Document:

Exhibit 10.36

    Exhibit
      10.36

      FIRST
        AMENDMENT TO NOTE PURCHASE AGREEMENT

       

      This
        First Amendment to Note Purchase Agreement (the “Amendment”)
        is
        entered into by and among Pope Resources, a Delaware limited partnership
        (“Borrower”),
        John
        Hancock Life Insurance Company, a Massachusetts corporation, and John Hancock
        Variable Life Insurance Company, a Massachusetts corporation (John Hancock
        Life
        Insurance Company and John Hancock Variable Life Insurance Company are
        individually and collectively referred to herein as “Note
        Holders”).
        

       

      RECITALS

       

      Borrower
        and Note Holders previously entered into that certain Note Purchase Agreement
        dated March 29, 2001 (the "Agreement"),
        in
        connection with the sale and purchase of certain Class A Fixed Rate Senior
        Secured Notes all dated March 29, 2001, in the aggregate principal amount
        of
        $30,000,000. Borrower and Note Holders wish to amend the Agreement to provide
        that all monies deposited into the Collateral Account, as defined in the
        Agreement, and all interest earned thereon, shall be applied toward incremental
        principal prepayments and shall not be applied toward any required annual
        principal payment or monthly interest payment due under Section 4.3 of the
        Agreement. Unless otherwise indicated all capitalized terms in this Amendment
        shall have the meanings attributed to them in the Agreement. 

       

      NOW,
        THEREFORE, the parties wish to amend the Agreement as follows:

       

      1. Section
        4.7 of the Agreement is amended to read as follows: “4.7 Payments
        from Collateral Account.
        With
        respect to monies deposited in the Collateral Account pursuant to Section 5.5,
        Section
        5.6,
        Section
        9.3
        and
Section
        9.4
        hereof,
        such monies, including any interest or earnings thereon, on deposit in the
        Collateral Account shall be disbursed from the Collateral Account on each
        Quarterly Payment Date as a separate incremental principal prepayment to
        reduce
        the outstanding principal balance of the Notes, subject to the applicable
        Prepayment Premium, and shall not be deemed part of or applied toward any
        required annual principal payment or monthly interest payment due under Section
        4.3 hereof. All interest and earnings on such monies held in the Collateral
        Account shall belong to Borrower and shall be applied as against the Notes
        as
        set forth above unless notice is given to the contrary by Borrower; provided,
        if
        an Event of Default exists, all such earnings and interest shall be disbursed
        and applied in the same manner as the monies otherwise deposited into the
        Collateral Account.” 

       

      2.  As
        amended herein, the Agreement is hereby confirmed and reaffirmed by Borrower
        and
        Note Holders and shall remain in full force and effect.

       

      IN
        WITNESS WHEREOF, Borrower and Note Holders have executed this Amendment as
        of
        the date(s) written below.

       

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          1-FIRST
            AMENDMENT TO NOTE PURCHASE AGREEMENT

        

        
           

          
            

          

        

        
           

        

      

      
        	
                POPE
                  RESOURCES, A DELAWARE LIMITED PARTNERSHIP,
                  a
                  Delaware limited partnership,

                 

                By: Pope
                  MGP, Inc., a Delaware corporation, its managing partner

                 

                By:__________________________________________ 

                Name:________________________________________ 

                Title:_________________________________________ 

                 

                Date:________________________,
                  2001

                 

              	
                JOHN
                  HANCOCK LIFE INSURANCE COMPANY,
                  a
                  corporation incorporated under the laws of the Commonwealth of
                  Massachusetts

                 

                By:________________________________________ 

                Name:______________________________________ 

                Title:_______________________________________ 

                 

                Date:___________________________,
                  2001

                 

              
	 	
                JOHN
                  HANCOCK VARIABLE LIFE INSURANCE COMPANY,
                  a
                  corporation incorporated under the laws of the Commonwealth of
                  Massachusetts

                 

