SECURITY AGREEMENT
Re: 0000 XXXXXXXXXX XXXXX
THIS SECURITY AGREEMENT ("Agreement") is made and delivered
as of July 24, 1997 by CIRCUIT SYSTEMS OF TENNESSEE, L.P., a
Tennessee limited partnership ("Debtor"), to AMERICAN NATIONAL
BANK AND TRUST COMPANY OF CHICAGO, ("Secured Party").
R E C I T A L S
Debtor, with principal offices located at 0000 Xxxx Xxxx
Xxxxxx, Xxx Xxxxx Xxxxxxx, Xxxxxxxx 00000, is executing those
certain term notes in the principal amounts of TWO MILLION TWO
HUNDRED SEVENTY THOUSAND AND NO/100 DOLLARS ($2,270,000.00) and
TWO MILLION EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS
($2,800,000.00) (hereinafter individually a "Note" and
collectively the "Notes"), and that certain master lease (the
"Master Lease"), each made as of even da te herewith payable to
the order of, and held by Secured Party.
The Notes and the Master Lease are the Notes and Master Lease
referred to in that certain Loan and Security Agreement ("Loan
Agreement") among Debtor, Circuit Systems of Tennessee, Inc., an
Illinois corporation and the general partner of Debtor
("Circuit/Tennessee"), Circuit Systems, Inc., an Illinois
corporation ("Circuit") and Secured Party. The Notes, the
Master Lease and any documents evidencing and/or securing the
indebtedness under the Notes, Master Lease or Loan Agreement are
hereinafter referred to as the "Loan Documents." All defined
terms used but not defined herein shall have the meanings defined
in the Loan Agreement.
Secured Party requires as a condition precedent to its making
the financial accommodations evidenced by the Notes, the Master
Lease and the Loan Agreement, that Debtor grant to Secured Party a
security interest in the property herein described.
Debtor desires to give such security interest to Secured
Party in order to induce Secured Party to extend such financial
accommodations to Debtor.
ACCORDINGLY, for and in consideration of the making of the
Loan and as an inducement to Secured Party to do so, and for and
in consideration of the mutual promises, covenants and agreements
hereinafter set forth, Debtor and Secured Party agree as follows:
1. Creation of Security Interest. Debtor hereby grants to
Secured Party a security interest in and does hereby collaterally
assign, pledge, mortgage, convey and set over unto Secured Party
the property described as follows (hereinafter referred to as
collectively as the "Collateral"):
(a) All apparatus, machinery, devices, fixtures,
communication devices, systems and equipment, fittings,
appurtenances, equipment, appliances, furniture, furnishings,
appointments, accessories, landscaping, plants and all other items
of personal property now or hereafter acquired by Debtor, or in
which Debtor may now or hereafter have any interest whatsoever,
and used in the operation of the Property. All fixtures and
equipment now or hereafter installed for use in the operation of
the buildings, structures and improvements now or hereafter on the
Property, including but not limited to, all lighting, heating,
cooking, air-cooling, lifting, fire extinguishing, cleaning,
entertaining, communicating and electrical and power systems, and
the machinery, appliances, ovens, stoves, refrigerators,
dishwashers, disposals, carpeting, doors and windows, shades,
floor coverings, cabinets, partitions, conduits, ducts and
compressors, and all elevators and escalators and the machinery
and appliances, fixtures and equipment pertaining thereto, other
than any such items that are owned by tenants of all or any
portion of the Property.
(b) Any and all judgments, awards, revenues,
receivables, income and accounts now owned or hereafter acquired
and arising from or out of the Property and the businesses and
operations conducted thereon, including, without limitation,
condemnation awards and proceeds, payments or settlements under
insurance policies covering the Property.
(c) Any and all goods, tangible and intangible,
personal property of any kind, nature or description (including
without limitation, any and all accounts, contract rights,
franchises, licenses, permits, documents, instruments and general
intangibles) of Debtor, whether now owned or hereafter acquired,
or in which Debtor now has or shall hereafter acquire by any
right, title or interest whatsoever (whether by xxxx or sale,
lease, conditional sales contract, or other title retention
document or otherwise), and any and all replacements and
substitutions thereof or therefore, arising from or out of the
Property.
