Document:

ex_277396.htm

Exhibit 10.1

 

ELEVENTH AMENDMENT TO CREDIT AGREEMENT

 

THIS ELEVENTH AMENDMENT (this "Amendment"), dated as of August 17, 2021, amends and modifies a certain Credit Agreement, dated as of August 31, 2006, as amended by Amendments dated as of January 1, 2007, November 30, 2007, May 27, 2011, December 10, 2012, December 22, 2014, November 4, 2015, December 6, 2016, August 24, 2018, August 13, 2019 and November 18, 2020 (as so amended, the "Credit Agreement"), by and among MARTEN TRANSPORT, LTD., a Delaware corporation (the "Borrower"), the Banks named therein (U.S. Bank National Association being the sole Bank as of the date hereof), and U.S. BANK NATIONAL ASSOCIATION, as agent for the Banks (the "Agent"). Terms not otherwise expressly defined herein shall have the meanings set forth in the Credit Agreement.

 

FOR VALUE RECEIVED, the Borrower, the Banks and the Agent agree as follows:

 

ARTICLE I - AMENDMENT

 

 

1.1 Restricted Payments. Section 6.7 is amended to read as follows:

 

"Section 6.7         Restricted Payments. The Borrower will not make any Restricted Payments (a) during any fiscal year of the Borrower, exceeding 25% of the Borrower's total consolidated net income as shown on its audited income statement for its most recent prior fiscal year, provided, that notwithstanding such restriction, (i) during the fiscal year of the Borrower ending December 31, 2020, the Borrower may make Restricted Payments in a total amount of up to $60,000,000 and (ii) during the fiscal year of the Borrower ending December 31, 2021, the Borrower may make Restricted Payments in a total amount of up to $80,000,000, or (b) if any Default or Event of Default shall have occurred and continued hereunder."

 

1.2 Construction. All references in the Credit Agreement to "this Agreement", "herein" and similar references shall be deemed to refer to the Credit Agreement as amended by this Amendment.

 

ARTICLE II - REPRESENTATIONS AND WARRANTIES

 

To induce the Banks and the Agent to enter into this Amendment and to make and maintain the Loans under the Credit Agreement as amended hereby, the Borrower hereby warrants and represents to the Banks and the Agent that it is duly authorized to execute and deliver this Amendment, and to perform its obligations under the Credit Agreement as amended hereby, and that this Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors' rights generally and subject to equitable principles.

 

 

 

 

ARTICLE III - CONDITIONS PRECEDENT

 

This Amendment shall become effective on the date first set forth above, provided, however, that the effectiveness of this Amendment is subject to the satisfaction of each of the following conditions precedent:

 

3.1 Warranties. Before and after giving effect to this Amendment, the representations and warranties in Article 4 of the Amended Credit Agreement shall be true and correct as though made on the date hereof, except for changes that are permitted by the terms of the Credit Agreement, as amended hereby and except to the extent such representations and warranties expressly refer to an earlier date.

 

3.2 Defaults. Before and after giving effect to this Amendment, no Default and no Event of Default shall have occurred and be continuing under the Amended Credit Agreement.

 

3.3 Documents. The Borrower shall have executed and delivered this Amendment and the Guarantor Subsidiaries shall have executed and delivered the Acknowledgement in the form attached hereto.

 

ARTICLE IV - GENERAL

 

4.1 Expenses. The Borrower agrees to reimburse the Agent upon demand for all reasonable expenses (including reasonable attorneys' fees and legal expenses) incurred by the Agent in the preparation, negotiation and execution of this Amendment and any other document required to be furnished herewith, and in enforcing the obligations of the Borrower hereunder, and to pay and save the Agent and the Banks harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or delivery of this Amendment, which obligations of the Borrower shall survive any termination of the Credit Agreement.

 

4.2 Counterparts. This Amendment may be executed in as many counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same instrument.

 

4.3 Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provisions in any other jurisdiction.

 

4.4 Law; Consent to Jurisdiction; Waiver of Jury Trial. This Amendment shall be a contract made under the laws of the State of Minnesota, which laws shall govern all the rights and duties hereunder. This Amendment shall be subject to the Consent to Jurisdiction and Waiver of Jury Trial provisions of the Credit Agreement.

 

4.5 Successors; Enforceability. This Amendment shall be binding upon the Borrower, the Banks and the Agent and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Banks and the Agent and the successors and assigns of the Banks and the Agent. Except as hereby amended, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects.

 

 

 

 

(signature page follows)

 

2

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date first written above.

