EXHIBIT 1
RELEASE
Pursuant to the Settlement Agreement dated May 21, 1996,
Kearny Street ri Real Estate Company, L.P. and Kearny Street
Real Estate Company, L.P. for themselves, individually, their
respective successors, and assigns, xxxxxx fully releases,
discharges, and forever acquits Portland Lofts Associates
Limited Partnership; East Bank Angel Joint Venture; East Bank
Development1 mc.; and Xxxxxx X. Xxxxx, XX, and their partners,
joint venturers, officers, directors, employees, agents,
attorneys, heirs, affiliates, parent corporations, affiliated
corporations, predecessors, successors, and assigns, from any
and all claims, demands, and causes of action, known or
unknown, of any kind, to the extent said claims relate in any
way to the Notes and conduct that were the subject of Kearnv
Street Real Estate Cornoany L.P., V. Portland Lofts Associates
Limited Partnership, etal, MuLtnomah County Circuit Court Case No.
9411-07780.
KEARNY STREET REAL ESTATE
COMPANY, L.P.
By: KS CORPORATION, a Delaware Corporation
Its: General Partner
By: Xxxxxxx X. Xxxxxxx
President
Date: 5/28/96
KEARNY STREET II ESTATE CCMPANY,
L.P., a Delaware limited
partnerahip
By: Kearny Street II Corporation, a
Delaware corporation, its General
Partner
Its: XXXXXXX X. XXXXXXX
President
Date: 5/28/96
By: Xxxxx X. Xxxxx
Its: V.P., General Council, Secty
Date: 5/28/96
EXHIBIT 2
REVISED RELEASE
In consideration of the Settlement Agreement dated May 21,
1996, Bank of America Oregon, for itself individually, and for
its successors, affiliates, heirs, and assigns hereby fully
releases, discharges, and forever acquits Portland Lofts
Associates Limited Partnership; East Bank Angel Joint Venture;
East Bank Development, Inc.; and Xxxxxx x. Xxxxx, XX, and their
respective partners, joint venturers, officers directors,
employees, agents, attorneys, heirs, affiliates, parent
corporations, subsidiary corporations, affiliated corporations,
predecessors, successors, and assigns, from any and all claims,
demands, and causes of action, known or unknown, of any kind, to
the extent said claims relate in any way to or arise out of the
Notes and conduct that were the subject of Kearnv Street Real
Estate Companv L.P. V. Portland Lofts Associates Limited
Partnership. et al., Multnomah County Circuit Court Case No.
9411-07780 ("the Lawsuit"). Not included in this Release are any
(1) loan and guarantee obligations incurred pursuant to the Loan
and guaranties referred to in Paragraph 2 of the Settlement
Agreement to which this Release is an exhibit, (2) loan
obligations incurred pursuant to the line of credit agreement
between Oregon Bank, Xxxxxx Xxxxx, and Xxxxxx X. Xxxxxx,
currently reflected in Bank of America Line of Credit Account No.
50243106956847001, dated February 17, 1994, and (3) other
lending, credit, guarantee, or account relationships between Bank
of America Oregon (or any of its affiliates, parent corporations,
affiliated corporations, subsidiary corporations,
predecessors, successors, or assigns) and any of the
parties being released by this instrument, which
relationships were not the subject of the Lawsuit. This
release supersedes the previous version of Exhibit 2, and
shall be binding on the parties signing below.
