States Code (U.S.C.) Section nine thousand six
hundred one (9,601), clauses fourteen (14) and thirty-three (33)], or
Title Forty (40) Code of Federal Regulations (C.F.R.) Part three
hundred two (302), as said act and regulation may be amended from time
to time; (ii) any "hazardous waste" as said term is defined in the
Puerto Rico Environmental Quality Board Regulation for the Control of
Hazardous and Non-Hazardous Solid Wastes, as said regulation may be
amended from time to time; (iii) any toxic or hazardous substance,
material or waste (whether solid, liquid or gaseous) (iv) any substance
containing "petroleum", as that term is defined in Section nine
thousand one (9001), clause eight (8) of the Resource Conservation and
Recovery Act (RCRA), as amended (Title Forty-Two (42) U.S.C. Section
six thousand nine hundred ninety-one (6,991), clause eight (8)], or
Title Forty (40) C.F.R. Part two hundred eighty point one (280.1)], as
said act and regulation may be amended from time to time or (v) any
other substance for
29
31
which any governmental entity now or hereafter requires special
handling in its collection, storage, treatment or disposal.
All covenants, agreements, representations and warranties made herein
and in documents delivered in support of the LOAN request shall be deemed to
have been material and relied on by the LENDER and shall survive the execution
and delivery to the LENDER of the Acknowledgment Note(s) and disbursements
thereunder. Such documents are identified in Exhibit "B".
All sections and descriptive headings are inserted for convenience
only, and shall not affect any construction or interpretation hereof.
Unenforceability for any reason of any provision of this Agreement
shall not limit or impair the operation or validity of any other provision of
this Agreement.
This Agreement may be executed in any number of counterparts, each of
which, when executed and delivered, shall be an original, but such counterparts
shall together constitute one and the same instrument.
This Agreement makes no provision for advances with respect to
materials on site. Nevertheless, Lender, at its option, will make advances
and/or loans for materials on site if requested by Borrower, for no more than
Fifty Thousand Dollars ($50,000.00), and providing further that said amount
shall be a part of the maximum amounts outstanding hereinbefore specified for
development and/or construction. Any and all such materials on site shall be
properly kept at a safe place separate and aside from any and all other
materials, and shall be duly identified as required by Lender; in form and
manner acceptable to the Lender and its counsel.
29. COMMITMENT FEE: BORROWER shall pay to LENDER a commitment fee of
SIXTEEN THOUSAND DOLLARS ($16,000.00)
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32
for the granting of the interim and permanent loan, of which amount
BORROWER has already paid to LENDER the amount of Eight Thousand
Dollars ($8,000.00) and the remaining amount shall be paid to LENDER
simultaneously with the execution of this Agreement.
30. LONG TERM FINANCING: Provided that if by the 450th calendar day after
the date of this Agreement, (i) there is no default by BORROWER that
remains uncured under this Agreement, the Mortgage, the Mortgage Note
and/or the Acknowledgement Notes; (ii) the Building has then been
constructed and finished substantially in accordance with the plans and
specifications; (iii) all the Equipment has then been acquired by the
BORROWER and, when applicable, installed in the Building; (iv) The
Administration of Regulations and Permits ("ARPE") of the Commonwealth
of Puerto Rico has then issued a Use Permit (the "Use Permit") for the
Building; then and if the aforesaid conditions are met, LENDER
irrevocably covenants and agrees that it will convert the LOAN into a
permanent loan for the SECURITY, the Building and the Equipment. The
LOAN (a) shall then continue to be secured as provided hereinbefore and
as provided in the Mortgage, the Acknowledgment Notes and the Mortgage
Note; (b) shall bear interest at a fluctuating annual rate equivalent
to TWO HUNDRED (200) basis points over LIBOR; and (c) shall mature and
be payable as set forth in paragraph 31 of this Agreement.
31. MATURITY AND FORM OF PAYMENT OF PRINCIPAL OF AND INTEREST ON THE LOAN:
A. PERMANENT FINANCING PERIOD: If the BORROWER complies with
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33
all conditions required under this Agreement for the
conversion of the LOAN into a permanent financing as set forth
in paragraph 30 of this Agreement, then, and in such event,
the LOAN will be payable as follows, except if accelerated by
LENDER as a result of any default(s) by BORROWER hereunder not
cured within the period permitted hereunder in this Agreement.
1) One Hundred Eighty (180) consecutive monthly installments
of $17,778.00 each for principal, plus interest, beginning
thirty (30) days after conversion of the interim loan into a
permanent loan.
If the improvements are completed before the date hereinbefore
indicated, the monthly payments of principal and interest will start
thirty (30) days after the Use Permit is issued by ARPE. All payments
made by Borrower to be credited to the permanent loan will be applied
first to interest and thereafter they will be applied to reduce the
outstanding principal balance.
32. COMMISSION FEE TO LENDER FOR CONVERSION TO PERMANENT FINANCING: The
commission fee for the conversion of the Interim Loan into a Permanent
Loan will be paid by Borrower to Lender as indicated in Paragraph 29 of
this Loan Agreement.
33. PREPAYMENT: This Loan may be prepaid in whole or in part before
maturity subject to ---at Lender's option--- the prepayment fee
hereinafter specified.
(i) If the payment is made within the first year from the conversion of
the interim loan into a permanent loan, the prepayment fee will
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34
be equal to Three Percent (3%) of the outstanding balance of the Loan;
(ii) If the payment is made after the first (1st) anniversary of said
conversion but before the third (3rd) anniversary, the prepayment fee
will be Two Percent (2%) of the outstanding balance;
(iii) If the payment is made after the third (3rd) anniversary of said
conversion but before the fifth (5th) anniversary, the prepayment fee
will be one percent (1 %) of the outstanding balance.
Notwithstanding the aforegoing, Borrower may prepay the outstanding
balance due under the loan without any prepayment penalty provided that
the funds used therefore have not been obtained by Borrower from the
refinancing of the properties given as security for the Loan with
another financial institution.
34. BONDED CONTRACTORS: All development and construction work to be
financed with the proceeds of the LOAN shall be done by independent
third party contractors acceptable to Lender under contracts which
shall be bonded as to payment and performance by corporate surety
acceptable to Lender. Copies of the contracts shall be furnished to the
LENDER when executed together with copy(ies) of the applicable bond(s)
showing the LENDER as a joint obligee thereunder.
35. ASSIGNMENT: It is understood and agreed that in the event that the
LENDER, on account of a default by BORROWER, or by Agreement with
BORROWER, becomes the owner of the SECURITY, and/or the Building,
and/or the Equipment, then and in such event, any and all approvals,
plans and specifications, servitudes and in general everything required
in connection with the
33
35
SECURITY, the Building and the Equipment, including but not limited to
lease contracts, if any, covering the SECURITY and/or the Building
and/or the Equipment and/or parts thereof, shall be of the exclusive
ownership of the LENDER, with full authority and power to make
whatsoever changes or amendments LENDER may deem advisable in
connection therewith, and whoever contracts with the BORROWER shall
have no right of any kind whatsoever to claim or allege against the
LENDER in connection with any of the documents, instruments, approvals
or otherwise covered by such assignment which is given as an integral
part of the collateral or security of the LENDER.
36. SIGN ON THE PREMISES: During the construction period and until the
Building is occupied, a sign shall be posted on the premises indicating
that Banco Santander Puerto Rico is providing the interim and permanent
financing for the project. The sign will be furnished by Borrower, at
Borrower's expense. In any publicity or advertising of this project,
regardless of the media, mention also shall be made that Banco
Santander is providing the financing for the Building.
37. OTHER CONDITIONS OF LENDING:
a. Borrower will maintain its deposit accounts with Lender.
b. [text represented as strike through]
c. Borrower will not dispose of its current assets without the
prior written approval of Lender.
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36
d. The Loan will not exceed Eighty Percent (80%) of the appraised
value of the Property.
e. The Parent Company will retain 100% percent of the stocks of
Xxxxxxx Caribbean Bedding, Inc.
f. [text represented as strike through]
Anyone of the following persons are authorized to request payment of
certifications for works performed and to sign any and all documents, checks,
drafts, contracts, releases and any other document related to this Loan Program:
Name Signature
---------- ----------
Xxxxxxxx X. Xxxxxx /s/ Xxxxxxxx X. Xxxxxx
-----------------------
Xxxxx X. Xxxxxxxx /s/ Xxxxx X. Xxxxxxxx
-----------------------
Xxxxxx X. Xxxxxx /s/ Xxxxxx X. Xxxxxx
-----------------------
IN WITNESS WHEREOF, the parties hereto have caused these presents to be
executed the day and year first above written.
BANCO XXXXXXX PUERTO XXXXXXX CARIBBEAN BEDDING,
RICO INC.
/s/ /s/ Xxxxxx X. Xxxxxx
-------------------------- ---------------------------------
/s/ Xxxxxx X. Xxxxxx, President
/s/
--------------------------
Address: Address:
P.0. Xxx 000000 One Concourse Parkway
San Xxxx, P.R. 00936-2589 Xxxxx 000
Xxxxxxx, XX 00000
Affidavit Number 25,159 (copy)
--------
Subscribed and acknowledged to before me by Mister Xxxxxx X.
Xxxxxx, as President and General Manager of Xxxxxxx Caribbean
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Bedding, Inc., of legal age, married, executive and resident of Guaynabo Puerto
Rico; and by Xxxxx Xxxxxx Lebron and Xxxxx Xxxx Xxxxxxx
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
as Authorized Agents of Banco Santander Puerto Rico, of the personal
circumstances above stated, personally known to me, at San Xxxx, Puerto Rico,
this 12th day of December , 1997.
XXXXXX XXXXXX XXXXXXX
NOTARY PUBLIC
38
EXHIBIT "A"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER PUERTO RICO and
XXXXXXX CARIBBEAN BEDDING, INC., dated December 12, 1997.
URBANA: Parcela deterreno radicada en el Barrio Las Xxxxxx xx Xxxxxxxx
Alto, Puerto Rico, identificada como solar Numero Seis (6) del Parque
Industrial Las Xxxxxx, con una cabida superficial xx Xxxx Mil
Seiscientos Ochenta y Siete punto Setenta (10687.70) metros cuadrados,
equivalentes a dos cuerdas con setecientos diecinueve (2.719)
cienmilesimas de otra, en lindes por el Norte, con el solar numero
Cinco (5) y con el area de viraje de la Calle "C" de la misma area
industrial; por el Sur, con la Calle "A" del Parque Industrial; por el
Este, con el area de uso publico del area industrial, solar Diecisiete
(17) y con el area de viraje de la Calle "A" de la misma area
industrial; y por el Oeste, con la Calle "C" de la misma area
industrial.
The above described property was segregated from a property formed by
the grouping of certain properties as it appears from Deed Number
Twenty (20), executed on December Four (4), Nineteen Hundred Ninety Two
(1992), before Notary Xxxxxxx X. Xxxxxxxx, pending recordation. The
properties that were grouped are the following: Properties Number Six
Thousand Four Hundred Thirty Six (6,436), Property Number Eleven
Thousand Seven Hundred Seventy Eight (11,778) and Four Thousand Three
(4003), recorded at Pages Eighty Two (82), Seventy Eight (78) and One
Hundred Twenty Nine (129) of Volumes One Hundred Twenty Eight (128),
Two Hundred Thirty Eight (238) and Ninety (80) of Xxxxxxxx Alto,
respectively.
39
EXHIBIT "B"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER PUERTO RICO and
XXXXXXX CARIBBEAN BEDDING, INC., dated December 12, 1997.
The following items were furnished by or on behalf of Borrower to
support the Loan, which is the subject of this Agreement. Lender, in agreeing to
make this Loan has relied upon said items and any material misrepresentation
shall be considered a default in the Loan.
1. Financial Statements of Borrower as of
_________,199__.
2. Corporate Resolution of Borrower.
3. Statement of property taxes.
4. Appraisal
5. ARPE Approval
6. Final Construction Plans and Specifications.
7. Survey of Property.
8. Construction Contract.
9. Construction Permit.
10. Subordination of the Parent Company of all outstanding loans of
Borrower with the Parent Company.
40
EXHIBIT "C"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER PUERTO RICO and
XXXXXXX CARIBBEAN BEDDING, INC., dated December 12, 1997.
PAYMENT BREAKDOWN SCHEDULE
Reserve for construction $2,977,916.00
Reserve for payment of appraisal
report 4,500.00
Reserve for payment of legal
fees, Internal Revenue Stamps,
recording fees and title policy 41 ,872.00
* Reserve for payment of interest
during construction 45,000.00
Reserve for payment of Bank
inspector 5,200.00
Reserve for contingencies 32,512.00
Reserve for payment of commitment
fee 8,000.00
Reserve for payment of bonds and
insurance premiums 25,000.00
Reserve for payment of consultant
expenses 60,000.00
-------------
TOTAL ............................ $3,200,000.00
=============
Of the Loan Amount, the sum of TWO MILLION NINE HUNDRED SEVENTY SEVEN
THOUSAND NINE HUNDRED SIXTEEN DOLLARS ($2,977,916.00) is reserved for the
construction as required by all governmental authorities of a commercial
building of approximately 50,000 square feet and 66 parking spaces, as indicated
in the Plans and Specifications submitted to Lender by Borrower.
41
Exhibit C
Page two
The Borrower shall request disbursement by supplying to the Lender a
Request in the form attached to Exhibit "D", which shall be completed and
certified as indicated therein, together with a promissory note to the order of
Banco Santander Puerto Rico indicating the amount to be disbursed properly
signed by an authorized agent of the Borrower as identified in Exhibit "G"
attached herein.
From each amount approved for payment, there shall be withheld and
retained by the Lender a sum equivalent to ten percent (10%) of the gross
amount, and the amount so withheld and retained, hereinafter called "retainage",
will be subordinated by BORROWER, contractors and sub-contractors until the Loan
is converted to a permanent loan and until LENDER approve such retainage
disbursement.
In the event that any one of the budgeted amounts indicated herein
exceeds its actual cost, the budgeted amount and the total amount of the
loan will be adjusted accordingly.
All closing costs to be disbursed at closing directly to Xxxxxxxx
Xxxxxx, Xxxxxx Xxxxxxx, Xxxxxxx Xxxxxxx, Xxxxxxx & Xxxxxxx.
--------------
* During the term of this loan, provided there is no default under this Contract
that accelerates the due date of this Loan, Lender will charge this reserve each
month the interest payment due as indicated in the Loan Agreement.
42
EXHIBIT "C-1"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER PUERTO RICO and
XXXXXXX CARIBBEAN BEDDING, INC., dated December 12, 1997.
Please refer to attached statement.
43
Exhibit C-1
-----------
Xxxxxxx Company
Advances to SCBI for New Facility
Reference Design Construction
Number Fee Cost Total
----------------------------------------------------------------------
Contract amount $141,130.00 $2,836,786.00 $2,977,916.00
Amounts advanced to SCBI:
For Xxxx Xxxxxxxxx $34,860.00
144 $26,965.00
159 $28,975.00
182 $17,065.00
212 $9,285.00
For Caribbean Industrial Construction 1 $134,964.00
2 $72,418.50
3 $177,933.60
4 $592,256.70
--------------------------------------------------------
Total advances to SCBI $117,150:00 $977,572.80 $1,094,722.80
Balance remaining $23,980.00 $1,859,213.20 $1,883,193.20
Advances exclude amounts for initial land purchase.
CIC.wk4 A 09-Dec-97
44
EXHIBIT "D"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER PUERTO RICO and
XXXXXXX CARIBBEAN BEDDING, INC., dated December 12, 1997.
Please refer to attached request.
45
Exhibit
CONTINUATION SHEET AIA DOCUMENT G702A PAGE OF PAGES
--------------------------------------------------------------------------------
AIA Document G702, APPLICATION AND CERTIFICATE FOR PAYMENT, containing APPLICATION NUMBER:
CONTRACTOR'S signed Certification is attached.
In tabulations below, amounts are stated to the nearest dollar.
Use Column 1 on contracts where variable retainage for line items may apply. ARCHITECT'S PROJECT NO.
-----------------------------------------------------------------------------------------------------------------------------------
WORK COMPLETED
ITEM DESCRIPTION SCHEDULED Previous This STORES TOTAL COMPLETED BALANCED RETAINAGE
No. OF WORK VALUE Application Application MATERIALS AND STORED TO DATE TO FINISH
A B C D E F G(D+E+F) % H(C-G) I
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SUB TOTAL OR TOTAL
------------------------------------------------------------------------------------------------------------------------------------
46
Exhibit D to Loan Agreement executed
by and between Banco Santander Puerto
Rico and
APPLICATION AND CERTIFICATE FOR PAYMENT AIA DOCUMENT G702 PAGE ONE OF PAGES
-------------------------------------------------------------------------------------------------------------------------------
PROJECT: ARCHITECT:
(name, address) ARCHITECT'S PROJECT NO:
CONTRACTOR:
TO (Owner) CONTRACT FOR:
APPLICATION DATE: APPLICATION NO:
ATTN: PERIOD FROM: TO:
------------------------------------------------------------------------------------------------------------------------------
CHANGE ORDER SUMMARY Application is made for Payment, as shown below, in connection with the
--------------------------------------------------- Contract. Continuation Sheet, AIA Document G702A, is attached.
