Document:

Exhibit 10.77

 

AMENDED AND RESTATED PROMISSORY NOTE

(Facility 1 - Revolving Line of Credit  Loan)

 

	
$25,000,000.00
    	
 
    	
March 21, 2011
    	
 
    	
Phoenix, Arizona
    

 

1.                                      Borrower’s Promise To Pay.

 

FOR VALUE RECEIVED, INVENTURE FOODS, INC., a Delaware corporation f/k/a THE INVENTURE GROUP, INC. (the “Borrower”), promises to pay to the order of U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”), at 101 N. First Avenue, Suite 1600, Phoenix, Arizona  85003, Attention:  Commercial Banking, or at such other place as the holder of this Note may from time to time designate, the principal sum of Twenty-Five Million and No/100 Dollars ($25,000,000.00) (“Maximum Loan Amount”), or such lesser amount as may be advanced and outstanding under this promissory note (the “Note”), plus interest as specified in this Note.  Bank shall not be required to make any advance if that would cause the outstanding principal of this Note to exceed the Maximum Loan Amount.  This Note evidences a revolving line of credit loan (“Loan”) made by Bank to Borrower pursuant to the terms of a loan agreement (the “Loan Agreement”) between Bank and Borrower dated as of May 16, 2007.  During the availability period described in the Loan Agreement, Borrower may repay principal amounts and reborrow them upon the terms and conditions set forth in the Loan Agreement.

 

This Note is secured by a certain Amended and Restated Security Agreement (Blanket - All Business Assets) being executed by Borrower in favor of Bank dated of even date herewith (as the same may from time to time be extended, amended, restated, supplemented, or otherwise modified, the “Security Agreement”) and may be secured by other collateral.  This Note and the Loan Agreement, together with all other documents which evidence, guaranty, secure, or otherwise pertain to the Loan collectively constitute the “Loan Documents.”  Some or all of the Loan Documents, including the Loan Agreement, contain provisions for the acceleration of the maturity of this Note.  This Note is subject to the terms and conditions of the Loan Agreement.  Capitalized terms used but not defined herein shall have the meanings set forth in the Loan Agreement.

 

2.                                      Maturity Date.  All principal and all accrued and unpaid interest and other sums due hereunder shall be due and payable on July 31, 2014 (the “Maturity Date”).

 

3.                                      Interest Rate and Payment Terms.

 

3.1                                Interest Rate.  Interest on each advance hereunder shall accrue at an annual rate equal to one and forty-five hundredths percent (1.45%) (145 basis points) plus the one-month LIBOR rate quoted by Bank from Reuters Screen LIBOR01 Page or any successor thereto, which shall be that one-month LIBOR rate in effect and reset each New York Banking Day, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation.  The term “New York Banking Day” means any day (other than a Saturday or Sunday) on which commercial banks are open for business in New York, New York.  Bank’s internal records of applicable interest rates shall be determinative in the absence of manifest error.

 

3.2                               Separate Principal Plus Interest Payments.

 

(a)                                  Interest Payments.  Interest is payable beginning April 1, 2011, and on the same date of each CONSECUTIVE month thereafter, with a final interest payment with the final payment of principal.

 

1

 

(b)                                 Principal Payment on Maturity Date.  If not sooner paid, all principal shall be due and payable on the Maturity Date.

 

3.3                               Principal Prepayments.  Borrower may prepay some or all of the principal under any Prime Rate Loan, from time to time, without payment of any prepayment premium or fee.

 

4.                                      General Interest and Payment Terms.

 

4.1                               Note Rate.  The interest rate in effect from time to time under this note is herein referred to as the “Note Rate.”

 

4.2                               Effective Contracted Rate.  Borrower agrees to pay an effective contracted for rate of interest equal to the rate of interest resulting from all interest payable as provided in this Note plus the additional rate of interest resulting from (a) any loan or facility fee(s) or other similar fees described or defined in the Loan Documents, and (b) all Other Sums.  For purposes hereof, the “Other Sums” shall mean all fees, charges, goods, things in action, or any other sums or things of value (other than interest payable as provided in this Note and any loan or facility fee) paid or payable by Borrower, whether pursuant to this Note, any of the other Loan Documents, or any other document or instrument in any way pertaining to this lending transaction, that may be deemed to be interest for the purpose of any law of the State of Arizona, or any other applicable law, that may limit the maximum amount of interest to be charged with respect to this lending transaction.  The Other Sums shall be deemed to be interest and part of the “contracted for rate of interest” for the purposes of any such law only.

 

4.3                               Usury Savings Clause.  It is expressly stipulated and agreed to be the intent of Borrower and Bank at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Bank to contract for, charge, take, reserve, or receive greater amount of interest than under state law) and that this Section shall control every other covenant and agreement in this Note and the other Loan Documents.  If applicable state or federal law should at any time be judicially interpreted so as to render usurious any amount charged, taken, reserved, or received with respect to the Loan, or if Bank’s exercise of the option to accelerate the Maturity Date, or if any prepayment by Borrower, results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Bank’s express intent that all such excess amounts theretofore collected by Bank shall be credited to the principal balance of this Note and all other indebtedness, and that the provisions of this Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder.  All sums paid or agreed to be paid to Bank for the use, forbearance, or detention of the Loan shall, to the extent not prohibited by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the maximum lawful rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 

4.4                               Calculation of Interest.  Interest will be computed for the actual days elapsed on the basis of a three hundred sixty (360) day year, which results in more interest than if a three hundred sixty-five (365) day year method were used.

 

4.5                               Payments.  Except as otherwise provided herein, all amounts payable under this Note are payable in lawful money of the United States during normal business hours on a Banking Day.  For purposes hereof, “Banking Day” means a day, other than a Saturday or Sunday, on which Bank is open for business for all banking functions in Phoenix, Arizona.  Checks and drafts constitute payment only when collected.  All payments made under this Note shall be made without offset, demand, counter-claim, deduction or recoupment (each of which is hereby waived), and acceptance by Bank of any payment in an amount less

 

2

 

than the amount then due shall be deemed an acceptance on account only, notwithstanding any notation on or accompanying such partial payment to the contrary, and shall not constitute a waiver by Bank of any Event of Default.  Except as otherwise set forth herein or in any other Loan Document, payments shall be applied in such order and manner as Bank may determine in its sole and absolute discretion.

 

5.                                      Late Payments; Default Rate

 

5.1                               Late Charge for Overdue Payments. If Bank has not received the full amount of any payment scheduled to be made under this Note, other than the final principal payment, by the end of ten (10) calendar days after the date it is due, Borrower shall pay a late charge to Bank in the amount of five percent (5%) of the overdue payment; provided, however, in no event shall any late charge be payable hereunder without Bank first having provided Borrower with any notice required by applicable law.  Borrower shall pay this late charge only once on any late payment.  This late charge shall not be construed as in any way extending the due date of any payment, and is in addition to, and not in lieu of, any other remedy Bank may have.