 

 

	 	U.S. BANK NATIONAL ASSOCIATION, as
			Agent and as a Bank

			 

			By: /s/ Peter I. Bystol

			 

			Title: Senior Vice President

			 

			 

			MARTEN TRANSPORT, LTD., as the Borrower

			 

			 

			By: /s/ James J. Hinnendael

			James J. Hinnendael

			Title: Chief Financial Officer

			

 

 

3

 

 

GUARANTOR'S ACKNOWLEDGMENT

 

The undersigned (the "Guarantors") have each, by guaranties each dated as of January 1, 2007 (the "Guaranties") guaranteed payment and performance of obligations of MARTEN TRANSPORT, LTD. (the "Borrower") to the Banks and U.S. Bank National Association, as Agent, under the Credit Agreement, dated as of August 31, 2006 (as thereafter amended, the "Credit Agreement") among the Borrower, the Banks and the Agent. Each Guarantor acknowledges that such Guarantor has received a copy of the proposed Eleventh Amendment to the Credit Agreement, to be dated on or about August 17, 2021 (the "Amendment"). Each Guarantor agrees and acknowledges that the Amendment shall in no way impair or limit the right of the Bank under its Guaranty, and confirms that by its Guaranty, such Guarantor continues to guaranty payment and performance of the obligations of the Borrower to the Bank specified in such Guaranty, including without limitation obligations under the Credit Agreement as amended pursuant to the Amendment. Each Guarantor hereby confirms that its Guaranty remains in full force and effect, enforceable against such Guarantor in accordance with its terms.

 

Dated as of August 17, 2021.

 

	 	
			MARTEN TRANSPORT SERVICES, LTD.

			 

			 

			By: /s/ James J. Hinnendael

			James J. Hinnendael

			Title: Chief Financial Officer

			 

			 

			MARTEN TRANSPORT LOGISTICS, LLC

			 

			 

			By: /s/ James J. Hinnendael

			James J. Hinnendael

			Title: Chief Financial Officer

			 

			 

			MARTEN TRANSPORT HOLDINGS, LTD.

			 

			 

			By: /s/ James J. Hinnendael

			James J. Hinnendael

			Title: Chief Financial OfficerSusGlobal Energy Corp.: Exhibit 4.1 - Filed by newsfilecorp.com

    

    	
                LRO # 21 Charge/Mortgage

            	
                Receipted as HT294003 on 2021 08 13

            	
                at 15:33

            
	
                The applicant(s) hereby applies to the Land Registrar.

            	
                yyyy mm dd

            	
                Page 1 of 6

            

     

    	Properties	
	
	

	
                PIN

            	
                40532 - 0041 LT

            	
                interest/Estate

            	
                Fee Simple

            
	
                Description

            	
                PT LT 20 CON 8 THURLOW PT 25, 27 AND 29 21R6801; BELLEVILLE; COUNTY OF

            
	
                 

            	
                HASTINGS

            	
                 

            	
                 

            
	
                Address

            	
                PHILLIPSTON ROAD

            	
                 

            	
                 

            
	
                 

            	
                BELLEVILLE

            	
                 

            	
                 

            
	 	
	
	

	
                PIN

            	
                40532- 0032 LT

            	
                Interest/Estate

            	
                Fee Simple

            
	
                Description

            	
                PT LT 20 CON 8 THURLOW PT 1 21R19513; BELLEVILLE; COUNTY OF HASTINGS

            
	
                Address

            	
                704 PHILLIPSTON ROAD

            	
                 

            	
                 

            
	
                 

            	
                ROSLIN

            	
                 

            	
                 

            
	 	
	 	 
	PIN	40532 - 0031 LT	Interest/Estate	Fee Simple
	Description	PT LT 20 CON 8 THURLOW PT 1 21R18453; BELLEVILLE; COUNTY OF HASTINGS
	Address	PHILLIPSTON ROAD	 	 
	 	BELLEVILLE	 	 
	 	
	 	 
	
                PIN

            	40532 - 0033 LT	Interest/Estate 	Fee Simple
	
                Description

            	PT LT 20 CON 8 THURLOW PT 2 21R19513; SIT QR266045; BELLEVILLE; COUNTY OF HASTINGS
	
                 

            	
	 	 
	
                Address

            	PHILLIPSTON ROAD	 	 
	 	BELLEVILLE	 	 

     

    	Chargor(s)	 	 
	The chargor(s) hereby charges the land to the chargee(s.} The chargor(s) acknowledges the receipt of the charge and the standard charge terms, if any.
	 	 	 
	 	 	 
	Name	1684567 ONTARIO INC.	 
	Address for Service	200 Davenport Road, Toronto, Ontario,	 
	 	M5R 1J2	 
	I, Marc Hazout, A.S.O., have the authority to bind the corporation. 	 
	This document is not authorized under Power of Attorney by this party.	 

     

    	
                Chargee(s)

            	
                 

            	
                Capacity

            	
                Share

            
	
                Name

            	
                R. WILLIAMSON CONSULTANTS LTD.

            	
                Registered Owner

            	
                2,000,000/5,20

            
	
                 

            	
                 

            	
                 

            	
                0,000

            
	
                Address for Service

            	
                86 Carrick Trail, Gravenhurst, Ontario, P1P 0A6

            	
                 

            	
                 

            
	
	
	
	

	
                Name

            	
                P.I.C.K.S. INC.