Change Orders approved ADDITIONS $ DEDUCTIONS $
in previous months by The present status of the account for this Contract is as follows:
Owner-
TOTAL
=================================================== ORIGINAL CONTRACT SUM...................................$_______________
Subsequent Change Orders
------------------------
Number Approved
(date) Net change by Change Orders............................$_______________
---------------------------------------------------
CONTRACT SUM TO DATE....................................$_______________
------------------------------------------------------------------------
TOTAL COMPLETED & STORED TO DATE........................$_______________
(Column G on G702A)
===================================================
TOTALS RETAINAGE____________%..................................$_______________
Net change by Change Orders $_____________________ or as noted in Column I on G702A
---------------------------------------------------
TOTAL EARNED LESS RETAINAGE.............................$________________
State of: County of:
The undersigned Contractor certifies that the Work LESS PREVIOUS CERTIFICATES FOR PAYMENT..................$________________
covered by this Application for Payment has been
completed in accordance with the Contract Documents,
that all amounts have been paid by him for Work for
which previous Certificates for Payment were issued CURRENT PAYMENT DUE.....................................$________________
and payments received from the Owner, and that the
current payment shown herein is now due. ------------------------------------------------------------------------
Contractor: Subscribed and sworn to before me this day of ,19
Notary Public:
My Commission expires:
By: Date:
==============================================================================================================================
In accordance with the Contract and this Application for Payment the Contractor is entitled to [ ] OWNER
payment in the amount shown above. [ ] ARCHITECT
[ ] CONTRACTOR
Architect: [ ]
[ ]
By:
This Certificate is not negotiable. It is payable only to the payee named herein and its issuance, payment and acceptance are
without prejudice to any rights of the Owner or Contractor under their Contract.
-------------------------------------------------------------------------------------------------------------------------------
47
EXHIBIT "E"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER PUERTO RICO and
XXXXXXX CARIBBEAN BEDDING, INC., dated December 12, 1997.
The following is a complete list of all outstanding and unpaid judgment
and/or arbitration awards against the Borrower.
NONE
48
EXHIBIT "F"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER
PUERTO RICO and XXXXXXX CARIBBEAN BEDDING, INC., dated
December 12, 1997.
See attached Corporate Resolution of Borrower.
49
EXHIBIT "G"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER
PUERTO RICO and XXXXXXX CARIBBEAN BEDDING, INC., dated
December 12, 1997.
ACKNOWLEDGEMENT NOTE
VALUE: DUE DATE: ON DEMAND
FOR VALUE RECEIVED, the undersigned jointly and severally promises to
pay to the order of Banco Santander Puerto Rico, on demand, the principal sum of
plus interest until full payment hereof, at a fluctuating annual rate equivalent
to Two Hundred (200) basis points over the London Interbank Offered Rate
(LIBOR), adjusted every Ninety (90) days. Principal will be paid on demand and
interest will be payable monthly in arrears.
In case judicial proceedings be filed by the holder for the collection
of any sum under this Promissory Note, undersigned hereby expressly submit to
the jurisdiction and venue of the Courts of Puerto Rico or the United States
sitting in the City of San Xxxx, Puerto Rico, which may have competent
jurisdiction by virtue of the subject matter and/or amount in controversy and we
expressly agree to pay all costs, expenses and disbursements, including
attorneys fees, incurred by holder in the collection of this obligation in a
liquidated sum equal to Ten Percent (10%) of the principal amount of this
Promissory Note even in, but not limited to the case where proceedings are
carried by default or in bankruptcy, and said sums to be due, and owing by the
mere filing, through or by an attorney, of the proof of claim in bankruptcy,
complaint or any other judicial claim, or placing in the hans of an attorney for
collection. Upon non compliance with any of the above or non-payment of any
installment of principal and/or interest when due, any obligations subscribed by
us in favor or in possession of the holder of this Promissory Note, shall, at
the option of the holder and without notice or demand, become immediately due
and payable together with interest, collection charges and attorney's fees. The
makers, endorsers, and all parties to this Promissory Note hereby waive
presentment for payment, demand, protest, notice of dishonor hereof, and further
hereby waive all benefit of valuation, appraisement, and exemption laws. The
holder may extend the time of payment of this Promissory Note, postpone the
enforcement hereof, grant any other indulgence and add or release any party
primarily or secondarily liable hereon without affecting or diminishing the
holder's right of recourse against the makers, endorsers and all parties to this
Promissory Note which right is hereby expressly reserved.
This Note is one of a series of notes of like tenor issued pursuant to
and entitled to the benefits and security provided for by a Loan Agreement dated
,1997, between XXXXXXX CARIBBEAN BEDDING, INC. (Borrower) and BANCO
SANTANDER PUERTO RICO (Lender) a Puerto Rico banking corporation, and the sum
constitutes a portion of the principal of the Mortgage Note(s) identified in the
Loan Agreement which guarantees all such advances.
This Note is subject to acceleration as provided in said Loan
Agreement.
50
Exhibit G
Page two
This Note is issued and accepted as acknowledgement of
Certification Number _______, but not in payment of same.
San Xxxx, Puerto Rico, this
XXXXXXX CARIBBEAN BEDDING,
INC.
__________________________
51
EXHIBIT "H"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER
PUERTO RICO, and XXXXXXX CARIBBEAN BEDDING, INC., dated
December 12, 1997.
Please refer to attached Plans.
52
EXHIBIT "I"
TO LOAN AGREEMENT executed by and between BANCO SANTANDER
PUERTO RICO and XXXXXXX CARIBBEAN BEDDING, INC., dated
December 12, 1997.
Please refer to attached Specifications.
53
DEED NUMBER: SIXTY SEVEN (67)
DEED OF MORTGAGE
In San Xxxx, Puerto Rico this twelfth (12th) day of December, Nineteen
Hundred Ninety Seven
BEFORE ME
XXXXXX XXXXXX XXXXXXX
Attorney at Law and Notary Public for Puerto Rico, with offices and residence
in San Xxxx, Puerto Rico.
APPEAR
AS THE FIRST PART: XXXXXXX CARIBBEAN BEDDING, INC. (Employer's Identification
Number 00-0000000), a corporation organized and existing under the laws of the
Commonwealth of Puerto Rico, herein represented by its President and General
Manager Mister Xxxxxx X. Xxxxxx, of legal age, married and resident of Guaynabo
, Puerto Rico, who represents and assures that he has been duly authorized to
appear herein on behalf of Mortgagor.
AS THE SECOND PART: BANCO SANTANDER PUERTO RICO (Employer Identification
Number 00-0000000), a banking corporation duly organized under the laws of the
Commonwealth of Puerto Rico, represented herein by its Authorized Agents Xxxxx
Xxxxxx and Xxxxx Xxxx Xxxxxxx both of legal age, married and resident of
Xxxxxxxx Alto and San Xxxx, Puerto Rico respectively
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duly authorized by Banco Santander Puerto Rico to appear herein on its behalf.
The appearing parties assure me that they are in the full enjoyment and
exercise of their civil rights, nothing to the contrary being known to me, and
being in my judgement legally competent to execute this instrument, they freely
and voluntarily__________________________________________.
STATE
FIRST: That Mortgagor is the owner of record, with valid, good, legal,
recordable, insurable and marketable fee simple title ("pleno dominio") of the
property (at times hereinafter referred to as the "property" or "the mortgaged
property") described in paragraph TWENTY SEVENTH of this deed.
SECOND: On this date the Mortgagor has issued a mortgage note in the
principal amount of THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00)
(hereinafter called the "Mortgage Note"), bearing interest at the rate
hereinafter indicated in Paragraph TWENTY SIXTH , until full and complete
payment of same, with principal and interest payable to the order of Banco
Santander Puerto Rico on demand, in lawful money of the United States of
America, at such place as the owner and/or holder of the aforesaid Mortgage Note
may from time to time in writing specify, which Mortgage Note is literally
transcribed in Paragraph TWENTY SIXTH of this deed.
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55
THIRD: In order to guarantee and secure (i) the full and complete payment of
the principal and interest of the Mortgage Note; (ii) the performance of each of
the terms therein and herein contained; (iii) an additional credit in an amount
corresponding to five annual interest payment to secure interest in addition to
those secured by law; (iv) an additional credit in the amount of THREE HUNDRED
TWENTY THOUSAND DOLLARS ($320,000.00) to cover the costs and expenses (including
attorney's fees) incurred by the owner and/or holder of the Mortgage Note in the
event that said owner and/or holder shall take recourse to the courts or any
other governmental agency in order to collect all or any part of the principal
thereof or any interest thereon (by foreclosure or other proceedings or action
including proceedings under the Bankruptcy Act); (v) an additional credit in the
amount of THREE HUNDRED TWENTY THOUSAND DOLLARS ($320,000.00) to cover any
amounts that may be paid or advanced by the owner and/or holder of the Mortgage
Note, together with interest thereon; and (vi) the full and punctual performance
and compliance by the Mortgagor of all its obligations of any nature whatsoever
to the owner and/or holder of the Mortgage Note, Mortgagor hereby constitutes
and creates a VOLUNTARY FIRST MORTGAGE (hereinafter referred to as the
"Mortgage"), in favor of the owner and/or holder of the Mortgage Note
(hereinafter also called "Mortgagee"),
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56
encumbering the following properties (hereinafter also called the "Mortgaged
Property".
(a) the properties mentioned and described in Paragraphs FIRST and TWENTY
SEVENTH respectively of this deed;
(b) All of the buildings, structures, improvements and facilities now or
hereafter located thereon;
(c) All of the rights of way or use, easements, servitudes, licenses,
tenements, hereditaments and other appurtenances now or hereafter belonging or
appertaining to the properties mentioned in this Paragraph THIRD of this deed;
(d) all renewals and replacements of, substitutions for and additions to the
property described in Articles (a) and (b) above, and all other property, real
or personal, or mixed, now owned or hereafter acquired by Mortgagor and enjoyed
in common with or in any way appertaining to such property described in Articles
(a) and (b) above (other than the inventory, machinery and other equipment of
Mortgagor that is not a fixture to the real property), as well as all lands
which may be consolidated or grouped with the other property(ies) mentioned in
this paragraph THIRD of this deed;
(e) all awards, compensations, and payment in respect of any taking by
condemnation or eminent domain or any of the foregoing; and
(f) all rents, earnings, revenues, issues and profits of all the foregoing.
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57
FOURTH: The Mortgagor represents and warrants to the Mortgagee as follows:
(a) That the Mortgaged Property is free and clear of all liens, restrictions
or encumbrances whatsoever, except for those matters shown on the loan and the
insurance policy obtained by Mortgagee in connection to the loan evidenced by
the Mortgage Note;
(b) That it has good right and lawful authority to convey, mortgage and
pledge the Mortgaged Property in the manner and form hereby conveyed, mortgaged
and pledged;
(c) That all taxes and assessments that are presently due and payable on the
Mortgaged Property have been fully paid and satisfied and that said Mortgaged
Property is free from unpaid taxes and assessments;
(d) That it will warrant and defend said Mortgaged Property against all and
every person or persons claiming the same or any part thereof.
FIFTH: Mortgagor will promptly pay the principal of and accrued interest on
the Mortgage Note on demand by its owner and/or holder, except as otherwise
provided in the Loan Agreement of even date herewith, and will maintain its
existence and the lien of the Mortgage as a valid, direct first and senior
mortgage lien of record on the Mortgaged Property and every part thereof,
whether now owned or hereafter acquired, subject to no prior or equal lien,
charge or encumbrance.
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58
SIXTH: Subject to ARTICLE NINTH relating to contests, Mortgagor will pay and
discharge any and all imposition(s) within such time as the same shall be
payable without penalty, fine or interest and will furnish to Mortgagee from
time to time, upon request, official receipts or other satisfactory proof
evidencing such payment(s).
SEVENTH: Subject to Paragraph NINTH relating to contests, Mortgagor at its
expense will promptly comply with all legal requirements and insurance
requirements, whether or not compliance therewith shall require structural
changes in the Mortgaged Property, and will procure, maintain and comply with
all permits, licenses and other authorizations required for any use of the
Mortgaged Property or any part thereof then being made and for the proper
erection, installation, operation and maintenance of the Mortgaged Property or
any part thereof and will comply with any instruments of record affecting the
Mortgaged Property or any part thereof at the time in force.
EIGHTH: Subject to Paragraph NINTH relating to contests, Mortgagor will not
create or permit to be created or to remain, and will discharge, any mortgage
lien, encumbrance, or charge upon the Mortgaged Property, or any part thereof,
other than (a) this Mortgage, (b) mortgages junior in lien or subordinated to
this Mortgage, as may be approved in writing by the owner and/or holder of the
Mortgage Note,
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59
(C) mechanics', laborers', materialmen, suppliers', or vendors' liens not filed
for record for charges not delinquent, incident to then current construction of
improvements on the Mortgaged Property; (d) easements or reservations with
respect to the Mortgaged Property for rights of way for electric transmission
and distribution lines, telephone and telegraph lines, fuel, water, sewage and
drainage pipelines and channels and all other similar purposes, provided that
such easements and reservations do not, either in any case or in the aggregate,
materially interfere with the occupancy or use of the Mortgaged Property, and
(e) any restrictive covenants which may be required by any governmental
authority, agency or entity having jurisdiction, in connection with any
improvements and/or construction that Mortgagor might do or cause to be done on
the Mortgaged Property, with the prior written approval of the owner and/or
holder of the Mortgage Note.
NINTH: Mortgagor, at its expense, may contest in good faith, after prior
written notice to Mortgagee, by appropriate proceedings promptly initiated and
conducted with due diligence, the amount and/or validity and/or application, in
whole or in part, of any imposition and/or legal requirement or of any lien,
encumbrance, charge or claim upon the Mortgaged Property or the application of
any instrument of record referred to in Paragraph SEVENTH of this deed and may
defer payment thereof, provided that (a) in the case of any such
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60
unpaid imposition, lien, encumbrance, charge or claim, such proceedings shall
suspend the collection thereof from Mortgagor or the Mortgaged Property, (b)
neither the Mortgaged Property nor any part thereof or interest thereon would be
in danger of being sold, forfeited, or lost, (c) in the case of a legal
requirement, neither Mortgagor nor Mortgagee would be subject to civil or
criminal liability for failure to comply therewith; (d) Mortgagor shall have
furnished such security, if any, as may be required in the proceedings or as may
be reasonably requested by Mortgagee, and (e) Mortgagor shall pay the amount
thereof finally determined and shall hold Mortgagee harmless of and from any
loss by reason of deferment.
TENTH: The Mortgagee agrees to execute at Mortgagor's expense, all deeds
which shall be required for the creation of restrictive covenants and easements
and for the conveyance of part of the Mortgaged Property for public use as
required by the Planning Board and/or the Permits and Regulations Administration
of the Commonwealth of Puerto Rico in connection with the development by
Mortgagor of any housing or other type of project in the Mortgaged Property
provided, however, that no such development may be commenced without the prior
written approval of the Mortgagee and that such deeds shall be in form and
substance satisfactory to the Mortgagee.
ELEVENTH: Nothing contained in this Mortgage shall constitute any consent or
request by Mortgagee,
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61
expressed or implied, for the performance of any labor or services, or the
furnishing of any materials or other property in respect of the Mortgaged
Property or any part thereof, nor as giving Mortgagor any right, power of
authority to contract for or permit the performance of any labor or services or
the furnishing of any materials or other property in such fashion as would
permit the making of any claim against Mortgagee in respect thereof or any claim
that any lien based on the performance of such labor or services, or the
furnishing of any such materials or other property is or may be prior to the
lien of this Mortgage.
TWELFTH: The Mortgagor shall protect, indemnify and save harmless the
Mortgagee from and against all liabilities, obligations, damages, penalties,
claims, causes of action, costs, charges and expenses (including without
limiting the generality of the foregoing, court costs, attorneys' and
consultants' fees, environmental cleanup costs, natural resources damages,
fines, penalties and damages to persons, personal property, real property and
business enterprises, including any and all past, present and future claims and
liability arising out of or relating to the environmental condition of the
Mortgaged Property, the existence of any environmental hazard on the Mortgaged
Property and any release or threat of release of any Hazardous Substance (as
hereinafter defined) of any kind in, on, under or from the Mortgaged Property at
any time, regardless of whether caused by or within the control
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62
of the Mortgagor which may be imposed upon or incurred by or asserted against
the Mortgagee by reason of (i) any accident, injury or damage to any person or
property occurring on or about the Mortgaged Property or any part thereof, (ii)
any use, non-use or condition of the Mortgaged Property or any part thereof,
(iii) any failure on the part of the Mortgagor to perform or comply with any of
the provisions hereof, or (iv) any necessity to defend any of the rights, title
or interest conveyed or created by this Mortgage, except to the extent any of
the foregoing results from the gross negligence or willful misconduct of lender
or its agents, employees or contractors. Any amounts payable to the Mortgagee
under this paragraph which are not paid within ten (10) days after written
demand therefor by the Mortgagee shall bear interest from the date of such
demand until full payment thereof at a fluctuating annual rate (computed on the
basis of three-hundred-sixty-day (360-day) year and the actual number of days
elapsed) equal to four percent (4%) over and above the "prime rate" publicly
announced by Citibank, N.A. in New York, New York, as its reference, base or
prime rate (herein the "prime rate" such fluctuating rate to change
simultaneously with the changes in the prime rate, and such amounts, together
with such interest, shall be deemed to be indebtedness secured by this Mortgage.
