1
NINTH MODIFICATION AGREEMENT
TO OPEN-END MORTGAGE DEED
THIS AGREEMENT made this 30th day of June, 1998, by and between EDAC
TECHNOLOGIES CORPORATION, a Wisconsin corporation with its principal place of
business at 0000 Xxx Xxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxx 00000 (hereinafter
referred to as the "BORROWER") and FLEET NATIONAL BANK f/k/a FLEET NATIONAL
BANK OF CONNECTICUT f/k/a SHAWMUT BANK CONNECTICUT, N.A. f/k/a THE CONNECTICUT
NATIONAL BANK, a national banking association with an office at 000 Xxxx
Xxxxxx, XXX 000, Xxxxxxxx, Xxxxxxxxxxx 00000 (hereinafter referred to as the
"LENDER").
W I T N E S E T H:
WHEREAS, on May 12, 1989, the Borrower granted to the Lender a mortgage on
certain premises located at 0000 Xxx Xxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxx,
which mortgage was recorded in the Farmington Land Records on May 15, 1989 in
Volume 394 at Page 521, and which mortgage was modified by that certain
Mortgage Modification Agreement dated November 10, 1989 and recorded in the
Farmington Land Records on November 21, 1989 in Volume 403 at Page 644
(collectively, the "MORTGAGE");
WHEREAS, on July 30, 1992, the parties modified the Mortgage by entering
into that certain Second Modification Agreement to Open-End Mortgage Deed
recorded in the Farmington Land Records on August 6, 1992 in Volume 446 at Page
002;
WHEREAS, on December 23, 1992, the parties modified the Mortgage by
entering into that certain Third Modification Agreement to Open-End Mortgage
Deed recorded in the Farmington Land Records on February 25, 1993 in Volume 456
at Page 1010;
WHEREAS, on March 22, 1993, the parties modified the Mortgage by entering
into that certain Fourth Modification Agreement to Open-End Mortgage Deed
recorded in the Farmington Land Records on March 31, 1993 in Volume 458 at Page
738;
WHEREAS, on March 29, 1994, the parties modified the Mortgage by entering
into that certain Fifth Modification Agreement to Open-End Mortgage Deed
recorded in the Farmington Land Records on April 19, 1994 in Volume 480 at Page
855;
WHEREAS, on February 28, 1995, the parties modified the Mortgage by
entering into that certain Sixth Modification Agreement to Open-End Mortgage
Deed recorded in the Farmington Land Records on March 3, 1995 in Volume 496 at
Page 1; and
2
WHEREAS, on April 10, 1996, the parties modified the Mortgage by entering
into that certain Seventh Modification Agreement to Open-End Mortgage Deed
recorded in the Farmington Land Records in Volume 515 at Page 376; and
WHEREAS, on March 27, 1997, the parties modified the Mortgage by entering
into that certain Eighth Modification Agreement to Open-End Mortgage Deed
recorded in the Farmington Land Records in Volume 535 at Page 535; and
WHEREAS, the parties desire to further modify the Mortgage to amend and
restate certain notes attached to the Mortgage;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, it is hereby agreed by and between the parties that the
Mortgage be modified as follows:
1. The first "WHEREAS" clause on Page 2 of the Mortgage is hereby amended
in its entirety to read as follows:
"WHEREAS, the Lender and the Borrower have entered into a Fifth Amended
and Restated Revolving Loan, Term Loan and Security Agreement, dated
February 28, 1995, as amended from time to time and now in effect, (such
Fifth Amended and Restated Revolving Loan, Term Loan, Equipment Loan and
Security Agreement, as amended from time to time and now in effect, is
hereinafter referred to as the "EDAC LOAN AGREEMENT"), pursuant to which
the full amount of the revolving loan therein authorized (the "EDAC
REVOLVING LOAN") is THIRTEEN MILLION DOLLARS ($13,000,000.00). Pursuant to
the EDAC Loan Agreement, all or part of the Revolving Loan proceeds are
permitted to be advanced from time to time (the "EDAC REVOLVING LOAN
ADVANCES") and shall be secured by this Mortgage. The EDAC Revolving Loan
shall be evidenced by the promissory note annexed hereto and made a part
hereof as SCHEDULE K (the "REVOLVING PROMISSORY NOTE"). The initial EDAC
Revolving Loan Advance and future EDAC Revolving Loan Advances, if any, may
be either evidenced by additional notes or recorded in an account on the
books of the Lender as specified in SECTION 4.1 hereof. The EDAC Loan
Agreement provides for repayment of all or a portion of the outstanding
balance of the EDAC Revolving Loan proceeds, together with interest
thereon, from time to time. The entire principal balance of the EDAC
Revolving Loan, together with accrued interest, shall be due and payable ON
DEMAND; and"
2. The last "WHEREAS" clause of the Mortgage (which collectively defines
all of the obligations of the Borrower to the Lender as the "LOAN") is hereby
amended in its entirety to read as follows:
"WHEREAS, the obligations of the Borrower to repay principal under the
Term Note, the ESOT Guaranty, the Equipment Promissory Note III, the Second
Term Note; the EDAC Revolving Loan, the Revolving Promissory Note and the
EDAC Loan Agreement
-2-
3
(hereinafter collectively referred to as the "LOAN") shall not exceed in
the aggregate $18,864,354.75;"
3. SCHEDULE K to the Mortgage is hereby deleted and replaced with SCHEDULE
K attached hereto and made a part hereof.
4. All capitalized terms not otherwise defined herein shall have the same
meaning as set forth in the Mortgage.
5. Except as modified by this Agreement and any previous modifications,
the rights, privileges, duties and obligations of the parties hereto under the
Mortgage shall remain unchanged, in full force and effect and binding upon the
parties thereto. Nothing herein contained shall operate to release the
Mortgagor from its liability to pay the obligations, and to keep and perform
all of the terms, conditions, obligations and agreements, contained in the
Mortgage, as hereinbefore modified.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and their respective seals to be affixed hereto as of the date set
forth on the first page hereof.
WITNESS: BORROWER:
EDAC TECHNOLOGIES CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxxx
-------------------------------------
Xxxxxx X. Xxxxxxxxx
Its Vice President
Duly Authorized
LENDER:
FLEET NATIONAL BANK f/k/a FLEET NATIONAL
BANK OF CONNECTICUT f/k/a SHAWMUT BANK
CONNECTICUT, N.A.
By: /s/ Xxxxx Xxxxxxx
-------------------------------------
Xxxxx Xxxxxxx
Its Vice President
Duly Authorized
-3-
4
STATE OF CONNECTICUT)
) ss.: __________
COUNTY OF HARTFORD )
The foregoing instrument was acknowledged before me this 30th day of June,
1998, by XXXXXX X. XXXXXXXXX, the Vice President of EDAC TECHNOLOGIES
CORPORATION, a Wisconsin corporation, on behalf of the corporation.
_________________________________________
Commissioner of Superior Court
Notary Public
My Commission Expires:
STATE OF CONNECTICUT)
) ss.: __________
COUNTY OF HARTFORD )
The foregoing instrument was acknowledged before me this 30th day of June,
1998, by Xxxxx Xxxxxxx, the Vice President of Fleet National Bank f/k/a Fleet
National Bank of Connecticut f/k/a SHAWMUT BANK CONNECTICUT, N.A., a national
banking association, on behalf of the banking association.
_________________________________________
Commissioner of Superior Court
Notary Public
My Commission Expires:
-4-
