Case No. OG-G-996
AMENDMENT NO. 1
TO
FIRST PREFERRED SHIP MORTGAGE
TO THE
UNITED STATES OF AMERICA
THIS AMENDMENT NO. 1 effective the 31st day of March, 1993, to First
Preferred Ship Mortgage dated November 22, 1988, by Xxxxxx Xxxxxx Corporation, a
Virginia corporation, 0000 Xxxxxxx Xxxx, Xxxxxxx, Xxxxxxxxx 00000, owning 100%
(the "Mortgagor"), to the United States of America, acting by and through the
Secretary of Commerce, NOAA, National Marine Fisheries Service, Southeast
Region, 0000 Xxxxxxxxx Xxxxxx Xxxxx Xxxxx, Xx. Xxxxxxxxxx, Xxxxxxx 00000 (the
"Mortgagee"),
WITNESSETH:
WHEREAS, the Mortgagor is the sole owner of the oil screw vessel, TIGER
SHOAL, Official Number 538363, of about 194 gross tons and 131 net tons (the
"Vessel"),
WHEREAS, the Vessel is subject to a First Preferred Ship Mortgage (as it
may be amended or supplemented, the "Mortgage") in favor of the Mortgagee in the
original principal amount of $738,927.00, evidenced by a Promissory Note to the
United States of America (the "Note") in that same amount and attached thereto
as Exhibit 1, and said Mortgage was duly recorded in the Vessel Documentation
Office of the U.S. Coast Guard, Port of New Orleans, Louisiana, at 12:20 p.m.,
on November 22, 1988, in Book PM-212, Inst. No. 40,
WHEREAS, said Mortgage was supplemented by Supplement No. 1 to First
Preferred Ship Mortgage dated July 3, 1989, and duly recorded in the Office of
Documentation, U.S. Coast Guard, Marine Inspection, Port of New Orleans,
Louisiana, at 12:30 p.m., on July 17, 1989, in Book PM-217, Inst No. 91,
WHEREAS, the Mortgagor, in consideration of the issuance of a certain
Guarantee by the Mortgagee pursuant to Title XI of the Merchant Marine Act,
1936, as amended ("Title XI"), guaranteeing the payment of the unpaid interest
on and the unpaid balance of the principal of a certain promissory note dated
the date hereof, executed and delivered by the Mortgagor in the principal amount
of $684,170.00 (the "New Guaranteed Note"), the Guaranteed Note as defined in
the Note having been paid in full, has executed and delivered to the Mortgagee
its Amendment No. 1 to the Note, a copy of which is attached hereto as Exhibit 2
("Amendment No. 1 to the Note"), and has agreed to execute and deliver this
Amendment No. 1 to the Mortgage for the purpose of securing the payment of the
principal of and interest on the Note, as amended, in accordance with its terms
and the terms of the Mortgage, as amended.
WHEREAS, it is the desire of the Mortgagor to amend the Mortgage and the
terms of the Note which have been filed with the Mortgage as Exhibit 1.
NOW THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and adequacy of which are hereby
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acknowledged, the Mortgagor and Mortgagee agree to amend said Mortgage as
follows:
1. To amend the amount of the Mortgage to Six Hundred Eighty-four
Thousand One Hundred Seventy Dollars ($684,170.00).
2. In Article I, a new Section 20 is added which reads in its entirety as
follows:
"Section 20. Should a limited fisheries access system be initiated at
some future date under which the Mortgagor is granted a transferable
fishery conservation and management allocation (including, but not
limited to, allocations, permits quotas, licenses, cage tags, or any
other fisheries access restriction or right [however characterized] of
whatsoever nature) affecting, necessary for, or in any other way
(however characterized) associated with any of the property included
in or subject to this Mortgage or any other security document
associated with this transaction, the Mortgagor shall grant to the
Mortgagee a full senior security interest in such allocation by
whatsoever means deemed by the Mortgagee (in its sole discretion) to
be appropriate (including, but not limited to, the Mortgagor's
execution of security agreements and the filing of financing
statements under the U.C.C.). Further, if the Mortgagor fails to do
so, the Mortgagor agrees that the Mortgagee may (in its sole
discretion) use, for the purpose of executing, delivering, and
otherwise perfecting whatever documents may be required to perfect the
grant to the Mortgagee of such a full security interest in such
fisheries conservation and management allocation, the attorney-in-fact
authority conferred upon the Mortgagee by this Mortgage."