In no event shall the interest rate to be charged hereunder exceed the maximum
permissible legal rate. In case any action, suit or
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63
proceeding is brought against the Mortgagee by reason of any such occurrence,
the Mortgagor upon request by the Mortgagee, will at the Mortgagor's expenses
resist and defend such action, suit or proceeding or cause the same to be
resisted or defended, either by counsel designated by the Mortgagor and
reasonably approved by the Mortgagee or, where such occurrence is covered by
liability insurance, by counsel designated by the insurer. Notwithstanding
anything to the contrary in this Mortgage, the provisions of this indemnity and
all other representations, warranties and covenants contained in this Deed shall
survive the payment and satisfaction or termination of this Mortgage. As used in
this Mortgage the term Hazardous Substance has the following meaning:
HAZARDOUS SUBSTANCE: (i) any "hazardous substance", "pollutant" or
"contaminant" as said terms are defined in clauses fourteen (14) and
thirty-three (33) of Section one hundred one (101) of the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA) [ Title
Forty-Two (42) United States Code (U.S.C.) Section nine thousand six hundred one
(9,601), clauses fourteen (14) and thirty-three (33)], or Title Forty (40) Code
of Federal Regulations (C.F.R.) Part three hundred two (302), as said act and
regulation may be amended from time to time; (ii) any "hazardous waste" as said
term is defined in the Puerto Rico Environmental Quality Board Regulation for
the Control of Hazardous and Non-Hazardous Solid Wastes,
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64
as said regulation may be amended from time to time; (iii) any toxic or
hazardous substance, material or waste (whether solid, liquid or gaseous); (iv)
any substance containing "petroleum", as that term is defined in Section nine
thousand one (9001), clause eight (8) of the Resource Conservation and Recovery
Act (RCRA), as amended [Title Forty-Two (42) U.S.C. Section six thousand nine
hundred ninety-one (6,991), clause eight (8)], or Title Forty (40) C.F.R. Part
two hundred eighty point one (280.1)], as said act and regulation may be amended
from time to time; or (v) any other substance for which any governmental entity
now or hereafter requires special handling in its collection, storage, treatment
or disposal.
THIRTEENTH: In the event of Taking(s) of all or any part of the Mortgaged
Property, Mortgagee shall be entitled to receive all awards and payments on
account of such Taking(s). Subject to such provision, Mortgagor hereby
irrevocably authorizes and empowers Mortgagee in the name of Mortgagor or
otherwise by Mortgagors' claim to collect any such award(s) or payment(s) and to
collect, issue receipt for and retain the same. Mortgagor will pay all costs and
expenses (including without limitation, attorney's fees and expenses) of
Mortgagee in connection with any such Taking(s) and seeking, obtaining and
receiving any award or payment in respect therefor.
In the event of any Taking of the fee or of a perpetual easement upon the
Mortgaged Property, or in the event
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65
of a Taking of such a substantial part of the Mortgaged Property that, in the
good faith judgment of Mortgagor of which written notice must be given to
Mortgagee within twenty five (25) days after such Taking, the remaining part of
the Mortgaged Property is insufficient for the use for which the Mortgaged
Property is being used or developed, (such Taking being hereinafter called a
"Total Taking") all awards and payments collected by Mortgagee after the payment
of costs and expenses (including without limitation, attorney's fees and
expenses incurred in the seeking, obtaining and receiving thereof, shall be
applied by Mortgagee to the payment of any notes or obligations of Mortgagor
evidenced by the Mortgage Note or for which the Mortgage Note is assigned or
pledged as security.
In the event of any Taking of the Mortgaged Property other than a Total
Taking, Mortgagor shall, at its expense and whether or not the awards and
payments on accounts of such Taking shall be sufficient for the purpose,
promptly effect the restoration of the Mortgaged Property to as nearly as
possible its value, condition and character immediately prior to such Taking,
except for any reduction in land area caused thereby. All awards and payments
collected by Mortgagee on account of any such Taking, after the payment of costs
and expenses (including without limitation attorney's fees and expenses)
incurred in the seeking, obtaining and receiving thereof; shall be held by
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66
Mortgagee and applied and paid over toward the cost of such restoration.
FOURTEENTH: In case Mortgagor shall fail to pay any principal of or accrued
interest on the Mortgage Note on demand by its owner and/or holder within ten
(10) days after written notice from Mortgagee or shall fail duly and punctually
to perform any of the other terms of the Mortgage Note or this Mortgage or of
any obligation which the Mortgage Note and this Mortgage secure within thirty
(30) days after written notice from Mortgagee, then at any time thereafter
Mortgagee may, at its election:
(a) proceed to enforce the payment of the Mortgage Note and/or to foreclosure
of the lien of this Mortgage as against all or any part of the Mortgaged
Property (by summary proceedings or otherwise) and to have the same sold under
the judgment or decree of a court of competent jurisdiction, or;
(b) enter upon and take possession of the Mortgaged Property or any part
thereof by force, summary proceedings, ejectment or otherwise and remove
Mortgagor and all other persons and any and all properties therefrom, and may
hold, operate and manage the same and receive all earnings, income, rents,
issues, and proceeds, accruing with respect thereto or any part thereof. In
connection with any of the foregoing, Mortgagee shall, as a matter of right and
without regard to the solvency of the Mortgagor or the adequacy of the security
for the
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indebtedness from Mortgagor to Mortgagee, be entitled to the appointment of a
receiver for all or any part of the Mortgaged Property, whether such
receivership be incidental to a proposed sale of the Mortgaged Property or
otherwise, and Mortgagor hereby consents to the appointment of such a receiver
and will not oppose any such appointment.
FIFTEENTH: The proceeds of any foreclosure sale hereunder of the Mortgaged
Property or any part thereof, and the proceeds of any possession, holding,
operating and management of the Mortgaged Property or any part thereof by
Mortgagee or a receiver hereunder, shall be applied to pay:
First: All reasonable and actual costs and expenses (including without
limitation, attorney's fees and expenses) of such sale or the entering upon,
taking of possession or holding, operating and managing the Mortgaged Property,
as the case may be, and any taxes, assessments or other charges prior to the
lien of this Mortgage that Mortgagee may consider it necessary or desirable to
pay;
Second: All amounts of interest and principal due and unpaid on all
indebtedness and/or obligations of Mortgagor secured by this Mortgage, other
than the Mortgage Note;
Third: All amounts of interest and principal at the time due and payable on
the Mortgage Note; and
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68
Fourth: The balance, if any, to Mortgagor.
SIXTEENTH: Each right, power or remedy of Mortgagee provided for in this
Mortgage shall be cumulative and concurrent and shall be in addition to every
other right, power or remedy provided for in this Mortgage or now or hereafter
existing at law or in equity or by statute or otherwise, and the exercise or
beginning of the exercise by Mortgagee of any one or more of the rights, powers
or remedies provided for in this Mortgage or now or hereafter existing at law or
in equity or by statute or otherwise shall not preclude the simultaneous or
later exercise by Mortgagee of any or all such other rights, powers or remedies.
All rights, powers and remedies provided herein may be exercised only to the
extent that the exercise thereof does not violate any applicable provisions of
law, and are intended to be limited to the extent necessary so that they will
not render this Mortgage invalid, unenforceable or not entitled to be recorded,
registered or filed under the provisions of any applicable law. If any
provision(s) of this Mortgage shall be determined to be invalid, illegal or
unenforceable, the validity of other provisions of this Mortgage shall in no
way be affected by such determination.
SEVENTEENTH: No failure by Mortgagee to insist upon the strict performance of
any term hereof or to exercise any right, power or remedy consequent upon a
breach hereof, shall constitute a waiver of any such term
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69
or of any such breach. No waiver of any breach shall affect or alter this
Mortgage, which shall continue in full force and effect with respect to any
other then existing or subsequent breach of any nature whatsoever under this
Mortgage and/or the Mortgage Note.
EIGHTEENTH: If Mortgagor shall fail to make any payment or perform any act
required to be made or performed hereunder beyond the expiration of any
applicable notice and cure periods, Mortgagee, without further notice to or
demand upon Mortgagor, and without waiving or releasing any obligation or
default of Mortgagor, may (but shall be under no obligation to) at any time
thereafter make such payment or perform such act for the account and at the
expense of Mortgagor, and may enter upon the Mortgaged Property for such purpose
and take all such action as it may consider necessary or appropriate for such
purpose. All sums so paid by Mortgagee and all reasonable and actual costs and
expenses (including without limitation, attorney's fees and expenses) so
incurred, together with interest at the rate hereinafter set forth in Paragraph
TWENTY SIXTH of this deed, from the date of payment or incurring until the date
of reimbursement to Mortgagee, shall constitute additional indebtedness secured
by this Mortgage and shall be paid by Mortgagor to Mortgagee on demand.
NINETEENTH: At the written request of Mortgagee, Mortgagor at its expense
will execute, acknowledge and
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70
deliver all such instruments, including but not limited to additional and/or
aclaratory deeds, substitute notes, explanatory documents and/or any other
document(s) or instrument(s) which might be reasonably necessary, and take all
such actions as may be reasonably required and/or as Mortgagee may from time to
time request for (a) the better assuring to Mortgagee of the validity and
enforceability of the property rights hereby mortgaged and assigned or intended
so to be, and (b) to cause the Mortgage to be properly recorded without defects,
as a first lien of record encumbering the Mortgaged Property, in the appropriate
Section of the Registry of Property of Puerto Rico, with all stamps duly paid
and, in the event Mortgagor fails to pay any amount(s) required to comply with
its obligations under this paragraph NINETEENTH, Mortgagee may (but shall not be
obligated to) without notice to Mortgagor make any such payment(s), which would
then be guaranteed and secured by the Mortgage. Without notice to or consent of
Mortgagor, and without impairment of the lien and rights under this Mortgage,
Mortgagee may take (but Mortgagor shall not be obligated to furnish) from
Mortgagor or from any other person or persons, additional security for the
Mortgage Note. Neither the giving of this Mortgage nor the acceptance of any
such additional security shall prevent Mortgagee from resorting first to such
additional security, or first to the security created by this Mortgage, in
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either case without affecting Mortgagee's lien and rights under this Mortgage.
TWENTIETH: In compliance with Article ONE HUNDRED SEVENTY NINE (179) of the
Mortgage Law of Puerto Rico, as amended, and only for the purpose of determining
the minimum allowable bid on the first auction in the event of foreclosure of
the Mortgage, Mortgagor hereby declares and agrees that the value of the
Mortgaged Property is THREE MILLION TWO HUNDRED THOUSAND DOLLARS
($3,200,000.00).
TWENTY FIRST: The Mortgagor warrants that it will cause the Mortgage created
by this deed to be recorded in due course as a first mortgage encumbering the
hereinabove described Mortgaged Property in the appropriate Section of the
Registry of the Property of Puerto Rico and, in connection with such obligation,
to comply with the provisions of Paragraph NINETEENTH of this deed.
TWENTY SECOND: All notices to and demands and requests upon Mortgagor under
this Mortgage shall be in writing and shall be deemed to have been properly
given or made if sent by United States registered or certified mail, postage
prepaid, addressed to Mortgagor at such place as Mortgagor may have notified
Mortgagee in writing.
TWENTY THIRD: The Mortgagor will cause the buildings on the premises and the
fixtures and all articles of personal property which are included in the
Mortgaged Property covered by this Mortgage to be insured against
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72
loss by fire, casualty and other hazards specified by the Mortgagee and against
loss by such other hazards as may be reasonably required by the Mortgagee for
the benefit of the Mortgagee. Such insurance shall be written by such companies,
in such amounts and in forms satisfactory to the Mortgagee, and the Mortgagor
will deliver the certificates of insurance evidencing such insurance to the
Mortgagee and will reimburse the Mortgagee for any premiums paid for insurance
procured by the Mortgagee or deemed necessary by it in the event that after
written notice from Mortgagee, Mortgagor fails to obtain such insurance within
thirty (30) days.
TWENTY FOURTH: As used in this Mortgage, the following terms have the
following respective meanings:
Imposition(s): All real estate and other taxes or assessments (including
without limitation), all assessments for public improvements or benefits,
whether or not commenced or completed prior to the date hereof or during the
remaining in force hereof, water, sewer, or other rents, rates and charges,
excises, levies, license fees, permit fees, inspection fees and other,
authorization fees and other charges, in each case whether general or special,
ordinary or extraordinary, or foreseen or unforseen, of every character
(including all penalties or interests thereon), which at any time may be
assessed, levied, confirmed or imposed on or in respect of, or be or become a
lien upon
20
73
(a) the Mortgaged Property or any part thereof or any rents, issues, income,
profits, or earnings therefrom, or any estate right or interest therein, or (b)
any occupancy, use or possession of or sales from the Mortgaged Property or any
part thereof.
Legal Requirements: All laws, statutes, codes, acts, ordinances, orders,
judgments, decrees, injunctions, rules, regulations, permits, licenses,
authorizations, direction and requirement of all governments, departments,
commissions, boards, courts, authorities, agencies, officials and/or officers
having jurisdiction over the Mortgaged Property, Mortgagor or any tenant
occupying all or any part of the Mortgaged Property, whether foreseen or
unforeseen, ordinary or extraordinary, which now or at any time thereafter may
be applicable to the Mortgaged Property or any part thereof, or any of the
streets, roads, alleys, passageways, sidewalks, curbs, malls, gutters, vaults,
or vault spaces adjoining the Mortgaged Property or any part thereof, or any use
or condition of the Mortgaged Property or any part thereof.
Mortgage: This instrument, as the same may be supplemented and amended from
time to time.
Mortgage Note(s): As defined in Paragraph SECOND of this deed.
Mortgagee: Banco Santander Puerto Rico, or the holder and/or owner (whether
by way of pledge, endorsement,
21
74
assignment for security or otherwise) of the Mortgage Note.
Mortgagor: XXXXXXX CARIBBEAN BEDDING, INC.
Mortgaged Property: As defined in Paragraph FIRST, THIRD AND TWENTY SEVENTH
of this deed.
Taking: A taking of all or part of the Mortgaged Property as a result of or
in lieu, or in anticipation of the exercise of the rights of condemnation or
eminent domain, or a change of grade adversely affecting the Mortgaged Property.
Total Taking: As defined in Paragraph THIRTEENTH of this deed.
TWENTY FIFTH: Miscellaneous: All of the terms of this Mortgage shall apply to
and be binding upon the successors and assigns of Mortgagor or subsequent each
successor or assign and shall inure to the benefit of the owner and/or holder
from time to time of the Mortgage Note. Neither this Mortgage nor any term
hereof may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the holder and/or owner of the Mortgage Note,
notice of which must be written as a legend in the Mortgage Note. All of the
costs, expenses, notarial and recordation fees and/or stamps related to the
execution of the Mortgage Note, to the execution and recordation of this
Mortgage and to any action of Mortgagor and/or Mortgagee required in this deed
shall be for the account of and payable by Mortgagor.
22
75
TWENTY SIXTH: The Mortgage Note referred to in Paragraph SECOND hereof,
literally transcribed reads as follows:
MORTGAGE NOTE
FOR: $3,200,000.00 MATURITY: ON DEMAND
FOR VALUE RECEIVED, XXXXXXX CARIBBEAN BEDDING, INC., a Puerto Rico
corporation ("Borrower"), promises to pay to the order of Banco Santander Puerto
Rico, on demand, at such place as the holder of this Mortgage Note may specify
in writing from time to time, in lawful money of the United States of America,
the principal sum of THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00),
together with interest thereon from the date of this Mortgage Note until full
payment hereof, payable on the first day of each and every month following the
date hereof, at a fluctuating annual rate equivalent to Two Hundred (200) basis
points over the London Interbank Offered Rate (LIBOR), adjusted every Ninety
(90) days.
In case the owner and/or holder of this Mortgage Note shall take recourse to
foreclosure or other judicial proceedings, including any proceedings under the
Bankruptcy Act, for the collection of all or any part of the principal hereunder
or any interest thereon, the Borrower hereby agrees to pay an additional amount
equal to ten percent (10%) of the principal of this Mortgage Note, as liquidated
amount, without necessity of further liquidation or approval by the Court, to
cover costs and expenses (including attorney's fees and expenses) of such
foreclosure or judicial proceedings.
