Document:

Exhibit 10.2

 

JOINDER TO CREDIT AGREEMENT

 

THIS JOINDER TO CREDIT AGREEMENT (this “Agreement”) is made this 28th day of June, 2013, by and among CORESITE, L.P., a Delaware limited partnership (“Parent Borrower”), the Subsidiary Borrowers party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (the “Agent”).

 

R E C I T A L S

 

WHEREAS, the Parent Borrower and the Subsidiary Borrowers have entered into that certain Second Amended and Restated Credit Agreement dated as of January 3, 2013 (the “Credit Agreement”) with KeyBank National Association, as Administrative Agent (the “Agent”) on behalf of certain Lenders and the various Lenders party thereto (unless otherwise defined herein, capitalized terms defined in the Credit Agreement shall have the same meaning in this Agreement); and

 

WHEREAS, at the request of the Borrowers, Wells Fargo Bank, National Association (“Wells”) has agreed to issue a Commitment and become a Lender under the Credit Agreement.

 

NOW, THEREFORE, in consideration of the recitals herein and mutual covenants and agreements contained herein, the parties hereto hereby agree as follows:

 

1.                                      Wells hereby (a) acknowledges, agrees and confirms that, by its execution of this Agreement, it will be deemed to be a Lender for all purposes of the Credit Agreement and the other Loan Documents, issues its Commitment thereunder in the amount of $25,000,000.00, and shall have all of the rights and obligations of a Lender thereunder as if it had executed the Credit Agreement and the other Loan Documents; (b) agrees to be bound by, all of the terms, provisions and conditions contained in the Loan Documents applicable to a Lender; (c) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to become a Lender under the Credit Agreement; (d) confirms that all approvals and authorizations required to permit the execution, delivery, performance and consummation by Wells of this Agreement, and the performance by Wells as a Lender under the Credit Agreement, have been obtained; (e) agrees that it will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other Loan Document; and (f) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent by the terms thereof together with such powers as are reasonably incidental thereto.  As of the date of this Agreement, Wells shall be a party to the Credit Agreement and the other Loan Documents and shall have the rights and obligations of a Lender thereunder

 

2.                                      The Credit Agreement is hereby deemed modified to reflect the increase in the Total Commitment evidenced hereby and the addition of Wells as a Lender under the Credit

 

 

Agreement, and Schedule 1.1 attached hereto is hereby substituted in lieu of the pre-existing Schedule 1.1 to the Credit Agreement, to reflect the joinder of Wells.

 

3.                                      The Borrowers represent and warrant to the Lenders that after giving effect to this Agreement (a) the representations and warranties made by the Borrowers in the Loan Documents or otherwise made by or on behalf of the Borrowers in connection therewith or after the date thereof were true and correct in all material respects when made and remain true and correct in all material respects on the date the Total Commitment is increased, and (b) no event has occurred and is continuing which constitutes a Default or an Event of Default.

 

4.                                      Each Borrower represents and warrants as follows:

 

(a)                                 It has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

 

(b)                                 This Agreement has been duly executed and delivered by each Borrower and constitutes each Borrowers’ legal, valid and binding obligations, enforceable in accordance with its terms.

 

(c)                                  No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by Borrowers of this Agreement.

 

5.                                      Except as expressly amended hereby, the remaining terms and conditions of the Credit Agreement shall continue in full force and effect.  All future references to the “Credit Agreement” shall be deemed to be references to the Credit Agreement, as amended by this Agreement.  It is intended that this Agreement be governed by the laws of the State of New York, including, without limitation, New York General Obligations Law Section 5-1401.

 

6.                                      This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto.

 

7.                                      For the purpose of facilitating the execution of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute and be one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same legal effect as originals.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

2

 

IN WITNESS WHEREOF, each of the undersigned have caused this Agreement to be executed by its duly authorized representatives as of the date first set forth above.

 

 

	
 
    	
PARENT   BORROWER:
    
	
 
    	
 
    
	
 
    	
CORESITE,   L.P., a Delaware limited partnership, by its general partner, CoreSite   Realty Corporation, a Maryland corporation 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless 
    
	
 
    	
Name:
    	
Derek   S. McCandless 
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and

General   Counsel 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(SEAL)
    

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

3

 

	
 
    	
SUBSIDIARY   BORROWERS:
    
	
 
    	
 
    
	
 
    	
CORESITE   REAL ESTATE 70 INNERBELT, L.L.C., a Delaware limited   liability company   
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Derek S. McCandless
    
	
 
    	
Name:  
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
 Senior Vice President,   Legal, Secretary and

General   Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    	
 
    
	
 
    	
CORESITE   REAL ESTATE 900 N. ALAMEDA, L.L.C., a Delaware limited   liability company   
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Derek S. McCandless
    