3. Article II: Section 1(g) is to be deleted and substituted in its
entirety as follows:
"(g) default shall be made by the Mortgagor in the prompt and faithful
performance or observance of any other covenant, condition, or
agreement by it to be performed and observed, contained in this
Mortgage or the Note, or any other covenant in any other document
which has been executed by the Mortgagor in favor of the Mortgagee,
and such default shall continue for fifteen (15) days."
4. In Article VI, add the following sentences:
"Overdue guarantee fees under any New Guaranteed Note shall, beginning
with the first day such guarantee fees are due but unpaid, be added to
the principal of the Note corresponding with such New Guaranteed Note,
earn interest at the same rate as specified in the Note for overdue
principal, and be secured by this Mortgage or any other security
document associated with this transaction. The foregoing shall not be
deemed to have waived any of the Mortgagee's rights under this
Mortgage or any other security document associated with this
transaction and such overdue
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guarantee fees shall remain due and payable on their originally
scheduled date."
5. All references in the Mortgage to the "Note" shall be deemed to be
references to the Note as amended by Amendment No. 1 to the Note.
6. For the purposes of this Amendment No. 1 to the Mortgage, the total
amount is Six Hundred Eighty-four Thousand One Hundred Seventy Dollars
($684,170.00) and interest and performance of mortgage covenants; and the
discharge amount is the same as the amended amount.
IN WITNESS WHEREOF, the Mortgagor has executed this Amendment No. 1 to
the Mortgage this 31st day of March, 1993.
Xxxxxx Xxxxxx Corporation
By:
-------------------------------------
Vice President and Secretary
IN WITNESS WHEREOF, the Mortgagee has executed this Amendment No. 1 to
the Mortgage this 1st day of April, 1993.
UNITED STATES OF AMERICA
Secretary of Commerce
National Oceanic and Atmospheric Administrator
By:
-------------------------------------
Chief, Financial Services Branch
Southeast Region
National Marine Fisheries Service
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ACKNOWLEDGMENT
DISTRICT OF COLUMBIA )
)ss
CITY OF WASHINGTON )
On the 31st day of March, 1993, before me personally appeared Xxxx X.
Xxxxxxxxxx, to me known, who being by me duly sworn, did depose and say that he
is the Vice President and Secretary of Xxxxxx Xxxxxx Corporation, the
corporation described in and which executed the foregoing Amendment No. 1 to the
Mortgage; and that he signed his name to said Amendment No. 1 to the Mortgage by
like order, and the said Xxxx X. Xxxxxxxxxx acknowledged to me that he executed
said Amendment No. 1 to the Mortgage as the Vice President and Secretary of said
corporation; and that the same is the free and voluntary act and deed of said
corporation and of himself as such Vice President and Secretary, for the uses
and purposes therein expressed.
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Notary Public
My commission expires
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ACKNOWLEDGMENT
STATE OF FLORIDA )
)ss
COUNTY OF PINELLAS )
The foregoing instrument was acknowledged before me this 1st day of
April, 1993, by Xxxxxx X. Xxxxx, who is the duly authorized representative of
the Secretary of Commerce of the United States of America, and that he executed
the foregoing instrument as such representative of the Secretary of Commerce
pursuant to the authority vested in him by the laws of the United States. He is
personally known to me and did not take an oath.
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Notary Public
My commission expires
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