            	
                Registered Owner

            	
                1,200,000/5,20

            
	
                 

            	
                 

            	
                 

            	
                0,000

            
	
                Address for Service

            	
                 

            	
                 

            	
                 

            
	
	
	
	

	
                Name

            	
                CANADIAN WESTERN TRUST COMPANY

            	
                Registered Owner

            	
                195,000/5,200,

            
	
                 

            	
	
                 

            	
                000

            
	
                Address for Service

            	
                IN TRUST FOR RRSP 107862. 300-750 Cambie Street,

            	
                 

            	
                 

            
	
                 

            	Vancouver, BC, V6B 0A2	
                 

            	
                 

            
	
                 

            	 	
                 

            	
                 

            
	
                Name

            	
                CANADIAN WESTERN TRUST COMPANY

            	
                Registered Owner

            	
                30,000/5,200,0

            
	
                 

            	
	
                 

            	
                00

            
	
                Address for Service

            	
                IN TRUST FOR RRSP 107863, 300-750 Cambie Street,

            	
                 

            	
                 

            
	
                 

            	Vancouver, BC, V6B 0A2	
                 

            	
                 

            
	 	 	
                 

            	
                 

            
	Name	
                CANADIAN WESTERN TRUST COMPANY

            	
                Registered Owner

            	
                475,000/5,200,

            
	
                 

            	
	
                 

            	
                000

            
	
                Address for Service

            	
                IN TRUST FOR RRSP 107861. 300-750 Cambie Street,

            	
                 

            	
                 

            
	
                 

            	Vancouver, BC, V6B 0A2	
                 

            	
                 

            
	
                 

            	 	
                 

            	
                 

            
	
                Name

            	
                CANADIAN WESTERN TRUST COMPANY

            	
                Registered Owner

            	
                400,000/5.200,

            
	
                 

            	
	
                 

            	
                000

            
	
                Address for Service

            	
                IN TRUST FOR RRSP 110472, 300-750 Cambie Street,

            	
                 

            	
                 

            
	
                 

            	Vancouver, BC, V6B 0A2	
                 

            	
                 

            
	 	 	 	 
	
                Name

            	CANADIAN WESTERN TRUST COMPANY	
                Registered Owner

            	
                100,000/5,200,

            
	 	
	 	
                000

            
	
                Address for Service

            	
                IN TRUST FOR RRSP 113116. 300-750 Cambie Street,

            	
                 

            	
                 

            
	
                 

            	Vancouver, BC, V6B 0A2	
                 

            	
                 

            
	
                 

            	 	
                 

            	
                 

            
	
                Name

            	
                CANADIAN WESTERN TRUST COMPANY

            	
                Registered Owner

            	
                100,000/5,200,

            
	
                 

            	
	
                 

            	
                000

            
	
                 

            	
                 

            	
                 

            	

    

    

    	
                LRO # 21 Charge/Mortgage

            	
                Receipted as HT294003 on 2021 08 13

            	
                at 15:33

            
	
                Tile applicant(s) hereby applies to the Land Registrar.

            	
                yyyy mm dd

            	
                Page 2 of 6

            

     

    	
                Chargee(s)

            	
                 

            	
                 

            	
                Capacity

            	
                Share

            
	
                Address for Service

            	
                IN TRUST FOR RRSP 111831, 300-750 Cambie Street,

            	
                 

            
	
                 

            	
                Vancouver, BC, V6B 0A2

            	
                 

            	
                 

            	
                 

            
	
	
	 	
	

	
                Name

            	
                PAGLIA, GIOVANNI

            	
                 

            	
                Joint Account, Right Of

            	
                250.000/5,200,

            
	
                 

            	
                 

            	
                 

            	
                Survivorship

            	
                000

            
	
	 	 	 	 
	
                Address for Service

            	
                 

            	
                 

            	
                 

            	
                 

            
	
	
	 	
	

	
                Name

            	
                PAGLIA, ASSUNTA

            	
                 

            	
                Joint Account, Right Of

            	
                250,00015,200,

            
	
                 

            	
                 

            	
                 

            	
                Survivorship

            	
                000

            
	
	 	 	 	 
	
                Address for Service

            	
                 

            	
                 

            	
                 

            	
                 

            
	
	
	 	
	

	
                Name

            	
                YOUNG, SHANNA

            	
                 

            	
                Joint Account, Right Of

            	
                250,000/5.200,

            
	
                 

            	
                 

            	
                 

            	
                Survivorship

            	
                000

            
	
	 	 	 	 
	
                Address for Service

            	
                 

            	
                 

            	
                 

            	
                 

            
	
