Document:

Exhibit 4.1

 

EXHIBIT 4.1

 

 

     
The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in
full according to applicable laws or regulations:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	TEN COM

	 	—
	 	as tenants in common
	 	UNIF GIFT MIN ACT —
	 	Custodian
	 	 	 	 	 	 	 	 	

	TEN ENT	 	—	 	as tenants by the entireties	 	 	 	(Cust) 	 	(Minor)
	 
	 	 	 	 	 	 	 	under Uniform Gifts to Minors
	JT TEN

	 	—
	 	As joint tenants with right of
survivorship and not as tenants in common
	 	 	 	 	 	 
	 

	 	 
	 	 	 	Act	 	 	 	 
	 	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO
OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

For value Received __ hereby sell assign and transform to

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 	 
	

	 

	

PLEASE PRINT OR TYPE WRITE NAME AND ADDRESS OF ASSIGNEE

	 

	

	 

	

	of the Shares represented by the within certificate
and do hereby irrevocably constitute and appoint.

	 

	
Attorney to transfer the Shares on the Books of the within named Company with full power of substitution in the premises.

	 

	Dated

	,

	 	 	 
	

	 	

	 

	 	NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE AT THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION ENLARGEMENT OR ANY  CHANGE WHATEVER.Exhibit 10(B)

 

Exhibit 10(b)

Limited Waiver of Contract Provision

     WHEREAS, Huntington Preferred Capital Holdings, Inc. (“Holdings”) acquires
from time to time participation interests in loans originated by the The
Huntington National Bank (the “Bank”) and its affiliates under a Second Amended
and Restated Loan Participation Agreement between Holdings and the Bank dated
March 30, 2004 (the “Holdings Participation Agreement”); and

     WHEREAS, HPC Holdings — III, Inc. (“Holdings -III”) acquires from time to
time participation interests in loans originated by the Bank and its affiliates
under an Amended and Restated Loan Subparticipation Agreement between Holdings
- III and Holdings dated March 30, 2004 (the “Holdings — III Subparticipation
Agreement”);

     WHEREAS, Huntington Preferred Capital, Inc. (the “Corporation”) acquires
from time to time participation interests in loans originated by the Bank and
its affiliates under a Second Amended and Restated Loan Subparticipation
Agreement between the Corporation and Holdings dated March 30, 2004, an Amended
Loan Subparticipation Agreement between the Corporation and Holdings-III dated
March 30, 2004, (collectively, the “HPCI Subparticipation Agreements”), and an
Amended Loan Participation Agreement between the Corporation and the Bank dated
March 30, 2004 (the “HPCI Participation Agreement”); and

     WHEREAS, pursuant to the terms of the Holdings Participation Agreement,
the Holdings — III Subparticipation Agreement, the HPCI Subparticipation
Agreements and the HPCI Participation Agreement (collectively the
“Agreements”), at the time of any transfer of a participation interest, the
transferor will assign to transferee transferee’s share of the transferor’s
right, title and interest in the loans including any associated origination
fees; and

     WHEREAS, pursuant to the terms of the Agreements, the Bank performs
servicing of the loans underlying the participations held by the transferees in
exchange for a loan servicing fee; and

     WHEREAS, the amount and terms of the loan servicing fee payable to the
Bank are determined from time to time by the mutual agreement of the Bank and
the Corporation in the case of participation interests transferred under the
HPCI Participation Agreement, and by the mutual agreement of the Bank and
Holdings in the case of participation interests transferred under each of the
other Agreements, and shall be subject to review and adjustment at any time.

     WHEREAS, the Corporation is the ultimate transferee of the participation
interests transferred under all of the Agreements; and

     WHEREAS, the Corporation has determined in connection with its recent
review of loan servicing fees that, in lieu of paying higher servicing fees to
the Bank with respect to commercial and commercial real estate loans, the
Corporation will waive its right as transferee to receive any origination fees
associated with participation interests in commercial and commercial real
estate loans transferred on or after July 1, 2004, until such time as loan
servicing fees are reviewed in the year 2005.