	
 
    	
Name:  
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
 Senior Vice President,   Legal, Secretary and

General   Counsel 
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    	
 
    
	
 
    	
CORESITE   REAL ESTATE 2901 CORONADO, L.L.C., a Delaware limited   liability company  
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Derek S. McCandless
    
	
 
    	
Name:  
    	
 Derek S. McCandless
    
	
 
    	
Title:
    	
 Senior Vice President,   Legal, Secretary and

General   Counsel 
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    	
 
    
	
 
    	
CORESITE   REAL ESTATE 1656 MCCARTHY, L.L.C., a Delaware limited   liability company 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Derek S. McCandless
    
	
 
    	
Name:  
    	
 Derek S. McCandless
    
	
 
    	
Title:
    	
 Senior Vice President,   Legal, Secretary and

General   Counsel 
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    

 

4

 

	
 
    	
CORESITE   REAL ESTATE 427 S. LASALLE, L.L.C., a Delaware limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless
    
	
 
    	
Name:
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and

General   Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    	
 
    
	
 
    	
CORESITE   CORONADO STENDER, L.L.C., a Delaware limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless
    
	
 
    	
Name:   
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and

General   Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    	
 
    
	
 
    	
CORESITE   REAL ESTATE 2115 NW 22ND STREET, L.L.C., a Delaware limited liability   company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless
    
	
 
    	
Name:   
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and

General   Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    	
 
    
	
 
    	
CORESITE   ONE WILSHIRE, L.L.C., a Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless
    
	
 
    	
Name:   
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and

General   Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    

 

5

 

	
 
    	
CORESITE   REAL ESTATE 12100 SUNRISE VALLEY DRIVE L.L.C., a Delaware limited liability   company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless
    
	
 
    	
Name:   
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

6

 

	
 
    	
AGENT   AND LENDER:
    
	
 
    	
 
    
	
 
    	
KEYBANK   NATIONAL ASSOCIATION, as Lender and as Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
/s/   Gregory Lane
    
	
 
    	
Name:
    	
Gregory   Lane
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
(SEAL)
    
	
 
    	
 
    
	
Address:

 

KeyBank   National Association

225   Franklin Street

Boston,   Massachusetts 02110

Attention:    Gregory W. Lane

Telephone:          617-385-6212

Facsimile:          617-385-6293
    	
 
    

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

7

 

	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin Stacker
    
	
 
    	
Name:
    	
Kevin   Stacker
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
(SEAL)
    

 

 

	
Address:
    	
 
    
	
 
    	
 
    
	
Wells   Fargo Bank, National Association
    	
 
    
	
1800   Century Park East
    	
 
    
	
Suite 1200
    	
 
    
	
Los   Angeles, California 90067
    	
 
    
	
Attention:   Ryan S. Gawel
    	
 
    
	
Telephone:
    	
(310) 789-3787
    	
 
    	
 
    
	
Facsimile:
    	
(310) 789-3733
    	
 
    	
 
    

 

8

 

SCHEDULE 1.1

 

LENDERS AND COMMITMENTS

 

	
Name and Address
    	
 
    	
Revolving Credit
   Commitment
    	
 
    	
Revolving Credit
   Commitment
   Percentage
    	
 
    	
Alternative
   Currency Funding
   Commitment
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
KeyBank   National
   Association
   225 Franklin Street
   Boston, Massachusetts 02110
   Attention: Gregory W. Lane
   Telephone: 617 385 6212
   Facsimile: 617- 385-6293
    	
 
    	
$
    	
65,000,000.00
    	
 
    	
16.049382716049
    	
%
    	
$
    	
6,419,753.09
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bank   of America, N.A.
   315 Montgomery Street, 6th
   Floor
   CA5-704-06-37
   San Francisco, California
   94104-1866
   Attention: James P. Johnson
   Telephone: 415-913-4699
   Facsimile: 415-913-2356 
    	
 
    	
$
    	
45,000,000.00
    	
 
    	
11.111111111111
    	
%
    	
$
    	
4,444,444.44
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
CitiBank,   N.A.
   388 Greenwich Street, 23rd
   Floor
   New York, New York 10013
   Attention: Chiara Weisbrod
   Telephone: 212-723-6559
   Facsimile: 646-688-2077 
    	
 
    	
$
    	
45,000,000.00
    	
 
    	
11.111111111111
    	
%
    	
$
    	
4,444,444.44
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

	
Name and Address
    	
 
    	
Revolving Credit
   Commitment
    	
 
    	
Revolving Credit
   Commitment
   Percentage
    	
 
    	