BANK OF AMERICA OREGON
By: XXXXXX X. XXXXXX
Its: Senior Credit Officer
Date: 5/24/96
EXHIBIT 3
REVISED RELEASE
In consideration of the Settlement Agreement dated May 21,
1996, BankAmerica Corporation, for itself, individually, its
respective successors, heirs, and assigns, xxxxxx fully releases,
discharges, and forever acquits Portland Lofts Associates Limited
Partnership; East Bank Angel Joint Venture; East Bank
Development, Inc.; and Xxxxxx X. Xxxxx, XX, and their respective
partners, joint venturers, officers, directors, employees,
agents, attorneys, heirs, affiliates, parent corporations,
subsidiary corporations, affiliated corporations, predecessors,
successors, and assigns, from any and all claims1 demands, and
causes of action, known or unknown, of any kind, to the extent
said claims relate in any way to or arise out of the Notes and
conduct that were the subject of Kearnv Street Real Estate
Comoany. L.P.. V. Portland Lofts Associates Limited Partnership
et al., Multnomah County Circuit Court Case No. 9411-07780 (the
Lawsuit"). Not included in this Release are (1) any loan and
guarantee obligations incurred pursuant to the Loan or guaranties
referred to in Paragraph 2 of the Settlement Agreement to which
this Release is an exhibit or (2) any other lending, credit,
guarantee, or account relationships between BankAmerica
Corporation (or any of its subsidiaries, affiliates, affiliated
corporations, subsidiary corporations, successors or assigns) and
any of the parties being released by this instrument, which
relationships were not the subject of the Lawsuit. This release
supersedes the previous version of Exhibit 3, and shall be
binding on the parties signing below.
BANKAMERICA CORPORATION
By: Xxxxxxx X Xxxxx
Its: SVP
Date: 5/24/96
EXHIBIT 4
RELEASE
Pursuant to the Settlement Agreement dated May 21, 1996,
Portiand Lofts Associates Limited Partnership; East Bank Angel
Joint Venture; East Bank Development, Inc.; and Xxxxxx X. Xxxxx,
XX, for themselves, individually, their respective successors,
heirs, and assigns, hereby fully release, discharge, and forever
acquit Bank of America Oregon and BankAmerica Corporation and
their respective officers, directors, employees, agents,
attorneys, heirs, affiliates, affiliated corporations, parent
corporations, subsidiary corporations, predecessors, successors
and assigns, from any and all claims, demands, and causes of
action1 known or unknown, of any kind, to the extent said claims
relate in any way to or arise out of the notes and conduct that
were the subject of Kearny Street Real Estate Companv. L.P.. V.
Portland Lofts Associates Limited Partnership. etal, Multnomah
County Circuit Court Case No. 9411-07780 ("the Lawsuit"). Not
included in this Release are (1) any loan obligations incurred
pursuant to the Loan or guaranties referred to in Paragraph 2 of
the Settlement Agreement to which this Release is an exhibit,
(2) loan obligations incurred pursuant to the line of credit
agreement between Oregon Bank, Xxxxxx Xxxxx, and Xxxxxx X.
Xxxxxx, currently reflected in Bank of America Line of Credit
Account No. 50243106956847001, dated February 17, 1994, and
3) any other lending, credit, or account relationships between
Bank of America Oregon or BankAmerica Corporation (or any of
their affiliates, affiliated corporations, parent corporations,
subsidiary corporations, predecessors, successors, or assigns)
and any of the parties being released by this instrutnent, which
relationships were not the subject of the Lawsuit.
PORTLAND LOFTS ASSOCZATES LZMZTED
PARTNERSHIP
By: East Bank Angel Joint
Venture,its, General Partner
XXXXXX X. XXXXX
General Partner
Date: 5/21/96
EAST BANK ANGEL JOINT VENTURE
by: XXXXXX X. XXXXX
Its: General Partner
Date: 5/21/96
EAST BANK DEVELOPMENT, INC.
By: XXXXXX X. XXXXX
Date: 5/21/96
EXHIBIT 4
REVISED RELEASE
In consideration of the Settlement Agreement dated May 1996,
Portland Lofts Associates Limited Partnership; East Bank Angel
Joint Venture; East Bank Development, Inc.; and Xxxxxx x. Xxxxx,
XX, for themselves, individually, their respective successors,
heirs, and assigns, hereby fully release, discharge, and forever
acquit Bank of America Oregon and BankAmerica Corporation and
their respective officers, directors, employees, agents,
attorneys, heirs, affiliates, affiliated corporations, parent
corporations, subsidiary corporations, predecessors, successors,
and assigns, from any and all claims, demands, and causes of
action, known or unknown, of any kind, to the extent said claims
relate in any way to or arise out of the notes and conduct that
were the subject of Kearny Street Real Estate company. L.P. v.
