0001104659-02-001282 Sample Contracts

FOURTH AMENDMENT TO TIMBERLAND DEED OF TRUST AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS (STATE OF WASHINGTON)
After Recording • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

This Fourth Amendment to Timberland Deed of Trust and Security Agreement With Assignment of Rents (“Amendment”) amends that certain Timberland Deed of Trust and Security Agreement with Assignment of Rents (“Deed of Trust”), dated and recorded April 29, 1992, in Volume 371, pages 237-332, Records of Jefferson County, Washington; first amended May 13, 1992 by Amendment recorded August 26, 1992, in Volume 385, pages 204-206, records of Jefferson County, Washington; and amended May 25, 1993 by Second Amendment recorded June 14, 1993, in Volume 417, pages 297-299, records of Jefferson County, Washington, and amended May 25, 1993 by Third Amendment recorded December 29, 1995, in Volume 542, pages 447-448, records of Jefferson County, Washington. All references to the Deed of Trust herein mean and refer to the Deed of Trust as so amended.

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THIRD AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (Western Operations)
Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS THIRD AMENDMENT (the “Amendment”) is dated as of the 1st day of December, 2000, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and OLYMPIC RESOURCE MANAGEMENT LLC, a Washington limited liability company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given therefor in that certain Master Timber Management Agreement (Western Operations) effective as of January 1, 1998, as amended by the agreements listed on Exhibit A hereto (herein collectively the “Master Agreement”).

FIRST AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (Western Operations)
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS FIRST AMENDMENT (the “Amendment’) is dated as of the 26th day of July, 1999, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and OLYMPIC RESOURCE MANAGEMENT LLC, a Washington limited liability company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given therefor in that certain Master Timber Management Agreement (Western Operations) effective as of January 1, 1998 (as amended, the “Master Agreement”).

REAL ESTATE PURCHASE AND SALE AGREEMENT
Assignment and Assumption Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Washington

THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of this 20th day of November 2001, by and between POPE RESOURCES, a Delaware limited partnership (“Seller”), and WEYERHAEUSER COMPANY, a Washington corporation (“Buyer”).

AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Massachusetts

THIS AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (“Amendment”) is made and entered into on December 29, 1998, by and between ORM RESOURCES CANADA LTD., a British Columbia company (“ORM”) and HANCOCK NATURAL RESOURCE GROUP, INC. (“HNRG”), to amend that certain Master Timber Management Agreement dated December 5, 1997 originally between HNRG and H.A. Simons, Ltd. (“Simons”) (“Master Agreement”). The effective date of this Amendment shall be January 1, 1999 (“Effective Date”). Pursuant to an Assignment and Assumption Agreement, a copy of which is attached hereto as Exhibit 1, and with consent of HNRG, Simons assigned, and ORM assumed, all rights, obligations, benefits and privileges of Simons under the Master Agreement accruing on or after the Effective Date. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ORM and HNRG hereby agree as follows

TIMBERLAND DEED OF TRUST AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS
Timberland Deed of Trust and Security Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Washington

This Deed of Trust and Security Agreement with Assignment of Rents (the “Deed of Trust”) is made this 29 day of April, 1992, by and between POPE RESOURCES, A DELAWARE LIMITED PARTNERSHIP (hereinafter referred to as the “Grantor”) whose address is 19245 10th Avenue N.E., Poulsbo, Washington 98370–0239, JEFFERSON TITLE COMPANY, whose address is 2205 Washington Street, Port Townsend, Washington 98368, as Trustee, (hereinafter referred to as “Trustee”) and JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, a corporation incorporated under the laws of the Commonwealth of Massachusetts (hereinafter referred to as the “Beneficiary”), whose address is John Hancock Place, P.O. Box 111, Boston, Massachusetts 02117, Attn: Senior Forestry Investment Officer, Agricultural Investment Department.

SECOND AMENDMENT TO TIMERLAND DEED OF TRUST AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS (STATE OF WASHINGTON)
Trust And • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

This amends Timberland Deed of Trust and Security Agreement with Assignment of Rents, dated and recorded April 29, 1992, in Volume 271, pages 237-332, Records of Jefferson County, Washington, and first amended May 13, 1992 by Amendment recorded August 26, 1992, in Volume 385, pages 204-206, records of Jefferson County, Washington.

