Document:

TITLE

	

   

  	

  Exhibit

  10.23

  

 

SECOND

AMENDMENT TO TIMERLAND DEED OF TRUST

AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS

(STATE OF WASHINGTON)

 

This amends Timberland

Deed of Trust and Security Agreement with Assignment of Rents, dated and

recorded April 29, 1992, in Volume 271, pages 237-332, Records

of Jefferson County, Washington, and first amended May 13, 1992 by

Amendment recorded August 26, 1992, in Volume 385,

pages 204-206, records of Jefferson County, Washington.

1.             Section 1.17(c)

is hereby amended so as to read:

Consolidated Ratio of Liabilities to Capital:

The ratio of Grantor’s Consolidated Liabilities

(excluding deferred profit) to Tangible Partner’s Capital shall at all times

not be greater than 2.0:1.0. 

Notwithstanding the previous sentence, the aforementioned ratio shall

not exceed the following benchmarks during each of the respective periods:

	

  March 1, 1993 through September 30, 1993

  	

   

  	

  3.8:1.0

  
	

  October 1, 1993 through March 31, 1994

  	

   

  	

  2.3:1.0

  
	

  April 1, 1994 and thereafter

  	

   

  	

  2.0:1.0

  
	

   

  	

   

  	

   

  

2.             Section 1.17(d)

is hereby amended so as to read:

(d)       Tangible Partner’s Capital:  The Grantor’s Tangible Partner’s Capital was

not less than $28,355,000 on December 31, 1992, and will be maintained at

not less than $9,000,000, but to be increased annually by:  (i) 50% of Grantor’s consolidated net

income for the first four years following 1992, (ii) 40% of such

consolidated net income on a consolidated basis for the next five years,

(iii) 30% of such consolidated net income for the next five years,

(iv) 20% of such consolidated net income for the next five years, and

(v) 10% of such consolidated net income for the next five years.

3.             Section 1.19(d) is hereby

amended so as to add thereto the following:

Anything in this

Section 1.19(d) to the contrary notwithstanding, up to an aggregate of

40,000 MBF of timber may be harvested from the Timberlands during the two year

period from January 1, 1993 to December 31, 1994 without creating any

obligation of the Maker to reduce the principal balance of the Note.  Any harvest in excess of said 40,000 MBF

during said two-year period will require principal reduction payments as

specified in (b) above.  Starting in

1995, the annual harvest limitations and permissible carry-over provisions set

forth in the Note as originally executed will continue to apply. Provided, that

no carry-over of unused allowable harvest volume from 1992 shall be allowed and

that in no event will a carry-over be permitted of any portion of the said

40,000 MBF allowance that is not harvested prior to January 1, 1995.

                                4.             As amended and supplemented hereby,

the Deed of Trust and the first amendment thereto are ratified and confirmed.

 

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                                5.             The effective date of this

Amendment shall be January 1, 1993.

	

  DATED:  May 25, 1993.

  	

   

  
	

   

  	

  POPE

  RESOURCES, A Delaware Limited Partnership

  
	

   

  	

   

  
	

   

  	

  By:

  	

  POPE

  MGP, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/

  George Folquet

  
	

   

  	

   

  	

   

  	

  George

  Folquet, President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  ATTEST:

  	

   

  	

  /s/

  Thomas M. Ringo

  
	

   

  	

   

  	

   

  	

  Thomas

  Ringo,

  
	

   

  	

   

  	

   

  	

  Vice

  President — Finance

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  JOHN HANCOCK MUTUAL

  LIFE INSURANCE COMPANY

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/

  Donald A. Morway

  
	

   

  	

  Donald A. Morway

  
	

   

  	

  Its: Assistant

  Treasurer

  
					

 

	

  STATE OF WASHINGTON

  	

  )

  
	

   

  	

  )  ss.

  
	

  COUNTY OF KITSAP

  	

  )

  

 

 

                On this 25th day of May, 1993,

before me, the undersigned, a Notary Public in and for the State of Washington,

duly commissioned and sworn, personally appeared George H. Folquet and Thomas

Ringo, to me known to be the President and Vice President, respectively, of

Pope MGP, Inc., the corporation that executed the foregoing instrument as

Managing General Partner of Pope Resources, A Delaware Limited Partnership and

acknowledged the said instrument to be the free and voluntary act and deed of

said corporation on behalf of said Pope Resources, A Delaware Limited

 

2

 

Partnership, for

the uses and purposes therein mentioned, and on oath stated that they were

authorized to execute the said instrument.

 

                Witness my hand and official seal hereto affixed the

day and year first above written.

 

 

	

   

  	

  /s/ Linda Hester

  	

   

  
	

   

  	

  NOTARY PUBLIC in and

  for the State of Washington, residing at Bremerton

  
	

   

  	

  My appointment expires

  9-1-94

  
	

   

  	

  Print Name:  Linda Hester

  

 

	

  THE COMMONWEALTH OF

  MASSACHUSETTS

  	

  )

  
	

   

  	

  )  ss.

  
	

  COUNTY OF SUFFOLK

  	

  )

  

 

 

                                On this 2nd day

of June, 1992, before me, the undersigned, a Notary Public in and for the said

Commonwealth, residing therein, duly commissioned and sworn, personally

appeared Donald A. Morway, to me personally known who by me duly sworn,

did say that he is the Assistant Treasurer of JOHN HANCOCK MUTUAL LIFE INSURANCE

COMPANY, that the seal affixed to the foregoing instrument is the corporate

seal of said corporation, and that said instrument was signed and sealed in

behalf of said corporation by authority of its Board of Directors and as the

free act and deed of said corporation, for the uses and purposes therein

mentioned.

