Common use of Security Instrument Clause in Contracts

Security Instrument. If Lessor becomes the grantor under a security instrument or a deed of trust securing the payment of a promissory note of Lessee to an approved lender to assist with the financing of a transaction (that will benefit Lessor and Lessee) evidencing a lien on up to 100 acres of the Property (“Security Instrument”), Lessee will pay Lessor an annual fee, due on January 2 of each year, as follows: * January 2, 2012 No fee payable; * January 2, 2013 $800.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2014 $600.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2015 $400.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2016 $200.00 per acre of the Leased Premises under the Security Instrument. (herein called “Security Instrument Payments”). Lessee hereby agrees to have the Security Instrument released on or before January 2, 2016, and Lessee shall deliver to Lessor a release in recordable form that is reasonably acceptable in form and substance to Lessor and thereby relinquishes all rights Lessee’s lender has in the above-referenced 100 acres. Notwithstanding the foregoing, in the event the Security Instrument is released at any time prior to January 2, 2016, Lessee’s obligation to make Security Interest Payments pursuant to this Section 28 shall cease as of the date of such release, provided that if the Security Instrument is released during a partial year, the applicable Security Instrument Payment shall be prorated and paid to Lessor within ten (10) days of the Release of the Security Instrument. Lessee agrees to indemnify and, within five (5) business days after demand by Lessor, reimburse Lessor for all amounts expended or debts incurred by Lessor as a result of Lessor’s undertaking to cure any defaults under the Security Instrument or under the debt secured by the Security Instrument, to protect Lessor’s interests in the Property. On or before April 14, 2012, Lessor shall cause any and all mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of any holder of indebtedness for borrowed money, other than PlainsCapital Bank, (collectively, the “Lessor Lender Encumbrances”) to be (i) unconditionally released; or (ii) expressly subordinated to those mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of PlainsCapital Bank pursuant to the Security Instrument and/or any loan documents executed in connection therewith (collectively, the “Lessee Lender Encumbrances”) in accordance with the terms of a subordination agreement, or, alternatively, pursuant to the terms of a non-disturbance agreement, in form and substance reasonably acceptable to PlainsCapital Bank and Lessee. On or prior to April 14, 2012, Lessor shall deliver to Lessee evidence of any such release or subordination in form and substance reasonably acceptable to PlainsCapital Bank and Lessee.

Security Instrument. If Lessor becomes Licensee will furnish and maintain throughout the grantor under term of this Agreement, and thereafter until all of the obligations of Licensee have been fully performed, a bond or other security instrument or a deed of trust securing the payment of a promissory note of Lessee to an approved lender to assist with the financing of a transaction (that will benefit Lessor and Lessee) evidencing a lien on up to 100 acres of the Property (“Security Instrument”) satisfactory in form and content to Licensor in substitution therefore, to guarantee the payment of any sums which may become due to Licensor or an Licensor Agent for Pole Attachment Rental Fees, inspections, inventories, Make Ready Costs, Unauthorized Attachment Fees, for work performed for the benefit of Licensee under this Agreement, including the removal of Attachments upon termination of this Agreement, for any expense that may be incurred by Licensor or an Licensor agent because of any Default of Licensee, or for any other expense that is to be borne by Licensee under this Agreement. The amount of said Security Instrument, which amount will be maintained throughout the term of the Agreement and thereafter until all of the obligations of Licensee have been fully performed, will be equal to ten thousand US dollars ($10,000), Lessee will pay Lessor an annual feeor twenty-five dollars ($25) per Attachment, due on January 2 whichever is larger. The amount of each year, as follows: * January 2, 2012 No fee payable; * January 2, 2013 $800.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2014 $600.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2015 $400.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2016 $200.00 per acre of the Leased Premises under the Security Instrument. (herein called “Security Instrument Payments”). Lessee hereby agrees to have the Security Instrument released on may, in Licensor’s discretion, be adjusted if Licensee purchases, acquires, or before January 2, 2016, and Lessee shall deliver to Lessor obtains a release controlling interest in recordable form that is reasonably acceptable additional broadband or other facilities within Licensor’s service territory not currently covered by this Agreement which results in form and substance to Lessor and thereby relinquishes all rights Lessee’s lender has a significant increase in the abovenumber of Attachments. Any such adjustment will not exceed twenty-referenced 100 acresfive dollars ($25) per new Attachment. Notwithstanding Failure to provide and