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EXHIBIT 10.47
FIFTH AMENDMENT TO OPEN-END COMMERCIAL MORTGAGE
AND ASSIGNMENT OF LEASE AND RENTALS
(Secures Future Advances)
Maximum Indebtedness not to Exceed $12,800,000.00
THIS AMENDMENT TO OPEN-END COMMERCIAL MORTGAGE AND ASSIGNMENT OF
LEASES AND RENTALS, is made and entered into this 22nd day of June, 1995, by
and between Standard Federal Bank, a federal savings bank, of 0000 Xxxx Xxx
Xxxxxx Xxxx, Xxxx, Xxxxxxxx 00000 ("Mortgagee"), and Galion Solid Waste
Equipment, Inc., a Michigan corporation of 0000 Xxxxxxxx, Xxxxxxxx Xxxxxxx,
Xxxxxxxx 00000 ("Mortgagor").
WITNESSETH:
WHEREAS, on June 29, 1993, in order to secure a promissory note dated
June 29, 1993 by Mortgagor in favor of Mortgagee, Mortgagor granted to
Mortgagee an Open-End Commercial Mortgage and Assignment of Lease and Rentals
(the "Mortgage") on certain real property located in the City of Galion, County
of Xxxxxxxx and State of Ohio, which real property is more particularly
described in the attached Exhibit A; and which Mortgage was recorded on July
13, 1993, in Book 469, Page 631, Xxxxxxxx County Recorder, and
WHEREAS, the Mortgage was amended by an Amendment to Open-End
Commercial Mortgage and Assignment of Lease and Rentals, dated September 15,
1994, recorded on October 4, 1994, in Book 487, Page 428, Xxxxxxxx County
Recorder (the "First Amendment"), and
WHEREAS, the Mortgage was further amended by a Second Amendment to
Open-End Commercial Mortgage and Assignment of Lease and Rentals, dated
February 6, 1995, recorded on February 23, 1995, in Book 491, Page 630,
Xxxxxxxx County Recorder, and
WHEREAS, the Mortgage was further amended by a Third Amendment to
Open-End Commercial Mortgage and Assignment of Lease and Rentals, dated
February 16, 1995, recorded on March 13, 1995, in Book 492, Page 98, Xxxxxxxx
County Recorder (the "Third Amendment"), and
WHEREAS, the Mortgage was further amended by a Fourth Amendment to
Open-End Commercial Mortgage and Assignment of Lease and Rentals, dated May 5,
1995, recorded on May 17, 1995, in Book 494, Page 440, Xxxxxxxx County Recorder
(the "Fourth Amendment"), and
WHEREAS, the parties hereto desire to further amend the Mortgage in
the manner hereinafter set forth.
NOW, THEREFORE, in consideration of One and No/100 Dollar ($1.00) and
the mutual covenants herein contained, the parties hereto hereby agree as
follows:
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1. The Mortgage is hereby amended to secure a Third Amended and
Restated Promissory Note (Line of Credit) from the Mortgagor to Mortgagee, of
even date herewith, in the principal amount of $10,000,000.00 (the "Note"),
whereby the line of credit evidenced by the Promissory Note (Line of Credit)
secured by the Mortgage under the provisions of the First Amendment, the Third
Amendment and the Fourth Amendment has been restated and increased, such Note
identified as being secured by the Mortgage by statements thereon, including
the payment of principal and interest of such indebtedness according to the
terms of the Note, and all other amounts payable by Mortgagor thereunder, and
any and all extensions and renewals thereof, however evidenced. The Note has
been executed pursuant to a Third Amendment to Loan Agreement of even date
herewith by and between the Mortgagor and the Mortgagee (the "Loan Agreement").
The indebtedness secured by the Mortgage shall hereafter be deemed to be the
indebtedness and obligations evidenced by the Note and the Loan Agreement, in
the principal amount of $10,000,000.00 as well as a Promissory Note (Term Loan)
from the Mortgagor to Mortgagee, dated September 15, 1994, in the original
principal amount of $2,000,000.00, which note is also identified as being
secured by the Mortgage by a statement thereon, and two Promissory Notes (Line
of Credit) evidencing a line of credit with a total credit limit in the
principal amount of $800,000.00, which notes are also identified as being
secured by the Mortgage by statements thereon, such that the total original
principal amount of the indebtedness secured by the Mortgage is now
$12,800,000.00.
2. In all other respects, the Mortgage is hereby ratified and
confirmed and shall continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed as of the day and year first above written.
WITNESSES:
Galion Solid Waste Equipment, Inc.,
a Michigan corporation
By:
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E. Xxxxx Xxxxxxxx
Its: Treasurer
-------------------------- ------------------------------
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Standard Federal Bank, a federal
savings bank
By:
-------------------------- ----------------------------------------
Its:
-------------------------- ----------------------------------
STATE OF MICHIGAN )
) ss
COUNTY OF OAKLAND )
The foregoing instrument was acknowledged before me this _____ day of
_____________________, 1995, by E. Xxxxx Xxxxxxxx, who is the Treasurer of
Galion Solid Waste Equipment, Inc., a Michigan corporation, on behalf of the
corporation.
_______________________________________
Notary Public
_________________ County, Michigan
My Commission Expires:_________________
STATE OF MICHIGAN )
) ss
COUNTY OF OAKLAND )
The foregoing instrument was acknowledged before me this ____ day of
__________________, 1995, by _______________________________, a
________________________________ of Standard Federal Bank, a federal savings
bank, on behalf of the Bank.
_______________________________________
Notary Public
_________________ County, Michigan
My Commission Expires:_________________
DRAFTED BY: AFTER RECORDING RETURN TO:
Xxxxxx X. Xxxxxx Commercial Loan Department
Standard Federal Bank Standard Federal Bank
0000 Xxxx Xxx Xxxxxx Xxxx 0000 Xxxx Xxx Xxxxxx Xxxx
Xxxx, Xxxxxxxx 00000 Xxxx, Xxxxxxxx 00000
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