|
E.To evidence the amendment to the terms of the Loan, the Mortgagee has agreed to
<br />deliver to the Mortgagee (i) the First Amendment to Security Agreement, of even date herewith (the
<br />“First Amendment to Security Agreement”), between Morrell Oversize, Inc. (“Morrell Oversize”) and the
<br />Mortgagor, which amends the Security Agreement, dated August 6, 2015 (the “Original Security
<br />Agreement, and together with the First Amendment to Security Agreement, the “Security Agreement”),
<br />between Morrell Oversize and the Mortgagor; (ii) this First Amendment to Mortgage; (iii) the Amended
<br />and Restated Personal Guaranty, of even date herewith (the “Amended and Restated Personal
<br />Guaranties”), from Terry Morrell and Renee Morrell, which amends and restates the Personal Guaranty,
<br />dated August 6, 2015 (the “Original Personal Guaranties, and together with the Amended and Restated
<br />Personal Guaranties, the “Personal Guaranties”) from Terry Morrell and Renee Morrell; (iv) the
<br />Amended and Restated Entity Guaranty, of even date herewith (the “Amended and Restated Entity
<br />Guaranty”), from Morrell Oversize, which amends and restates the Entity Guaranty, dated August 6,
<br />2015 (the “Original Entity Guaranty, and together with the Amended and Restated Entity Guaranty, the
<br />“Entity Guaranty”), from Morrell Oversize to the Mortgagor; (v) the First Amendment to Loan
<br />Agreement, dated as of the date hereof (the “First Amendment to Loan Agreement” and together with the
<br />Original Loan Agreement, the “Loan Agreement”), between the Mortgagor and the Mortgagee which
<br />amends the Original Loan Agreement; and (vi) the Amended and Restated Promissory Note, dated the
<br />date hereof (the “Amended and Restated Promissory Note” and together with the Original Promissory
<br />Note, the “Note”), from the Mortgagee to the Mortgagor.
<br />F.This is a mortgage amendment as defined in Minnesota Statutes, Section 287.01,
<br />Subdivision 2, and as such it does not secure a new or an increased amount of debt. Minn. Stat. 287.05,
<br />Subdivision 8. Mortgage registry tax was paid with respect to the indebtedness secured by the Mortgage
<br />on the date of recording.
<br />NOW, THEREFORE, in consideration for the amendments to terms of the Loan set forth in this
<br />First Amendment to Mortgage, the First Amendment to Loan Agreement, and the Amended and Restated
<br />Promissory Note and the mutual promises and covenants contained herein, the Mortgagee and Mortgagor
<br />agree as set forth below:
<br />On the date hereof, the Loan remains outstanding in the amount of1.
<br />$153,415.81.154,170.63.
<br />The maturity date of the Loan shall be extended to August 6,1, 2022.2.
<br />The term “Loan Agreement” as used in the Original Mortgage, as amended by this First3.
<br />Amendment to Mortgage shall mean the Original Loan Agreement as amended by the First
<br />Amendment to Loan Agreement.
<br />The term “Promissory Note” or “Note” as used in the Original Mortgage, as amended by4.
<br />this First Amendment to Mortgage shall mean the Original Promissory Note as amended by
<br />the Amended and Restated Promissory Note.
<br />Except as specifically amended by this First Amendment to Mortgage, the Original5.
<br />Mortgage is here by ratified and confirmed in all respects, remains in full force and effect,
<br />and is incorporated herein by reference.
<br />[Signature Page follows]
<br />2
<br />EL185\33\693027.v2
|