(d) All right, title and interest of Debtor in and to
all construction contracts, subcontracts, architectural
agreements, engineering contracts, service contracts, maintenance
contracts, construction and other governmental consents, permits
and licenses, surveys, plans, specifications, warranties, and
guaranties, and all amendments, modifications, supplements,
general conditions and addenda thereto, which Debtor has, may have
or may subsequently directly or indirectly enter into, obtain or
acquire in connection with the improvements, ownership, operation
or maintenance of the Property.
(e) Any and all additions and accessories to all of the
foregoing and any and all proceeds, renewals, replacements and
substitutions of all of the foregoing.
(f) Rights of Debtor under any and all declarations
recorded with respect to any portion of the Property.
2. Debtor's Obligations.
(a) Payment of Indebtedness. The security interest
created herein is given as additional security for: the payment
to Secured Party of all indebtedness evidenced by and according to
the terms of the Notes, the Mortgage, the Master Lease and the
other Loan Documents; the payment of all sums hereafter loaned,
paid out, expended or advanced by Secured Party under the terms of
this Agreement or otherwise, to or for the account of Debtor,
together with interest thereon; all extensions or renewals of each
and all of the Notes, the Mortgage, the Master Lease and the other
Loan Documents evidencing sums hereafter loaned, paid out,
expended or advanced by Secured Party, its successors or assigns,
to or for the account of Debtor; the discharge and performance of
all agreements and obligations under the Notes, the Mortgage, the
Master Lease and the other Loan Documents; any other obligations,
liabilities or indebtedness of Debtor to Secured Party, whether
such obligations, liabilities or indebtedness are now existing or
hereafter created, direct or indirect, absolute or contingent,
joint or several, due or to become due, howsoever created,
evidenced or arising and howsoever acquired by Secured Party (all
of the foregoing are hereinafter collectively called the
"Indebtedness").
(b) Protection of Collateral. Debtor shall take any
and all steps required to protect the Collateral and in pursuance
thereof Debtor agrees that the Collateral:
(i) Shall be kept at the Property or at any other real
property hereafter subject to the lien of the Mortgage, as
applicable, and shall be used only in the conduct of Debtor's
business and operation of the buildings, structures and
improvements on the Property or on any other real property
hereafter subject to the lien of the Mortgage, as applicable;
(ii) Shall not be misused, wasted or allowed to
deteriorate, except for the ordinary wear and tear resulting
from its use, as aforesaid;
(iii) Shall at all times be insured against loss,
damage, theft, and such other risks as Secured Party may
require in such amounts, with such companies, under such
policies, in such form and for such periods as shall be
satisfactory to Secured Party, and each such policy shall
provide that the loss thereunder and the proceeds payable
thereunder shall be payable to Secured Party as its interest
may appear, and Secured Party may apply any proceeds of such
insurance which may be received by Secured Party toward the
payment of the Indebtedness whether due or not due, in such
order as Secured Party may determine;
(iv) Shall not be used in violation of any applicable
statute, law, rule, regulation or ordinance; and
(v) May be examined and inspected by Secured Party at
any reasonable time, wherever located.
(c) Protection of Security Interest. Debtor shall take
any and all steps necessary to protect the priority of the
security interest granted herein, and in pursuance of this
obligation, Debtor agrees that:
(i) Debtor shall not sell, transfer, lease or otherwise
dispose of any of the Collateral or any interest therein or
offer to do so, except in the ordinary course of business,
without the prior written consent of Secured Party, or permit
anything to be done that may impair the value of any of the
Collateral or the security intended to be afforded by this
Agreement;
(ii) Debtor shall pay promptly when due all taxes and
assessments upon the Collateral or for its use or operation
and, if requested in writing by Secured Party, shall deliver
to Secured Party, within ten (10) days after such request, a
receipt or other evidence satisfactory to Secured Party of
the payment thereof;
(iii) Debtor shall sign and execute alone or with
Secured Party any financing statement or other document or
procure any documents and pay all reasonable connected costs,
expenses and fees, including attorneys' fees, necessary to
protect the security interest under this Agreement against
the rights, interests or claims of third persons;
(iv) Debtor shall reimburse Secured Party for all
reasonable costs, expenses and fees, including without
limitation court costs and attorneys' fees, incurred for any
action taken by Secured Party to remedy a default of Debtor
under this Agreement;
(v) Debtor shall (A) from time to time promptly execute
and deliver to Secured Party all such other assignments,
certificates, supplemental writings, and financing
statements, and do all other acts or things as Secured Party
may request in order to more fully evidence and perfect the
security interest created herein; (B) punctually and properly