Portland Lofts Associates Limited Partnership. etal., Multnomah
County Circuit Court Case No. 9411-07780 ("the Lawsuit"). Not
included in this Release are (1) any loan and guarantee
obligations incurred pursuant to the Loan or guaranties referred
to in Paragraph 2 of the Settlement Agreement to which this
Release is an exhibit, (2) loan obligations incurred pursuant to
the line of credit agreement between Oregon Bank, Xxxxxx Xxxxx,
and Xxxxxx X. Xxxxxx, currently reflected in Bank of America Line
of Credit Account No. 50243106956847001, dated February 17, 1994,
and (3) any other lending, credit, or account relationships
between Bank of America Oregon or BankAmerica
Corporation (or any of their affiliates, affiliated corporations,
parent corporations, subsidiary corporations, predecessors,
successors, or assigns) and any of the parties signing this
release (or any of their affiliates, affiliated corporations,
parent corporations, subsidiary corporations, predecessors,
successors, or assigns), which relationships were not the subject
of the Lawsuit. This release supersedes the previous version of
Exhibit 4, and shall be binding on the parties signing below
Corporation (or any of their affiliates, affiliated corporations,
parent corporations, subsidiary corporations, predecessors,
successors, or assigns) and any of the parties signing this
release (or any of their affiliates, affiliated corporations,
parent corporations, subsidiary corporations, predecessors,
successors, or assigns), which relationships were not the subject
of the Lawsuit. This release supersedes the previous version of
Exhibit 4, and shall be binding on the parties signing below.
PORTLAND LOFTS ASSOCIATES LIMITED
PARTNERSHIP
By: East Bank Angel Joint
Venture,
its General Partner
By: XXXXXX X. XXXXX
Its:General Partner
Date: 5/23/96
EAST BANK ANGEL JOINT VENTURE
By: XXXXXX X. XXXXX
Its: General Partner
Date: 5/23/96
EAST BANK DEVELOPMENT, INC.
BY: XXXXXX XXXXXX
ITS: PRESIDENT
DATE: 5/21/96
EXHIBIT 5
RELEASE
Pursuant to the Settlement Agreement dated May 21,1996,
Portland Lofts Associates Limited Partnership; East Bank Angel
Joint Venture; East Bank Development, Inc.; and Xxxxxx X. Xxxxx,
XX, for theMselves, individually, their respective successors,
affiliates, heirs and assigns, hereby fully release, discharge,
and forever acquit Kearny Street II Real Estate company, L.P.,
Kearny Street Real Estate company, L.P, and their partner,
officers, directors, employees, agents, attorneys, heirs,
successors, affiliates, predecessors, parent corporations,
subsidiary corporations, affiliated corporations, and assigns,
from any and all claims, demands, and causes of action, known or
unknown, to the extent said claims relate in any way to the Notes
and conduct that were the subject of Kearny Street Real Estate
Companv L.P. V. Portland Lofts Associates Limited Partnership.
etal., Multnomah County Circuit Court Case No. 9411-07780.
PORTLAND LOFTS ASSOCIATES LIMITED
PARTNERSHIP
By: East Bank Angel Joint
Venture, its General Partner
By: XXXXXX X. XXXXX
Its: General Partner
Date: 5/21/96
EXHIBIT 6
RELEASE
Pursuant to the Settlement Agreement dated May 21, l996,
Kearny Street Real Estate Company, L.P., Kearny Street II Real
Estate Company, L.P., and Xxxxxxx Xxxxx Asset Management Company,
on the one hand (collectively, "Kearny"), and Bankmerica
Corporation and Bank of America Oregon, on the other hand
(collectively, "Bank"), individually, and for their respective
partners, joint venturers, officers, directors, employees,
agents attorneys, heirs, affiliates, parent corporations,
subsidiary corporations, affiliated corporations, predecessors,
successors, and assigns, hereby fully release, discharge, and
forever acquit each other and their respective partners, joint
venturers, officers, directors, employees, agents, attorneys,
heirs, affiliates, parent corporations, subsidiary corporations,
affiliated corporations, predecessors, successors, and assigns,
from any and all claims, demands, and causes of action, known or
unknown, of any kind, to the extent said claims relate in any way
to or arise out of the Notes and conduct that were the subject of
Kearny Street Real Estate Company, L.P.. vs. Portland Lofts
Associates Limited Partnership, et al., Multnomah County Circuit
Court Case No. 9411-07780.