NOTE PURCHASE AGREEMENT
Note Purchase Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Washington

POPE RESOURCES, A DELAWARE LIMITED LIABILITY PARTNERSHIP, together with its successors and assigns (“Borrower”), hereby agrees with you to the following. Certain of the terms used herein are defined as provided for in Annex II hereto.

SECOND AMENDMENT TO MANAGEMENT AGREEMENT
Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS SECOND AMENDMENT TO MANAGEMENT AGREEMENT (the “Second Amendment”) dated as of June 29, 2001 is entered into between PIONEER RESOURCES I, LLC, a Delaware limited liability Company (“Pioneer”), and OLYMPIC RESOURCE MANAGEMENT LLC, a Washington limited liability company (“Manager”). Capitalized terms not otherwise defined in this Second Amendment shall have the meanings set forth in that certain Management Agreement between Pioneer and Manager dated as of March 22, 2000, as amended by the “First Amendment to Management Agreement” dated as of September 7, 2000 (the “First Amendment”). The original Management Agreement as modified by the First Amendment shall be referred to herein as the “Management Agreement”.

SIXTH AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (Canadian Operations)
Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS SIXTH AMENDMENT (the “Amendment”) is dated as of the 8th day of January, 2002, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and OLYMPIC RESOURCE MANAGEMENT LLC, a British Columbia company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given therefor in that certain Master Timber Management Agreement effective as of January 1, 1998, as amended by the agreements listed on Exhibit A hereto (herein collectively the “Master Agreement”).

Mark A. Stayer, Esq. Schwabe Williamson & Wyatt Oregon Portland, Oregon 97204
Pope Resources LTD Partnership • April 1st, 2002 • Forestry • Washington

Document Title : AMENDED AND RESTATED TIMBERLAND DEED OF TRUST AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS AND FIXTURE FILING

MASTER TIMBER MANAGEMENT AGREEMENT
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Massachusetts

This Master Timber Management Agreement (the “Master Agreement”) is made and entered into by and between Hancock Natural Resource Group, Inc. (“HNRGI” or the “Client”) and H.A. Simons Ltd (the “Manager”), as of this 5th day of December, 1997, to be effective as of January 1, 1998.

THIRD AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS THIRD AMENDMENT (the “Amendment”) is dated as of the 6th day of August, 1999, by and between HANCOCK NATURAL RESOURCES GROUP, INC., a Delaware corporation (hereinafter referred to as "HNRGI" or the "Client"), and ORM RESOURCES CANADA LTD., a British Columbia company (hereinafter referred to as "Manager"). Capitalized terms not otherwise defined in this Amendment shall have the meanings given in the Master Timber Management Agreement dated as of December 5, 1997 and effective as of January 1, 1998 by and between Client and H.A. Simons Ltd. ("Simons") (as amended, the "Master Agreement").

THIRD AMENDMENT TO TIMBERLAND DEED OF TRUST AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS (STATE OF WASHINGTON)
Pope Resources LTD Partnership • April 1st, 2002 • Forestry

This amends Timberland Deed of Trust and Security Agreement with Assignment of Rents, dated and recorded April 29, 1992, in Volume 271, pages 237-332, Records of Jefferson County, Washington; first amended May 13, 1992 by Amendment recorded August 26, 1992, in Volume 385, pages 204-206, records of Jefferson County, Washington; and amended May 25, 1993 by Second Amendment recorded June 14, 1993, in Volume , pages , records of Jefferson County, Washington.

fourth amendment to master timber management agreement (Canada Operations)
Fourth Amendment • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS FOURTH AMENDMENT (the “Amendment”) is dated as of the 23rd day of December, 1999, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and ORM RESOURCES CANADA LTD., a British Columbia company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given in the Master Timber Management Agreement dated as of December 5, 1997, and effective as of January 1, 1998, by and between Client and H.A. Simons Ltd. (“Simons”), as amended by a Consent to Assignment of Master Timber Management Agreement dated as of December 29, 1998; by an Assignment and Assumption Agreement dated as of December 29, 1998; by an Amendment to Master Timber Management Agreement dated as of December 29, 1998; by a Second Amendment to Master Timber Management Agreement dated as of July 26, 1999; and by a Third Amendment to Master Timber Management Agreement dated as of August

MASTER TIMBER MANAGEMENT AGREEMENT
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Massachusetts

This MASTER TIMBER MANAGEMENT AGREEMENT (the “Master Agreement”) is made and entered into by and between Hancock Natural Resource Group, Inc. (“HNRGI” or the “Client”), and Olympic Resource Management LLC, a Washington limited liability company (“ORM” or the “Manager”), effective the 1st day of January, 1998.