perform all of Debtor's agreements and obligations under this
Agreement, the Notes, the Mortgage, the Master Lease and the
other Loan Documents and under any other security agreement,
mortgage, deed of trust, collateral pledge, agreement or
contract of any kind now or hereafter existing as security
for and in connection with payment of the Indebtedness, or
any part thereof; (C) pay the Indebtedness in accordance with
the terms thereof and in accordance with the terms of this
Agreement, the Notes, the Mortgage, the Master Lease and the
other Loan Documents or other writings evidencing the
Indebtedness, or any part thereof; (D) promptly furnish
Secured Party with any information or writings which Secured
Party may request concerning the Collateral; (E) allow
Secured Party to inspect all records of Debtor relating to
the Collateral, the Indebtedness and the business and
operation of Debtor or the Property or any other real
property hereafter subject to the lien of the Mortgage, and
to make and take away copies of such records; (F) promptly
notify Secured Party of any change in any facts or
circumstances warranted or represented by Debtor in this
Security Agreement or in any other writing furnished by
Debtor to Secured Party in connection with the Collateral,
the Indebtedness and the business and operation of Debtor or
the Property or any other real property hereafter subject to
the lien of the Mortgage; (G) promptly notify Secured Party
of any claim, action or proceeding affecting title to the
Collateral, or any part thereof, or the security interest
created herein, and, at the request of Secured Party, appear
in and defend, at Debtor's sole cost and expense, any such
action or proceeding; and (H) promptly, after being requested
by Secured Party, pay to Secured Party the amount of all
expenses, including attorneys' fees, court costs and other
legal expenses, incurred by Secured Party in enforcing the
security interest created herein;
(vi) Debtor shall not, without the prior written
consent of Secured Party: create any other security interest
in, mortgage, pledge, or otherwise encumber the Collateral,
or any part thereof, or permit the same to be or become
subject to any lien, attachment, execution, sequestration,
other legal or equitable process, or any encumbrance of any
kind or character;
(vii) Should the Collateral, or any part thereof ever
be in any manner converted by its issuer or maker into
another type of property or any money or other proceeds ever
be paid or delivered to Debtor as a result of Debtor's rights
in the Collateral, then, in any such event, all such
property, money and other proceeds shall become part of the
Collateral, and Debtor covenants to forthwith pay or deliver
to Secured Party all of the same which is susceptible of
delivery and, at the same time, if Secured Party deems it
necessary and so requests, Debtor will properly endorse or
assign the same. With respect to any of such property of a
kind requiring any additional security agreement, financing
statement or other writing to perfect a security interest
therein in favor of Secured Party, Debtor will forthwith
execute and deliver to Secured Party whatever Secured Party
shall deem necessary or proper for such purpose; and
(viii) Should any covenant, duty or agreement of Debtor
fail to be performed in accordance with its terms hereunder,
Secured Party may, but shall never be obligated to, perform
or attempt to perform such covenant, duty or agreement on
behalf of Debtor, and any amount expended by Secured Party in
such performance or attempted performance shall become a part
of the Indebtedness, and, at the request of Secured Party,
Debtor agrees to pay such amount promptly to Secured Party at
Secured Party's address set forth opposite its name below, or
at such other place as Secured Party may designate, together
with interest thereon at the Default Rate (as such term
is defined in the Mortgage) from the date of such expenditure
by Secured Party until paid.
3. Default. The occurrence of any one or more of the
Events of Default described in the Loan Agreement and/or the other
Loan Documents shall be an "Event of Default" for purposes of this
Agreement.
4. Consequences of Default. Upon the occurrence of any
such Event of Default, or at any time thereafter while such Event
of Default continues to exist, Secured Party may, at its option,
declare all Indebtedness secured hereby to be immediately due and
payable to Secured Party without demand or notice of any kind
whatsoever, and such Indebtedness thereupon shall immediately
become due and payable to Secured Party without demand or notice,
but with such adjustments, if any, with respect to interest or
other charges as may be provided for herein or in the Notes,
the Mortgage, the Master Lease, the other Loan Documents or any
other written agreements between Debtor and Secured Party.
5. Secured Party's Rights and Remedies. Secured Party
shall have available to it the following rights and remedies:
(a) Right to Assign. Secured Party may assign this
Agreement, and if Secured Party does assign this Agreement, the
assignee shall be entitled to the performance of all of Debtor's
agreements and obligations under this Agreement, and the assignee
shall be entitled to all the rights and remedies of Secured Party
under this Agreement, and Debtor expressly agrees that it will
assert no claims or defenses it may have against Secured Party
against the assignee except those available to it in this
Agreement.