 

                                IN WITNESS

WHEREOF, I have hereunto set my hand and affixed my official seal in said

County the day and year in this certificate first above written.

 

 

	

   

  	

  /s/ Marie C. O’Brien

  
	

   

  	

  NOTARY PUBLIC IN AND

  FOR SAID COMMONWEALTH

  
	

   

  	

   

  	

   

  
	

   

  	

  MARIE C. O’BRIEN, Notary Public

  	

   

  
	

  My appointment expires:  

  	

  MY COMMISSION EXPIRES AUGUST 9, 1996

  	

   

  	

   

  

 

3TITLE

	

   

  	

  Exhibit

  10.24

  

 

THIRD

AMENDMENT TO TIMBERLAND DEED OF TRUST

AND SECURITY AGREEMENT WITH ASSIGNMENT OF RENTS

(STATE OF WASHINGTON)

 

 

 

This amends Timberland

Deed of Trust and Security Agreement with Assignment of Rents, dated and

recorded April 29, 1992, in Volume 271, pages 237-332, Records

of Jefferson County, Washington; first amended May 13, 1992 by Amendment

recorded August 26, 1992, in Volume 385, pages 204-206, records

of Jefferson County, Washington; and amended May 25, 1993 by Second

Amendment recorded June 14, 1993, in Volume         , pages         ,

records of Jefferson County, Washington.

1.             Section 1.18(A)

is amended so as to add the following:

Anything to the contrary in this Deed of Trust

notwithstanding:

A.                                   Provided, that the total timber harvested

from the Property in calendar year 1995 does not exceed 16,500 MBF, no

principal payment on the Note related to excess harvesting shall be due as a

result of said 1995 harvest.

B.                                     The volume of timber harvested from the

Property in calendar year 1996, without incurring any liability for a principal

payment, is set at 14,000 MBF.

2.             As

amended and supplemented hereby, the Deed of Trust and the first and second

amendments thereto are ratified and confirmed.

3.             The

effective date of this Amendment shall be January 1, 1995.

	

  DATED:  December 19, 1995.

  	

   

  	

   

  	

   

  
	

   

  	

  POPE

  RESOURCES, A Delaware Limited Partnership

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  POPE

  MGP, INC.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/

  George Folquet

  
	

   

  	

   

  	

   

  	

  George

  Folquet, President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  ATTEST:

  	

   

  	

  /s/

  Thomas M. Ringo

  
	

   

  	

   

  	

   

  	

  Thomas

  Ringo,

  
	

   

  	

   

  	

   

  	

  Vice

  President — Finance

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY

  
	

   

  	

  By:

  	

  /s/

  Ken Hines, Jr.

  
	

   

  	

   

  	

  Ken

  Hines, Jr.

  
	

   

  	

   

  	

  Its:  Senior Investment Officer

  
					

 

 

	

  STATE OF WASHINGTON

  	

  )

  
	

   

  	

  )  ss.

  
	

  COUNTY OF KITSAP

  	

  )

  

 

 

                On this 19th day of December, 1995,

before me, the undersigned, a Notary Public in and for the State of Washington,

personally appeared George H. Folquet and Thomas Ringo, to me known to be

the President and Vice President, respectively, of Pope MGP, Inc., the

corporation that executed the foregoing instrument as Managing General Partner

of Pope Resources, A Delaware Limited Partnership, and acknowledged the said

instrument to be the free and voluntary act and deed of said corporation on

behalf of said Pope Resources, A Delaware Limited Partnership, for the uses and

purposes therein mentioned, and on oath stated that they were authorized to

execute the said instrument.

 

                Witness my hand and official seal hereto affixed the

day and year first above written.

 

 

 

	

   

  	

   

  	

    /s/ Jacqueline McClurg

  
	

   

  	

   

  	

  NOTARY PUBLIC IN AND

  FOR THE STATE OF WASHINGTON

  
	

   

  	

   

  	

  residing at Silverdale,

  Washington

  
	

   

  	

   

  	

  My appointment expires

  10-14-98

  

 

 

	

  THE COMMONWEALTH OF

  MASSACHUSETTS

  	

  )

  
	

   

  	

  )  ss.

  
	

  COUNTY OF SUFFOLK

  	

  )

  

 

 

On this 20th day

of December, 1995, before me, the undersigned, a Notary Public in and for the

said Commonwealth, residing therein, duly commissioned and sworn, personally

appeared Ken Hines, Jr., to me personally known who by me duly sworn, did say

that he is a Senior Investment Officer of JOHN HANCOCK MUTUAL LIFE INSURANCE

COMPANY, that the seal affixed to the foregoing instrument is the corporate

seal of said corporation, and that said instrument was signed and sealed in

behalf of said corporation by authority of its Board of Directors and as the

free act and deed of said corporation, for the uses and purposes therein

mentioned.

 

                IN WITNESS WHEREOF, I have

hereunto set my hand and affixed my official seal in said County the day and

year in this certificate first above written.

 

 

 

	

   

  	

    Mary (Unreadable)

  
	

   

  	

  NOTARY PUBLIC IN AND

  FOR SAID COMMONWEALTH

  
	

   

  	

   

  
	

   

  	

  My appointment expires

  February 13, 1998

  

 

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