maintain the foregoingaforementioned Security Instrument will be deemed a Default under this Agreement, in which event Licensor will have the event the Security Instrument is released at any time prior right to January 2, 2016, Lessee’s obligation to make Security Interest Payments pursuant to this Section 28 shall cease as of the date of such release, provided that if the Security Instrument is released during a partial year, the applicable Security Instrument Payment shall be prorated and paid to Lessor within ten (10) days of the Release of the Security Instrument. Lessee agrees to indemnify and, within five (5) business days after demand by Lessor, reimburse Lessor for all amounts expended or debts incurred by Lessor as a result of Lessor’s undertaking to cure any defaults under the Security Instrument or under the debt secured by the Security Instrument, to protect Lessor’s interests in the Property. On or before April 14, 2012, Lessor shall cause pursue any and all mortgages, liens, pledges, charges, security interests remedies set forth in this Agreement and at law or equity. The furnishing of any kind or character against the Leased Premises in favor of any holder of indebtedness for borrowed money, other than PlainsCapital Bank, (collectively, the “Lessor Lender Encumbrances”) to be (i) unconditionally released; or (ii) expressly subordinated to those mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of PlainsCapital Bank pursuant to the such Security Instrument and/or will not affect, limit, diminish or otherwise reduce any loan documents executed in connection therewith (collectively, the “Lessee Lender Encumbrances”) in accordance with the terms obligations of a subordination agreement, or, alternatively, pursuant to the terms of a non-disturbance agreement, in form and substance reasonably acceptable to PlainsCapital Bank and Lessee. On or prior to April 14, 2012, Lessor shall deliver to Lessee evidence of any such release or subordination in form and substance reasonably acceptable to PlainsCapital Bank and LesseeLicensee under this Agreement.

Security Instrument. If Section 28 to the Lease Agreement is hereby deleted in its entirety and replaced with the following: As long as Lessor becomes is the grantor under a security instrument or a deed of trust securing the payment of a promissory note of Lessee to an approved lender to assist that is assisting with the financing of a transaction (that will benefit Lessor and Lessee) evidencing a lien on up to 100 approximately 150 acres of the Property in Hood County, Texas as shown in Exhibit “C” (“Security Instrument”), Lessee will pay Lessor an annual fee, due on January 2 of each year, as follows: * • January 2, 2012 No fee payable; * • January 2, 2013 $800.00 per acre of the Leased Premises under the Security Instrument; * • January 2, 2014 $800.00 per acre of the Leased Premises under the Security Instrument; • January 2, 2015 $600.00 per acre of the Leased Premises under the Security Instrument; * and • January 2, 2015 2016 $600.00 per acre of the Leased Premises under the Security Instrument; • January 2, 2017 $400.00 per acre of the Leased Premises under the Security Instrument; * and • January 2, 2016 2018 $200.00 per acre of the Leased Premises under the Security Instrument. Instrument (herein called “Security Instrument Payments”). Lessee hereby agrees to have the Security Instrument released on or before January 2December 28, 2016, 2018; and Lessee shall deliver to Lessor a release in recordable form that is reasonably acceptable in form and substance to Lessor and thereby relinquishes all rights Lessee’s lender has in the above-referenced 100 150 acres. Notwithstanding the foregoing, in the event the Security Instrument is released at any time prior to January 2December 28, 20162018, Lessee’s obligation to make Security Interest Payments pursuant to this Section 28 shall cease as of the date of such release, provided that if the Security Instrument is released during a partial year, the applicable Security Instrument Payment shall be prorated and paid to Lessor within ten (10) days of the Release of the Security Instrument. Lessee agrees to indemnify and, within five (5) business days after demand by Lessor, reimburse Lessor for all amounts expended or debts incurred by Lessor as a result of Lessor’s undertaking to cure any defaults under the Security Instrument or under the debt secured by the Security Instrument, to protect Lessor’s interests in the Property. On or before April 14, 2012, Lessor shall cause any and all mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of any holder of indebtedness for borrowed money, other than PlainsCapital Bank, (collectively, the “Lessor Lender Encumbrances”) to be (i) unconditionally released; or (ii) expressly subordinated to those mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of PlainsCapital Bank pursuant to the Security Instrument and/or any loan documents executed in connection therewith (collectively, the “Lessee Lender Encumbrances”) in accordance with the terms of a subordination agreement, or, alternatively, pursuant to the terms of a non-disturbance agreement, in form and substance reasonably acceptable to PlainsCapital Bank and Lessee. On or prior to April 14, 2012, Lessor shall deliver to Lessee evidence of any such release or subordination in form and substance reasonably acceptable to PlainsCapital Bank and Lessee.