(b) Right to Discharge Debtor's Obligations. Secured
Party may, at its option, discharge taxes, liens or security
interests or other encumbrances at any time levied or placed on
the Collateral, may remedy or cure any default of Debtor under the
terms of any lease, rental agreement, or other document which in
any way pertains to or affects Debtor's title to or interest in
any of the Collateral, may pay for insurance on the Collateral,
and may pay for the maintenance and preservation of the
Collateral, and Debtor agrees to reimburse Secured Party, on
demand, for any payment made or any expense incurred by Secured
Party, including reasonable attorneys' fees, pursuant to the
foregoing authorization, together with interest at the Default
Rate from the date so paid or incurred by Secured Party, which
payments, expenses and interest shall be secured by the security
intended to be afforded by this Agreement and/or by the Mortgage
and the other Additional Collateral.
(c) Right of Enforcement. Secured Party shall have and
may exercise any and all rights of enforcement and remedies before
or after default afforded to a Secured Party under the Uniform
Commercial Code in force in the State of Tennessee (the "Uniform
Commercial Code") together with any and all other rights and
remedies otherwise provided and available to Secured Party at law
or in equity as of the date of this Agreement or the date of
Debtor's default; and, in conjunction with, in addition to, or
substitution for those rights and remedies, at Secured Party's
discretion, Secured Party may:
(i) To the extent permitted by law, enter upon Debtor's
premises to take possession of, assemble and collect the
Collateral or to render it or any portion of the Collateral
unusable; and/or
(ii) Remedy any default in any reasonable manner,
without waiving its rights and remedies upon default and
without waiving any other prior or subsequent default.
(d) Right of Sale.
(i) Debtor agrees that should it fail to make payments
as provided in the Notes, the Mortgage, the Master Lease or
the other Loan Documents, or if a default be made on any
obligation or promise of Debtor contained herein or hereby
secured or contained in or secured by the Notes, the
Mortgage, the Master Lease or the other Loan Documents, then
Secured Party may, at its option, sell or dispose of the
Collateral at public or private sale without any previous
demand of performance or notice to Debtor of any such sale
whatsoever, except as provided under the Uniform Commercial
Code, and from the proceeds of sale retain: (A) all costs
and charges incurred by Secured Party in taking and causing
the removal and sale of said property, including such
attorneys' fees as shall have been incurred by Secured Party;
(B) all sums due pursuant to the Notes, the Mortgage, the
Master Lease, the other Loan Documents and this Agreement,
and all accrued interest thereon; and (C) all monies due from
Debtor to Secured party under any other indebtedness or
obligation and all accrued interest thereon. Any surplus of
such proceeds remaining shall be paid to Debtor.
(ii) At any sale or sales made pursuant to this
Agreement or in a suit to foreclose the same, the Collateral
may be sold en masse or separately, at the same or at
different times, at the option of Secured Party or its
assigns. Such sale may be public or private, with notice as
required by the Uniform Commercial Code, and the Collateral
need not be present at the time or place of sale. At any
such sale, Secured Party or the holder of the Notes hereby
secured may bid for and purchase any of the property sold,
notwithstanding that such sale is conducted by Secured Party
or its attorneys, agents, or assigns, and no irregularity in
the manner of sale or of giving notice shall operate to
preclude Secured Party from recovering the Indebtedness.
(iii) If any notification of intended sale or other
disposition of the Collateral or any part thereof is required
under the Uniform Commercial Code or other law, such
notification, if mailed, shall be deemed reasonably and
properly given if mailed to Debtor at least ten (10) days
before such sale or disposition.
(e) Miscellaneous. Secured Party shall have the right
at all times to enforce the provisions of this Agreement in strict
accordance with the terms hereof, notwithstanding any conduct or
custom on the part of Secured Party in refraining from so doing at
any time or times. The failure of Secured Party at any time or
times to enforce its rights under said provisions strictly in
accordance with the same shall not be construed or operate as a
waiver of any of the rights and remedies granted Secured Party
hereunder or as having created a custom in any way or manner
contrary to the specific provisions of this Agreement or as having
in any way or manner modified the same. All rights and remedies
of Secured Party are cumulative and concurrent, and the exercise
of one right or remedy by Secured Party shall not be deemed a
waiver or release of any other right or remedy. Except as
otherwise specifically required herein, notice of the exercise of
any right, remedy or power granted to Secured Party by this
Agreement is not required to be given.