 

5.2                               Default Rate. Upon the occurrence of any Event of Default (subject to any applicable notice and cure periods), the unpaid balance of the Loan shall bear interest at the rate which is five percent (5%) above the then applicable Note Rate as it may thereafter change pursuant to the terms of this Note (the “Default Rate”).  Additionally, from and after the Maturity Date, or such earlier date as all sums owing on this Note become due and payable by acceleration or otherwise, the Loan shall bear interest at the Default Rate.  Accrued interest, at the Note Rate, if not paid when due, shall accrue interest at the Default Rate, as hereinabove provided, which may result in compounding of interest.  Except as otherwise set forth herein or in any other Loan Document, payments under this Note or under any other Loan Document that are due on demand, shall bear interest at the Default Rate (i) from the date costs or expenses are incurred by Bank that give rise to the demand or (ii) if there is no such date, then from the date of demand, until Borrower pays the full amount of such payment, including interest.

 

6.                                      Events of Default.  If any of the following “Events of Default” occur, any obligation of the holder to make advances under this Note terminates and, at the holder’s option, exercisable in its sole and absolute discretion, all sums of principal and interest under this note immediately become due and payable without notice of default, presentment, demand for payment, protest, or notice of nonpayment or dishonor, or other notices or demands of any kind or character:

 

6.1                               Borrower fails to perform any obligation under this Note to pay principal or interest within ten (10) days after the date when due; or

 

6.2                               Borrower fails to perform any other obligation under this Note to pay money within ten (10) days after the date when due; or

 

6.3                               Under any of the Loan Documents, a default or Event of Default occurs, except as provided in Section 7 below.

 

7.                                      Insolvency.  It is an “Event of Default” under this Note if Borrower becomes the subject of any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor relationships (“Insolvency Proceeding”), and as to any involuntary Insolvency Proceeding, it either: (i) is consented to or (ii) has not been dismissed within ninety (90) days.  Upon such an Event of Default, all sums of principal and interest under this Note automatically become immediately due and payable without notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands of any kind or character.  If Borrower becomes the subject of any Insolvency Proceeding, any obligation of the holder to make advances under this Note shall automatically terminate, and in the case of an involuntary Insolvency Proceeding which is dismissed

 

3

 

within ninety (90) days, the holder’s obligation to make advances under this Note shall resume upon the dismissal thereof.

 

8.                                      Waiver of Jury Trial.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, BORROWER WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH BORROWER AND BANK MAY BE PARTIES, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO, THIS NOTE, THE LOAN AGREEMENT, OR ANY OF THE OTHER LOAN DOCUMENTS.  IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS NOTE.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY BORROWER, AND BORROWER HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.  BORROWER FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

9.                                      Miscellaneous.

 

9.1                               Waivers.  Borrower hereby waives presentment, demand, notice of dishonor, notice of default or delinquency, notice of acceleration, notice of nonpayment, notice of costs, expenses, or losses and interest thereon; and notice of interest on interest and late charges.

 

9.2                               Delay In Enforcement.  If Bank delays in exercising or fails to exercise any of its rights under this Note, that delay or failure does not constitute a waiver of any of Bank’s rights, or of any breach, default or failure of condition of or under this Note.  No waiver by Bank of any of its rights, or of any breach, default or failure of condition is effective, unless the waiver is expressly stated in writing by Bank.

 

9.3                               Joint and Several Liability.  If more than one person or entity is signing this Note as Borrower, their obligations under this Note shall be joint and several.   As to any Borrower that is a partnership, the obligations of Borrower under this Note are the joint and several obligations of each general partner thereof.  Any married person signing this Note agrees that recourse may be had against community property assets and against his or her separate property for the satisfaction of all obligations contained herein.

 

9.4                               Heirs, Successors, and Assigns; Participations.  This Note inures to and binds the heirs, legal representatives, successors and assigns of Borrower and Bank; provided, however, Borrower may not assign this Note or any Loan funds, or assign or delegate any of its rights or obligations, without the prior written consent of Bank in each instance, which consent is at the sole and absolute discretion of Bank.  Bank, in its sole and absolute discretion, may transfer this Note, and may sell or assign participations or other interests in all or part of the Loan, on the terms and subject to the conditions of the Loan Documents, all without notice to or the consent of Borrower.  Without notice to or the consent of Borrower, Bank may disclose to any actual or prospective purchaser of any securities issued or to be issued by Bank or its affiliates, and to any actual or prospective purchaser or assignee of any participation or other interest in this Note, the Loan, or any other loans made by Bank to Borrower (whether evidenced by this Note or otherwise), any financial or other information, data or material in Bank’s possession relating to Borrower, or the Loan.  If Bank so requests, Borrower shall sign and deliver a new note, in the form and substance of this Note, to be issued in exchange for this Note.

 

4

 

9.5                               Cumulative Remedies.  All of Bank’s remedies in connection with this Note or under applicable law are cumulative, and Bank’s exercise of any one or more of those remedies shall not constitute an election of remedies.

 

9.6                               Governing Law.  This Note shall be governed by, and construed in accordance with, the laws of the State of Arizona, without regard to the choice of law rules of that State, except to the extent that any of such laws may now or hereafter be preempted by Federal law.  Borrower consents to the jurisdiction of any Federal or State court within the State of Arizona, submits to venue in such state, and also consents to service of process by any means authorized by Federal law or the law of such state.  Without limiting the generality of the foregoing, Borrower hereby waives and agrees not to assert by way of motion, defense, or otherwise in such suit, action, or proceeding, any claim that (i) Borrower is not subject to the jurisdiction of the courts of the above-referenced state or the United States District Court for such state, or (ii) such suit, action, or proceeding is brought in an inconvenient forum, or (iii) the venue of such suit, action, or proceeding is improper.

 

9.7                               Attorney’s Fees and Costs.  In any lawsuit or arbitration arising out of or relating to this Note, the Loan Documents or the Loan, the prevailing party will be entitled to recover from each other party such sums as the court or arbitrator adjudges to be reasonable attorneys’ fees in the action or arbitration, in addition to costs and expenses otherwise allowed by law.  In all other actions or proceedings, including any matter arising out of or relating to any Insolvency Proceeding, Borrower agrees to pay all of Bank’s costs and expenses, including reasonable attorneys’ fees, incurred in enforcing or protecting Bank’s rights or interests.  From the time(s) incurred until paid in full to Bank, all such sums shall bear interest at the Default Rate.  Whenever Borrower is obligated to pay or reimburse Bank for any attorneys’ fees, those fees shall include the allocated costs for services of in-house counsel.