KEARNY STREET REAL ESTATE L.P.
By: KS Corporation, a Delaware Corporation
General Partner
Its: XXXXXXX X. XXXXXXX
PRESIDENT
Date: 5/28/96
KEARNY STREET II REAL ESTATE
COMPANY, L.P., a Delaware limited
partnership
By: Kearny Street II Corporation, a
Delaware corporation, its General
Partner
By: XXXXXXX X XXXXXXX
Its: PRESIDENT
Date: 5/28/96
By: XXXXX X. XXXXXXX
Its: VP, GENERAL COUNCIL, SECTY
Date: 5/28/96
XXXXXXX XXXXX ASSET MANAGEMENT COMPANY, a
California general partnership
By: Hanford/Xxxxx Resources One, Inc., a
California corporation, General Partner
By: Xxxxxxxx X. Xxxxx
Its: President
Date: 5/29/96
BANK OF AMERICA OREGON
BY: Xxxxxx X. Xxxxxx,EVP
Its: Senior Credit Officer
Date: 5/24/96
EXHIBIT 7
RELEASE
Pursuant to the Settlement Agreement dated May 21, 1996,
Xxxxxxx Xxxxx Asset Management company, for itse1f,
individually, its respective successors,affi1iates,
and assigns, hereby fully releases, discharges, and
forever acquits, Portland Lofts Associates Limited
Partnership; East Bank Angel Joint Venture; East Bank
Development, Inc.; and Xxxxxx X. Xxxxx, XX, and their
partners, joint venturers, officers, directors,
employees, agents, attorneys, heirs, predecessors,
successors, affiliates, Parent corporations, subsidiary
ccrporations, affiliated corporatioms, and assigns from
any and all claims, demands and causes of action, known
or unknown, of any kind, to the extent said c1aims relate
in any way to the Notes and conduct that were the subject
of Kearny Street Rea1 Estate Companv L.P.. v.
Portland Lofts Associates LImited Partnership et al.,
Mu1tnomah County Circuit Court Case No. 9411-07780.
XXXXXXX XXXXX ASSET MANAGEMENT COMPANY, a
California qeneral partnership
By: Xxxxxxx Xxxxx Resources One, Inc.
a California corporation,
General Partner
By: Xxxxxxx X.Xxxxx
Its: President
Date: 5/29/96
EXHIBIT 8
RELEASE
Pursuant to the Settlement Agreement dated May 21, 1996,
Portland Lofts Associates Limited Partnership; East Bank Angel
Joint Venture; East Bank Development, Inc.; and Xxxxxx X. Xxxxx,
XX. for themselves, individually, their respective successors,
affiliates, heirs, and assigns, hereby fully release, discharge,
and forever acquit Xxxxxxx Xxxxx Asset Management Company and its
affiliates, officers, directors, employees, agents, attorneys,
heirs, predecessors, successors, affiliates, parent corporations,
subsidiary corporations, affiliated corporations, and assigns,
from any and all claims, demands, and causes of action, known or
unknown, of any kind, to the extent said claims relate in any way
to the Notes and conduct that were the subject of Kearny Street
Real Estate Company. L.P.. v. Portland Lofts Associates Limited
Partnership. et al., Multnomah County Circuit Court Case No.
9411-07780.
