EXHIBIT 10.37
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Recording Requested By, and LINE OF CREDIT INSTRUMENT
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After Recording, Please Return To: This instrument secures indebtedness to be advanced by
--------------------------------- Beneficiary under an Accounts Financing Agreement (the
"Financing Agreement"). The maximum amount to be advanced
Xxxxx X. Xxxxxxx by Beneficiary pursuant to the Financing Agreement is
Tonkon, Xxxx, Xxxxx, Marmaduke & Booth $6,000,000. The current term of the Financing Agreement
1600 Pioneer Tower expires July 31, 1998, but is subject to renewal thereafter.
000 XX Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
FIRST AMENDMENT TO
TRUST DEED, ASSIGNMENT OF RENTS,
SECURITY AGREEMENT, AND FIXTURE FILING
(LINE OF CREDIT INSTRUMENT)
THIS FIRST AMENDMENT TO TRUST DEED, ASSIGNMENT OF RENTS, SECURITY
AGREEMENT, AND FIXTURE FILING (this "Amendment"), dated as of January 7, 1996,
amends the Trust Deed, Assignment of Rents, Security Agreement and Fixture
Filing dated as of January 9, 1996 and recorded in the real property records of
Snohomish County, Washington on March 26, 1996 as instrument number 9603260342
in Volume 3140, Pages 2877 through 2887 and affecting the property described in
Exhibit A (the "Trust Deed"). The Trust Deed was made by XXXXXX CORPORATION, A
Washington corporation whose address is 00000 00xx Xxxxxx Xxxx, Xxxxxxxx,
Xxxxxxxxxx 00000 ("Grantor"), to CHICAGO TITLE INSURANCE COMPANY, having its
address at 00000 00xx Xxxxxx Xxxx, Xxxxx X, Xxxxxxxx, Xxxxxxxxxx 00000
("Trustee"), for the benefit of CONGRESS FINANCIAL CORPORATION (NORTHWEST),
having its office at 000 XX Xxxx Xxxxxx, Xxxxx 000, Xxxxxxxx, Xxxxxx 00000
("Beneficiary"). All capitalized terms that are not defined in this Amendment
have the meanings assigned to those terms in the Trust Deed.
BACKGROUND
Grantor has asked Beneficiary, and Beneficiary has agreed, to enter
into a modification of the Financing Agreement to provide for a temporary
overadvance in an amount not to exceed the sum of $1,500,000, which amount will
be included in the maximum credit of $6,000,000 to be advanced by Beneficiary.
In addition, Grantor and Beneficiary have extended the maturity date of the
Financing Agreement to July 31, 1998.
AMENDMENT
For valuable consideration, receipt and sufficiency of which are
acknowledged, Grantor and Beneficiary agree as follows:
1. The paragraph which appears in the upper righthand portion of the
first page of the Trust Deed is amended in its entirety to read as follows:
"LINE OF CREDIT INSTRUMENT
"This instrument secures indebtedness to be advanced by Beneficiary
under an Accounts Financing Agreement (the "Financing Agreement").
The maximum amount to be advanced by Beneficiary pursuant to the
Financing Agreement is $6,000,000. The current term of the Financing
Agreement expires July 31, 1998, but is subject to renewal
thereafter."
2. The paragraph on page 1 of the Trust Deed which currently reads as
follows:
"WHEREAS, Beneficiary has agreed to enter into a modification
of the Financing Agreement to provide for a temporary overadvance in
an amount not to exceed $1,000,000 or such lesser amount as is
described in the Eleventh Amendment to Accounts Financing Agreement,
of even date herewith; and"
is hereby amended to read as follows:
"WHEREAS, Beneficiary has agreed pursuant to the Seventeenth
Amendment to the Financing Agreement to provide a temporary
overadvance in an amount not to exceed $1,500,000, which amount is
included in the aggregate $6,000,0000 limit described above; and"
3. Except as specifically provided above, the Trust Deed remains
fully valid, binding and enforceable in accordance with its terms.
GRANTOR: XXXXXX CORPORATION
By /s/ Xxxxx Xxxxxxxx
Title Vice President Finance
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BENEFICIARY: CONGRESS FINANCIAL CORPORATION
(NORTHWEST)
By /s/ Xxxx X. Xxxxxx
Title Vice President
STATE OF WASHINGTON )
) ss.
County of Snohomish )
On this 20th day of January, 1997, before me personally appeared
Xxxxx X. Xxxxxxxx, who being duly sworn, stated that he is the V.P. Finance of
XXXXXX CORPORATION, a Washington corporation, and acknowledged the foregoing
instrument to be the voluntary act and deed of the corporation, executed by
authority of its board of directors.
/s/ Xxxx X. World
Notary Public for Washington
My Commission Expires: 0-0-00
XXXXX XX XXXXXX )
) ss.
County of Multnomah )
On this 31st day of January, 1997, before me personally appeared Xxxx
X. Xxxxxx, who being duly sworn, stated that he is the Vice President of
CONGRESS FINANCIAL CORPORATION, an Oregon corporation, and acknowledged the
foregoing instrument to be the voluntary act and deed of the corporation,
executed by authority of its board of directors.
/s/ Xxxxxxxx Xxxx Xxxxxx
Notary Public for Oregon
My Commission Expires: 4-3-98
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