Alternative
   Currency Funding
   Commitment
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Royal   Bank of Canada
   New York Branch
   Three World Financial
   Center
   200 Vesey Street
   New York, NY 10281-8098
   Attn:  Manager, Loans
   Administration
   Telephone:  877-332-7455
   Facsimile:  212-428-237 
    	
 
    	
$
    	
65,000,000.00
    	
 
    	
16.049382716049
    	
%
    	
$
    	
6,419,753.09
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Credit   Suisse AG, Cayman
   Islands Branch
   Eleven Madison Avenue, 19th
   Floor
   New York, NY 10010
   Attention: William O’Daly,
   Vice President
   Telephone: 212-325-1986
   Facsimile: 212-743-2254 
    	
 
    	
$
    	
35,000,000.00
    	
 
    	
8.641975308642
    	
%
    	
$
    	
3,456,790.12
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Regions   Bank
   1900 5th Avenue North, 15th
   Floor
   Birmingham, Alabama 35203
   Attention: Kerri Raines
   Telephone: 205 801 0621
   Facsimile: 205 264 5456 
    	
 
    	
$
    	
65,000,000.00
    	
 
    	
16.049382716049
    	
%
    	
$
    	
6,419,753.09
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
CoBank,   ACB
   550 South Quebec Street.
   Greenwood Village, Co.
   80111
    	
 
    	
$
    	
10,000,000.00
    	
 
    	
2.469135802469
    	
%
    	
$
    	
987,654.32
    	
 
    

 

 

	
Name and Address
    	
 
    	
Revolving Credit
   Commitment
    	
 
    	
Revolving Credit
   Commitment
   Percentage
    	
 
    	
Alternative
   Currency Funding
   Commitment
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:   Nicholas Heslip
   Telephone: 303 740 4154
   Facsimile: 303 740 4002
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as above
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Jefferies   Group, Inc.
   Jefferies & Company, Inc.
   520 Madison Avenue, 7th
   Floor
   New York, NY 10022
   Telephone: 212.323.3932
   Facsimile: 646.786.5849
    	
 
    	
$
    	
25,000,000
    	
 
    	
6.172839506173
    	
%
    	
$
    	
2,469,135.80
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as above
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Toronto   Dominion (Texas)
   LLC
   c/o TD Securities
   Royal Trust Tower, 25th
   Floor
   77 King Street West
   Toronto Ontario M5K 1A2
   Attention: Ruth Bengo
   Telephone: 416-983-8879
   Facsimile: 416-983-0003
    	
 
    	
$
    	
25,000,000
    	
 
    	
6.172839506173
    	
%
    	
$
    	
2,469,135.80
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Wells   Fargo Bank, National
   Association
   1800 Century Park East
   Suite 1200
   Los Angeles, California
   90067
   Attention: Ryan S. Gawel
   Telephone: (310) 789-3787
   Facsimile: (310) 789-3733 
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
6.172839506173
    	
%
    	
$
    	
2,469,135.80
    	
 
    

 

 

	
Name and Address
    	
 
    	
Revolving Credit
   Commitment
    	
 
    	
Revolving Credit
   Commitment
   Percentage
    	
 
    	
Alternative
   Currency Funding
   Commitment
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
LIBOR   Lending Office
   Same as Above 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

Consent and Acknowledgment of Guarantor

 

The undersigned, as a Guarantor under that certain Second Amended and Restated Guaranty dated January 3, 2013 (the “Guaranty”) executed by the undersigned in favor of the Agent and the Lenders,  hereby consents to, and agrees to be bound by, this Agreement and hereby confirms and agrees that, notwithstanding this Agreement, the Guaranty and each other Loan Document to which it is a party are, and shall continue to be, in full force and effect and are hereby confirmed and ratified in all respects.

 

	
 
    	
GUARANTOR:
    
	
 
    	
 
    
	
 
    	
CORESITE   REALTY CORPORATION, a Maryland corporation 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek S. McCandless
    
	
 
    	
Name:
    	
Derek   S. McCandless
    
	
 
    	
Title:
    	
Senior   Vice President, Legal, Secretary and
   General CounselExhibit 10.1

 

DEMAND PROMISSORY NOTE

 

	
$300,000.00
    	
As of May 23, 2013
    

 

FOR VALUE RECEIVED, The Bank of New York Mellon Trust Company, N.A., solely in its capacity as trustee for the TEL OFFSHORE TRUST, a trust formed under the laws of the State of Texas, having an address at 919 Congress Avenue, Austin, Texas 78701 (“Borrower”), promises to pay ON DEMAND to the order of THE BANK OF NEW YORK MELLON, N.A.(“Lender”), whose address is 919 Congress Avenue, Austin, Texas 78701, at said address or such other address as may be designated in writing by the holder hereof from time to time, the principal sum of THREE HUNDRED THOUSAND AND No/100 Dollars ($300,000.00), together with interest on said principal, at a rate equal to one-half percent (0.5%) per annum, provided, however, that in no event shall such rate exceed the maximum legal rate of interest permitted by applicable law.