	
	 	
	

	
                Name

            	
                MACNELLY. BOB

            	
                 

            	
                Joint Account, Right Of

            	
                250,000/5,200,

            
	
                 

            	
                 

            	
                 

            	
                Survivorship

            	
                000

            
	 	 	 	
	

	
                Address for Service

            	
                 

            	
                 

            	
                 

            	
                 

            
	
	
	 	
	

	
                Name

            	
                BROCCA, JOANNE

            	
                 

            	
                Joint Account, Right Of

            	
                200,000/5,200,

            
	
                 

            	
                 

            	
                 

            	
                Survivorship

            	
                000

            
	 	 	 	
	

	
                Address for Service

            	
                 

            	
                 

            	
                 

            	
                 

            
	
	
	 	
	

	
                Name

            	
                SILVANI, STEVE

            	
                 

            	
                Joint Account, Right Of

            	
                200,000/5,200,

            
	
                 

            	
                 

            	
                 

            	
                Survivorship

            	
                000

            
	 	 	 	
	

	
                Address for Service

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                Statements

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                Schedule: See Schedules

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                Provisions

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                Principal

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                Calculation Period

            	
                $5,200,000.00

            	
                Currency

            	
                CON

            	
                 

            
	Balance Due Date	
                monthly, not in advance

            	
                 

            	
                 

            	
                 

            
	
                 

            	
                2022/09/01

            	
                 

            	
                 

            	
                 

            
	
                lnterest Rate

            	
                the greater of Prime + 7.55% or 10%

            	
	
                 

            	
                 

            
	
                Payments

            	
                $43,333.33

            	
                 

            	
                 

            	
                 

            
	
                Interest Adjustment Date

            	
                2021 09 01

            	
                 

            	
                 

            	
                 

            
	
                Payment Date

            	
                1st day, monthly

            	
                 

            	
                 

            	
                 

            
	
                First Payment Date

            	
                2021 10 01

            	
                 

            	
                 

            	
                 

            
	
                Last Payment Date

            	
                2022 09 01

            	
                 

            	
                 

            	
                 

            
	
                Standard Charge Terms

            	
                200033

            	
                 

            	
                 

            	
                 

            
	
                Insurance Amount

            	
                Full insurable value

            	
                 

            	
                 

            	
                 

            
	
                Guarantor

            	
                SUSGLOBALENERGY CORP.

            	
                 

            	
                 

            	
                 

            
	
	
	 	 	 
	
	
	 	 	 
	Additional Provisions	
	 	 	 
	The Chargees, Giovanni Paglia and Assunta Paglia, hold their interest on joint account with right of survivorship. The Chargees. Bob Macnelly and Shanna Young, hold their interest on joint account with right of survivorship. The Chargees, Joanne Brocca and Steve Silvani, hold their interest on joint account with right of survivorship.
	
	
	 	 	 
	
	
	 	 	 
	Signed By	
	 	 	 
	John Cirillo	
	acting for	Signed	2021 08 10
	
	
	Chargor(s)	 	 
	
	
	 	 	 
	Tel	
	 	 	 
	Fax	
	 	 	 
	I have the authority to sign and register the document on behalf of the Chargor(s).

	Submitted By	
	 	 	 
	JOHN R. CIRILLO PROFESSIONAL CORPORATION	 	 	 
	
	
	 	 	 
	
	
	 	 	2021 08 13
	
	
	 	 	 

    

    	
                LRO # 21 Charge/Mortgage

            	
                Receipted as HT294003 on 2021 08 13

            	
                at 15:33

            
	
                The applicant(s) hereby applies to the Land Registrar.

            	
                YYYY mm dd

            	
                Page 3 of 6

            

    	
	
	
	 
	Submitted By	
	
	 
	
	
	
	 
	
                Tel

            	
	
	
                 

            
	
                Fax

            	9	
	 
	
	
	
	 
	Fees/Taxes/Payment	 
	Statutory Registration Fee	 	$65.30	 
	Total Paid	 	$65.30	 
	 	 

    

    

    ADDITIONAL PROVISIONS

    1. 12 PO ST-DATED CHEQUES

    PROVIDED that the Chargors do hereby covenant and agree to provide to the each of the Chargees upon the execution of this mortgage and annually thereafter on the anniversary date during the currency of this mortgage a series of twelve (12) post-dated cheques each in the amount of the monthly installment due hereunder.

    2. SALES CLAUSE

    PROVIDED that if the Chargor, at any time, shall sell, transfer, convey or otherwise dispose of the herein described lands and building(s) without the prior consent of the Chargee at the Chargee's option, the within mortgage shall immediately become due and payable in full including interest to the maturity date of the mortgage herein set forth.

