EXHIBIT 10.9 (e)
BAILMENT AGREEMENT
April 2, 1997
Guaranty Federal Bank, F.S.B.
0000 Xxxxxxx Xxxxxx
00xx Xxxxx
Xxxxxx, Xxxxx 00000
Attention: W. Xxxxx Xxxxxxxx
Re: (1)"Austin Controlled Disbursement Account" shall mean that certain
controlled disbursement account at Frost National Bank, Austin, Texas,
ABA No. 000000000, Credit Home, Inc. Austin Control Disbursement
Account- No. 294018508;
(2) "Austin Funding Account - Wires" shall mean that certain account
at Frost National Bank, Austin, Texas, ABA No. 000000000, Credit Home,
Inc. Austin Control Disbursement Account- No. 591055526;
(3) "Austin Funding Account - Checks" shall mean that certain
controlled disbursement account established by Borrower at Frost
National Bank, Austin, Texas, ABA No. 000000000, Credit Home, Inc.
Austin Operating Account - No. 294038096; and
(4) "Austin Operating Account" shall mean that certain account
established by Borrower at Frost National Bank, Austin, Texas, ABA No.
000000000, Credit Home, Inc. Austin Operating Account - No. 591044583
(collectively, the "Accounts").
All of the above, collectively, to be known as the "Collateral".
Gentlemen:
The undersigned, Frost National Bank ("Bank") understands and agrees that
in connection with those certain loans ("Loans") have been made by Guaranty
Federal Bank ("Secured Party") to HomeOwners Mortgage & Equity, Inc., a Delaware
corporation, d/b/a Home, Inc. ("Borrower") which Loans would not be modified
without the execution and delivery of this Bailee Agreement (the "Agreement") by
Bank. Therefore, Bank hereby agrees with Secured Party and Borrower as follows:
1. The Accounts and all sums contained in such Accounts, all renewals,
replacements, substitutions and proceeds of the foregoing
(collectively, the "Collateral") have been pledged to Secured Party by
that certain Pledge Agreement (herein so called) dated as of April 2,
1997 by and between Borrower and Secured Party. Bank hereby agrees to
act as the bailee solely and exclusively on behalf of Secured Party to
allow Secured Party to perfect its first lien security interest in and
to such Collateral which shall be the sole and exclusive security
interest in such Collateral.
2. Bank hereby agrees that upon written notice of an Event of Default
under any of the documents representing, evidencing or securing the
Loans from Secured Party to Bank, Bank shall, upon written demand of
Secured Party, transfer any and all monies contained in the Accounts
immediately to Secured Party.
This Bailment Agreement is executed in modification of (but not in
extinguishment of) that certain Bailment Agreement executed by and between Bank,
Secured Party and Borrower dated as of March 5, 1997.
EXECUTED AND AGREED TO effective as of, although not necessarily on, the
date first written above.
BANK:
FROST NATIONAL BANK
By:__________________________________
Name:________________________________
Title:_______________________________
BORROWER:
HOMEOWNERS MORTGAGE & EQUITY, INC.,
a Delaware corporation, d/b/a HOME, INC.
By:__________________________________
Xxxxx X. Xxxxxx,
Executive Vice President
SECURED PARTY:
GUARANTY FEDERAL BANK, F.S.B.,
a federal savings bank
By:__________________________________
W. Xxxxx Xxxxxxxx,
Vice President
STATE OF TEXAS (S)
(S)
COUNTY OF DALLAS (S)
This instrument was ACKNOWLEDGED before me on the day of April, 1997,
by ________________________, _______________________ of FROST NATIONAL BANK, a
___________________, behalf of said bank.
[S E A L] _______________________
Notary Public, State of Texas
My Commission Expires: _______________________
Printed Name of Notary
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STATE OF TEXAS (S)
(S)
COUNTY OF DALLAS (S)
This instrument was ACKNOWLEDGED before me on the day of April, 1997,
by Xxxxx X. Xxxxxx, Executive Vice President of HOMEOWNERS MORTGAGE & EQUITY,
INC., a Delaware corporation, d/b/a HOME, INC., on behalf of said corporation.
[S E A L] _______________________
Notary Public, State of Texas
My Commission Expires: _______________________
Printed Name of Notary
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STATE OF TEXAS (S)
(S)
COUNTY OF DALLAS (S)
This instrument was ACKNOWLEDGED before me on the day of April, 1997,
by W. Xxxxx Xxxxxxxx, Vice President of GUARANTY FEDERAL BANK, F.S.B., a federal
savings bank, on behalf of said bank.
[S E A L] _______________________
Notary Public, State of Texas
My Commission Expires: _______________________
Printed Name of Notary
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