PORTLAND LOFTS ASSOCIATES LIMITED
PARTNERSHIP
By: East Bank Angel Joint
Venture,its general partner
By: Xxxxxx X. Xxxxx
Its: General Partner
Date: 5/23/96
EAST BANK ANGEL JOINT VENTURE
By: Xxxxxx X. Xxxxx
Its: General Partner
Date: 5/23/96
EAST BANK DEVELOPMENT, INC.
by: XXXXXX X. XXXXX
date: 5/23/96
EAST BANK DEVELOPMENT, INC
by: Xxxxxx Xxxxxx
date: 5/21/96
XXXX XXXXX LLP
ATTORNEYS
ONE MAIN PLACE
000 XXXXXXXXX XXX XXXXXX, XXXXX 0000
XXXXXXXX, XXXXXX 00000-0000
XXXX X. XXXXXX TEL 000-000-0000 xxxxxxx@xxxxx.xxx
Also admitted in Washington Fax 000-000-0000 direct fax 000-000-0000
August 29, 1996
Xx. Xxxxxx X.Xxxxx, XX
0000 XX Xxxxxxxxx
Xxxxxxxx, XX 00000
Xx. Xxxxxxx Xxxxxxxxx
Claremont Companies
Batterymarch Park II
Quincy, MA 02196
RE: Portland Lofts/Kearny
Gentlemen:
Enclosed is a copy of the release we received from Xxxxxx Xxxxxxx.
If you have any questions, please give me a call.
Sincerely,
Xxxx X.Xxxxxx
JJD:rr
Enclosure
EXHIBIT 9
RELEASE
Pursuant to the Settlement Agreement dated May 21, 1996,
Xxxxxx Xxxxxxx Real Estate Fund, L.P., for itself, individually,
its respective successors, affilites, and assigns, hereby fully
releases, didscharges, and forever acquits Portland Lofts
Associates Limited Partnership; East Bank Angel Joint Venture;
East Bank Development, Inc.; and Xxxxxx X Xxxx, XX, and their
partners, joint ventureres, officers, directors, employees,
agents, attorneys, heirs, affiliates, parent corporations,
subsidiary corporations, affiliated corporations, predecessors
successors, and assigns, from any and all claims, demands, and
causes of action, known or unknown, of any kind, to the extent
said claims relate in any way to the notes and conduct that were
the subject of Kearny Street Real Estate Company, L.P., v.
Portland Lofts Associates Limited Partnership, et al., Multnomah
County Circuit Court Case No. 9411-07780
XXXXXX XXXXXXX REAL ESTATE FUND, LP
by: Xxxxxxxxx X. Xxxxxx
its: Vice President
date: 7/31/96
BALL XXXXX LLP
ATTORNEYS
XXX XXXX XXXXX
000 XXXXXXXX XXXX XXXXXX, XXXXX 0000
XXXXXXXX, XXXXXX 00000-0000
Xxxx X. Xxxxxx Tel 000-000-0000 xxxxxxx@xxxxx.xxx
Also admitted in Washignton Fax 000-000-0000 direct fax 000-000-0000
August 29, 1996
Xx. Xxxxxxxxx W Xxxxxx
Xxxxxx Xxxxxxx
0000 Xxxxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
RE Portland Lofts Associates/Kerny
Dear Xxxx:
In exchange for the release Xxxxxx Xxxxxxx provided, enclosed
is the release of your clients.
Sincerely,
XXXX X. XXXXXX
JJD;RR
Enclosure
cc: Xxxxxx X. Xxxxx
Xxxxxxx Xxxxxxxxx
Xxxxxx X Xxxxxxxxxx
Xxxxx X. Xxxxxxxx
(w/enclosure)
EXHIBIT 10
RELEASE
Pursuant to the Settlement Agreement dated May 21, 1996,
Portland Lofts Associates Limited Partnership; East Bank Angel
Joint Venture; East Bank Development, Inc. and Xxxxxx X. Xxxxx,
XX, for themselves, individually, their respective successors,
affiliates, heirs, and asigns, hereby fully release, discharge,
and forever acquit Xxxxxx Xxxxxx Real Estate Fund, L.P. and its
partners, officers, directors, employees, agents, attorneys,
heirs, affiliates, parent corporations, subsidiary corporations,
affiliated corportaions, predecessors, successors, and assigns,
unknown, of any kind, to the extent said claims relate in any way
to the Notes and conduct that were the subject of Kearny Street
Real Estate Company, L.P. v. Portland Lofts Associates Limited
Partnership, et at., Multnomah County Circuit Court Case No.