6. Representations and Warranties. Debtor represents and
warrants that:
(a) Debtor has authority to execute and deliver this
Agreement;
(b) No financing statement covering the Collateral, or
any part thereof, has been filed with any filing officer;
(c) No other security agreement covering the
Collateral, or any part thereof, has been made and no security
interest, other than the one herein created, has attached or been
perfected in the Collateral or in any part thereof;
(d) No dispute, right of setoff, counterclaim or
defenses exist with respect to any part of the Collateral;
(e) All information supplied and statements made in any
financial or credit statements or application for credit prior to
the execution of this Agreement are true and correct in all
material respects as of the date hereof; and
(f) At the time Secured Party's security interest
attaches to any of the Collateral or its proceeds Debtor will be
the lawful owner with the right to transfer any interest therein,
and that Debtor will make such further assurances as to prove
title to the Collateral in Debtor as may be required and will
defend the Collateral and its proceeds against the lawful claims
and demands of all persons whomsoever.
The delivery at any time by Debtor to Secured Party of the
Collateral shall constitute a representation and warranty by
Debtor under this Agreement that, with respect to such Collateral,
and each item thereof, Debtor is owner of the Collateral and the
matters heretofore represented and warranted in this Paragraph 6
are true, complete and correct. Further Debtor, upon the request
of Secured Party, agrees to amend this Agreement and any and all
financing statements filed in connection therewith for the purpose
of setting forth in said Agreement and said financing statements
an accurate and itemized list, when known, of the Collateral now
generally described herein and in said financing statements and to
include in said accurate and itemized list an identification of
the Collateral by make, model, serial number and other appropriate
descriptive data.
7. Subrogation. If the Indebtedness, or any part thereof,
be given in renewal or extension, or applied toward the payment of
indebtedness secured by mortgage, pledge, security agreement or
other lien, Secured Party shall be and is hereby subrogated to all
of the rights, titles, security interests and other liens securing
the indebtedness so renewed, extended or paid.
8. Mutual Agreements. Debtor and Secured Party mutually
agree as follows:
(a) "Debtor" and "Secured Party" as used in this
Security Agreement include the general partners, if any, joint
venturers, if any, heirs, legatees, administrators, legal
representatives, permitted successors and permitted assigns of
those parties.
(b) This Agreement includes all amendments and
supplements thereto and all assignments thereof. This Agreement
shall not be amended, modified or supplemented without the written
agreement of Debtor and Secured Party at the time of such
amendment, modification or supplement.
(c) It is expressly intended, understood and agreed
that this Agreement, the Notes, the Mortgage, the Master Lease and
the other Loan Documents are made and entered into for the sole
protection and benefit of Secured Party and Debtor, and their
respective successors and assigns (but in the case of assigns of
Debtor, only to the extent permitted hereunder), and no other
person or persons shall have any right of action hereunder or
rights to the Loan proceeds at any time; that the Loan proceeds do
not constitute a trust fund for the benefit of any third party;
that no third party shall under any circumstances be entitled to
any equitable lien on any undisbursed Loan proceeds at any time;
and that Secured Party shall have a lien upon and right to direct
application of any undisbursed Loan proceeds as additional
security for this Agreement, the Notes, the Mortgage, the Master
Lease and the other Loan Documents. The relationship between
Secured Party and Debtor is solely that of a lender and borrower,
and nothing contained herein, or in the Notes, the Mortgage, the
Master Lease or the other Loan Documents shall in any manner be
construed as making the parties hereto partners, joint venturers
or creating any other relationship other than lender and borrower.
(d) This Agreement shall be construed in accordance
with and governed by the substantive laws of the State of
Illinois. All provisions of this Agreement shall be deemed valid
and enforceable to the extent permitted by law. Any provision or
provisions of this Agreement which are held unenforceable, invalid
or contrary to law by a court of competent jurisdiction, or the
inclusion of which would affect the validity or enforceability of
this Agreement, shall be of no force or effect, and in such event
each and all of the remaining provisions of this Agreement shall
subsist and remain and be fully effective according to the tenor
of this Agreement as though such invalid, unenforceable or
unlawful provision or provisions had not been included in this
Security Agreement.
(e) To the extent permitted by law, Debtor hereby
waives any and all rights to require marshaling of assets by
Secured Party.