 

9.8                               Holder’s Rights.  Borrower agrees that the holder of this Note may accept additional or substitute security for this Note, or release any security or any party liable for this Note, or extend or renew this Note, all without notice to Borrower and without affecting the liability of Borrower.

 

9.9                               Interpretation.  As used in this Note, the terms “Bank,” “holder” and “holder of this Note” are interchangeable.  As used in this Note, the word “include(s)” means “include(s), without limitation,” and the word “including” means “including, but not limited to.”

 

9.10                        Time of the Essence.  Time is of the essence with regard to all payment obligations under this Note.

 

9.11                        Amendments.  This Note may not be modified or amended except by a written agreement signed by the parties.

 

9.12                        Counterparts.  This Note may be executed in counterparts, and all counterparts constitute but one and the same document.

 

10.                               Prior Note.  This Note amends, restates, and replaces that certain a certain Promissory Note (Facility 1 - Revolving Line of Credit Loan) in the original maximum principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00) dated as of May 16, 2007, executed by Borrower, in favor of Bank (the “Prior Note”).  This Note supersedes the Prior Note as such may have been amended from time to time prior to the date hereof, and any credit outstanding thereunder shall be deemed to be outstanding under this Note.

 

5

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

6

 

IN WITNESS WHEREOF, Borrower has duly executed and delivered this Note to Bank as of the date first above written.

 

BORROWER:

 

	
INVENTURE FOODS, INC.,
    	
Address for notices to Borrower:
    
	
a Delaware corporation
    	
 
    
	
 
    	
Inventure   Foods, Inc.
    
	
 
    	
 
    	
5415   East High Street, Suite 350
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
Phoenix,   AZ 85054
    
	
 
    	
Steve   Weinberger, Chief   Financial Officer
    	
 
    	
Attention: Steve   Weinberger
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Tax I.D. #: 86-0786101
    

 

7Exhibit 10.78

 

	
Recording Requested By
   And When Recorded Mail To:

U.S. Bank National Association
   101 North First Avenue, Suite 1600
   Phoenix, AZ 85003-1902
   Attention: Commercial Banking
    	
 
    
	
 
    	
 
    
	
 
    	
Space Above For Recorder’s   Use
    

 

WASHINGTON STATE COUNTY AUDITOR’S/RECORDER’S INFORMATION (RCW 65.04):

 

GRANTOR:           RADER FARMS, INC. (“GRANTOR” and “LESSEE”)

 

GRANTEE:            U.S. BANK NATIONAL ASSOCIATION (“BENEFICIARY”)

 

 

	
ABBREVIATED
    	
 
    
	
LEGAL DESCRIPTION:
    	
Ptn. of Sections 1, 3, 4, 9, 10, 31, 33, Township 40 North, Range 3   East of W.M., Ptn. of Sections 6 and 31, Township 40 North, Range 4 East of   W.M.
    

 

[SEE ATTACHED EXHIBIT A FOR FULL LEGAL DESCRIPTION]

 

	
ASSESSOR’S PROPERTY TAX PARCEL ACCOUNT NUMBER(S):
    	
 
    	
400406 235480 0000 and 400310 258263 0000 and 400309 466060 0000 and   400405 096537 0000 and 410333 205232 0000 and 400310 121045 0000 and 400309   475078 0000 and 400309 476112 0000 and 400310 024030 0000 and 400310 067020   0000 and 400406 198523 0000 and 410431 019031 0000 and 410431 019090 0000 and   400310 207022 0000 and 400309 490232 0000 and 410431 019156 0000 and 400310 038225 0000   and 400309 505035 0000 and 400310 105237 0000 and 400309 441228 0000 and   400303 449478 0000 and 400406 037482 0000 and 400309 305089 0000 and 400310   070169 0000 and 400301 235478 0000 and 400310 187087 0000 and 400310 070085   0000 and 400309 470490 0000 and 400301 363356 0000 and 400405 104471 0000 and   400406 250460 0000 and 400304 344458 0000 and 410431 086075 0000 and 400310   213195 0000 and 400304 209456 0000 and 400303 487407 0000 and 400309 395110   0000 and 400301 402485 0000
    

 

1

 

AMENDMENT TO LEASEHOLD DEED OF TRUST 
 WITH ASSIGNMENT OF RENTS, SECURITY AGREEMENT, AND 
 FIXTURE FILING AND MEMORANDUM OF MODIFICATION 
  (Washington)

 

This Document Serves as a Fixture Filing under the Washington Uniform Commercial Code.

 

Grantor’s Organizational Identification Number is:  DE-4351069.

 

This Amendment to Leasehold Deed of Trust with Assignment of Rents, Security Agreement, and Fixture Filing and Memorandum of Modification (the “Amendment”) is dated for reference purposes as of March 21, 2011, by and between RADER FARMS, INC., a Delaware corporation, as trustor (the “Grantor”), CHICAGO TITLE INSURANCE COMPANY, as trustee (the “Trustee”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as beneficiary and secured party (the “Beneficiary”).

 

Factual Background

 

A.            Beneficiary and INVENTURE FOODS, INC., a Delaware corporation f/k/a THE INVENTURE GROUP, INC. (the “Borrower”), are parties to that certain Loan Agreement (Revolving Line of Credit Loan and Term Loan) dated as of May 16, 2007 (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “RLOC/Term Loan Agreement”).  The RLOC/Term Loan Agreement establishes (1) a revolving line of credit loan (“RLOC Loan”) to Borrower in the maximum principal amount of Twenty-Five Million and No/100 Dollars ($25,000,000.00) (the “RLOC Loan Maximum Committed Amount”), and (2) a term loan (“Term Loan”) to Borrower in the principal amount of Six Million and No/100 Dollars ($6,000,000.00) (the “Term Loan Amount”).  Bank also made a term loan (the “RE Loan”) to Borrower in the principal amount of Four Million and No/100 Dollars ($4,000,000.00) (the “RE Loan Amount”), pursuant to that certain Term Loan Agreement dated as of June 28, 2007 (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “RE Loan Agreement”).  The RLOC Loan, the Term Loan, and the RE Loan are hereinafter collectively, referred to as the “Credit Facilities” or “Loans” as applicable, each, individually, a “Credit Facility,” or “Loan,” as applicable).  All capitalized terms used herein and not defined shall have the meanings set forth in the RLOC/Term Loan Documents and/or the RE Loan Documents, as applicable.