    3. BY-LAW CONFORMITY AND OCCUPANCY CLAUSE

    PROVIDED that if at any time, the said property and/or the building(s) located on the said property, do not comply with the municipal by-laws, or the by-laws of any other level of government and/or the building becomes unoccupied, then in either of these events the balance of the principal monies hereby secured, together with interest as herein provided shall forthwith become due and payable upon demand. PROVIDED further that nothing herein shall be construed so as to permit the Chargor the privilege of prepaying the said mortgage in whole or in part.

    PROVIDED that it does not materially affect the security of the Chargee, the Chargee shall consent to such applications and/or severances as may be required in order to develop the lands. Such consent not to be unreasonably withheld or delayed.

    4. ADMINISTRATIVE FEES

    a. In the event it is necessary for the Chargee to have a letter sent by the Chargee's solicitor to the Charger because of default or non-payment, then the Charger shall be charged the sum of $450.00 plus applicable taxes for such letter and such sum shall be a charge on the said lands and shall bear interest at the rate herein stated.

    b. In the event of any of the Charger's post-dated or pre-authorized cheques are not honoured when presented for payment to the Bank or Trust Company on which they are drawn, the Chargor shall pay to each of the Chargees for each such returned cheque the sum of $450.00 plus applicable taxes as a liquidated amount to cover each of the Chargees' administration costs and not as a penalty and such sum shall be a charge upon the said lands and shall bear interest at the rate hereinbefore stated.

    c. In the event that the Chargor fails to provide proof of insurance on an annual basis, the Chargee is entitled to charge the Chargor the sum of $450.00 plus applicable taxes as an administrative fee.

    d. Failure to provide post-dated cheques will result in default and the Chargee will be entitled to charge the Chargor the sum of $450.00 plus applicable taxes and in addition will be entitled to commence default proceedings at the expense of the Charger with all costs including but not limited to legal fees on a solicitor and client basis to be added to the principal balance then outstanding as of the date the bill is submitted to the Chargee.

    5. ADMINISTRATION FEES

    a. In the event that the Chargee is required by the Chargor or is otherwise required to provide a mortgage statement, there shall be an administrative fee of $350.00 plus applicable taxes for each such statement.

    

    b. The Chargee shall have the exclusive right to prepare and execute the Discharge of the Charge/Mortgage of Land. The Chargor shall pay an additional $500.00 plus applicable taxes to the chargee as an administrative fee for the preparation of the said Discharge of Charge.

    6. PREPAYMENT

    Provided that the Chargors are not in default herein, the Chargors have the right to prepay the whole amount of the principal herein then outstanding, upon a payment of one (1) month interest on the principal being prepaid as of the date of prepayment, as a bonus and not as a penalty.

    7. INTEREST CALCULATION

    For the purpose of calculation of interest, any payment of principal received after 1:00 p.m. shall be deemed to have been received on the next following banking day.

    8. RENT AND MANAGEMENT

    PROVIDED also, and it is hereby further agreed by and between the Chargor and the Chargee, that should default be made by the Chargor in the observance or performance of any of the covenants, provisos, agreements or conditions contained in this Mortgage, the Chargee reserves the right to enter into the said lands and premises and to receive the rents and profits and to be entitled to receive in addition to all other fees, charges and disbursements to which the Chargee is entitled, a management fee so as to reimburse the Chargee for reasonable time and trouble in the management of the said lands and premises it being understood and agreed that in the circumstances a management fee equal to $150.00 plus applicable taxes per day is a just and equitable fee, having regard to all of the circumstances.

    9. MATRIMONIAL HOME

    PROVIDED that in the event that any part of the properties herein becomes the matrimonial home of either of the Chargors herein, then the monies secured hereby shall become due and payable unless the spouse of such party consents to this mortgage and releases to the Chargee his or her interest herein.

    10. EXPROPRIATION

    PROVIDED that if the said lands shall be expropriated by any government, authority, body or corporation clothed with the powers of expropriation, the amount of the principal hereby secured remaining unpaid shall forthwith become due and payable together with interest at the said rate lo the date of payment and together with a bonus equal lo the sum of three months interest at the said rate calculated on the remaining principal balance from the said date of payment to the date the said principal sum or balance thereof remaining unpaid would otherwise under the provision of this mortgage become due and payable.

    11. DEFAULT PROCEEDINGS

    The Chargor agrees that should the Chargee commence legal action due to default under the Charge/Mortgage of Land that the Chargee shall be entitled to charge an additional fee equivalent to three months interest.

    12. SEVERAB ILITY

    Should any clause and/or clauses contained in the Charge/Mortgage of Land be found to be illegal, void as against public policy or unenforceable in law, the offending clause or clauses as the case may be, is and or are to be severed from this Charge/Mortgage of Land and deemed never to be part of this Charge/Mortgage of Land.