9411-07780.
PORTLAND LOFTS ASSOCIATES LIMITED PARTNERSHIP
By: East Bank Angel Joint Venture, its
general partner
By: Xxxxxx X. Xxxxx
its: General Partner
date: 5/23/96
EAST BANK ANGEL JOINT VENTURE
by: Xxxxxx X. Xxxxx
its: General Partner
Date: 5/23/96
EAST BANK DEVELOPMENT, INC.
by: Xxxxxx X. Xxxxx
date: 5/23/96
by: Xxxxxx Xxxxxx
its: President
date: 5/21/96
EXHIBIT 11
IN THE CIRCUIT COURT OF THE STAET OF OREGON
FOR THE COUNTY OF MULTNOMAH
KEARNY STREET REAL ESTATE COMPANY, )
L.P., )
Plaintiff, ) Case No. 9411-07780
v. ) STIPULATED JUDGEMENT OF
PORTLAND LOFTS ASSOCIATES LIMITED ) DISMISSAL; ORDER SEALING
PARTNERSHIP; EAST BANK ANGEL JOINT ) FILE
VENTURE; EAST BANK DEVELOPMENT, )
INC., XXXXXX X. XXXXX XX; AND CITY )
OF PORTLAND ACTING BY AND THROUGH )
THE PORTLAND DEVELOPMENT )
COMMISSION, )
)
)
Defendants. )
The parties, by their attorneys, stipulate as follows:
1. The claims and counterclaims are dismissed with
prejudice.
2. Each party shall bear its own costs and attorneys fees.
3. The Clerk shall place the file in this matter under seal.
SO STIPULATED:
XXXX X. XXXXXX
Attorney for Defendants Portland
Lofts Associates Limited
Partnership; East Bank Angel Joint
Venture; East Bank Development, Inc.;
Xxxxxx X. Xxxxx, XX;
XXXXX X. XXXXXXX
Attorney for Plaintiff Kearny
Street Real Estate Company, L.P.
EXHIBIT 12
IN THE CIRCUIT COURT OF THE STATE OF OREGON
FOR THE COUNTY OF MULTNOMAH
In the Matter of the )
Confession of Judgement by )
)
)
Portland Lofts Associ- )
ates, L.P., East Bank )
Angel Joint Venture, )
and Xxxxxx X. Xxxxx, ) Case no.
Xxxxx, )
Defendants, ) CONFESSION OF JUDGMENT
)
In Favor of )
Kearny Street Real )
Estate Company, L.P. )
)
Plaintiff. )
Pursuant to ORCP 73, defendants Portland Lofts
Associates, L.P., a Delaware limited partnership with its
principal place of business in Portland,Oregon, East Bank Angel
Joint Venture, an Oregon joint venture, and Xxxxxx x. Xxxxx
xxxxxx confess judgment jointly and severally in favor of
plaintiff on the Note dated November 3, 1989 (Exhibit A hereto,
the "Note") and the guaranty by Xxxxxx Xxxxx Dated May 23, 1989
(exhibit B-1 hereto) in the sum of Five Hunderd and Fifty One
Thousand, Two Hundred Seventy One Dollars and Eighty Eight Cents
($551,271.88),and authorize the entry of judement against them
in this amount, together wit interest on this amount at the prime
rate of the Bank of Amercia N.T. & S. A., plus one percent
(1), to change on the same day as any change in said prime rate,
from the date of the Note, compounded annually, and reasonable
attorney fees and costs to collect such amount.