 

B.            The RLOC Loan is evidenced by a Promissory Note Secured by Deed of Trust (Revolving Line of Credit Loan) made payable to Bank in the RLOC Loan Maximum Committed Amount (as amended, restated, renewed, replaced, supplemented or otherwise modified from time to time, the “RLOC Loan Note”).  The Term Loan is evidenced by a Promissory Note Term Loan - Interim Draw Period Converting to Term (Term Loan - Interim Draw Period Converting to Term) made payable to Bank in the Term Loan Amount (as amended, restated, renewed, replaced, supplemented or otherwise modified from time to time, the “Term Loan Note”).  The RE Loan is evidenced by a Promissory Note Secured by Deed of Trust (Term Loan) made payable to Bank in the RE Loan Amount (as amended, restated, renewed, replaced, supplemented or otherwise modified from time to time, the “RE Loan Note”).  The RLOC Loan Note, the Term Loan Note, and the RE Loan Note, as amended, restated, renewed, replaced, supplemented or otherwise modified from time to time, are hereinafter collectively, referred to as the “Notes,” each, individually, a “Note,” as applicable.

 

C.            The Notes are secured by, among other things, (i) that certain Business Security Agreement (Blanket - All Business Assets) dated as of May 16, 2007, covering all business assets of the Obligated Group (as amended, restated, replaced, supplemented or otherwise modified from time to time,

 

2

 

the “Business Security Agreement”), (ii) that certain Leasehold Deed of Trust with Assignment of Rents, Security Agreement, and Fixture Filing (Washington) by RADER FARMS, INC., a Delaware corporation (“Rader”), as grantor, and CHICAGO TITLE INSURANCE COMPANY, as trustee, and Bank, as beneficiary and secured party dated as of June 28, 2007, and recorded July 2, 2007, as Recording Number 2070700138 in the Official Records of Whatcom County, Washington (the “Deed of Trust”) covering certain real and personal property, as therein described (all collectively, the “Property”).  The Property encumbered by the Deed of Trust includes, without limitation, Rader’s Lessee’s Rights under the Ground Lease.

 

D.            Grantor has requested that Beneficiary modify certain terms and conditions of the Loans, including but not limited to, increasing the amount of the RLOC Loan by Ten Million and No/100 Dollars ($10,000,000.00) and extending the Maturity Date of the Loan to July 31, 2014, upon the terms and conditions set forth in that certain  Modification and Extension Agreement, dated of even date herewith, by and between Beneficiary and Grantor (the “Modification Agreement”).  Beneficiary, although under no obligation to do so, is willing to modify the Loans in accordance with the terms and conditions of the Modification Agreement, provided that the following amendments are made to the Deed of Trust.  All capitalized terms not defined herein shall have the meaning set forth in the Modification Agreement, or if not defined in the Modification Agreement, shall have the meaning set forth in the RLOC/Term Loan Agreement and/or the RE Loan Agreement, as applicable.

 

E.             Together with the execution hereof and pursuant to the terms of the Modification Agreement, Grantor has executed an Amended and Restated Promissory Note dated of even date herewith (the “Restated RLOC Loan Note”), made payable to Beneficiary in the stated principal amount of amount of Twenty-Five Million and No/100 Dollars ($25,000,000.00), which amends, restates, replaces, and supersedes the original RLOC Note.

 

F.             This Amendment, the Modification Agreement, the RLOC/Term Loan Agreement, the RE Loan Agreement, the Restated RLOC Loan Note, and the Deed of Trust (as amended hereby, together with all of their exhibits, and all other documents which evidence, guaranty, secure, or otherwise pertain to the Loans, as any or all of them may have been amended, modified, or restated from time to time, collectively constitute the “Loan Documents.”

 

Agreement

 

THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor and Beneficiary agree as follows:

 

1.             Accuracy of Recitals/Reaffirmation.  Grantor acknowledges the accuracy of the Recitals, and reaffirms all of its obligations under the Deed of Trust and the Loans.  Except as specifically hereby amended, the Deed of Trust shall remain in full force and effect.  Grantor’s payment and performance obligations pursuant to the Deed of Trust and the Loan Documents executed in connection with the Loans, including all extensions, amendments, renewals or replacements thereof, shall continue to be secured by the security interests and liens arising out of the Loan Documents and the Deed of Trust.

 

2.             Modification of Loan.  The Loans and the Loan Documents, including the indebtedness secured by the Deed of Trust, have been modified by the Modification Agreement and related documents thereto.

 

3.             Modifications to Deed of Trust.  The Deed of Trust is hereby modified and amended as described below.  In the event of a conflict between the terms of the RLOC/Term Loan Documents or the RE Loan Documents, and the terms of this Amendment, this Amendment shall control:

 

3

 

3.1          Modification to Deed of Trust.  Section 1.2(a)(ii) of the Deed of Trust is amended and modified to read as follows:

 

“(ii)         Payment of all obligations at any time owing under that certain Promissory Note Secured By Deeds of Trust (Facility 1 - Revolving Line of Credit Loan) (the “Facility 1 Note”) dated as of March 21, 2011, payable by Borrower as maker to the order of Beneficiary in the stated principal amount of Twenty-Five Million and No/100 Dollars ($25,000,000.00); and”

 

3.2          Restated RLOC Loan  Note.  Concurrently with the execution of this Amendment, Borrower shall execute and deliver to Bank an amended and restated promissory note in a form acceptable to Bank in its sole and absolute discretion (the “Restated RLOC Loan Note”), which Restated RLOC Loan Note shall reflect the modifications set forth in this Modification Agreement and certain other modifications by operation of the Restated RLOC Loan Note, which shall control.  The Restated RLOC Loan Note amends, restates, and replaces the RLOC Loan Note, as such may have been amended or restated from time to time prior to the date of this Amendment, and any credit outstanding under thereunder shall be deemed to be outstanding under the Restated Note.  The stated amount of the Restated RLOC Loan Note is Twenty-Five Million and No/100 Dollars ($25,000,000).

 

4.             Miscellaneous.

 

4.1          Further Assurances.  At its sole cost and without expense to the Trustee or the Beneficiary, Grantor shall do, execute, acknowledge and deliver any and all such further acts, deeds, conveyances, notices, requests for notices, financing statements and/or continuation statements (if applicable), certificates, assignments, notices of assignments, agreements, instruments and further assurances as the Trustee or the Beneficiary shall from time to time require, for the better assuring, conveying, assigning, transferring confirming and perfecting unto the Trustee and the Beneficiary the property and rights conveyed or assigned by the Deed of Trust, as supplemented hereby, or which the Grantor may be or may hereafter become bound to convey or assign to the Trustee or Beneficiary, or for carrying out the intention or facilitating the performance of the terms of the Deed of Trust, as supplemented hereby.  Grantor shall, upon the execution and delivery of this Amendment and thereafter from time to time, cause this Amendment and each instrument of further assurance to be filed, registered, recorded, given, or delivered in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to protect the lien of the Deed of Trust, as amended hereby, upon the Property, and the title of the Trustee and/or the Beneficiary to the Property, and/or leases, rents, income and profits.