    

    13. LEGAL PROCEEDINGS

    The Charger covenants and agrees that if collection or other legal proceedings are taken in connection with or to realize upon this security, an administrative fee of $1,750.00 plus applicable taxes shall be added to the Charge debt on each occasion such proceedings are so taken and said fee or fees, shall form a Charge upon the charged property in favour of the Chargee.

    GUARANTOR CLAUSE

    The Guarantor, in consideration of such advance or advances as the mortgagee may make under this mortgage and in consideration of the sum of One ($1.00) Dollar now paid to him by the mortgagee, the receipt whereof is hereby acknowledged:

    1. Hereby covenants and agrees with the mortgagee, as principal debtor and not as surety, to well and truly pay or cause to be paid to the mortgagee the principal money, interest, taxes and all other monies which the mortgagor has by this mortgage covenanted to pay to the mortgagee or which are secured by this mortgage or intended so to be secured, the said payments to be made on the days and times and in the manner provided for in this mortgage;

    2. Hereby further covenants and agrees to keep, observe and perform the covenants, terms, provisos, stipulations and conditions of this mortgage which are to be kept, observed and performed by the mortgagor and at all times to indemnify, protect and save harmless the mortgagee from all loss, costs and damage in respect of the advances of the mortgage money and every matter and thing contained in this mortgage;

    3. Further agrees that the mortgagee may from time to lime without notice to him extend the time for payment of all monies secured by this mortgage, amend the terms and times of payment and the rate of interest with respect to the said monies refrain from enforcing payment of the said monies, release any portion or portions of the mortgaged premises and waive or vary any of the covenants and conditions in this mortgage to be kept observed and performed by the mortgagor and grant any indulgence to the mortgagor in respect of any default by the mortgagor which may arise under this mortgage, and that notwithstanding any such act by the mortgagee, the guarantor shall be bound by the provisions of this mortgage until all of the monies secured under this said mortgage shall have been fully paid and satisfied;

    4. Further acknowledges that the mortgagee may at any time grant or refuse any additional credit to the mortgagor, accept or release or renounce any collateral or other security, administer or otherwise deal with the land and premises described in this mortgage, take an assignment of the rentals with respect to the said lands and premises and apply any and all monies at any time received from the mortgagor or from any other person or from the proceeds of any securities given in connection with this mortgage in any manner the mortgagee may deem appropriate. The mortgagee may also utilize any and all insurance proceeds in reduction of the principal monies and interest secured, by this mortgage or for the refurbishing of the lands and premises or in any other manner that the mortgagee may in its absolute discretion deem advisable.

    5. Agrees that all of the matters mentioned herein may be performed by the mortgagee without notice to him, the guarantor, without releasing or in any way modifying, altering. Varying or in any way affecting the liability of the guarantor hereunder; and

    6. Agrees that all of the covenants and agreements of him the guarantor, contained herein shall be binding upon him and his respective heirs, executors, administrators, and assigns and shall accrue to the benefit of the mortgagee, its successors and assigns and that his liability as guarantor hereunder and the liability of his executors, administrators and assigns shall be joint and several.

    

     

    Name, Address for Service
    	
                LRO # 21 Notice Of Assignment Of Rents-General

            	
                Receipted as HT294004 on 2021 08 13

            	
                at 15:33

            
	
                The applicant(s) /10roby applies to the Land Registrar.

            	
                YYYY mm dd

            	
                Page 1 of 5

            

    	Properties	
	
	

	
                PIN

            	
                40532 - 0041 LT

            	
                 

            	
                 

            
	
                Description

            	
                PT LT 20 CON 8 THURLOW PT 25, 27 AND 29 21R6801; BELLEVILLE; COUNTY OF HASTINGS

            
	
                 

            	 	
                 

            	
                 

            
	
                Address

            	
                PHILLIPSTON ROAD

            	
                 

            	
                 

            
	
                 

            	
                BELLEVILLE

            	
                 

            	
                 

            
	 	
	
	

	
                PIN

            	
                40532- 0032 LT

            	
                 

            	
                 

            
	
                Description

            	
                PT LT 20 CON 8 THURLOW PT 1 21R19513; BELLEVILLE; COUNTY OF HASTINGS

            
	
	
	 	 
	
                Address

            	
                704 PHILLIPSTON ROAD

            	
                 

            	
                 

            
	
                 

            	
                ROSLIN

            	
                 

            	
                 

            
	 	
	 	 
	PIN	40532 - 0031 LT	 	 
	Description	PT LT 20 CON 8 THURLOW PT 1 21R18453; BELLEVILLE; COUNTY OF HASTINGS
	
	
	 	 
	Address	PHILLIPSTON ROAD	 	 
	 	BELLEVILLE	 	 
	 	
	 	 
	
                PIN

            	40532 - 0033 LT	 	 
	
                Description

            	PT LT 20 CON 8 THURLOW PT 2 21R19513; SIT QR266045; BELLEVILLE; COUNTY OF HASTINGS
	
                 

            	
	 	 
	
                Address

            	PHILLIPSTON ROAD	 	 
	 	BELLEVILLE	 	 
	 	
	 	 
	Applicant(s)
	The assignor(s) hereby assigns their interest in the rents of the above-described land. The notice is based on or affects a valid and
	existing estate, right interest or equity in land.

