3 0199303.01
Recording Requested By,
And After Recording,
Return To:
XXXXX FARGO BANK,
NATIONAL ASSOCIATION
000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Attn: Team 1
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FIRST MODIFICATION OF COMMERCIAL DEED OF TRUST
GRANTOR (Grantor): Xxxxx's Restaurants, Inc., an Oregon
corporation
GRANTEE (Beneficiary): Xxxxx Fargo Bank, National Association,
Successor-By-Merger to First Interstate Bank of Oregon, N.A.
GRANTEE (Trustee): Ticor Title Insurance Company
REFERENCE NO. OF DEED OF TRUST: 9512220130
This First Modification of Commercial Deed of Trust (this
"Modification") is entered into as of February 17, 1999, by and
between ELMER'S RESTAURANTS, INC., an Oregon corporation
("Grantor"), and XXXXX FARGO BANK, NATIONAL ASSOCIATION,
SUCCESSOR-BY-MERGER TO FIRST INTERSTATE BANK OF OREGON, N.A.
("Beneficiary").
RECITALS
This Modification is entered into upon the basis of the
following facts and understandings of the parties:
A. This Modification pertains to that certain Commercial
Deed of Trust dated as of December 21, 1995, executed by Grantor
to Ticor Title Insurance Company, as Trustee, in favor of
Beneficiary, and recorded on December 22, 1995, under Recording
No.9512220130, in Volume 3107, at Page 0304, of the Records of
Snohomish County, Washington ("Deed of Trust").
B. Certain changes are being made to the obligations
secured by the Deed of Trust, and additional obligations have
been or are to be incurred which are to be, secured by the Deed
of Trust, and Grantor and Beneficiary have agreed to modify the
Deed of Trust to reflect said changes and additional obligations
to be secured thereby.
NOW, THEREFORE, the parties hereto agree as follows:
1. The Deed of Trust is hereby modified to reflect as
indebtedness secured thereby and included in the definition of
Indebtedness therein, in addition to the Indebtedness described
in Sections(a) through (e) of the third paragraph thereof, and in
addition to the payment and performance of any other Indebtedness
defined therein or arising thereunder, the payment to Beneficiary
of all indebtedness and performance of all obligations evidenced
by and arising under:
(a) that certain promissory note dated as of February
17, 1999, executed by Xxxxx's Restaurants, Inc. and payable to
Beneficiary or its order in the principal amount of Two Million
Six Hundred Thousand Dollars ($2,600,000.00), together with
interest thereon;
(b) that certain promissory note dated as of February
17, 1999, executed by Xxxxx's Restaurants, Inc. and payable to
Beneficiary or its order in the principal amount of Four Hundred
Eighty Thousand Dollars ($480,000.00), together with interest
thereon;
(c) that certain promissory note dated as of February
17, 1999, executed by Xxxxx's Restaurants, Inc. and payable to
Beneficiary or its order in the principal amount of Two Hundred
Fifty Thousand Dollars ($250,000.00), together with interest
thereon;
and any such indebtedness or other obligations incurred under or
in connection with any credit accommodation evidenced by any of
such promissory notes, even if not specifically referenced
therein.
2. The Deed of Trust is hereby further modified to reflect
that certain changes have been made to the "Note" defined in the
Deed of Trust, as more fully described in that certain Credit
Agreement of even date herewith executed by and between Grantor
and Beneficiary.
3. The real property and the whole thereof described in
the Deed of Trust shall remain subject to the lien, charge or
encumbrance of the Deed of Trust and nothing herein contained or
done pursuant hereto shall affect or be construed to affect the
liens, charges or encumbrances of the Deed of Trust, or the
priority thereof over other liens, charges or encumbrances, or to
release or affect the liability of any party or parties who may
now or hereafter be liable under or on account of said promissory
notes and/or the Deed of Trust.
4. All terms and conditions of the Deed of Trust not
expressly modified herein remain in full force and effect,
without waiver or amendment. This Modification and the Deed of
Trust shall be read together, as one document.
IN WITNESS WHEREOF, the parties hereto have caused this
Modification to be executed as of the day and year first above
written.
BENEFICIARY: GRANTOR:
XXXXX FARGO BANK,
NATIONAL ASSOCIATION,
SUCCESSOR-BY-MERGER TO FIRST ELMER'S RESTAURANTS, INC., an
INTERSTATE BANK OF OREGON, N.A. Oregon corporation
By:__/s/Xxxxx Xxx_____________ By:__/s/Xxxxx X. Xxxxx_______
Xxxxx Xxx
Vice President Title: President
OBTAIN NOTARY ACKNOWLEDGMENTS