 

4.2          Changes and Priority Over Intervening Liens.  As set forth in the Deed of Trust and Modification, this Amendment shall be and remain superior to the rights of the holder of any subordinate lien or encumbrance.

 

4.3          Governing Law.  This Amendment is governed by the laws of the State of Arizona, without regard to the choice of law rules of that state, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of Arizona are governed by the laws of such other jurisdiction.

 

4.4          Successors in Interest.  The terms, covenants, and conditions of this Amendment and the Deed of Trust, as modified hereby, shall be binding upon and inure to the benefit of the heirs, and permitted successors, and assigns of the parties.

 

4.5          Severability.  If any provision of this Amendment should be held unenforceable or void, that provision shall be deemed severable from the remaining provisions and shall in no way affect the validity of

 

4

 

this Amendment or the Deed of Trust, except that if such provision relates to the payment of any monetary sum, then Beneficiary may, at its option, declare all Secured Obligations (as such term is defined in the Deed of Trust, as modified hereby) immediately due and payable.

 

4.6          Counterparts.  This Amendment and any attached consents or exhibits requiring signatures may be executed in counterparts, and all counterparts constitute but one and the same document.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

5

 

IN WITNESS WHEREOF, Grantor has executed this Amended Leasehold Deed of Trust the date first above written.

 

“GRANTOR”

 

	
RADER FARMS, INC., a Delaware   corporation 
    	
Address for notices to Grantor:
    
	
 
    	
 
    
	
 
    	
Rader Farms, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
c/o Inventure Foods, Inc.
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
5415 East High Street, Suite 350
    
	
 
    	
Phoenix, AZ 85054  
    
	
 
    	
Attention: Steve Weinberger
    
				

 

 

	
STATE OF
    	
)
    
	
 
    	
) ss.
    
	
County of
    	
)
    
	
 
    	
)
    

 

On this                  day of                              , 2011, before me,                                           , a Notary Public in and for said State, personally appeared Steve Weinberger, as Chief Financial Officer of RADER FARMS, INC., a Delaware corporation, o personally known or me or o proved to me on basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

WITNESS my hand and official seal the day and year in this certificate first above written.

 

 

	
 
    	
 
    

 

6

 

“BENEFICIARY”

 

	
U.S. BANK NATIONAL ASSOCIATION,
    	
Address for notices to Beneficiary:
    
	
a national banking association 
    	
 
    
	
 
    	
U.S. Bank National Association
    
	
 
    	
101 North First Avenue, Suite 1600
    
	
By:
    	
/s/ Timothy R. Coffey
    	
 
    	
Phoenix, AZ  85003
    
	
 
    	
Timothy R. Coffey, Vice President
    	
Attention: Commercial Banking
    
				

 

 

	
STATE OF ARIZONA
    	
)
    
	
 
    	
) ss.
    
	
County of Maricopa
    	
)
    
	
 
    	
)
    

 

On this                  day of                              , 2011, before me,                                           , a Notary Public in and for said State, personally appeared Timothy R. Coffey, a Vice President of U.S. BANK NATIONAL ASSOCIATION, a national banking association, o personally known or me or o proved to me on basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

WITNESS my hand and official seal the day and year in this certificate first above written.

 

 

	
 
    	
 
    

 

7

 

Exhibit A to AMENDMENT TO LEASEHOLD DEED OF TRUST WITH ASSIGNMENT OF RENTS, SECURITY AGREEMENT, AND FIXTURE FILING AND MEMORANDUM OF MODIFICATION (Washington) dated for reference purposes as of March 21, 2011,  by RADER FARMS, INC., a Delaware corporation, as “Grantor” to CHICAGO TITLE INSURANCE COMPANY, as “Trustee” for the benefit of U.S. BANK NATIONAL ASSOCIATION, a national banking association, as “Beneficiary.”

 

Description of Property

 

PARCEL A:

 

The North half of the West half of the East half of the Northwest quarter (also known as Government Lot 3) of Section 6, Township 40 North, Range 4 East of W.M.; Except the North 420 feet of the East 332 feet thereof and except right of way for Halverstick Road tying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL B:

 

The West three-fourths of Government Lot 2 in Section 6, Township 40 North, Range 4 East of W.M., excepting a strip 16 feet wide along the West side thereof for road, and except right of way for Halverstick Road No. 257, lying along the North line thereof.  Also, the East half of the Northeast quarter of the Northwest quarter (also known as Government Lot 3) of Section 6, Township 40 North, Range 4 East of W.M.; (East half of Government Lot 3).  Except right of way for Halverstick Road No. 257, lying along the North line thereof;

 

Also, except that portion of the East half of the Northeast quarter of the Northwest quarter (also known as Government Lot 3) described as follows:

 

Beginning at the Northwest corner of the East half of the Northeast quarter of the Northwest quarter (also known as Government Lot 3); thence East 600 feet; thence South 363 feet; thence West 600 feet; thence North 363 feet to the point of beginning; Less road.

 

Except also a tract of land within Government Lot 2, also known as the Northwest quarter of the Northeast quarter of Section 6, Township 40 North, Range 4 East of W.M., said tract being more particularly described as follows:

 

Commencing at the Northwest corner of said Government Lot 2; thence South 88°13’57” East along the North line of said Government Lot 2 a distance of 313.45 feet to the true point of beginning; thence South 02°40’29” West along an existing fence line and its Southerly extension a distance of 642.79 feet; thence South 88°13’57” East a distance of 681.43 feet to the West line of the East half of said Government Lot 2; thence North 02°03’24” East along said West line a distance of 642.72 feet to the North line of said Government Lot 2; thence North 88°13’57” West along said North line a distance of 674.74 feet to the true point of beginning;

 

Except the right-of-way for Halverstick Road No. 257, lying along the Northerly line thereof.

 

Situate in Whatcom County, Washington.

 

8

 

PARCEL C:

 

Government Lot 4 (the Northwest quarter of the Northwest quarter) in Section 6, Township 40 North, Range 4 East of W.M., excepting the East 20 acres thereof, and except right of way for Halverstick Road, lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL D:

 

The West half of the West half of the Southeast quarter of the Northeast quarter of Section 1, Township 40 North, Range 3 East of W.M.