SECOND AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (Canada Operations)
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS SECOND AMENDMENT (the “Amendment”) is dated as of the 26th day of July, 1999, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and ORM RESOURCES CANADA LTD., a British Columbia company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given in the Master Timber Management Agreement dated as of December 5, 1997 and effective as of January 1, 1998 by and between Client and H.A. Simons Ltd. (“Simons”) (as amended, the “Master Agreement”).

Credit Agreement between Pope Resources, A Delaware Limited Partnership, As Borrower and
Credit Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Washington

This CREDIT AGREEMENT (“Agreement”) is entered into as of March 27, 2001 by and between POPE RESOURCES, A DELAWARE LIMITED PARTNERSHIP (“Borrower”) and BANK OF AMERICA, N.A. (“Lender”).

FIFTH AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (Canada Operations)
Master Timber Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS FIFTH AMENDMENT (the “Amendment”) is dated as of the lst day of December, 2000, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and ORM RESOURCES CANADA LTD., a British Columbia company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given therefor in that certain Master Timber Management Agreement effective as of January 1, 1998, as amended by the agreements listed on Exhibit A hereto (herein collectively the “Master Agreement”).

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AMENDMENT TO TIMBERLAND DEED OF TRUST AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS (STATE OF WASHINGTON)
Trust and Security Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

This amends and supplements Timberland Deed of Trust and Security Agreement with Assignment of Rents recorded April 29, 1992, in Volume 271, pages 237-332, Records of Jefferson County, Washington.

FIRST AMENDMENT TO MANAGEMENT AGREEMENT
Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS FIRST AMENDMENT (the “First Amendment’) is dated as of the 7th day of September, 2000, by and between PIONEER RESOURCES I, LLC a Delaware limited liability company (hereinafter referred to as “Pioneer”), and OLYMPIC RESOURCE MANAGEMENT LLC, a Washington limited liability company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this First Amendment shall have the meanings given to them in that certain Management Agreement effective as of March 22, 2000 (as amended, the “Management Agreement”).

FOURTH AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT (Western Operations)
Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS FOURTH AMENDMENT (the “Amendment”) is dated as of the 8th day of January, 2002, by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and OLYMPIC RESOURCE MANAGEMENT LLC, a Washington limited liability company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given therefor in that certain Master Timber Management Agreement (Western Operations) effective as of January 1, 1998, as amended by the agreements listed on Exhibit A hereto (herein collectively the “Master Agreement”).

Document Title: Timberland Deed of Trust and Security Agreement with Assignment of Rents and Fixture Filing
And Security Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry • Washington

Parcel 2: Southwest quarter of Northwest quarter Section 13, Township 27 North, Range 1 East, Tracts 1, 13, 15, 16 and 17 Hood Canal Acreage Tracts Block 2, Division 1, Lots 12 and 13, Hood Canal Acreage Tracts Block 1, Division 4 and Lots 10 and 11, Hood Canal Acreage Tracts Block 1, Division 2

SECOND AMENDMENT TO MASTER TIMBER MANAGEMENT AGREEMENT
Management Agreement • April 1st, 2002 • Pope Resources LTD Partnership • Forestry

THIS SECOND AMENDMENT (the “Amendment”) is dated as of the 9th day of February 2000 by and between HANCOCK NATURAL RESOURCE GROUP, INC., a Delaware corporation (hereinafter referred to as “HNRGI” or the “Client”), and OLYMPIC RESOURCE MANAGEMENT LLC, a Washington limited liability company (hereinafter referred to as “Manager”). Capitalized terms not otherwise defined in this Amendment shall have the meanings given in the Master Timber Management Agreement (Western Operations) effective as of January 1, 1998, by and between Client and Manager, as amended by a First Amendment to Master Timber Management Agreement dated as of July 26, 1999, collectively the “Master Agreement.”

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