The undersigned hereby waives presentment, protest, demand and notice of
nonpayment.
This Note is guaranteed and secured by a First Mortgage upon certain
Mortgaged Property constituted as per Deed Number--67-- of this date before the
subscribing Notary.
In San Xxxx, Puerto Rico, this 12th day of December, 1997.
XXXXXXX CARIBBEAN BEDDING, INC.
By: (Signed) Xxxxxx X. Xxxxxx
President and General Manager
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76
Affidavit No. 25,160 Subscribed and acknowledged to before me by Mister Xxxxxx
X. Xxxxxx, as President and General Manager of Xxxxxxx Caribbean Bedding, Inc.,
of legal age, married, executive and resident of Guaynabo Puerto Rico,
personally known to me, at San Xxxx, Puerto Rico, this 12th day of December,
1997.
(SIGNED) XXXXXX XXXXXX XXXXXXX
Notary Public."
There appears the seal of the Notary.
TWENTY SEVENTH: The Mortgaged Property referred to in Paragraphs FIRST and
THIRD of this deed, is described in the Spanish language as follows:
URBANA: Parcela de terreno radicada en el Barrio Las Xxxxxx xx Xxxxxxxx Alto,
Puerto Rico, identificada como solar Numero Seis (6) del Parque Industrial Las
Xxxxxx, con una cabida superficial xx Xxxx Mil Seiscientos Ochenta y Siete punto
Setenta (10687.70) metros cuadrados, equivalentes a dos cuerdas con setecientos
diecinueve (2.719) cienmilesimas de otra, en lindes por el Norte, con el solar
numero Cinco (5) y con el area de viraje de la Calle "C" de la misma area
industrial; por el Sur, con la Calle "A" del Parque Industrial; por el Este, con
el area de uso publico del area industrial, solar Diecisiete (17) y con el area
de viraje de la Calle "A" de la misma area industrial; y por el Oeste, con la
Calle "C" de la misma area industrial.
The above described property was segregated from a property formed by the
grouping of certain properties as it appears from Deed Number Twenty (20),
executed on December Four (4), Nineteen Hundred Ninety Two (1992), before Notary
Xxxxxxx X. Xxxxxxxx, pending recordation. The properties that were grouped are
the following: Properties Number Six Thousand Four Hundred Thirty Six (6,436),
Property Number Eleven Thousand Seven Hundred Seventy Eight (11,778) and Four
Thousand Three (4003), recorded at Pages Eighty Two (82), Seventy Eight (78) and
One Hundred Twenty Nine (129) of Volumes One Hundred Twenty Eight (128), Two
Hundred Thirty Eight (238) and Ninety (80) of Xxxxxxxx Alto, respectively.
Mortgagor acquired the above described property as it appears from Deed
Number Fourteen (14), executed at San Xxxx, Puerto Rico, on the second (2nd) day
of June, Nineteen Hundred Ninety Seven (1997), before Notary Xxxxxxx X. Xxxxxxxx
Xxxxxxx, pending recordation.
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TWENTY EIGHTH: It is understood and agreed that in the event that the
Mortgagee, on account of a default by Mortgagor, or by Agreement with Mortgagor,
becomes the owner of the Mortgaged Property, then and in such event, any and all
approvals, plans and specifications, servitudes, lease contracts, and in general
everything required and or related to development, use and disposition of the
Mortgaged Property, shall be of the exclusive ownership of the Mortgagee, with
full authority and power to make whatsoever changes or amendments Mortgagee may
deem advisable in connection therewith, and whoever contracts with the Mortgagor
shall have no right of any kind whatsoever to claim or allege against the
Mortgagee in connection with any of the documents, instruments, approvals or
otherwise, which documents are given as an integral part of the collateral
security of the Mortgage.
The appearing parties ratify, confirm and accept this Mortgage because the
same has been drawn in accordance with their instructions.
I, the Notary Public, do hereby CERTIFY that this document was read by the
appearing parties, that I, the Notary, and the said appearing parties can read
and understand the English language, that I, the Notary, advised the appearing
parties of the legal effects of this document, that the said parties signed this
Mortgage, that the said appearing parties initialed every page
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78
hereof in my presence and that the said appearing parties waived their right to
request the presence of witnesses of which right I appraised them.
And I, the Notary, do hereby also certify as to my personal knowledge of the
appearing parties and as to their personal circumstances, in accordance with
their statements, as well as to all other things herein contained.
FIRMADO: XXXXXX X. XXXXXX, XXXXX XXXXXX XXXXXX X XXXXX XXXX XXXXXXX
00
00
MORTGAGE NOTE
FOR: $3,200,000.00 MATURITY: ON DEMAND
FOR VALUE RECEIVED, XXXXXXX CARIBBEAN BEDDING, INC., a Puerto Rico
corporation ("Borrower"), promises to pay to the order of Banco Santander Puerto
Rico, on demand, at such place as the holder of this Mortgage Note may specify
in writing from time to time, in lawful money of the United States of America,
the principal sum of THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00),
together with interest thereon from the date of this Mortgage Note until full
payment hereof, payable on the first day of each and every month following the
date hereof, at a fluctuating annual rate equal to Two Hundred (200) basis
points over the London Interbank Offered Rate (LIBOR), adjusted every Ninety
(90) days.
In case the owner and/or holder of this Mortgage Note shall take
recourse to foreclosure or other judicial proceedings, including any proceedings
under the Bankruptcy Act, for the collection of all or any part of the principal
hereunder or any interest thereon, the Borrower hereby agrees to pay an
additional amount equal to ten percent (10%) of the principal of this Mortgage
Note, as liquidated amount, without necessity of further liquidation or approval
by the Court, to cover costs and expenses (including attorney's fees and
expenses) of such foreclosure or judicial proceedings.
The undersigned hereby waives presentment, protest, demand and notice
of nonpayment.
This Note is guaranteed and secured by a First Mortgage upon certain
Mortgaged Property constituted as per Deed Number -67- of this date before the
subscribing Notary.
In San Xxxx, Puerto Rico, this 12th day of December, 1997
XXXXXXX CARIBBEAN BEDDING, INC.
/s/ Xxxxxx X. Xxxxxx
-------------------------------
Xxxxxx X. Xxxxxx
President and General Manager
Affidavit No. 25,160
-------
Subscribed and acknowledged to before me by Mister Xxxxxx X. Xxxxxx, as
President and General Manager of Xxxxxxx Caribbean Bedding, Inc., of legal age,
married, executive and resident of Guaynabo, Puerto Rico, personally known to me
at San Xxxx, Puerto Rico, this 12th day of December, 1997.
[SEAL]
/s/ Xxxxxx Xxxxxx Xxxxxxx
-------------------------------
Notary Public
80
XXXX X. XXXXXXXXX & ASSOC.
ARCHITECTS AND ENGINEERS
December 12, 1997
Banco Santander Puerto Rico
San Xxxx, Puerto Rico
Gentlemen:
The undersigned acknowledges and consents to the use, at no cost to
you, of all plans, specifications, drawings, renderings, and models by you or
your successors or assignees, if necessary, for the development and construction
of a commercial building at Las Xxxxxx Xxxx, Xxxxxxxx Alto, Puerto Rico. (Case
Number 97-19-A-977-OPA) which were prepared by us for Xxxxxxx Caribbean Bedding,
Inc.
You should have all the rights of Xxxxxxx Caribbean Bedding, Inc. in
said plans, drawings, renderings and models and without limiting the generality
of the foregoing, may use such material to complete the project to which they
pertain.
Very truly yours,
/s/ Xxxx X. Xxxxxxxxx
-----------------------------
Arch. Xxxx X. Xxxxxxxxx, AIA
Lic. 8391
Assignment of the Borrower:
All rights, title and interest of Xxxxxxx Caribbean Bedding, Inc,. on the above
referred plans, drawings, renderings and models are also hereby assigned to
Banco Santander Puerto Rico by Xxxxxxx Caribbean Bedding. Inc.
XXXXXXX CARIBBEAN BEDDING, INC.
By: Xxxxxx X. Xxxxxx
-----------------------------
Xxxxxx X. Xxxxxx
President and General Manager
81
,1997
Banco Santander Puerto Rico
San Xxxx, Puerto Rico
Re: Borrower: Xxxxxxx Caribbean
Bedding, Inc.
Loan amount: $3,200,000,000
Project: Warehouse and Office
Building at Las Xxxxxx
Xxxx, Xxxxxxxx Alto, P.R.
Gentlemen:
We are the contractor in the above project.
In consideration of your making the loan to Xxxxxxx Caribbean Bedding,
Inc. (hereinafter referred to as the Borrower) to finance said construction, we
agree that in the event of default by Borrower, under any of the loan documents,
we shall, if requested by you or your assignee within a period of Ninety (90)
days after default, continue performance in your behalf under the existing
agreement with Borrower in accordance with the terms thereof, provided we shall
be reimbursed in accordance with said Agreement for all work, labor, and
materials rendered.
We further agree that we shall not perform work pursuant to any change
order which will result in a change of the contract price unless we shall have
received your written approval of such change order. In the event such approval
is not obtained, our agreement with the Borrower to continue performance
thereunder for your benefit shall be deemed not to have been modified by such
change order.
We further agree that from each amount approved for payment, you will
disburse to Borrower 90% of the work certified and approved for payment. The
remaining 10% is hereby subordinated by us to any amounts due by Borrower to you
under the Loan until the Loan is converted to a permanent loan and until you
approve such disbursement.
The officer executing this instrument on behalf of the undersigned
hereby personally certifies that the undersigned has full authority to perform
all of its obligations under the aforementioned agreement in accordance with the
terms thereof.
Very truly yours,
CARIBBEAN INDUSTRIAL CONSTRUCTION, S.P.
/S/ Xxxxxxx X. Xxxxxxx
------------------------
Xxxxxxx X. Xxxxxxx
82
XXXXXXX COMPANY
December 12, 1997
Banco Santander Puerto Rico
G.P.O. Xxx 000000
Xxx Xxxx, Xxxxxx Xxxx 00000
Gentlemen:
The undersigned refers to the Loan Agreement of December 12 , 1997 (the
"Loan Agreement") between Banco Santander Puerto Rico (hereinafter referred to
as the "Bank") and Xxxxxxx Caribbean Bedding, Inc., a corporation organized and
existing under the laws of the Commonwealth of Puerto Rico (hereinafter referred
to as the "Borrower"), whereby the Bank has agreed to make loans, advances and
provide credit to the Borrower for a maximum amount of U.S. THREE MILLION TWO
HUNDRED THOUSAND DOLLARS ($3,200,000.00).
To induce the Bank, at its option, from time to time, to make loans or
advances at the request and/or for the account of the Borrower, the undersigned
hereby guarantees jointly and severally with the Borrower the punctual payment,
at maturity to you, of each and all loans, advances, and other obligations
herein referred to, and also all other indebtedness which is now, or may
hereinafter become due and owing by Borrower under the Loan Agreement ("the
indebtedness") including any and all instruments hereinbefore mentioned,
together with any and all reasonable and actual expenses which might be actually
incurred by the Bank in collecting all or any of indebtedness and/or enforcing
any rights hereto, provided, however, that the total liability of the
undersigned hereunder ("the guaranteed liabilities") shall not exceed the amount
of U.S. THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00) in lawful
money of the United States of America, plus such interest as might be accrued
83
2
thereunder under the Loan Agreement, either before or after maturity date and
such expenses as might be incurred by the Bank as referred to above. The
undersigned hereby waives notice of acceptance of this guaranty and also
presentment, demand, protest, and notice of dishonor for non-acceptance, or
non-payment of any and all instruments herein before referred to and likewise
waives demand for non-payment and notice of non-payment of any and all the
indebtedness, provided that a written statement of a Manager or Acting Manager
of a branch of the Bank at which an account of the Borrower is kept or of a
General Manager of the Bank as to the amount remaining unpaid to the Bank at any
time by the Borrower shall, if agreed to by the Borrower, be conclusive evidence
and shall, in any event be prima facie evidence against the undersigned as to
the amount remaining unpaid to the Bank at such time by the Borrower.
The undersigned hereby consents and agrees that the Bank may at any
time, or from time to time, in your discretion, extend or change the time of
payment, and/or the manner, place or terms of payments of all or any
indebtedness, or any part or parts thereof
or of any renewal or renewals thereof.
No delay on your part in exercising or enforcing any rights or lien
hereunder or in taking any action to collect or enforce any of the indebtedness
or other obligation hereby guaranteed, shall operate as a waiver of any such
rights or prejudice in any manner the right of the Bank hereunder, as against
the undersigned.
In case of insolvency or bankruptcy in the affairs of the Borrower, or
of the undersigned, or in case a petition in bankruptcy or for the appointment
of a receiver should be filed in any court by or against the Borrower or by or
against the undersigned, or application should be made for the attachment of any
properties, then all of the indebtedness shall be deemed for the purpose of this
guaranty immediately due and payable, and the responsibility of the undersigned
in this document shall be demandable, all without demand or notice.
84
3
This guaranty shall remain valid and in full force and effect with
respect to all indebtedness incurred by Borrower, plus interest at the rate
provided for in the Loan Agreement on all amounts due until total payment of
same, and the aforesaid expenses incurred
by the Bank in collecting such Indebtedness.
This guaranty shall be binding upon the undersigned as soon as any loan
or advance is made by the Bank under the Loan Agreement in reliance upon this
guaranty, the undersigned hereby consenting and agreeing that all loans which
the Bank may hereafter make, shall be deemed to be made at the request of the
undersigned and in reliance upon this guaranty, it being understood that, until
such time as all obligations to the Bank of the Borrower shall have been paid in
full, the undersigned agree that it will not exercise any rights to proceed
against the Borrower, either under section 1742 of the Civil Code of Puerto
Rico (1930 ed.) or otherwise, nor shall assert against you or Borrower,
judicially or otherwise, any claim or right to be subrogated with respect to any
amounts which may have been paid to the Bank by the undersigned, under the
provisions of this guaranty, it being the intention of the undersigned, that,
irrespective of the amounts which may at any time be owing to the Bank by the
Borrower the obligations of the undersigned hereunder, up to the limit above
stated, shall not be diminished until such time as the Bank shall have been paid
in full for all loans or advances made by the Bank under the Loan Agreement.
The undersigned, a corporation organized under the laws of Delaware,
United States of America, represents that it expects to derive advantages from
the financial accommodations given by the Bank to Borrower.
The undersigned expressly waives and renounces any and all rights that
undersigned may have to claim jointly and/or severally against Borrower for any
payments made to the Bank by undersigned under the provisions of this Guaranty.
85
4
Intending to be legally bound, this Letter of Guaranty is executed as
of this December 12, 1997, at
XXXXXXX COMPANY
By: /s/ Xxxxx Xxxxxxxx
-----------------------
Vice President-Finance, Treasurer
Affidavit No. 25,161
-------
Acknowledged and subscribed to before me by Mister Xxxxx X. Xxxxxxxx,
as Vice-President Finance and Treasurer of Xxxxxxx Company, of legal age,
married, executive and resident of the State of Georgia, temporarily in San
Xxxx, Puerto Rico, personally known to me, at San Xxxx, Puerto Rico, this 12th
day of December, 1997.
/s/
--------------------------
[SEAL] NOTARY PUBLIC
86
CERTIFICATE OF CORPORATE RESOLUTION
The undersigned, Assistant Secretary of Equus Management Company, a
Delaware corporation (the "Corporation"), does hereby certify that at a Meeting
of the Board of Directors of the Corporation duly held on the 9th day of
December, 1997 the following resolution were unanimiously approved and adopted:
"RESOLVED: that Xxxxxxxx Xxxxxx, acting in her capacity as Vice
President of the Corporation, as general managing partner of Equus
Gaming Company L.P. ("Equus"), as managing partner of Housing
Development Associates S.E. ("HDA") is hereby authorized and directed
to execute in the name and on behalf of HDA all the necessary documents
and agreements in connection with a ONE MILLION DOLLARS ($1 000,000.00)
loan from Banco Santander Puerto Rico under the terms and conditions
setforth in the letter dated December 4,1997, included herewith as
Exhibit A, and
FURTHER RESOLVED, that such Officer, is also hereby authorized and
directed to execute in the name and on behalf of HDA the necessary
documents to grant Banco Santander the assignment of certain funds to
be received from its subsidiary Equus Gaming de Panama, S.A. in excess
of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00), and
FURTHER RESOLVED, that such Officer, acting in her capacity as Vice
President of the Corporation, as general managing partner of Equus, is
also hereby authorized and directed to execute in the name and on
behalf of Equus the necessary documents to grant Banco Santander the
guaranty of ONE MILLION DOLLARS ($1,000,000.00) under the loan with HDA
and the assignment of quarterly cash distributions from HDA, up to
$250,000 per quarter.