 

Also Government Lots 1 and 2, except right of way for Halverstick Road, lying along the North line thereof;

 

Also the Southwest quarter of the Northeast quarter, except that portion of Government Lot 2, described as follows:

 

Beginning at the Northeast corner of Government Lot 2; thence West 161 feet to the true point of beginning; thence West 537 feet; thence South 140 feet; thence East 537 feet; thence North 140 feet to the true point of beginning.

 

Except the South half of the Southwest quarter of the Northeast quarter;

Except the Northeast quarter of the Southwest quarter of the Northeast quarter;

Except the Southeast quarter of the Northwest quarter of the Northeast quarter;

 

Also, except that portion of Government Lot 2, described as follows:

 

The West 600 feet of the North 363 feet of Government Lot 2:

 

Together with the South 200 feet of the South half of the Southwest quarter of the Northeast quarter;

 

And also except that portion of Government Lot 2 of Section 1, Township 40 North, Range 3 East of W.M., described as follows:

 

Beginning at the Northeast corner of said Government Lot 2; thence West 161 feet to the point of beginning; thence South 140 feet; thence West 268.5 feet; thence South 33 feet; thence East 304.5 feet; thence North 173 feet; thence West 36 feet to the true point of beginning.

 

All situate in Whatcom County, Washington.

 

9

 

PARCEL E:

 

The South half of the Southwest quarter of the Northeast quarter, except the South 200 feet.  Together with the Northeast quarter of the Southwest quarter of the Northeast quarter. Also together with the Southeast quarter of the Northwest quarter of the Northeast quarter.

 

Also the East half of Government Lot 3 and a tract 50 feet square in the Northeast corner of the South half of the Northwest quarter, all in Section 1, Township 40 North, Range 3 East of W.M.

 

Except that portion of the East half of Government Lot 3, described as follows:

 

The North 363 feet of the East half of Government Lot 3, less roads.

 

Situate in Whatcom County, Washington.

 

PARCEL F:

 

Beginning at the Northwest corner of the East half of the Northeast quarter of the Northwest quarter (also known as Government Lot 3) Section 6, Township 40 North, Range 4 East, W.M.; thence East 600 feet; thence South 363 feet; thence West 600 feet; thence North 363 feet to the point of beginning.

 

Except the right-of-way for Halverstick Road, lying along the Northerly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL G:

 

The East 20 acres of Government Lot 4, except the West 165 feet of the East 330 feet of the Worth 264 feet thereof, in Section 6, Township 40 North, Range 4 East of W.M.

 

Except right of way for Halverstick Road, lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL H:

 

The West 16 feet of Government Lot 2 of Section 6, Township 40 North, Range 4 East of WM, except the right-of-way for Halverstick Road, lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL I:

 

The West 600 feet of the North 363 feet of Government Lot 2 of Section 1, Township 40 North, Range 3 East of W.M.;

 

Except the right-of-way for Halverstick Road, lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

10

 

PARCEL J:

 

The North 363 feet of the East half of Government Lot 3 of Section 1, Township 40 North, Range 3 East of W.M.

 

Except the right-of-way for Halverstick Road, lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL K:

 

The West 165 feet of the East 330 feet of the North 264 feet of the East 20 acres of Government Lot 4, Section 6, Township 40 North, Range 4 East of W.M., Whatcom County, Washington, except right of way for Halverstick Road, lying along the Northerly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL L:

 

The South 555 feet of the following described tract:

 

A tract of land situated in the Northeast quarter of the Northeast quarter of Section 3, Township 40 North, Range 3 East of W.M., described as follows:

 

Commencing at a point 40 feet of the Northwest corner of the Northeast quarter of the Northeast quarter of said Section 3; running thence East, a distance of 50 rods; thence South, a distance of 48 rods; thence West, a distance of 50 rods; thence North, a distance of 48 rods to the point of beginning.  Except right-of-way for Halverstick Road.

 

Situate in Whatcom County, Washington.

 

PARCEL M:

 

The East half of the Northeast quarter of Section 3, Township 40 North, Range 3 East of W.M.; Except the North 48 rods thereof; Except 40 feet of the West 50 rods thereof; And also except the South half of the Southeast quarter of the Northeast quarter thereof; And except right-of-way for Halverstick Road No. 419 lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL N:

 

The North 15 acres of the West 20 acres of the South half of the Southeast quarter of Section 9, Township 40 North, Range 3 East of W.M.; Except right-of-way for county road over the East 20 feet as conveyed to Whatcom County by deed recorded August 14, 1908, under Auditors File No. 123163; Except the right-of-way for East Badger Road lying along the Southerly line thereof.

 

Situate in Whatcom County, Washington.

 

11

 

PARCEL N-1:

 

An easement for ingress, egress and utilities as disclosed by that certain instrument recorded December 29, 1975. under Whatcom County Auditor’s File No. 1205059.

 

This easement is for the benefit of Parcel N alone.

 

Situate in Whatcom County, Washington.

 

PARCEL O:

 

The South half of the Northwest quarter of the Southeast quarter of Section 9, Township 40 North, Range 3 East of W.M.; Except right-of-way for county road over the South 40 feet conveyed to Whatcom County by deed recorded August 14, 1908, under Auditors File No. 123760.

 

Also, the Southwest quarter of the Southeast quarter, except the West 20 acres thereof; And the West half of the Southeast quarter of the Southeast quarter, except the East 3 acres of the Northwest quarter of the Southeast quarter of the Southeast quarter; And except the North 150 feet of the East 150 feet of the Southwest quarter of the Southeast quarter of the Southeast quarter; And except the East 16 feet of the Southwest quarter of the Southeast quarter of the Southeast quarter; And except right-of-way for East Badger Road No. 408 lying along the South line thereof.  All in said Section 9.

 

Situate in Whatcom County, Washington.

 

PARCEL P:

 

The West 10 acres of the following described tract:

 

The North half of the Northeast quarter of the Southeast quarter, and the North 30 feet of the South half of the Northeast quarter of the Southeast quarter of Section 9, Township 40 North, Range 3 East of W.M., also, excepting therefrom the right-of-way for Haveman Road lying along the Northerly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL Q:

 

The North 150 feet of the East 150 feet of the Southwest quarter of the Southeast quarter of the Southeast quarter, and the East 16 feet of the Southwest quarter of the Southeast quarter of the Southeast quarter; Except right-of-way for East Badger Road No. 408 lying along the South line thereof, in Section 9, Township 40 North, Range 3 East of W.M. Except that portion conveyed to the State of Washington for highway purposes by deed recorded July 27, 1989, under Auditor’s File No. 1641973.

 

Situate in Whatcom County, Washington.