                By:________________________________________ 

                Name:______________________________________ 

                Title:_______________________________________

                 

                Date:_________________________,
                  2001

              

      

      

       

      
        
           

        

        
          2-FIRST
            AMENDMENT TO NOTE PURCHASE AGREEMENTExhibit 10.37

    Exhibit
      10.37

      SECOND
        AMENDMENT TO NOTE PURCHASE AGREEMENT

       

      This
        Second Amendment to Note Purchase Agreement (the “Amendment”)
        is
        entered into by and among Pope Resources, a Delaware limited partnership
        (“Borrower”),
        John
        Hancock Life Insurance Company, a Massachusetts corporation, and John Hancock
        Variable Life Insurance Company, a Massachusetts corporation (John Hancock
        Life
        Insurance Company and John Hancock Variable Life Insurance Company are
        individually and collectively referred to herein as “Note
        Holders”).
        

       

      RECITALS

       

      Borrower
        and Note Holders previously entered into that certain Note Purchase Agreement
        dated March 29, 2001, as amended by instrument dated October 24, 2001 (the
        "Agreement"),
        in
        connection with the sale and purchase of certain Class A Fixed Rate Senior
        Secured Notes all dated March 29, 2001, in the aggregate principal amount
        of
        $30,000,000. Borrower and Note Holders wish to amend the Agreement in certain
        respects. Unless otherwise indicated all capitalized terms in this Amendment
        shall have the meanings attributed to them in the Agreement. 

       

      NOW,
        THEREFORE, the parties agree as follows:

       

      1.  Section
        8.14 of the Agreement is amended to read as follows: “8.14 Debt
        to Total Capitalization.
        Debt to
        Total Capitalization shall not exceed fifty percent (50%), based on the greater
        of: a) book value of partners’ capital, or b) Borrower’s closing Unit Price at
        the end of each quarter multiplied by the number of units outstanding, so
        long
        as Borrower is publicly traded.” 

       

      2.  The
        definition of Total Capitalization in Annex II of the Agreement is hereby
        amended to read as follows: “Total
        Capitalization
        - means
        Debt, plus the greater of: a) book value of partners’ capital, or b) Borrower’s
        closing Unit Price at the end of each quarter in question, multiplied by
        the
        number of units outstanding.”

       

      3.  As
        amended herein, the Agreement is hereby confirmed and reaffirmed by Borrower
        and
        Note Holders and shall remain in full force and effect.

       

      IN
        WITNESS WHEREOF, Borrower and Note Holders have executed this Amendment as
        of
        the date(s) written below.

       

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          1-SECOND
            AMENDMENT TO NOTE PURCHASE AGREEMENT

        

        
           

          
            

          

        

        
           

        

      

      
        	
                POPE
                  RESOURCES, A DELAWARE LIMITED PARTNERSHIP,
                  a
                  Delaware limited partnership,

                 

                By: Pope
                  MGP, Inc., a Delaware corporation, its managing partner

                 

                By:__________________________________________ 

                Name:________________________________________ 

                Title:_________________________________________ 

                 

                Date:________________________,
                  2003

                 

              	
                JOHN
                  HANCOCK LIFE INSURANCE COMPANY,
                  a
                  corporation incorporated under the laws of the Commonwealth of
                  Massachusetts

                 

                By:________________________________________ 

                Name:______________________________________ 

                Title:_______________________________________ 

                 

                Date:___________________________,
                  2003

                 

              
	 	
                JOHN
                  HANCOCK VARIABLE LIFE INSURANCE COMPANY,
                  a
                  corporation incorporated under the laws of the Commonwealth of
                  Massachusetts

                 

                By:________________________________________ 

                Name:______________________________________ 

                Title:_______________________________________ 

                Date:_________________________,
                  2003

              

      

      

       

      
        
           

        

        
          2-SECOND
            AMENDMENT TO NOTE PURCHASE AGREEMENT

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