 

This Note evidences an extension of credit for borrowed money authorized under Section 6.08 of the Trust Agreement dated as of January 1, 1983, by and among Tenneco Offshore Company, Inc., Texas Commerce Bank National Association, Horace C. Bailey, Joseph C. Broadus and F. Arnold Daum.

 

All amounts outstanding under this Note will be due and payable in cash on the earliest to occur of (i) the date written demand for payment is made by Lender or (ii) May 23, 2014.  Borrower promises to pay interest on the outstanding and unpaid principal amount of this Note at a rate per annum equal to one-half percent (0.5%).  All interest due hereunder shall be calculated on the basis of the actual number of days elapsed in the related interest accrual period over a year of 365 or 366 days, as the case may be.

 

Borrower may prepay any outstanding principal and accrued and unpaid interest under this Note, in whole or in part, at any time without penalty.

 

To the extent the maximum non-usurious interest rate which Borrower is permitted by law to contract or agree to pay (the “Maximum Rate”) as provided in this Note is determined by reference to the laws of the State of Texas, the Maximum Rate shall be determined by reference to the indicated (weekly) rate ceiling (as defined and described in Chapter 303 of the Texas Finance Code, as amended) at the applicable time in effect.  For purposes of this Note, Borrower and Lender expressly acknowledge and agree that all agreements by Borrower to pay any amounts under this Note, or contracted for, charged, taken, reserved, or received with respect to the debt, including, without limitation, any interest as provided herein or late charges, which are or are deemed to be interest under applicable law shall in each instance include the agreement of Borrower and Lender that the aggregate of all sums agreed to be paid are hereby expressly limited to, and shall be reduced to an amount equal to the amount of interest at the Maximum Rate (the “Maximum Lawful Amount”).  It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this paragraph shall control every other covenant and agreement in this Note.  If the applicable law (state or federal) is ever judicially

 

 

interpreted so as to render usurious any amount called for under this Note, or contracted for, charged, taken, reserved, or received with respect to the debt, or if any prepayment results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Lender’s express intent that all excess amounts theretofore collected by Lender shall be credited on the principal balance of this Note and all other debt and the provisions of this Note immediately be deemed reformed and the amounts thereafter collectible hereunder 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 Lender for the use, forbearance, or detention of the debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the debt until payment in full so that the rate or amount of interest on account of the debt does not exceed the maximum non-usurious rate from time to time in effect and applicable to the debt for so long as the debt is outstanding.

 

In the event of default in the payment of any installment of principal or interest when due hereunder, or upon failure in performance of any covenant, agreement, or obligation to be performed under any documents executed in connection with this Note, Lender may declare the entirety of this Note, principal and interest, immediately due and payable without further notice, but failure to exercise said option shall not constitute a waiver on the part of Lender of the right to exercise the same at any other time.

 

In the event default is made in the payment of this Note in whatever manner its maturity may be brought about, and it is placed in the hands of an attorney for collection, or is collected through probate, bankruptcy or other proceedings, Borrower promises to pay all reasonable amounts actually incurred by Lender for court costs and attorneys’ fees in connection therewith.

 

Borrower waives grace, notice, demand, presentment for payment, notice of non-payment, protest, notice of protest, notice of intention to accelerate, notice of acceleration of the indebtedness due hereunder and all other notice, filing of suit and diligence in collecting this Note, and the enforcing of any of the security rights of Lender, and consent and agree that the time of payment hereof may be extended without notice at any time and from time to time, and for periods of time, whether or not for a term or terms in excess of the original term hereof, without notice or consideration to, or consent from, any of them.  Time is of the essence hereof.

 

Any liability hereunder is the liability of the TEL Offshore Trust alone and is in no respect whatsoever the obligation of the trustees or owners of units of the TEL Offshore Trust.  Lender is dealing with the TEL Offshore Trust and is doing so in reliance solely upon the assets of the TEL Offshore Trust and not upon the trustees or such owners of units and neither the trustees nor such owners of units of the TEL Offshore Trust shall have any personal liability to Lender.

 

THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.

 

2

 

EXECUTED to be effective the day and year first written above.

 

	
 
    	
TEL   OFFSHORE TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
The   Bank of New York Mellon Trust Company, N.A, its trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael J. Ulrich
    
	
 
    	
Name:
    	
Michael   J. Ulrich
    
	
 
    	
Title:
    	
Vice   President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]