 

12

 

PARCEL R:

 

The South 203 feet of the Northeast quarter of the Southeast quarter of the Southeast quarter and the South 203 feet of the East 3 acres of the Northwest quarter of the Southeast quarter of the Southeast quarter, all in Section 9, Township 40 North, Range 3 East of W.M., except the East 450 feet thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL S:

 

The Northeast quarter of the Southeast quarter of the Southeast quarter and the East 3 acres of the Northwest quarter of the Southeast quarter of the Southeast quarter, all in Section 9, Township 40 North, Range 3 East of W.M., excepting therefrom the South 203 feet of the Northeast quarter of the Southeast quarter of the Southeast quarter, and the South 203 feet of the East 3 acres of the Northwest quarter of the Southeast quarter of the Southeast quarter of said section. Except the East 450 feet thereof, Except the right-of-way for Line Road tying along the Easterly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL S-1:

 

An easement for the perpetual benefit of the present and successive owners of the above-described property for ingress, egress and utilities over, under and across the following described property:

 

The North 60 feet of the East 450 feet of the following described property:

 

The Northeast quarter of the Southeast quarter of the Southeast quarter, and the East 3 acres of the Northwest quarter of the Southeast quarter of the Southeast quarter, all in Section 9, Township 40 North, Range 3 East of W.M., excepting therefrom the South 203 feet of the Northeast quarter of the Southeast quarter of the Southeast quarter, and the South 203 feet of the East 3 acres of the Northwest quarter of the Southeast quarter of the Southeast quarter of said section.  Except right-of-way for Line Road lying along the East line thereof.

 

Situate in Whatcom County, Washington.

 

13

 

PARCEL T:

 

That portion of the following described tract of land lying West of a line being a Northerly extension of the West line of the tract of land conveyed by deed recorded April 12, 1988, under Auditors File No. 1599600, more particularly described as follows:

 

The North half of the Northeast quarter of the Southeast quarter, and the North 30 feet of the South half of the Northeast quarter of the Southeast quarter of Section 9, Township 40 North, Range 3 East of W.M., excepting therefrom those parcels of land conveyed to deeds on May 11, 1972, April 29, 1977, February 20, 1980, March 13, 1986, and April 12, 1988, under Auditor’s File Nos. 1114731, 1250007, 1350015, 1531510 and 1599600, respectively.  Also excepting thereof the rights-of-way for Haveman Road lying along the Northerly line thereof, and Line Road lying along the Easterly line thereof. Also, except the West 10 acres thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL U:

 

The Southeast quarter of the Southeast quarter of the Southeast quarter of Section 9, Township 40 North, Range 3 East of W.M., except right-of-way for East Badger Road No. 408 lying along the South line thereof, and except right-of-way for Line Road No. 149 lying along the East line thereof. Also, except those portions deeded to the State of Washington for highway purposes recorded June 27, 1989 under Auditor’s File Nos. 1641973 and 1641974, respectively.

 

Situate in Whatcom County, Washington.

 

PARCEL V:

 

Beginning at the Southwest corner of Section 10, Township 40 North, Range 3 East of W.M.; thence East 365 feet; thence North 600 feet; thence West 365 feet to the West section line; thence South 600 feet along the West section line to the point of beginning. Except the right-of-way for East Badger Road lying along the Southerly line thereof, and also except the right-of-way for Line Road lying along the Westerly line thereof.  Except that portion deeded to the State of Washington for road purposes by deed recorded April 18, 1989, under Whatcom County Auditor’s File No. 1634072.

 

Situate in Whatcom County, Washington.

 

PARCEL W:

 

The Northwest quarter of the Northwest quarter of the Southwest quarter and the South one-half of the Northwest quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., excluding that portion of the Northwest quarter of the Southwest quarter of that section described as follows:

 

Beginning at the Southwest corner of the Northwest quarter of the Southwest quarter; thence North along the West line, 899 feet, 4 inches East, parallel with the North section tine, 200.0 feet; thence South, parallel with the West section line, 339.4 feet; thence East, parallel with the North section line, 460.0 feet; thence North, parallel with the West section line, 100.0 feet; thence East, parallel with the North section line to the East line of the Northwest quarter of the

 

14

 

Southwest quarter; thence South along the East line of the Northwest quarter of the Southwest quarter to the Northeast corner of the Northwest quarter of the Southwest quarter; thence West along the South line of the Northwest quarter of the Southwest quarter to the point of beginning. Except the right-of-way of County Road 149 (commonly referred to as Line Road) lying along the West line thereof, and except the right-of-way of the County Road 649 (commonly referred to as Haveman Road) along the North line thereof. Except the West 200,0 feet of the North 220.0 feet thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL X:

 

Beginning 365 feet East of the Southwest corner of Section 10, Township 40 North, Range 3 East, the true point of beginning; thence continuing East 600 feet; thence North 365 feet; thence West 600 feet; thence South 365 feet to the true point of beginning.  Except the right-of-way for East Badger Road lying along the Southerly line thereof.  Except that portion deeded to the State of Washington for road purposes by deed recorded April 18, 1989, under Whatcom County Auditor’s File No. I 634072.

 

Situate in Whatcom County, Washington.

 

PARCEL Y:

 

The Southwest quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., except the South 571.28 feet of the East 305.00 feet thereof. Except a tract beginning 365.00 feet East of the Southwest corner of said Section 10, the true point of beginning; thence continuing East 600.00 feet; thence North 365.00 feet; thence West 600.00 feet; thence South 365.00 feet to the true point of beginning. Also except a tract beginning at the Southwest corner of said Section 10; thence East 365.00 feet; thence North 600.00 feet; thence West 365.00 feet to the West section line; thence South 600.00 feet along the West section line to the point of beginning. And except right-of-way for East Badger Road lying along the Southerly line thereof, and also except the right-of-way for Line Road lying along the Westerly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL Z:

 

The portion of the Northwest quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., described as follows:

 

Beginning at the Southwest corner of the Northwest quarter of the Southwest quarter of said section; thence North along the West line, 899 feet, 4 inches; thence East, parallel with the North line of said section, 200.0 feet; thence South, parallel with the West line of said section 339.4 feet; thence East, parallel with the North line of said section, 460.0 feet; thence North, parallel with the West line of said section, 100.0 feet; thence East, parallel with the North line of said section to the East line of the Northwest quarter of the Southwest quarter of said section; thence South along the East line of the Northwest quarter of the Southwest quarter to the Southeast corner of the Northwest quarter of the Southwest quarter of said section; thence West along the South line of the Northwest quarter of the Southwest quarter to the true point of beginning. Except the South 264.0 feet of the West 160.0 feet of the Southwest quarter of the Northwest quarter of the Southwest quarter of said Section 10; and except the North 335 feet, 4 inches of the South 599 feet, 4 inches of the West 130.0 feet of the Southwest quarter of the Northwest quarter of the Southwest quarter of said Section 10; and except right-of-way for Line Road No. 149 lying along the West line thereof; and except right-of-way for Haveman Road No. 649 lying along