Security Instrument. If As long as Lessor becomes is the grantor under a security instrument or a deed of trust securing the payment of a promissory note of Lessee to an approved lender to assist that is assisting with the financing of a transaction (that will benefit Lessor and Lessee) evidencing a lien on up to 100 approximately 150 acres of the Property in Hood County, Texas as shown in Exhibit “C” (“Security Instrument”), Lessee will pay Lessor an annual fee, due on January 2 of each year, as follows: * January 2, 2012 No fee payable; * January 2, 2013 $800.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2014 $600.00 800.00 per acre of the Leased Premises under the Security Instrument; * January 2, 2015 $400.00 800.00 per acre of the Leased Premises under the Security Instrument; and * January 2, 2016 $200.00 800.00 per acre of the Leased Premises under the Security Instrument. ; and * January 2, 2017 $800.00 per acre of the Leased Premises under the Security Instrument * January 2, 2018 $800.00 per acre of the Leased Premises under the Security Instrument * January 2, 2019 $800.00 per acre of the Leased Premises under the Security Instrument (herein called “Security Instrument Payments”). Lessee hereby agrees to have the Security Instrument released on or before January 2July 13, 2016, 2019; and Lessee shall deliver to Lessor a release in recordable form that is reasonably acceptable in form and substance to Lessor and thereby relinquishes all rights Lessee’s lender has in the above-referenced 100 150 acres. Notwithstanding the foregoing, in the event the Security Instrument is released at any time prior to January 2July 13, 20162019, Lessee’s obligation to make Security Interest Payments pursuant to this Section 28 shall cease as of the date of such release, provided that if the Security Instrument is released during a partial year, the applicable Security Instrument Payment shall be prorated and paid to Lessor within ten (10) days of the Release of the Security Instrument. Lessee agrees to indemnify and, within five (5) business days after demand by Lessor, reimburse Lessor for all amounts expended or debts incurred by Lessor as a result of Lessor’s undertaking to cure any defaults under the Security Instrument or under the debt secured by the Security Instrument, to protect Lessor’s interests in the Property. On or before April 14, 2012, Lessor shall cause any and all mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of any holder of indebtedness for borrowed money, other than PlainsCapital Bank, (collectively, the “Lessor Lender Encumbrances”) to be (i) unconditionally released; or (ii) expressly subordinated to those mortgages, liens, pledges, charges, security interests of any kind or character against the Leased Premises in favor of PlainsCapital Bank pursuant to the Security Instrument and/or any loan documents executed in connection therewith (collectively, the “Lessee Lender Encumbrances”) in accordance with the terms of a subordination agreement, or, alternatively, pursuant to the terms of a non-disturbance agreement, in form and substance reasonably acceptable to PlainsCapital Bank and Lessee. On or prior to April 14, 2012, Lessor shall deliver to Lessee evidence of any such release or subordination in form and substance reasonably acceptable to PlainsCapital Bank and Lessee.