     

    	 	
	
	

	Name	1684567 ONTARIO INC,	
	

	Address for Service	200 Davenport Road, Toronto, Ontario, MSR 1A2	
	

	I, Marc Hazout, A.S.O., have the authority to bind the corporation.
	
	

	This document is not authorized under Power of Attorney by this party.
	
	

	
	
	
	

	
                Party To(s)

            	 	Capacity	
                Share

            
	
	
	
	 
	
                Name

            	
                R. WILLIAMSON CONSULTANTS LTD.

            	
	
                 

            
	
                Address for Service

            	
                86 Carrick Trail, Gravenhurst, Ontario, P1P OA6

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                P.I.C. K.S, INC.

            	
	
                 

            
	
                Address for Service

            	
                85 Wilmot Street, Unit 1, Richmond Hill, Ontario, L4B 1K7

            	
                 

            
	
	
	
	 
	
                Name

            	
                CANADIAN WESTERN TRUST COMPANY

            	
	
                 

            
	
                Address for Service

            	
                300-750 Cambie Street, Vancouver, BC, V6B 0A2

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                PAGLIA, GIOVANNI

            	
	
                 

            
	
                Address for Service

            	
                18 Clanton Court, Toronto, Ontario, M3H 2W3

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                PAGLIA, ASSUNTA

            	
	
                 

            
	
                Address for Service

            	
                18 Clanton Court, Toronto, Ontario, M3H 2W3

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                YOUNG, SHANNA

            	
	
                 

            
	
                Address for Service

            	
                11 Breen Crescent, Toronto, Ontario, M2P 1Z8

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                MACNELLY, BOB

            	
	
                 

            
	
                Address for Service

            	
                11 Breen Crescent, Toronto, Ontario, M2P 1Z8

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                BROCCA, JOANNE

            	
	
                 

            
	
                Address for Service

            	
                3 Craddock Street, Maple, Ontario, L6A 2R9

            	
	
                 

            
	
	
	
	 
	
                Name

            	
                SILVANI, STEVE

            	
	
                 

            
	
                Address for Service

            	
                3 Craddock Street,Maple, Ontario, L6A 2R9

            	
	
                 

            
	
	
	
	 
	Statements	
	
	 
	The applicant applies for the entry of a notice of general assignment of rents .
	
                T h is no tice may be dele ted by the Land Registrar when the registered instrument, HT294003registered on 2021/08/13 to which this notice relates is deleted

                Schedule: See Schedules

            

     

    

    	
                LRO # 21 Notice Of Assignment Of Rents-General

            	
                Receipted as HT294004 on 2021 08 13

            	
                at 15:33

            
	
                The applicant(s) hereby applies to the Land Registrar.

            	
                yyyy mm dd

            	
                Page 2 of 5

            

     

    	Signed By
	John Cirillo	 	 	9100 Jane St., Bldg. A, Ste. 200	 	acting for 	Signed 	
	2021 08 10
	 	 	 	Concord	 	Applicant(s)	 	 	 
	 	 	 	L4K 0A4	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Tel	905-695-5300	 	 	 	 	 	 
	Fax 	905-695-5301	 	 	 	 	 	 
	I have the authority to sign and register the document on behalf of all parties to the document.	 	 	 
	John Cirillo	 	 	 	 	 	 	 	 
	 	 	 	9100 Jane St.,Bldg. A, Ste. 200	
	acting for 	Signed	 	2021 08 10
	 	 	 	Concord	 	Party To(s)	
	 	

	 	 	 	L4K 0A4	 	 	
	 	

	 	 	 	
	 	 	
	 	

	Tel 	905-695-5300	 	
	 	 	
	 	

	Fax	905-695-5301	 	
	 	 	
	 	

	I have the authority to sign and register the document on behalf of all parties to the document.	 	 	
	 	