Said Resolution has not been modified or rescinded and is in full
effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal
of the Corporation in San Xxxx, Puerto Rico, this 11th day of December, 1997.
[SEAL] EQUUS MANAGEMENT COMPANY
By: /s/
------------------------
Assistant Secretary
87
CERTIFICATE OF CORPORATE RESOLUTION
The undersigned, Assistant Secretary of Equus Entertainment
Corporation, a Puerto Rico corporation (the "Corporation"), does hereby certify
that at a Meeting of the Board of Directors of the Corporation duly held on the
9th day of December, 1997 the following resolution was unanimiously approved and
adopted:
"RESOLVED: that Xxxxxxxx Xxxxxx, acting in her capacity as Vice
President of the Corporation, is hereby authorized and directed to
execute in the name and on behalf of the Corporation the necessary
documents to grant Banco Santander the guaranty of ONE MILLION DOLLARS
($1,000,000.00) under a loan with Housing Development Associates S.E.
("HDA") and the assignment of quarterly cash distributions from HDA, up
to $250,000 per quarter.
Said Resolution has not been modified or rescinded and is in full
effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the Corporation in San Xxxx, Puerto Rico, this 11 h day of December, 1997.
EQUUS ENTERTAINMENT COMPANY
By:/s/
-----------------------
Assistant Secretary
88
CERTIFICATE OF RESOLUTION
-------------------------
I, Xxxxx X. Xxxxxxxx Assistant Secretary of XXXXXXX CARIBBEAN BEDDING,
INC., a corporation organized and existing under the Laws of the Commonwealth of
Puerto Rico, do hereby CERTIFY:
That the Board of Directors of said corporation duly adopted on
December 9, 1997, the following Resolution by unanimous written consent of all
Directors, and that said Resolution as of the date of this Certificate Continue
in full force and effect and has not been altered, amended or revoked.
"BE IT RESOLVED: that Xx. Xxxxxx X. Xxxxxx is hereby authorized and
directed, on behalf of this Corporation, to obtain from Banco Santander
Puerto Rico an interim construction loan in the principal amount of
Three Million Two Hundred Thousand Dollars ($3,200,000.00), which loan
will be converted into a Permanent Loan for a period of Fifteen (15)
years under the terms and conditions that he deems proper.
In connection thereof, and in order to accomplish the stated purpose,
the aforementioned officer is authorized to execute loan agreements,
promissory notes, deeds of mortgages, deeds of purchases, cancellation
of mortgages, contracts of pledge, loan documents, and any other
document evidencing said loan or related therewith, in a firm as such
officer shall approve, with his execution thereof to be conclusive
evidence of such approval."
IN WITNESS WHEREOF, I sign this document this 12 day of December, 1997.
/s/
--------------------------
Assistant Secretary
Affidavit No. 25,162
---------
Sworn and subscribed to before me by: Mister Xxxxx X. Xxxxxxxx, as Assistant
Secretary of Xxxxxxx Caribbean Bedding,
Inc. of legal age, married executive and
------------------------------ resident of the State of Georgia,
[SEAL] Notary Public temporarily in San Xxxx, Puerto Rico,
personally known to me at San Xxxx,
Puerto Rico, this 12th day of December,
1997.
89
CERTIFICATE OF RESOLUTION
I, Xxxx X. Xxxxxxxx, Assistant Secretary of XXXXXXX COMPANY, a
corporation organized and existing under the Laws of Delaware, United States of
America, do hereby CERTIFY:
That at a meeting of the Board of Directors of said corporation duly
convened and held on March 25, 1997, at which a quorum was present and voting at
all times, the following Resolution was duly adopted by the unanimous vote of
all Directors, and that said Resolution as of the date of this Certificate
continue in full force and effect and has not been altered, amended or revoked.
Resolved, that the purchase of land and the construction of a
manufacturing facility in Xxxxxxxx Alto, Puerto Rico by Xxxxxxx Caribbean
Bedding Inc. (SCBI) (a wholly owned subsidiary of Xxxxxxx Company (the Company),
and SCBI's borrowing of sufficient long term funds to complete such facilities
in Puerto Rico on the general terms and conditions as presented to the Board,
for a total cost not to exceed $4 million (collectively the Puerto Rico
Project), is hereby authorized and approved; and that the Executive Vice
President and Chief Financial Officer and the Vice President-Finance, Treasurer
and Assistant Secretary (the Authorized Officers) of the Company be, and each of
them hereby is, authorized and directed, in the name and on behalf of the
Company and SCBI under their corporate seal or otherwise, to execute and deliver
such agreements, instruments, documents, powers of attorney or certificates in
connection therewith or contemplated thereby with such amendments, changes,
additions and deletions as any of them, with the advice of the Company's
counsel, may deem to be in the best interest of, and approved on behalf of the
Company, such approval to be conclusively evidenced by the signature of the
Authorized Officers thereon, and to take any and all further actions, in the
name and on behalf of the Company or SCBI, as may be necessary or desirable to
consummate the transactions contemplated;
Further Resolved, that the Authorized Officers be, and each of them
hereby is, authorized to execute and deliver in the name and on behalf of the
Company or SCBI under its corporate seal or otherwise, all other agreements,
instruments and documents necessary or desirable to reflect the consummation of
the transactions contemplated by the Puerto Rico Project and to do and perform
any and all such further acts and deeds and to pay all such expenses as they or
any of them deem necessary or advisable to carry out the foregoing resolutions
and the transactions contemplated thereby; and
90
FURTHER RESOLVED, that any and all actions heretofore or hereafter
taken by any Authorized Officer of the Company with respect to or in
contemplation of the Puerto Rico Project are hereby ratified and
approved.
I DO HEREBY CERTIFY, that Xx. Xxxxx X. Xxxxxxxx is presently a duly
elected or designated Vice President-Finance, Treasurer of this
Corporation.
IN WITNESS WHEREOF, I sign this document and affixed the Seal of this
Corporation, at Atlanta Ga, this 10th day of December, 1997
/s/ ILLEGIBLE
---------------------------------
ASSISTANT SECRETARY
91
ACTUALIZACION DE ESTUD
CASO: XXXXXXX CARIBBEAN (COMPANIA DE FOMENTO INDUSTRIAL)
CASO NUMERO: 1222.6270
FINCAS NUMEROS 6436, 11778 y 4003 INSCRITAS A LOS FOLIOS 82,78 y 129 TOMOS 128,
238 y 90 XX XXXXXXXX ALTO SECCION CUARTA DE SAN--
XXXX----------------------------------------------------------------------------
FUERON AGRUPADAS CON UNA CABIDA DE 48.42 CUERDAS DICHA AGRUPA-
CION AL ASIENTO 87 DIARIO 96 (VEA ESTUDIO ORIGINAL)
POSTERIOR AL ESTUDIO ORIGINAL Y CON FECHA 6 DE NOVIEMBRE 1997 Y
AL ASIENTO 17 DIARIO 155 SE PRESENTO XXXXXXXXX # 00 XXXXXXXX XX
XXX XXXX 0 JUN10 1997 XXXX XXXXXXX XXXXXXX X. XXXXXXXX XXXXXXX-
(SEGREGACION Y COMPRAVENTA)-----------------------------------------------------
SEGREGA Y VENDE....... THE PUERTO RICO INDUSTRIAL DEVELOPMENT----
COMPANY XX XXXXX # 0 XXX XXXXXX XXXXXXXXXX
XXX XXXXXX (VEA DESCRIPCION MAS ADELANTE)
COMPRA................ XXXXXXX CARIBBEAN BEDDING INC. REPRESENTADA
POR XXXXXX XXXXXX MAYOR EDAD XXXXXX CON----
XXXXX XXXXXXXX XXXXXXXX (NO SE ACOMPANA LA
ACREDITACION DE LAS FACULTADES PARA REPRE-
SENTAR A LA COMPRADORA)
PRECIO................ $ 447,250.00
DESCRIPCION:
URBANA" PARCELA DE TERRENO RADICADA EN EL BARRIO LAS XXXXXX XX XXXXXXXX ALTO
PUERTO RICO IDENTIFICADA COMO SOLAR NUMERO 6 DEL PARQUE INDUSTRIAL LAS XXXXXX
CON UNA CABIDA SUPERFICIAL DE __ 10,687.70 METROS CUADRADOS EQUIVALENTES A 2.719
CUERDAS Y EN --- LINDES POR EL NORTE CON EL SOLAR NUMERO 5 Y CON EL AREA DE
VIRAJE DE LA CALLE C DE LA MISMA AREA INDUSTRIAL; POR EL SUR CON LA ---- CALLE A
DEL PARQUE INDUSTRIAL; POR EL ESTE CON EL AREA DE USO --- PUBLICO DEL AREA
INDUSTRIAL, SOLAR 17 Y CON EL AREA DE VIRAJE DE LA CALLE A DE LA MISMA AREA
INDUSTRIAL Y POR EL OESTE CON LA CALLE C DE LA MISMA AREA INDUSTRIAL.-----------
SE ACOMPANA CERTIFICACION DE ARPE Y PLANO APROBANDO EL PROYECTO 96-19-B-210 CGT
BAJO AFF. 3392 DEL 24 ABRIL 1997 ANTE NOTARIA XXXX XXXX XXXXXXX XXXXXXX Y ACTA
XX XXXXXXXXXX # 00 XXXXXXXX XXX XXXX 0 XXX00 0000 XXXX XXXXXXX XXXXXXX X.
XXXXXXXX XXXXXXX ACLARANDO--- EL REMANENTE DESPUES DE LA SEGREGACION Y QUEDA LA
FINCA PRINCIPAL CON CABIDA DE 40.921 CDAS EQUIVALENTES A 159,634.2308 M/C-------
NOTA: LA SEGREGACION QUEDA CON LAS CONDICIONES DE VENTA QUE SURGE DE LA CITADA
ESCRITURA # 14 Y ENTRE ELLAS NO PODRA VENDER, ARRENDAR CEDER 0 TRASPASAR LA
PROPIEDAD AL E.L.A DE P.R. POR UN TERMINO DE 10 ANOS. NI PODRA VENDER, HIPOTECAR
0 ARRENDAR SIN CONSENTIMIENTO ESCRITO DE LA COMPANIA.
RESTO ESTUDIO ORIGINAL QUEDA TAL COMO SE HICIERA ORIGINALMENTE,
FUERON BUSCADOS LIBROS DE EMBARGOS HASTA FOLIO 59 # 26., FEDERALES HASTA
FOLIO(53 A-) DIGO 108 A-3 Y XXXXXXXXX XXXXX 00 # 000 X XX XXXXXXXX # 00 HASTA
ASIENTO 264 DIARIO 157----------------------------------------------------------
9 de diciembre 1997
/s/ X. Xxxxxx
X. Xxxxxx
92
ESTUDIO DE TITULO
CASO: XXXXXXX CARIBBEAN ( C0MPANIA DE FOMENTO INDUSTRIAL DE P.R.)
CASO NUMERO: 1222.6270
FINCAS NUMERO 6436, 11,778 y 4003 INSCRITAS A LOS FOLIOS 82, 78 y 129
TOMOS 128, 238 y 90 XX XXXXXXXX ALTO SECCION CUARTA DE SAN XXXX-----------------
DESCRIPCION:
RUSTICA: PORCION DE TERRENO SITADA EN EL BARRIO DENOMINADO-- LAS XXXXXX
DEL TERMINO MUNICIPAL DE TRUJILLO ALTO COMPUESTA-- DE 5.00 CUERDAS
EQUIVALENTES A 1 HECTAREA, 96 AREAS, 51 CENTI- AREAS Y 59 MILIAREAS y
EN LINDES POR EL NORTE Y OESTE CON UN- CAMINO VECINAL QUE LO SEPARA DE
TERRENOS DE DIAZLITE INC. Y - LINDES POR EL SUR Y ESTE CON LA FINCA
PRINCIPAL DE LA CUAL--- ESTA SE SEGREGA PROPIEDAD DE XXXXXXXX
XXXXXXXXXX.------------------------------------------------------------
ESTA ES FINCA 6436 AL FOLIO 82 TOMO 128 XXXXXXXX ALTO------------------
ORIGEN:
SE SEGREGA DE LA FINCA 1803 AL FOLIO 250 y 181 TOMOS 27 y 29-
RUSTICA: PORCION DE TERRENO SITUADA EN EL BARRIO DENOMINADO LAS XXXXXX
DEL TERMINO MUNICIPAL DE TRUJILLO ALTO COMPUESTO- DE 8.08 CUERDAS
EQUIVALENTES A 31,757.5445 METROS CUADRADOS- y EN LINDES POR EL NORTE
CON TERRENOS PROPIEDAD DE XXXXXXX X. XXXX; POR EL SUR CON EL RIO GRANDE
DE LOIZA, POR EL ESTE CON TERRENOS PROPIEDAD DE METROPOL DEVELOPMENT
CORP. Y XXXXXXX X. XXXX Y POR EL OESTE CON TERRENOS DE DIAZLITE INC.---
ESTA ES FINCA 11,778 INSC XXXX AL FOLIO 78 TOMO 238 T. ALTO.
SE SEGREGA DE LA FINCA 46 AL FOLIO 154 TOMO 50 XX XXXXXXXX-- ALTO.
RUSTICA: SITUADO EN EL BARRIO XXXXXX XX XXXXXXXX ALTO CON UN AREA
SUPERFICIAL DE 35.35 CUERDAS EQUIVALENTES A 13 HECTAREAS 89 AREAS, 64
CENTIAREAS Y 79 MILIAREAS Y EN LINDES POR EL --- NORTE CON CAMINO
MUNICIPAL QUE SEPARA DE XXXXXX XXXXXXX, XXXX XXXXXXXXX Y TERRENOS DE
XXXXXXXX X'XXXXXX; POR EL SUR CON EL CAMINO VECINAL TERRENOS DE
XXXXXXXXX XXXXXXXXXX Y RIO GRANDE DE LOIZA; POR EL ESTE CON TERRENOS DE
XXXXXX XXXXXX E XXXXXXXX X'XXXXXX Y POR EL OESTE CON CAMINO MUNICIPAL
SEPARADO DE ---- XXXXXX XXXXXXXXX Y XXXX XXXXXXXXX Y CAMINO VECINAL QUE
COMIENZA CON EL CAMINO MUNICIPAL Y TRANSCURRE AL SURESTE Y TERRENOS DE
XXXXXXXX XXXXXXXXXX.
ESTA ES LA FINCA 4003 AL FOLIO 129 TOMO 90 DEL XXXX XXXXXXXX ALTO.-----
ESTA TIENE LAS SIGUIENTES EDIFICACIONES: EDIFICIO DE ALMACEN- DE
MATERIA PRIMA, DE ARMAZON XX XXXXX CON TECHO DE DUROTEX Y PISO DE
TIERRA. CASETA PARA OFICINA Y SHOP DE CONCRETO DE--- CASETA DE SWITCHES
Y EDIFICIO DE CONCRETO PARA COMEDOR. EN-- ESTAS EDIFICACIONES Y EN EL
INMUEBLE ANTES DESCRITO TENIAN SUS PROPIETARIOS FABRICAS PARA LA
MANUFACTURA DE AGREGADOS LIVIANOS Y MAQUINARIAS.
ADEMAS SE DESCRIBEN LAS SIGUIENTES EDIFICACIONES: UNA CHIMENEA DE
LADRILLOS, EDIFICACION XX XXXXX CON TECHO Y XXXXXXX DE DUROTEX LAS
XXXXXXX Y EL TECHO HAN SIDO VANDALIZADOS, EDIFICIO XX XXXXX CON XXXXXXX
Y TECHO DE DUROTEX, ESTRUCTURA XX XXXXX PARA CONDUC- XXXXX EN XXXXXX
(CONVEYORS), RAW XXXX XXXXXXX, ESTRUCTURA DE --- ACERO QUE SOPORTA A LA
PARTE SUPERIOR UN CONDUCTOR XX XXXXXX --- (BELT CONVEYOR) LA CUAL
CONTIENE UN EQUIPO ADHERIDO A LA MISMA CONOCIDO COMO "APRON FEEDER",
SEIS AROS XX XXXXX QUE XXXXXX PARTE DEL HORNO ROTATIVO CCN
REVESTIMIENTO INTERIOR DE BARRO REFRACTARIO UTILIZADO PARA EL
COCIMIENTO DE LOS AGREGADOS LIVIANOS.----------------------------------
ESTA SE FORMA POR AGRUPACION FINCAS 2493 y 1802 INSCRITAS A FOLIOS 170
v to. 247 DE LOS TOMOS 57 y 27 DE TRUJILLO ALTO.-----------------------
sigue......
