Exhibit 10.29
LASALLE BANK NATIONAL ASSOCIATION
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
August 1, 2000
Near North National Title Corporation
Attn: Xxxxxx
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Re: Payoff With Respect to Sale of a Portion of the Property
Commonly Known as Galewood Yard by CMC Heartland Partners
("Borrower") to Xxxxx Xxxxxx Corp., ("Purchaser"); Near North
National Title Corporation ALTA Commitment No. N0000616
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Dear Xxxxxx:
Reference is hereby made to that certain Commitment for Title Insurance
issued by Near North National Title Corporation and known as Commitment No.
N0000616 (the "Commitment").
LaSalle Bank National Association ("LaSalle") has been informed by
Borrower that pursuant to the terms of that certain Purchase and Sale Agreement
between Borrower and Purchaser, Borrower will be selling the land and
improvements commonly known as Galewood Yard (the "Property", as set forth on
Schedule A of the Commitment) to Purchaser on August 1, 2000. Borrower will be
using all the proceeds of such sale to make a partial prepayment of the
obligations and indebtedness owing by Borrower to LaSalle under that certain
Amended and Restated Loan and Security Agreement, dated as of June 30, 1998 (the
"Loan Agreement"), as amended from time to time, and Xxxxxxxx further agrees
that as a result of the sale of the Property, LaSalle will permanently reduce
the Revolving Credit Commitment (as defined in the Loan Agreement) by an amount
equal to Three Million Five Hundred Thousand Dollars ($3,500,000.00).
Upon confirmation of receipt by XxXxxxx of all the proceeds of the
above referenced sale, all liens and security interests of LaSalle on the
Property given to secure the Loan Agreement shall be deemed to be released and
terminated, including but not limited to, the following:
i) Mortgage and Security Agreement ("Mortgage") dated as of June
30, 1998, recorded with the Recorder of Deeds of Cook County
("Recorder") on July 8, 1998 as Document No. 98587672, and
re-recorded November 12, 1998 as Document No. 08017918;
Near North National Title Corporation
August 1, 2000
Page 2
ii) Amendment to Mortgage dated as of October 23, 1998, recorded
with the Recorder on October 23, 1998 as Document No.
98955932;
iii) Second Amendment to Mortgage dated as of April 29, 1999,
recorded with the Recorder on July 6, 1999 as Document No.
99645350;
iv) Third Amendment to Mortgage dated as of November 18, 1999,
recorded with the Recorder on December 28, 1999 as Document
No. 09200659;
v) Fourth Amendment to Mortgage dated as of March 20, 2000,
recorded with the Recorder on March 27, 2000 as Document No.
00214991;
vi) Assignment of Rents and Leases ("Assignment") dated as of June
30, 1998, recorded with the Recorder on July 8, 1998 as
Document No. 98587673;
vii) Amendment to Assignment dated as of October 23, 1998, recorded
with the Recorder on October 23, 1998 as Document No.
98955931;
viii) Second Amendment to Assignment dated as of April 29, 1999,
recorded with the Recorder on July 6, 1999 as Document No.
99645351;
ix) Third Amendment to Assignment dated as of November 18, 1999,
recorded with the Recorder on December 28, 1999 as Document
No. 09200660;
x) Fourth Amendment to Assignment dated as of March 20, 2000,
recorded with the Recorder on March 27, 2000 as Document No.
00214992; and
xi) Security Interest of LaSalle, under a Financing Statement
executed by Xxxxxxxx, and filed July 10, 1998 as Document No.
98U07389.
XxXxxxx further agrees that, at the expense of the Borrower, it will as
soon as reasonably possible deliver such documents or take such reasonable
actions as may be required in connection with the release of the above liens and
security interests concerning the Property securing the Loan Agreement.
Notwithstanding the foregoing, nothing contained herein shall be deemed to
release or terminate any lien or security interest held by LaSalle with respect
to any property or improvements other than the Property.
Near North National Title Corporation
August 1, 2000
Page 3
The parties hereto agree that executed facsimile counterparts hereof
will be treated as originals.
Sincerely,
LASALLE BANK NATIONAL ASSOCIATION
By:
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Name:
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Title:
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AGREED AND ACCEPTED:
CMC HEARTLAND PARTNERS
By:
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Name:
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Title:
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