	 	 	 	
	 	 	
	 	

	Submitted By	 	 	
	 	 	
	 	

	JOHN R. CIRILLO PROFESSIONAL CORPORATION
	9100 Jane St., Bldg. A, Ste. 200	 	 	
	 	

	 	 	 	Concord	 	 	
	 	

	 	 	 	L4K 0A4	 	 	
	 	2021 08 13
	 	 	 	
	 	 	
	 	

	Tel	905-695-5300	 	
	 	 	
	 	

	Fax	905-695-5301	 	
	 	 	
	 	

	Fees/Taxes/Payment	 	
	 	 	
	 	

	Statutory Registration Fee	 	$65.30	 	 	
	 	

	
                Total Paid 

            	 	$65.30	 	 	
	 	

     

     

    

    THIS AGREEMENT made the 13th day of August, 2021

    BETWEEN:

    1684567 ONTARIO INC.

    (Hereinafter called the Assignors)

    OF THE FIRST PART

    - and -

    R. WILLIAMSON CONSULTANTS LIMITED, P.I.C.K.S. INC.,

    CANADIAN WESTERN TRUST COMPANY, ASSUNTA PAGLIA and GIOVANNI PAGLIA, SHANNA YOUNG and BOB MACNELLY, STEVE STLVANI and JOANNE BROCCA

    (Hereinafter called the Assignee)

    OF THE SECOND PART

    WITNESS:

    WHEREAS the Assignors are the owners of the lands and premises municipally known as

    704 Phillipston Road, Belleville, Ontario and 704 Phillipston Road, Roslin (PINs 40532- 0032, 40532-0041, 40532-0031, 40532-0033) which lands are subject to a mortgage to the assignee registered on the same date as the within Assignment of Rents.

    NOW THEREFORE in consideration of $1.00 and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged by the assignors), the assignors hereby assign to the assignee, his heirs, executors, administrators, successors and assigns, as security for the principal and interest secured by the said mortgage, all rents and other monies (hereinafter called the "rents") now due and payable or hereafter to become due and payable

    (a) under every existing and future lease of and agreement to lease the whole or any portion of the lands;

    (b) in respect to every existing and future tenancy, use and occupation of and licence in respect of the whole or any portion of the lands, whether or not pursuant to any lease or agreement to lease, and

    (c) under every existing and future guarantee of all or any of the obligations of any existing or future tenant, user, occupier or licensee of the whole or any portion of the lands, with full power and authority to demand, collect, sue for, recover, receive and give receipts for the rents and to enforce payment thereof in the name of the assignor, its successors and assigns.

    

    The assignor covenants and agrees that

    (a) it has not and will not do or omit to do any act having the effect of terminating, cancelling or accepting surrender of any of the leases or of waiving, re leasing, reducing or abating any rights or remedies of the assignoror obligations of any other party thereunder or in connection therewith;

    (b) none of such rights, remedies and obligations are or will be affected by any other agreement, document or understanding or by any reduction, abatement, defence, setoff or counterclaim;

    (c) none of the leases or the assignor's rights thereunder, including the right to receive the rents, have been or will be amended, assigned, encumbered, discounted or anticipated;

    (d) none of the rents have been or will be paid in advance except those in respect of the last month of the tern, of any leases when so required thereunder;

    (c) none of the remainder of the rents has been or will be paid prior to the due date for payment thereof;

    (f) there has been no default under any of the leases by any of the parties thereto;

    (g) there is no outstanding dispute under any of the leases between the assignor and any other party thereto; and

    (h) the assignor will observe and pcrform all of their obligations under each of the leases.

    Provided, however, and it is hereby agreed as follows:

    (a) the assignor shall be permitted to collect and receive the rents as and when they shall become due and payable according to the terms of each such existing and future lease, agreement to lease, tenancy, use, occupancy, licence and guarantee (herein collectively referred to as "leases") unless and until the assignee shall give notice to the tenant, user, occupier, licensee, or guarantor thereunder requiring it to pay the rents to the assignee; but nothing herein contained shall permit or authorize the assignor to collect any of the rents contrary to clauses (d) and (e) above;

    (b) nothing herein contained shall have the effect of making the assignee, his heirs, executors, administrators , successors and assigns, responsible for the collection of the rents under or in respect of the leases or any of them, become or be deemed a mortgagee in possession of the mortgaged premises and the assignee shall not be under any obligation to take any action or exercise any remedy in the collection or recovery of the rents or any of them or to see to or enforce the performance of the obligations and liabilities of any person under or in respect of the leases or any of them; and the assignee shall be liable to account only for such monies as shall actually come into his hands, less proper collection charges and such monies may be applied on account of any indebtedness of the assignor to the assignee.

    

    The assignor hereby agrees to execute such further assurances as may be reasonably required by the assignee from time to lime lo perfect this assignment and, without limiting the generality or the foregoing, whenever any of the leases not now existing is made or arises, the assignor will forthwith give the assignee a specific assignment of the rents thereunder similar to this agreement and will give any other parties thereto a notice of such assignment and will obtain from the m acknowledgements of such notice, such notice and acknowledgements to be similar to the forms heretofore given to the assignor by the assignee.

    The assignor further agrees that it will not lease or agree lo lease any part of the lands except al a rent, on terms and conditions, and to Tenants which are not less favourable or desirable to the assignee than those which a prudent landlord would expect to receive for the premises to be leased.

    This agreement and everything herein contained shall extend to bind and ensure to the benefit of the heirs, executors, administrators. successors and assigns of each of the parties hereto.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]