93
PAGINA # 2: CASO: 1222.6270 (XXXXXXX CARIBEAN)
TODOS LAS FINCAS CONSTA INSCRITAS A FAVOR DE COMPANIA DE FOMENTO
INDUSTRIAL DE PUERTO RICO-------------------------------------------------------
ADQUIERE LAS DOS PRIMERAS 6436 y 11778 POR CESION DE XXXXXXX X.- XXXX -XXXXXXX
CON VALOR DE $ 175,000.00 y $ 121,000.00 RESPECTIVA- MENTE SEGUN XXXXXXXXX # 0
XXXXXXXX XXX XXXX 00 XX XXXXX 0000 XXXX XXXXXXX XXXXXXXX XXXXXX XXXXXXX
INSCRITAS AL FOLIO 82 v to. 78 DE LOS TOMOS 128 y 238 DE TRUJILLO ALTO POR LAS
INSCRIPCIONES 2 y -- ULTIMAS Y PRIMERA Y UNICA.---------------------------------
LA FINCA 4003 LA ADQUIERE POR(AGRUPACION) DIGO POR COMPRA A XXXX- LITE INC. POR
EL PRECIO DE $ 1,299,000.00 MEDIANTE XXXXXXXXX # 0 -- XXXXXXXX XXX XXXX 00 XXXXX
0000 XXXX XXXXXXX XXXXXXXX XXXXXX XXXXXXX POR INSCRIPCION 6a AL FOLIO 135 TOMO
90 XXXXXXXX ALTO.---------------------------------------------------------------
Y LAS EDIFICACIONES LAS ADQUIERE POR COMPRA EN PUBLICA SUBASTA POR PRECIO DE $
1,000.00 MEDIANTE ESCRITURA # 6 OTORGADA SAN XXXX 21 DE NOVIEMBRE DE 1984 XXXX
XXXXXXX XXXXX XXXXX XXXXXXX POR INSCRIPCION 8va ULTIMA AL FOLIO 85 VTO. TOMO 284
XXXXXXXX ALTO.------------------------------------------------------------------
CARGAS Y GRAVAMENES:
FINCA 6436: SERVIDUMBRE DE PASO, ARRENDAMIENTO VENCIDO (SOBRE XXX XXXXXXX XX
0000 XXXXXX) A FAVOR DE XXXXXX XXXXXXXX XXXXXX CON --- XXXXXX XXXXXX Y DE XXXXXX
XXXXX CASDO CON XXXXXXXXXXX XXXXXXXXX POR EL TERMINO DE 7 ANOS CON UN CANON DE
$45.00 MENSUALES. TAMBIEN SE LE CONCEDE A LOS ARRENDATARIOS EL DERECHO DE
EXTRACCION XX XXXXX ARENA SEGUN ESCRITURA # 9 OTORGADA SAN XXXX 11 DE ENERO DE
1955 XXXX XXXXXXX XXXXXXX XXXX XX. SEGUN INSCRIPCION 4a. AL FOLIO 180 TOMO 29 DE
TRUJILLO ALTO. (FUE POR SU PROCEDENCIA FINCA 1803)------------------------------
FINCA: 11,778: LIBRE XX XXXXXX
FINCA: 4003: POR SU PROCEDENCIA: SERVIDUMBRE DE PASO A FAVOR DE CENTRAL
VICTORIA INC.
POR SI: HIPOTECA GARANTIZANDO XXXXXX A FAVOR DE GOVERMENT--
DEVELOPMENT BANK FOR P.R. POR LA SUMA DE $ 200,000.00 INTERESES AL 6% Y
VENCE 1 DE FEBRERO 1979 SEGUN LA--- ESCRITURA # 56 OTORGADA SAN XXXX 7
FEBRERO 1964 XXXX XXXXXXX XXXXX X. XXXXXXX POR INSCRIPCION I AL FOLIO--
129 TOMO 90 XXXXXXXX ALTO.
CANCELACION DE HIPOTECA ARRIBA RELACIONADA PRESENTADA AL ASIENTO 86 DIARIO 96
(VEA MAS ADELANTE)--------------------------------------------------------------
LAS FINCAS CITADAS SE AGRUPAN CON CABIDA DE 48.42 CDAS. VEA PRESENTA- CION
ASIENTO 87 DIARIO 96.-----------------------------------------------------------
BITACORA:
XXXXXXX 00 XXXXXX 00 Y CON FECHA 8 XX XXXX DE 1995 SE PRESENTO --- INSTANCIA
SUSCRITA 28 DICIEMBRE 1992, POR XXXXXXX XXXXXXXXX XXXXX --- PRESIDENTE Y GERENTE
GENERAL DE LA COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO MEDIANTE LA CUAL SE
SOLICITA LA CANCELACION DE HIPOTECA DE $ 200,000.00 (QUE GRAVA LA FINCA 4003) Y
POR HABERLO ORDENADO EL-- TRIBUNAL SUPERIOR DE X.X. XXXX DE SAN XXXX EN
SENTENCIA CON FECHA 6 OCTUBRE 1992 CASO CIVIL # KCD-91-0703(803) "XXXXXX
EXTRAVIADO"---------------------------------------------------------------------
XXXXXXX 00 XXXXXX 00 Y CON FECHA 8 MAYO 1995 SE PRESENTO ESCRITURA -- # 20
OTORGADA SAN XXXX 4 DICIEMBRE 1992 XXXX XXXXXXX XXXXXXX X. --- XXXXXXXX XXXXXXX
(AGRUPACION)--------------------------------------------------------------------
COMPA RECE: COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO Y COMO --- DUENOS DE
LAS FINCAS 6436, 11778 y 4003 AGRUPA LAS MISMAS CON UN VALOR DE $ 1,600,000.00 y
SE DESCRIBE ASI:----------------------------------------------------------------
RUSTICA: PREDIO DE TERRENO LOCALIZADO EN EL BARRIO LAS XXXXXX DE ---- XXXXXXXX
ALTO PUERTO RICO CON UN AREA SUPERFICIAL DE 48.42 CUERDAS --- EQUIVALENTES A
190,349.059 METROS CUADRADOS Y EN LINDES POR EL NORTE-- CON CAMINO MUNICIPAL
ANTES CARRETERA ESTATAL NUMERO 8860 AHORA CON---- PROPIEDAD DE XXXXXXXX X'XXXXXX
Y CON TERRENOS PROPIEDAD DE XXXXXXX X. XXXX; POR EL SUR CON TERRENOS PROPIEDAD
DE XXXXXXXX XXXXXXXXXX XXXXXXX Y CON EL RIO GRANDE DE LOIZA Y POR EL ESTE CON
TERRENOS XXXXXXXXX XX
xxxxx.....
00
XXXXXX # 0: CASO: 1222.6270 (XXXXXXX CARIBEAN)
DE METROPOL DEVELOPMENT CORPORATION Y TERRENOS PROPIEDAD DE XXXXXXX X. XXXX Y
POR EL OESTE CON CAMINO MUNICIPAL ANTES CARRETERA ESTATAL NUMERO 8860 AHORA.----
SE ACOMPANA XXXXXXXXX XX XXXX XXXXXXXXXXX # 0 XXXXXXXX XXX XXXX 27 DE FEBRERO
1997 XXXX XXXXXXX XXXXXXX X. XXXXXXXX MEDIANTE LA CUAL-- LA COMPANIA DE FOMENTO
INDUSTRIAL DE PUERTO RICO ACLARA QUE LA --- - CABIDA CORRECTA ES 48.11 CUERDAS
EQUIVALENTES A 189,111.92 METROS-- CUADRADOS Y NO LA QUE SE EXPRESA EN EL
DOCUMENTO DE AGRUPACION ANTES RELACIONADA.--------------------------------------
ASIENTO 359 DIARIO 84 Y CON FECHA 11 XX XXXXXX 0000 XX XXXXXXXX XX
XXXXXXXXX #00 OTORGADA SAN XXXX 5 AGOSTO 1994 XXXX XXXXXXX XXXXXXX
X. XXXXXXXX XXXXXXX (SEGREGACION Y COMPRAVENTA)---------------------------------
VENDE....... COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO SEGREGA
DE LA PARCELA AGRUPADA SOLAR #7 (VEA DESCRIPCION MAS ADELANTE)
COMPRA...... INTER AMERICAN INDUSTRIAL DEVELOPMENT INC.
PRECIO...... $ 309,709.93
RUSTICA: SOLAR NUMERO 7 LOCALIZADO EN EL AREA INDUSTRIAL LAS ---- XXXXXX EN EL
BARRIO LAS XXXXXX DEL TERMINO MUNICIPAL DE TRUJILLO--- ALTO PUERTO RICO CON UNA
CABIDA SUPERFICIAL DE 9385.832 METROS ---- CUADRADOS EQUIVALENTES A 2.388
CUERDAS Y EN LINDES POR EL NORTE CON EL SOLAR NUMERO 3; POR EL SUR CON LA CALLE
N; POR EL ESTE CON CALLE C Y POR EL OESTE CON EL SOLAR NUMERO 8."---------------
SE EXPRESA EN EL DOCUMENTO QUE LA SEGREGACION FUE APROBADA MEDIANTE RESOLUCION
DE ARPE FECHA 14 XXXXX 1992 PROYECTO # 92-19-A-263 CGT LA CUAL SE ACOMPANA------
DESPUES DE LA SEGREGACION QUEDA REMANENTE DE 46.032 CDAS. EQUIVALEN- TES A
179,725.360 M/C-----------------------------------------------------------------
SE ACOMPANA:
1. ESCRITURA # 5 DE ACTA ACLARATORIA XXXXXXXX XXX XXXX 00 XXXXXXX XX 0000 XXXX
XXXXXXX X. XXXXXXXX XXXXXXX MEDIANTE LA CUAL SE ACLARA CABIDA DE REMANENTE.
2. ESCRITURA # 20 DE ACTA DE RECTIFICACION XXXXXXXX XXX XXXX 0 XX XXXXX 0000
XXXX XXXXXXX XXXXXX X. XXXXXX XXXXXXX MEDIANTE LA CUAL SE VUELVE ACLARAR XX
XXXXXX DEL REMANENTE Y DEBE LEERSE-- 48.11 CDAS. EQUIVALENTES A 189,111.192
M/C------------------------------------------------------------------------
3. SE ACOMPANA RESOLUCION CORPORATIVA DE LA CORPORACION ADQUIRIEN- TE
AUTORIZANDO A OTORGAR ACTA DE RECTIFICACION.-------------------------------
XXXXXXX 000 XXXXXX 00 Y CON FECHA 10 XX XXXXXX 1994 SE PRESENTO LA ESCRITURA # 6
OTORGADA SAN XXXX 5 AGOSTO 1994 ANTE XXXXXXX XXXX -- XXXXXXXX XXXXXXX MEDIANTE
LA CUAL INTER-AMERICAN INDUSTRIAL DEVELOPMENT INC. CONSTITUYE HIPOTECA SOBRE
SOLAR # 0 XXXXXX XXXXXXXXX-- XXXXXXXXXXXX XXXXXX PORTADOR $ 1,830,000.00
INTERESES 1% SOBRE EL PREFERENCIAL PREVALECIENTE EN CITIBANK DE N.Y. VENCE A LA
PRESENTA- CION.-----------------------------------------------------------------
ASIENTO 276 DIARIO 139 Y CON FECHA 7 MAYO 1997 SE PRESENTO XXXXXXXXX # 0
XXXXXXXX XXX XXXX 0 XXXXX 0000 XXXX XXXXXXX XXXXXXX X. XXXXXXXX XXXXXXX
(SEGREGACION Y COMPRA)
VENDE.......... LA COMPANIA DE FOMENTO INDUSTRIAL DE P.R. Y DE LA AGRUPACION
SEGREGA EL SOLAR # 8 (VEA DESCRIPCION MAS ADELANTE) Y LO VENDE
A:
COMPRA......... INTER AMERICAN INDUSTRIAL DEVELOPMENT CORP. REPRE PRESENTADA
POR XXXXXX XXXXXXXX XXXXXX MAYOR EDAD, XXXXXX CON XXXXXX XXXX
XXXXX XXXXXX XXXXX RESOLUCION 5 MARZO 1997 AFF.14258 XXXXXXX
XXXXXX L.---- XXXXXX XXXXXXX (SE ACOMPANA )
SIGUE......
95
PAGINA # 4: CASO: 1222.6270 (XXXXXXX CARIBEAN)
PRECIO........... $ 319,621.00
"RUSTICA" PREDIO DE TERRENO SOLAR NUMERO 8 LOCALIZADO EN EL AREA
INDUSTRIAL LAS XXXXXX EN EL BARRIO XXXXXX TERMINO MUNICIPAL DE TRUJILLO
ALTO PUERTO RICO Y EN LINDES POR NORTE CON LOS XXXXXXX 2 Y 3 DE LA
MISMA AREA INDUSTRIAL; POR EL SUR--- CON LA CALLE A DE LA MISMA AREA
INDUSTRIAL; POR EL ESTE CON EL SOLAR NUMERO 7 DE LA MISMA AREA
INDUSTRIAL Y POR EL OESTE CON LA CALLE B DE LA MISMA AREA INDUSTRIAL.
TIENE XXXXXX XX 0000.0000 XXXXXX XXXXXXXXX EQUIVALENTES A 2.392
CUERDAS.
QUEDANDO REMANENTE DE 43.330 CDAS.-------------------------------------
SE ACOMPANA ACTA NOTARIAL # 20 OTORGADA SAN XXXX 22 XX XXXXXX 1997 XXXX
XXXXXXX XXXXXXX X. XXXXXXXX XXXXXXX ACLARANDO EL -- REMANENTE.
ASIENTO 277 DIARIO 139 Y CON FECHA 7 MAYO 1997 SE PRESENTO LA XXXXXXXXX
# 00 XXXXXXXX XXX XXXX 0 XXXXX 0000 NOTARIO XXXXXX XXXXXX XXXXXXX
HIPOTECA SOBRE EL S LAR SEGREGADO # 8 GARANTI- XXXXX XXXXXX A LA ORDEN
BANCO SANTANDER P.R. POR LA SUMA DE-- $ 250,000.00 INTERESES
PREFERENCIAL FLUCTANTE CITIBANK N.Y 0 THE CHASE MANHATTAN BANK VENCE A
LA PRESENTACION. CONSTITUIDA POR INTER AMERICAN INDUSTRIAL DEVELOPMENT
INC.-------------------------------------------------------------------
SE ACOMPANA ACTA ACLARATORIA # 0 XXXXXXXX XXX XXXX 0 XXXXX 0000 XXXXXXX
XXXXXXX L. XXXXXXXX XXXXXXX EN LA QUE SE ACLARA- QUE EN LA ESCRITURA DE
SEGREGACION Y COMPRA SE AUTORIZA A LA COMPRADORA CONSTITUIR HIPOTECA AL
BANCO SANTANDER P.R.
XXXXXXX 00 XXXXXX 000 Y CON FECHA 7 DE OCTUBRE 1997 SE PRESENTO
ESCRITURA # 21 OTORGADA SAN XXXX 27 XX XXXXXX 1997 XXXX XXXXXXX XXXXXXX
X. XXXXXXXX (SEGREGACION Y COMPRA)
VENDE....... P.R. INDUSTRIAL DEVELOPMENT CO. SOLAR # 5 (VEA DESCRIPCION
MAS ADELANTE)
COMPRA...... CARIBBEAN PAPER CO. INC. REPRESENTADA POR XXXXXX XXXXX
REOLLANO MAYOR EDAD XXXXXX CON XXXX XXXXX FACULTADES SEGUN
RESOLUCION CON FECHA 4 JUNIO DE 1996 AFF 2869 XXXXXXX XXXX
XXXXXXXX XXXX XXXXXX (SE ACOMPANA)
PRECIO...... $ 443,090.00
SE ACOMPANA RESOLUCION ARRIBA CITADA Y SE AUTORIZA A LA COMPRA- XXXX
CONSTITUIR HIPOTECA BANCO POPULAR $ 1,944.800
RUSTICA; PRECIO DE TERRENO SOLAR NUMERO 5 LOCALIZADO EN EL --- AREA
INDUSTRIAL LAS XXXXXX XX XXXXXXXX ALTO PUERTO RICO CON UNA CABIDA
SUPERFICIAL DE 13,032.036 METROS CUADRADOS EQUIVALENTE A 3.316 CUERDAS
Y EN LINDES POR EL NORTE CON EL SOLAR 4 DE LA AREA INDUSTRIAL Y CON EL
AREA DE VIRAJE DE LA CALLE C DE LA MISMA AREA INDUSTRIAL; POR EL SUR
CON EL SOLAR NUMERO 17, AREA DE USO PUBLI- CO DE LA MISMA AREA
INDUSTRIAL; POR EL ESTE CON TERRENOS DEL E.L.A Y POR EL OESTE CON EL
SOLAR NUMERO 6 DE LA MISMA AREA INDUSTRIAL.
QUEDA XXXXXXXXX XX 00.000 XXXX XXXXXXXXXXXX A 146,602.1948 M/C.