Defendants acknowledge that this confession of judgment
is for a debt justly and presently due and arises out of
defendants' breach of the Note. Defendants understand that this
confession of judgement authorizes entry of judgment without
further proceedings which would authorize execution to enforce
payment of the judgment, and that this confession has been
executed after the date when the sums described in the statement were
due.
VERIFICATION
I, Xxxxxx X. Xxxxx, am one of the defendants in the
above-entitled cause and a guarantor of the Note. I and each of
the defendants reside in Multnomah County, including Portland
Lofts Associates, L.P.,a Delaware Limited Partnership with its
principal place of business in Portland, Oregon. I am a joint
venturer in East Bank Angel Joint Venture, and am authorized to
sign documents on behalf of East Bank Angel Joint Venture, and
Portland Lofts Associates, L.P. I have read the foregoing
statement and know the contents thereof. The Same is true of my
own knowledge, except as to those matters which are therein
alleged on information and belief, and as to those matter, I
believe it to be true.
I declare under penalty of perjury that the foregoing
is true and correct and that this declaration was executed on,
, 1996, at Portland, Oregon.
XXXXXX X. XXXXX, INDIVIDUALLY
PORTLAND LOFTS ASSOCIATES, L.P.
BY: East Bank Angel Joint Venture, its
general partner
by: XXXXXX X. XXXXX
its: General Partner
EAST BANK ANGEL JOINT VENTURE
by: XXXXXX X. XXXXX
its: General Partner
STATE OF OREGON )
) ss.
County of Multnomah )
The foregoing instrument was acknowledged before me on
this 23 day of MAY , 1996 by Xxxxxx X. Xxxxx.
XXX XXXXX
Notary Public for Oregon
My commission expires: 11/26/98
OREGON BANK
A SECURITY PACIFIC COMPANY
Portland, Oregon, November 3, 1989, $800,000.00
on demand, if no demand September 1, 1990, after date
for value received the undersigned promises to pay to
STRAIGHT the order of The Oregon Bank at its Real Estate Industr
NOTE Group office, in the City of Portland, Oregon, EIGTH
HUNDRED THOUSAND AND NO/100THS-----Dollars. In lawful
money of the United States of America with interest
thereon from dates payable monthly, at the rate
below and identified by an "x" in the box next to the
______ description.
BJH XX The Oregon Bank's prime rate (defined as that index
rate used to price loans which is publicly announced
from time to time as the Oregon Bak's prime rate
1.0 % to change on the same day's any change in said
prime rate.
until paid, and if interest is not so paid, the whole
of both principal and interest to become immediately due
at the option of the holder of this note.
XX All interest shall be clculated on the basis of actual
days elapsed over a year of 350 days.
In the event that the undersigned shall (1) fail to
make any payments due hereunder withing 30 days after
such payment is due, whether or not prior to acceleration
or demand, or (2) breach and covenant or
representation made in connection with the debt evidenced
by this note or agreement and such is not cured within
30 days after notice from the Bank, then in either
event, and without waiving any default or remedies as a
result or such default, the interest rate on the debt
evidenced by this note or agreement shall increase by
2% above he interest rate provided for above, effective
after the expiration of such 30 day period.
In the event of default, each of the undersigned agrees
to pay all costs of collection, including attorneys' fees
even though no suit or action is filed hereon, and if such
or action is filed attorneys' fees and court costs and
attorneys' fees and court costs incurred on appea, if any.
The Oregon Bank is authorized to share any information
concerning the credit of the undersigned with Security
Pacific Corporation and its subsidiaries. The Bank is
also authorized to respond to credit inquires from other
parties and to furnish credit reports in accordance with
customary banking practices.
SEE ATTACHED SIGNATURE PAGE
EXHIBIT A
SIGNATURE PAGE FOR STRAIGHT NOTE
EAST BANK ANGEL JOINT VENTURE,
an Oregon Joint Venture
BY: XXXXXX X. XXXXX, XX, VENTURER
BY: EAST BANK DEVELOPMENT, NC., an
Oregon Corporation, Venturer
By: Xxxxxx X.Xxxxxx,President
By: Xxxxxx Xxxxxxx, Vice President