(f) Any notices desired or required to be given
hereunder shall be deemed given two (2) business days after the
same is deposited in the United States mail, as registered or
certified mail, postage prepaid, addressed as follows:
TO SECURED PARTY: AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO
00 Xxxxx Xxxxxxx Xxxxxx
Xxx Xxxxx Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxx X. Xxxxx
WITH A COPY TO: XXXXXXX, XXXXXXX & XXXXXX
0000 Xxxx Xxxxxxxxx Xxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxx X. Xxxxxxxxxx
TO DEBTOR: CIRCUIT SYSTEMS OF TENNESSEE, L.P.,
a Tennessee limited partnership
c/o Circuit Systems of Tennessee, Inc.,
its general partner
0000 Xxxx Xxxx Xxxxxx
Xxx Xxxxx Xxxxxxx, Xxxxxxxx 00000
WITH COPY TO: XXXXX AND XXXXXX
00 Xxxx Xxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxxxx X. Xxxxxxx
Either party may change its address for notice purposes by
complying with the provisions for giving notice as above
described; provided, however, that such notice shall not be deemed
given until actually received by the addressee.
(g) Debtor hereby agrees that no liability shall be
asserted or enforced by Debtor against Secured Party in its
exercise of the powers and rights herein granted, all such
liability being hereby expressly waived and released by Debtor.
Debtor hereby agrees to indemnify, defend and hold Secured Party
harmless from and against any and all liability, expense, cost or
damage which may be incurred by, asserted against or imposed upon
Secured Party at any time which relate to or arise from the use,
operation or lease of any of the Collateral or the exercise by
Secured Party of the powers and rights herein granted.
(h) This Agreement shall inure to the benefit of
Secured Party, its successors and assigns and shall be binding
upon the debtor and its general partners, if any, joint venturers,
if any, heirs, legatees, administrators, legal representatives,
successors and permitted assigns.
Debtor has executed this Agreement as of the day and year first
above written.
CIRCUIT SYSTEMS OF TENNESSEE, L.P.,
a Tennessee limited partnership
By: CIRCUIT SYSTEMS OF TENNESSEE,
INC., its general partner
By: /s/ Xxxxx X. Xxxx
Its: Vice-President
EXHIBIT A
Legal Description of the Property
SITUATED IN THE 10th CIVIL DISTRICT OF XXXXXX COUNTY, TENNESSEE,
AND DESCRIBED AS FOLLOWS:
BEGINNING AT A STAKE IN THE NORTHWESTERN BOUNDARY OF THE RIGHT-OF-
WAY OF INDUSTRIAL ROAD, CORNER TO THE LANDS OF XXXX XXXXXX; THENCE
NORTH 38 DEG. 58 MIN. 46 SEC. WEST 557 FEET TO A STAKE; THENCE
NORTH 52 DEG. 18 MIN. 33 SEC. EAST 809.01 FEET TO A STAKE IN THE
EDGE OF ROCKWELL DRIVE; THENCE WITH THE EDGE OF SAID DRIVE, SOUTH
38 DEG. 51 MIN. 22 SEC. EAST 541.69 FEET TO A STAKE, CORNER OF
ROCKWELL DRIVE WITH THE INDUSTRIAL ROAD; THENCE WITH THE
NORTHWESTERN BOUNDARY OF THE RIGHT-OF-WAY OF INDUSTRIAL ROAD, TWO
COURSES AND DISTANCES AS FOLLOWS: SOUTH 48 DEG. 26 MIN. 49 SEC.
WEST 220 FEET TO A STAKE AND SOUTH 52 DEG. 15 MIN. 49 SEC. WEST
588 FEET TO THE POINT OF BEGINNING, CONTAINING 10.292 ACRES, MORE
OR LESS, ACCORDING TO SURVEY OF XXXXX X. XXXXX, SURVEYOR, DATED
JUNE 19, 1990.
BEING THE SAME PROPERTY CONVEYED TO NORTH AMERICAN PHILIPS
CORPORATION BY WARRANTY DEED FROM KIL-TRA, INCORPORATED (a/k/a
"KIL-TRA, INC.") DATED JUNE 28, 1990, AND RECORDED IN WARRANTY
DEED BOOK 427, PAGE 344, IN THE RECORDS OF THE XXXXXX COUNTY
REGISTRAR'S OFFICE.
P.I.N. 10-087-087-07902