XXXXXXX 00 XXXXXXX 000 Y CON FECHA 7 OCTUBRE 1997 SE PRESENTO LA
ESCRITURA # 379 OTORGADA SAN XXXX 27 XX XXXXXX 1997 ANTE XXXXXXX XXXX
XXXXX XXXXXX XXXXXX HIPOTECA GARANTIZANDO PAGARE A LA ORDEN BANCO
POPULAR DE P.R. POR $ 1,944.800 INTERESES 1 1/2% SOBRE EL PREFERENCIAL
FLUCTANTE THE WALL STREET JOURNAL Y FUE CONSTITUIDA POR CARIBBEAN PAPER
CO. INC. REPRESENTADA POR XXXXXX XXXXX XXXXXXXX Y SE ACOMPANA
RESOLUCION PARA SUS FACULTADES.
LEA..... TODAS LAS SEGREGACION TIENE CONDICIONES DE VENTA Y ENTRE ELLAS --- LA
COMPRADORA NO PODRA VENDER ARRENDAR, ENAJENAR NI HIPOTECAR SIN
CONSENTIMIENTO ESCRITO DE LA COMPANIA DE FOMENTO DURANTE TERMINO DE 10
ANOS.
TODAS LAS SEGREGACIONES POR SU PROCEDENCIA QUEDAN AFECTAS A XXXXX-
XXXXXX A FAVOR CENTRAL VICTORIA INC. Y AL ARRENDAMIENTO VENCIDO PERO NO
CANCELADO ANTES RELACIONADO.
96
PAGINA# 5: CASO: 1222.6270 (XXXXXXX CARIBEAN)
OBSERVACION: SEGUN BUSQUEDA BITACORA NO CONSTA NADA PRESENTADO
PARA XXXXXXX CARIBBEAN.------------------------------------------
FUERON REVISADOS LIBROS DE EMBARGOS HASTA FOLIO 59 # 237; FEDERALES HASTA
ASIENTO 105 A-2 Y SENTENCIA HASTA FOLIO 50 # 136 Y LA BITACORA # 13 DE T.ALTO
HASTA ASIENTO 286 DIARIO 153.
NOTA: PARTE DE ESTA BITACORA FUE PASADA
28 de octubre 1997
/s/ X. Xxxxxx
X. Xxxxxx
97
ESTUDIO DE TITULO
ACTUALIZACION
CASO: COMPANIA DE FOMENTO INDUSTRIAL
RE : #1222.6270 / Xxxxxxx Caribbean Bedding Inc. - Parcela de 8.42 cuerdas.
FINCA #4003, inscrita al folio 129 del tomo 90 de Trujillo Alto, inscripcion la.
Seccion IV de San Xxxx.
DESCRIPCION: Tomada de la inscripcion la.
RUSTICA: Situada en el Barrio Las Xxxxxx xx Xxxxxxxx Alto, con un area
superficial de 35.35 cuerdas, equivalentes a 13 hectareas, 89 areas, 64
centiareas y 79 miliareas, en lindes en la actualidad con camino municipal que
separa de Xxxxxx Xxxxxxx, de Xxxx Xxxxxxxxx y terrenos de Xxxxxxxx X'Xxxxxx.
SUR, con camino vecinal, terrenos de Xxxxxxxx Xxxxxxxxxx y Rio Grande de Loiza.
ESTE, con terrenos de Xxxxxx Xxxxxx e Xxxxxxxx X'Xxxxxx. OESTE, con camino
municipal separado de Xxxxxx Xxxxxxxxx y Xxxx Xxxxxxxxx y camino vecinal que
comienza en el camino municipal y transcurre al Sureste y terrenos de Xxxxxxxx
Xxxxxxxxx.
OBSERVACION: No se expresa colindancia Norte.
EDIFICACIONES: Edificio de almacen de materia prima, de armazon xx xxxxx con
techo de durotex y piso de tierra. Caseta para oficina y shop de concreto,
caseta de switches y edificio de concreto para comedor. En estas edificaciones y
en el inmueble antes descrito tenian sus propietarios fabricas para la
manufactura de agregados livianos y maquinarias, etc.
Por la inscripcion 7ma., subsiguiente se describen las siguientes edificaciones:
a) Una chimenea de ladrillos.
b) Edificacion xx xxxxx con techo y xxxxxxx de durotex. Las xxxxxxx y el techo
han sido vandalizados.
c) Edificio xx xxxxx con xxxxxxx y techo de durotex.
d) Estructura xx xxxxx para conductores en xxxxxx (conveyors).
e) "Raw-Clay Feeder".
f) Estructura xx xxxxx que soporta a la parte superior un conductor xx xxxxxx
(belt conveyor) la cual contiene un equipo adherido a la misma conocido como
"apron Feeder".
g) Seis aros xx xxxxx que xxxxxx parte del horno rotativo con revestimiento
interior de barro refractario utilizado para el cocimiento de los agregados
livianos.
ORIGEN: Se forma por agrupacion de las fincas:
1- #2493, inscrita al folio 170 vto. del tomo 57 de Trujillo Alto.
2- # 1802, inscrita al folio 247 del tomo 27 de Trujillo Alto.
PROPIETARIO REGISTRAL: COMPANIA DE FOMENTO INDUSTRIAL, quien
adquirio de la siguiente forma:
a) El terreno: por compra a Diazlite Inc., por el precio de $1,299,000.00,
mediante la cual escritura #3, otorgada en San Xxxx, el 00 xx xxxxx xx 0000,
xxxx Xxxxxxxx Xxxxxx Xxxxxxx, inscrita al folio l 35 del tomo 90 de Trujillo
Alto, inscripcion 6ta.
b) Y las edificaciones (relacionadas en la inscripcion 7ma.) por compra en
publica subasta, por el precio de $ 1,000.00. Segun la escritura #6, otorgada en
Carolina, el 21 de noviembre de 1984, ante Xxxxx Xxxxx Xxxxxxx, inscrita al
folio 85 vto. del tomo 000 xx Xxxxxxxx Xxxx, xxxxxxxxxxx 0xx. y Ultima.
CARGAS Y GRAVAMENES:
E Por su procedencia:
Servidumbre de paso a favor de la finca propiedad de Central Victoria Inc.
98
Pag.#2
Finca #4003 de Trujillo Alto
Por si:
1- HIIPOTECA: Por la suma de $200,000.00, con intereses al 6% anual y al 7% en
caso de incumplimiento, en garantia de un xxxxxx a favor de Government
Development Bank for Puerto Rico, o a su orden, que vence el lro. de febrero de
1979. Segun la escritura #56, otorgada en San Xxxx el 7 de febrero de 1964, ante
Xxxxx X. Xxxxxxx, inscrita al folio 129 del tomo 90 de Trujillo Alto,
inscripcion lra.
BITACORA:
XXXXXXX 00 XXXXXX 00, XX XXXXX 0 XX XXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Instancia suscrita el dia 28 de diciembre de 1992, por Xxxxxxx
Xxxxxxxxx Xxxxx, Presidente y Gerente General de la Compania de Fomento
Industrial de Puerto Rico, mediante la cual se solicita la cancelacion de la
hipoteca por la suma de $200,000.00 que grava esta finca por haberlo ordenado el
Tribunal Superior de San Xxxx, segun Xxxxxxxxx xx xxxxx 0 xx xxxxxxx xx 0000,
dada en el Caso Civil KCD-91-0703 (808) sobre Cancelacion xx Xxxxxx Extraviado.
Se acompana copia certificada de la sentencia, copia certificada de affidavit de
El Nuevo Dia "sobre publicacion de Edictos".
ASIENTO 87 XXXXXX 00, XX XXXXX 0 XX XXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #20 de Agrupacion, otorgada en San Xxxx, el 4 de diciembre
de 1992, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx, mediante la cual Compania de Fomento
Industrial de Puerto Rico como duena de las fincas #11778, #6436 y #4003 de
Trujillo Alto, agrupa las mismas con un valor de $ 1,600,000.00, describiendose
la finca agrupada de la siguiente forma:
RUSTICA: Predio de terreno localizado en el Barrio Las Xxxxxx xx Xxxxxxxx Alto,
Puerto Rico, con un area superficial de (cuarenta y ocho punto cuarenta y TRES
(48.42) cuerdas equivalentes a 190,349.059 metros cuadrados. Esta en lindes por
el NORTE, con camino municipal, antes Xxxxxxxxx Xxxxxxx #0000 ahora con
propiedad de Xxxxxxxx XXxxxxx y con terrenos propiedad de Xxxxxxx X. Xxxx, por
el SUR, con terrenos propiedad de Xxxxxxxx Xxxxxxxxxx Xxxxxxx y con el Rio
Grande de Loiza, por el ESTE, con terrenos propiedad de Metropol Development
Corporation y terrenos propiedad de Xxxxxxx X. Xxxx y por el OESTE, con xxxxxx
xxxxxxxxx xxxxx, Xxxxxxxxx Xxxxxxx #0000, ahora.
NOTA: Se adjunta escritura de Acta Aclaratoria #6, otorgada en San Xxxx, el 27
de febrero de 1997, ante Xxxxxxx X. Xxxxxxxx mediante la cual Compania de
Fomento Industrial de Puerto Rico, expone y aclara que xx xxxxxx correcta es
48.11 cuerdas equivalentes a 189,111.92 metros cuadrados y no la que se expresa
en el documento de agrupacion antes relacionado.
ASIENTO 359 XXXXXX 00, XX XXXXX 00 XX XXXXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura # 11, de Segregacion y Compraventa, otorgada en San Xxxx, el
5 xx xxxxxx de 1994, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx, mediante la la cual la
Compania de Fomento Industrial de Puerto Rico, como duena de la finca agrupada
con cabida superficial de 48.42 CUERDAS, segrega y vende a favor de
Inter-American Industrial Development Inc., por el precio de $309,709.93 el
siguiente solar:
RUSTICA: Parcela radicada en el Barrio Las Xxxxxx del Termino Municipal de
Trujillo Alto, con una cabida superficial de 9385.832 metros cuadrados,
equivalentes a 2.388 cuerdas, en lindes por el NORTE, con el solar #3. SUR, con
la Calle N. ESTE, Calle C y por el OESTE, con el solar #8
Segun expresa el documento dicha segregacion fue aprobada mediante Resolucion de
ARPE de fecha 14 de xxxxx de 0000, Xxxxxxxx #00-00-X-000 XXX, xx cual se adjunta
a la escritura.
Que despues de efectuada la citada segregacion la finca principal queda con un
remanente de 46.032 cuerdas, equivalentes a 180,963.227 metros cuadrados.
99
Pagina #3
Finca: #4003 de Trujillo Alto
Son condiciones de esta Compraventa que la compradora y/o entidades subsidiarias
y/o afiliadas utilizaran la propiedad para fines de manufactura y distribucion y
para aquellos otros usos relacionados a su operacion que apruebe la Junta de
Planificacion por un termino de 10 anos a partir del otorgamiento de esta
escritura. No se podra vender, arrendar, ceder o traspasar la propiedad al
Estado Libre Asociado de Puerto Rico por un termino de 10 anos sin el
consentimiento de la Compania. Tampoco podra vender, arrendar o hipotecar por el
citado termino sin el consentimiento escrito de la Compania.
OBSERVACION: Segun la Resolucion de ARPE que se adjunta se autoriza la
segregacion de los xxxxxxx 7 y 8 con cabida superficial de 9385.832 metros
cuadrados y 9,403.429 metros cuadrados.
NOTA:
Tambien se acompanan las siguientes escrituras.
a) Escritura #5 de Acta Aclaratoria, otorgada en San Xxxx, el 27 de febrero de
1997, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx mediante la cual la Compania de Fomento
Industrial de Puerto Rico, aclara la escritura #11, relacionada en este asiento
en
cuanto a xx xxxxxx de la finca
principal y la cual xxxx xxxx: 48.11 cuerdas equivalentes al
89,111.192 metros cuadrados.
Que una vez segregado el SOLAR #7 el remanente de la finca principal xxxx xxxx:
46.032 cuerdas equivalentes al 79,725.360 metros cuadrados.
b) Escritura #20 de Acta de Rectificacion. otorgada en San Xxxx, el 7 de marzo
de 1997, ante Xxxxxx X. Xxxxxx Xxxxxxx, mediante la cual se aclara la escritura
#6 de hipoteca (ver asiento 320 diario 84) en cuanto a xx xxxxxx de la finca
principal de donde se segrego el solar que se hipoteca, cuya finca se expresa
xxxx xxxx 48.11 CUERDAS equivalentes a 189,111.192 metros cuadrados.
Se acompana Resolucion Corporativa de la Corporacion adquiriente
autorizando a otorgar esta Acta de Rectificacion.
ASIENTO 320 DIARIO 84, DE FECHA 10 XX XXXXXX DE 1994: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #6, otorgada en San Xxxx, el 5 xx xxxxxx de 1994, ante Xxxx
Xxxxxxxx Miranda, mediante la cual Inter-American Industrial Development Inc.
como duena del solar #7 del Parque Industrial Las Xxxxxx, segregado de las
fincas # 11778. #6436 y #4003 agrupadas, constituye hipoteca sobre dicho solar
por la suma de $1,830,000.00, con intereses al 1% anual, sobre el interes
preferencial prevaleciente en el Citibank, N.A. de New York, en garantia de un
xxxxxx a favor del Portador, que vence en la Presentacion.
NOTA I: Se acompana Resolucion Corporativa de la citada corporacion autorizando
la Compraventa e Hipoteca del citado solar.
NOTA II: Favor Referirse al Acta Aclaratoria que se ha unido al documento
relacionado en el asiento anterior.
OBSERVACION: Lo anterior no comprende una calificacion de estos documentos ni
presupone que los mismos seran inscritos.
REVISADOS: Embargos por Contribuciones, Embargos Federales, Sentencias y
Bitacora hasta el Xxxxxxx 00 xxx Xxxxxx 000.
San Xxxx, Puerto Rico, a 4 de septiembre de 1997.
XXXXX XXXXXX XXXXXXX, INC. JGI/mvd Cotejado por 4003.S4T
100
ESTUDIO DE TITULO
ACTUALIZACION
CASO: COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO
RE : # 1222.6270 / Xxxxxxx Caribbean Bedding Inc. - Parcela de 48.42 cuerdas.
FINCA #11778, inscrita al folio 78 del tomo 238 de Trujillo Alto, inscripcion
la. Seccion IV de San Xxxx.
DESCRIPCION:
RUSTICA: Porcion de terreno situada en el Barrio denominado Las Xxxxxx del
Termino Municipal de Trujillo Alto, compuesto de 8.08 cuerdas, equivalentes a
31,757.5445 metros cuadrados, en lindes por el NORTE, terrenos propiedad de
Xxxxxxx X. Xxxx. SUR, con el Rio Grande de Loiza. ESTE, con terrenos propiedad
de Metropol Development Corp. y Xxxxxxx X. Xxxx. OESTE, con terrenos de Diazlite
Inc.
ORIGEN: Se xxxxxxx xx xx xxxxx #00, inscrita al folio 154 del tomo 50 de
Trujillo Alto.
PROPIETARIO REGISTRAL: COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO, quien
adquirio por cesion a su favor por Xxxxxxx X. Xxxx, mayor de edad, xxxxxxx, en
pago de deuda. Xx xxxxxx esta finca en $121,000.00. Segun consta de la escritura
#4, otorgada en San Xxxx, el 00 xx xxxxx xx 0000, xxxx Xxxxxxxx Xxxxxx Xxxxxxx,
inscrita al folio 78 del tomo 238 de Trujillo Alto, inscripcion lra. y Unica.
CARGAS Y GRAVAMENES:
Por su procedencia: LIBRE.
Por si: LIBRE.
BITACORA:
XXXXXXX 00 XXXXXX 00, XX XXXXX 0 XX XXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #20 de Agrupacion, otorgada en San Xxxx, el 4 de diciembre
de 1992, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx, mediante la cual Compania de Fomento
Industrial de Puerto Rico como duena de las fincas # l 1778, #6436 y #4003 de
Trujillo Alto, agrupa las mismas con un valor de $ 1,600,000.00, describiendose
la finca agrupada de la siguiente forma:
RUSTICA: Predio de terreno localizado en el Barrio Las Xxxxxx xx Xxxxxxxx Alto,
Puerto Rico, con un area superficial xx xxxxxxxx y ocho punto cuarenta y TRES
(48.42) cuerdas, equivalentes a 190,349.059 metros cuadrados. Esta en lindes por
el NORTE, con camino municipal, antes Xxxxxxxxx Xxxxxxx #0000 ahora con
propiedad de Xxxxxxxx X'Xxxxxx y con terrenos propiedad de Xxxxxxx X. Xxxx, por
el SUR, con terrenos propiedad de Xxxxxxxx Xxxxxxxxxx Xxxxxxx y con el Rio
Grande de Loiza, por el ESTE, con terrenos propiedad de Metropol Development
Corporation y terrenos propiedad de Xxxxxxx X. Xxxx y por el OESTE, con xxxxxx
xxxxxxxxx xxxxx, Xxxxxxxxx Xxxxxxx #0000, ahora.