 

15

 

the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL AA:

 

The Northeast quarter of the Northwest quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., except right-of-way for Haveman Road (County Road No. 649) lying along the North line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL BB:

 

The South 571.28 feet of the East 305.00 feet of the Southwest quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., except right-of-way for East Badger Road lying along the South line thereof, and except the South 325.00 feet thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL CC:

 

The West half of the East half of the Southeast quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., also the West half of the Southeast quarter of the Southwest quarter of said Section 10; except the South 325 feet of the West 400 feet thereof; also, except a tract beginning 400 feet East of the Southwest corner of the Southeast quarter of the Southwest quarter of said Section 10, the true point of beginning; thence North 400 feet; thence East 625 feet, more or less, to the East line of the West half of the East half of the Southeast quarter of the Southwest quarter; thence South 400 feet; thence West 625 feet, more or less, to the point of beginning.  All except East Badger Road lying along the Southerly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL DD:

 

Beginning 400 feet East of the Southwest corner of the Southeast quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., the true point of beginning; thence North 400 feet; thence East 625 feet, more or less, to the East line of the West half of the East half of the Southeast quarter of the Southwest quarter; thence South 400 feet; thence West 625 feet, more or less, to the point of beginning. Except the right-of-way for East Badger Road lying along the Southerly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL EE:

 

The Northeast quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., except the North 5 rods of the East 16 rods of the Northeast quarter of the Southwest quarter of said Section 10, and except right-of-way for Haveman Road No. 649 lying along the Northerly line thereof, and except right-of-way for Northwood Road (County Road No. 185) lying along the Easterly line thereof.

 

16

 

Situate in Whatcom County, Washington.

 

PARCEL FF:

 

The North 5 rods of the East 16 rods of the Northeast quarter of the Southwest quarter of Section 10, Township 40 North, Range 3 East of W.M., and except right-of-way for Haveman Road No. 649 lying along the North line thereof, and except right-of-way for Northwood Road (County Road No. 185) lying along the Easterly line thereof.

 

Situate in Whatcom County, Washington.

 

PARCEL GG:

 

Government Lot 3, except the South 366 feet of the West 165 feet thereof, Section 33, Township 41 North, Range 3 East of W.M., except East Boundary Road lying along the Northerly line thereof, and except right-of-way for Assink Road lying along the Easterly line thereof.

 

Also except the following described tract:

 

Beginning at the Northwest corner of said Government Lot 3; thence South 327 feet, more or less, to the North line of the South 366 feet of said Government Lot 3; thence East 165 feet; thence South 23 feet; thence East 497 feet; thence North 350 feet, more or less, to the North line of said Government Lot 3; thence West to the point of beginning.

 

Together with the Northeast quarter of the Southwest quarter (except the West 10 rods thereof), in Section 33, except right-of-way for Assink Road.

 

Situate in Whatcom County, Washington.

 

PARCEL GG-1:

 

A perpetual non-exclusive easement for the existing poles and overhead power lines now in place (and the right to enter the premises for maintenance, repair and replacement of the same) under, over, through and across the property described as follows:

 

The West 70 feet of the East 110 feet of a tract of land described as follows:

 

Beginning at the Northwest corner of Government Lot 3 of Section 33, Township 41 North, Range 3 East of W.M.; thence South 327 feet, more or less, to the North line of the South 386 feet of said Government Lot 3; thence East 165 feet; thence South 23 feet; thence East 497 feet; thence North 350 feet, more or less, to the North line of said Government Lot 3; thence West to the point of beginning.

 

The easement is for the benefit of Parcel GG above.

 

Situate in Whatcom County, Washington.

 

PARCEL GG-2:

 

An easement, 15 feet in width, for the purposes of installing, utilizing and maintaining a pressurized underground pipeline as disclosed by that certain instrument recorded January 10, 2003, under Whatcom

 

17

 

County Auditor’s File No.2030101660.

 

The easement is for the benefit of Parcel GG above.

 

Situate in Whatcom County, Washington.

 

PARCEL HH:

 

Government Lots Sand 6 of Section 31, Township 41 North, Range 4 East of the Willamette Meridian, except that portion thereof lying within Holmquist Road and Halverstick Road;

 

Also, except that portion of Government Lots 5 and 6, described as follows:

The West 363 feet of Government Lots 5 and 6, except the South 1200 feet thereof;

And except that portion lying North of the South line of Judson Lake; less roads;

 

Also, except that portion of Government Lot 6, described as follows:

The West 353 feet of the South 600 feet; less roads;

 

Also, except that portion of Government Lot 6, described as follows:

The West 363 feet of the South 1200 feet of Government Lot 6, except the South 600 feet thereof;

less roads;

 

Situate in Whatcom County, Washington.

 

PARCEL II:

 

The West 363 feet of Government Lots 5 and 6 of Section 31, Township 41 North, Range 4 East of W.M.;

 

Except the South 1200 feet thereof;

 

And except that portion lying North of the South line of Judson Lake: less roads. Situate in Whatcom County, Washington.

 

PARCEL JJ:

 

The West 363 feet of the South 600 feet of Government Lot 6 of Section 31, Township 41 North, Range 4 East of W,M.; Less roads;

 

Situate in Whatcom County, Washington.

 

18

 

PARCEL KK:

 

The West 363 feet of the South 1200 feet of Government Lot 6 of Section 31, Township 41 North, Range 4 East of W.M.;

 

Except the South 600 feet thereof; Less roads;

 

Situate in Whatcom County, Washington.

 

Parcel LL:

 

Government Lot 2, except the South 49 1/2 feet thereof of Section 4, Township 40 North, Range 3  East of W.M.;

 

Except right of way for Assink Road lying along the West line thereof;

 

Also

 

Government Lot 3, Section 4, Township 40 North, Range 3 East of W.M., EXCEPT 30 feet off the East side deeded to Whatcom County for road; except Assink Road.

 

Situate in Whatcom County, Washington.

 

Parcel MM:

 

The Northeast quarter of the Northeast quarter of Section 9, Township 40 North, Range 3 East of W.M., except therefrom the South half of the Southwest quarter of the Northeast quarter of the Northeast quarter of said Section 9 and excepting therefrom the South half of the Southeast quarter of the Northeast quarter of the Northeast quarter of Section 9, Township 40 North, Range 3 East of W.M., except Pangborn Road.

 

Situate in Whatcom County, Washington.

 

Street Address of Property

 

1270 East Badger Road

Lynden, Washington

 

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]