NOTA: Se adjunta escritura de Acta Aclaratoria #6, otorgada en San Xxxx, el 27
de febrero de 1997, ante Xxxxxxx X. Xxxxxxxx mediante la cual Compania de
Fomento Industrial de Puerto Rico, expone y aclara que xx xxxxxx correcta es
48.11 cuerdas equivalentes a 189,111.92 metros cuadrados y no la que se expresa
en el documento de agrupacion antes relacionado.
ASIENTO 359 XXXXXX 00, XX XXXXX 00 XX XXXXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura # 11, de Segregacion y Compraventa, otorgada en San Xxxx, el
5 xx xxxxxx de 1994, ante L. Xxxxxxxx Xxxxxxx, mediante la la cual la Compania
de Fomento Industrial de Puerto Xxxxxxx xxxx duena de la finca agrupada con
cabida superficial de 48.42 cuerdas, segrega y vende a favor de Inter-American
Industrial Development Inc., por el precio de $309,709.93 el siguiente solar:
RUSTICA: Parcela radicada en el Barrio Las Xxxxxx del Termino Municipal de
Trujillo Alto, con una cabida superficial de 9385.832 metros cuadrados,
equivalentes a 2.388 cuerdas, en lindes por el NORTE, con el solar #3. SUR, con
la Calle N. ESTE, Calle C y por el OESTE, con el solar #8.
101
Pag.#2
Finca #11778 de Trujillo Alto
Segun expresa el documento dicha segregacion fue aprobada mediante Resolucion de
ARPE de fecha 14 de xxxxx de 0000, Xxxxxxxx #00-00-X-000 XXX, xx cual se adjunta
a la escritura.
Que despues de efectuada la citada segregacion la finca principal queda con un
remanente de 46.032 CUERDAS, equivalentes a 180,963.227 metros cuadrados.
Son condiciones de esta Compraventa que la compradora y/o entidades subsidiarias
y/o afiliadas . utilizaran la propiedad para fines de manufactura y distribucion
y para aquellos otros usos relacionados a su operacion que apruebe la Junta de
Planificacion por un termino de 10 anos a partir del otorgamiento de esta
escritura. No se podra vender, arrendar, ceder o traspasar la propiedad al
Estado Libre Asociado de Puerto Rico por un termino de 10 anos sin el
consentimiento de la Compania. Tampoco podra vender, arrendar o hipotecar por el
citado termino sin el consentimiento escrito de la Compania.
OBSERVACION: Segun la Resolucion de ARPE que se adjunta se autoriza la
segregacion de los xxxxxxx 7 y 8 con cabida superficial de 9385.832 metros
cuadrados y 9,403.429 metros cuadrados.
NOTA: Tambien se acompanan las siguientes escrituras.
a) Escritura #5 de Acta Aclaratoria, otorgada en San Xxxx, el 27 de febrero de
1997, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx mediante la cual la Compania de Fomento
Industrial de Puerto Rico, aclara la escritura # 11, relacionada en este asiento
en cuanto a xx xxxxxx de la finca principal y la cual xxxx xxxx: 48.11 cuerdas
equivalentes a 189,111.192 metros cuadrados.
Que una vez segregado el SOLAR #7 el remanente de la finca principal xxxx xxxx:
46.032 cuerdas equivalentes a 179,725.360 metros cuadrados.
b) Escritura #20 de Acta de Rectificacion, otorgada en San Xxxx, el 7 de marzo
de 1997, ante Xxxxxx X. Xxxxxx Xxxxxxx, mediante la cual se aclara la escritura
#6 de hipoteca (ver asiento 320 diario 84) en cuanto a xx xxxxxx de la finca
principal de donde se segrego el solar que se hipoteca, cuya finca se expresa
xxxx xxxx 48.11 CUERDAS equivalentes a 189,111.192 metros cuadrados.
XXXXXXX 000 XXXXXX 00, XX XXXXX 00 XX XXXXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #6, otorgada en San Xxxx, el 5 xx xxxxxx de 1994, ante Xxxx
Xxxxxxxx Miranda, mediante la cual Inter-American Industrial Development Inc.
como duena del solar #7 del Parque Industrial Las Xxxxxx, segregado de las
fincas # 11778. #6436 y #4003 agrupadas, constituye hipoteca sobre dicho solar
por la suma de $ 1,830,000.00, con intereses al 1% anual, sobre el interes
preferencial prevaleciente en el Citibank, N.A. de New York, en garantia de un
xxxxxx a favor del Portador, que vence en la Presentacion.
NOTA I: Se acompana Resolucion Corporativa de la citada corporacion autorizando
la Compraventa e Hipoteca del citado solar.
NOTA II: Favor Referirse al Acta Aclaratoria que se ha unido al documento
relacionado en el asiento anterior.
OBSERVACION: Lo anterior no comprende una calificacion de estos documentos ni
presupone que los mismos seran inscritos.
REVISADOS. Embargos por Contribuciones, Embargos Federales, Sentencias y
Bitacora hasta el Xxxxxxx 00 xxx Xxxxxx 000.
San Xxxx Puerto Rico, a 4 de septiembre de 1997.
XXXXX XXXXXX XXXXXXX, INC.
JGI/mvd
Cotejado por: 11778.S4T
102
ESTUDIO DE TITULO
ACTUALIZACION
CASO: COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO
RE : #1222.6270. / Xxxxxxx Caribbean Bedding Inc.- Parcela de 48.42 cuerdas.
FINCA #6436, inscrita al folio 82 del tomo 128 de Trujillo Alto, inscripcion la.
Seccion IV de San Xxxx.
DESCRIPCION:
RUSTICA: Porcion de terreno situada en el Barrio denominado Las Xxxxxx del
Termino Municipal de Trujillo Alto, compuesto de 5.00 cuerdas, equivalentes a l
hectarea, 96 areas, 51 centiareas y 59 miliareas, en lindes por el NORTE y
OESTE, con un camino vencinal que lo separa de terrenos propiedad de Diazlite,
Inc. SUR y ESTE, con la finca principal de la cual esta se segrega, propiedad xx
Xxxxxxxx Betaacourt.
ORIGEN: Se segrega de la finca #1803, inscrita a los folios 250 y
181 vto. de los tomos 27 y 29
de Trujillo Alto.
PROPIETARIO REGISTRAL: COMPANIA DE FOMENTO INDUSTRIAL DE PUERTO RICO, quien
adquirio por cesion a su favor por Xxxxxxx X. Xxxx, mayor de edad, xxxxxxx, en
pago de deuda. Xx xxxxxx esta finca en $175,000.00. Segun consta de la escritura
#4, otorgada en San Xxxx, el 00 xx xxxxx xx 0000, xxxx Xxxxxxxx Xxxxxx Xxxxxxx,
inscrita al folio 82 vto. del tomo 128 de Trujillo Alto, inscripcion 2da. y
Ultima.
CARGAS Y GRAVAMENES:
Por su procedencia:
1 - Servidumbre de paso.
2 - Arrendamiento: (Sobre parcela de una cuerda) a favor de Xxxxxx Xxxxxxxx
xxxxxx con Xxxxxx Xxxxxx y de Xxxxxx Xxxxx xxxxxx con Xxxxxxxxxxx Xxxxxxxxx, por
xx xxxxxxx xx 0 anos con un canon de $45.00 mensuales. Tambien se les concede a
los arrendatarios el derecho de extraccion xx xxxxx arena sobre la finca
principal por el termino del arrendamiento. Segun la escritura #9, otorgada en
San Xxxx, el 11 de enero de 1955, ante Xxxxxxx Xxxx, Xx., inscrita al folio 180
vto. del tomo 29 de Trujillo Alto, inscripcion 4ta. finca #1803, de la cual se
segrega la finca objeto de este Informe.
Por si: LIBRE.
BITACORA:
XXXXXXX 00 XXXXXX 00, XX XXXXX 0 XX XXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #20 de Agrupacion, otorgada en San Xxxx, el 4 de diciembre
de 1992, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx, mediante la cual Compania de Fomento
Industrial de Puerto Rico como duena de las fincas #11778, #6436 y #4003 de
Trujillo Alto, agrupa las mismas con un valor de $1,600,000.00, describiendose
la finca agrupada de la siguiente forma:
RUSTICA: Predio de terreno localizado en el Barrio Las Xxxxxx xx Xxxxxxxx Alto,
Puerto Rico, con un area superficial xx xxxxxxxx y ocho punto cuarenta y TRES
(48.42) cuerdas, equivalentes a 190,349.059 metros cuadrados. Esta en lindes por
el NORTE, con camino municipal, antes Xxxxxxxxx Xxxxxxx #0000 ahora con
propiedad de Xxxxxxxx X'Xxxxxx y con terrenos propiedad de Xxxxxxx X. Xxxx, por
el SUR, con terrenos propiedad de Xxxxxxxx Xxxxxxxxxx Xxxxxxx y con el Rio
Grande de Loiza, por el ESTE, con terrenos propiedad de Metropol Development
Corporation y terrenos propiedad de Xxxxxxx X. Xxxx y por el OESTE, con camino
municipal : antes, Xxxxxxxxx Xxxxxxx # 0000, xxxxx.
NOTA: Se adjunta escritura de Acta Aclaratoria #6, otorgada en San Xxxx, el 27
de febrero de 1997, ante Xxxxxxx X. Xxxxxxxx mediante la cual Compania de
Xxxxxxx Xxxxxxxxxx xx Xxxxxx
000
Pag.#2
Finca #6436 de Trujillo Alto
Rico, expone y aclara que xx xxxxxx correcta es 48.11 cuerdas equivalentes a
189,111.92 metros cuadrados y no la que se expresa en el documento de agrupacion
antes relacionado.
ASIENTO 359 DIARIO 84. XX XXXXX 00 XX XXXXXX XX 0000: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #11, de Segregacion y Compraventa, otorgada en San Xxxx, el
5 xx xxxxxx de 1994, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx, mediante la la cual la
Compania de Fomento Industrial de Puerto Rico, como duena de la finca agrupada
con cabida superficial de 48.42 CUERDAS, segrega y vende a favor de
Inter-American Industrial Development Inc., por el precio de $309,709.93 el
siguiente solar:
RUSTICA: Parcela radicada en el Barrio Las Xxxxxx del Termino Municipal de
Trujillo Alto, con una cabida superficial de 93 85.832 metros cuadrados,
equivalentes a 2.3 88 CUERDAS, en lindes por el NORTE, con el solar #3. SUR, con
la Calle N. ESTE, Calle C y por el OESTE, con el solar #8.
Segun expresa el documento dicha segregacion fue aprobada mediante Resolucion de
ARPE de fecha 14 de xxxxx de 0000, Xxxxxxxx #00-00-X-000 XXX, xx cual se adjunta
a la escritura.
Que despues de efectuada la citada segregacion la finca principal queda con un
remanente de 46.032 CUERDAS equivalentes a 180,963.227 metros cuadrados.
Son condiciones de esta Compraventa que la compradora y/o entidades subsidiarias
y/o afiliadas utilizaran la propiedad para fines de manufactura y distribucion y
para aquellos otros usos relacionados a su operacion que apruebe la Junta de
Planificacion por un termino de 10 anos a partir del otorgamiento de esta
escritura. No se podra vender, arrendar, ceder o traspasar la propiedad al
Estado Libre Asociado de Puerto Rico por un termino de 10 anos sin el
consentimiento de la Compania. Tampoco podra vender, arrendar o hipotecar por el
citado termino sin el consentimiento escrito de la Compania.
OBSERVACION: Segun la Resolucion de ARPE que se adjunta se autoriza la
segregacion de los xxxxxxx 7 y 8 con cabida superficial de 9385.832 metros
cuadrados y 9,403.429 metros cuadrados.
NOTA:
Tambien se acompanan las siguientes escrituras.
a) Escritura #5 de Acta Aclaratoria, otorgada en San Xxxx, el 27 de febrero de
1997, ante Xxxxxxx X. Xxxxxxxx Xxxxxxx mediante la cual la Compania de Fomento
Industrial de Puerto Rico, aclara la escritura #11, relacionada en este asiento
en cuanto a xx xxxxxx de la finca principal y la cual xxxx xxxx: 48.11 cuerdas
equivalentes a 189,111.192 metros cuadrados.
Que una vez segregado el SOLAR #7 el remanente de la finca principal xxxx xxxx:
46.032 cuerdas equivalentes a 179,725.360 metros cuadrados.
b) Escritura #20 de Acta de Rectificacion, otorgada en San Xxxx, el 7 de marzo
de 1997, ante Xxxxxx X. Xxxxxx Xxxxxxx, mediante la cual se aclara la escritura
#6 de hipoteca (ver asiento 320 diario 84) en cuanto a xx xxxxxx de la finca
principal de donde se segregO el solar que se hipoteca, cuya finca se expresa
xxxx xxxx 48.11 CUERDAS equivalentes a 189,111.192 metros cuadrados.
Se acompana Resolucion Corporativa de la Corporacion adquiriente autorizando a
otorgar esta Acta de Rectificacion.
ASIENTO 320 DIARIO 84, DE FECHA 10 XX XXXXXX DE 1994: PRESENTADA Y PENDIENTE DE
DESPACHO: Escritura #6, otorgada en San Xxxx, el 5 xx xxxxxx de 1994, ante Xxxx
Xxxxxxxx Miranda, mediante la cual Inter-American Industrial Development Inc.
como duena del solar #7 del Parque Industrial Las Xxxxxx, xxxxxxxxx xx xxx
xxxxxx #00000, #643 6 y #4003 agrupadas,
000
Xxxxxx #0
Xxxxx #0000 de Trujillo Alto
constituye hipoteca sobre dicho solar por la suma de $1,830,000.00, con
intereses al 1% anual, sobre el interes preferencial prevaleciente en el
Citibank, N.A. de New York, en garantia de un xxxxxx a favor del Portador, que
vence en la Presentacion.
NOTA I: Se acompana Resolucion Corporativa de la citada corporacion autorizando
la Compraventa e Hipoteca del citado solar.
NOTA II: Favor Referirse al Acta Aclaratoria que se ha unido al documento
relacionado en el asiento anterior.
OBSERVACION: Lo anterior no comprende una calificacion de estos documentos ni
presupone que los mismos seran inscritos.
REVISADOS:Embargos por ontribuciones, Embargos Federales, Sentencias y Bitucora
hasta el Xxxxxxx 00 xxx Xxxxxx 000.
San Xxxx, Puerto Rico a 4 de septiembre de 1997.
XXXXX XXXXXX XXXXXXX INC.
JGI/m
Cotejado
6436.S4T
105
LAW OFFICES
XXXXXXXX XXXXXX, XXXXXX XXXXXXX, XXXXXXX XXXXXXX, XXXXXXX & XXXXXXX
XXXX XXXXXX XXX 00000
XXX XXXX, XXXXXX XXXX 00000- 1550
TELEPHONE (000) 000-0000
XXXXX XXXXXXXXX XXXXXX XXXX XXXX.
0000 X. X. XXXXXXXXX AVENUE
SAN XXXX, PUERTO RICO
CABLE ADDRESS "COCOHER"
FAX NO. 000-0000
12 de diciembre de 1997
Banco Santander Puerto Rico
Prestamos Construccion
XXXXXXX CARIBBEAN BEDDING, INC.
INVOICE NO. 982 (1)
================================================================================
DATE Por servicios profesionales prestados
al cliente de referencia, relacionados
con el Contrato de Prestaino de
Construccion , incluyendo preparacion,
redaccion y otorgamiento de extenso
Contrato de Prestamo, escritura de
hipoteca, reuniones, llamadas telefonicas,
revision de documentos y otros servicios
necesarios
Honorarios $18,500.00
Sellos y Comprobantes Hipoteca
por $3,200,000 (Orig. $3,521.00;
Copia $1,760.50; Reg. $12,760.50) 18,042.00
Estudios de Titulo y Revisiones 150.00
Poliza de Titulo 4,975.00
Presentacion y Retiro 40.00
Minuta de Presentacion 15.00
Estudio Corporativo 50.00
106
IN ACCOUNT WITH
LAW OFFICES
XXXXXXXX XXXXXX, XXXXXX XXXXXXX, XXXXXXX XXXXXXX, XXXXXXX & XXXXXXX
XXXX XXXXXX XXX 00000
XXX XXXX, XXXXXX XXXX 00000-0000
TELEPHONE (000) 000-0000
XXXXX XXXXXXXXX XXXXXX XXXX XXXX.
0000 X. X. XXXXXXXXX AVENUE
SAN XXXX, PUERTO RICO
CABLE ADDRESS "COCOHER"
FAX NO. 000-0000
RE: Xxxxxxx Caribbean Bedding, Inc.
INVOICE NO. 982 (1)
================================================================================
DATE Gastos miscelaneos que incluyen
fotocopias, sellos correo,
envio facsimiles, mensajero 100.00
----------
TOTAL...........................$41,872.00
==========
ACR75B/A:XXXXXXX.FAC