 

 

     NOW, THEREFORE, the undersigned hereto agree as follows:

	1.	 	The Corporation, Holdings, and Holdings — III each agree to
waive their respective rights as transferees under the Agreements to
receive any origination fees associated with participation interests
in commercial and commercial real estate loans transferred on or
after July 1, 2004, until such time as this waiver is terminated by
the subsequent agreement of each of the Corporation, Holdings, and
Holdings — III.
	 
	2.	 	This waiver does not effect the transfer of origination fees
with respect to loan participation interests in loans other than
commercial and commercial real estate loans.

	 	 	 	 	 	 	 
	 	 	Huntington Preferred Capital, Inc.
	 
	 	 	 	 	 	 
	

	 	By
	 	/s/ Karen D. Roggenkamp	 	 
	

	 	 	 	
	 	 
	

	 	Name
	 	Karen D. Roggenkamp	 	 
	

	 	Title:
	 	Vice President	 	 
	

	 	Date:
	 	August 12, 2004	 	 
	 
	 	 	 	 	 	 
	 	 	Huntington Preferred Capital Holdings, Inc
	 
	 	 	 	 	 	 
	

	 	By
	 	/s/ Cindy Keitch	 	 
	

	 	 	 	
	 	 
	

	 	Name
	 	Cindy Keitch	 	 
	

	 	Title:
	 	President	 	 
	

	 	Date:
	 	September 24, 2004	 	 
	 
	 	 	HPC Holdings — III, Inc
	 
	 	 	 	 	 	 
	

	 	By
	 	/s/ Mindy Riddle	 	 
	

	 	 	 	
	 	 
	

	 	Name
	 	Mindy Riddle	 	 
	

	 	Title:
	 	Assistant Vice President	 	 
	

	 	Date:
	 	August 12, 2004	 	 

	 	 	 	 	 	 	 
	Acknowledged by:	 	The Huntington National Bank
	 
	 	 	 	 	 	 
	

	 	By
	 	/s/ Edward J. Kane	 	 
	

	 	 	 	
	 	 
	

	 	Name
	 	Edward J. Kane	 	 
	

	 	Title:
	 	Senior Vice President	 	 
	

	 	Date:
	 	August 12, 2004<PAGE>

                                                                    EXHIBIT 10.1

                           LOAN MODIFICATION AGREEMENT

This agreement, made as of October 1, 2004, by and between Madison/Route 20,
LLC, and Ohio Limited Liability Company ("Lender") and American Stone
Corporation, a Delaware Corporation, herein referred to as "Borrower".

                                    RECITALS:

   A. On or about October 13, 2003, in consideration of a loan in such amount
      ("Loan"), Borrower executed and delivered to Lender its certain Promissory
      Note in the original principal amount of Nine Hundred Thousand Dollars
      ($900,000.00) ("Note").

   B. On or about October 13, 2003, in order to secure repayment of the Note,
      Borrower executed and delivered to Lender and Open-End Mortgage and
      Security Agreement, (herein "Mortgage"), and an Assignment of Rents and
      Leases, (the "Assignment") with respect to those certain premises situated
      in the Townships of Amherst and Brownhelm, County of Lorain and State of
      Ohio ("Collateral Premises"); said Mortgage and said Assignment having
      been thereafter duly field for record with the office of the Lorain County
      Recorder on October 17, 2003 as Document Numbers 958695 #2012 and 958696
      #2012 respectively. The Note, the Mortgage and the Assignment are
      hereinafter collectively referred to as the "Loan Documents".

   C. The present principal balance due and owing on the Note is the sum of Nine
      Hundred Thousand Dollars ($900,000.00) in addition to which interest is
      due and owing thereon form and after September 30, 2004.

   D. Notwithstanding that the Maturity Date of the Loan is October 13, 2004,
      Lender has agreed to modify the provisions of the Loan Documents for
      repayment of the principal and interest due and owing on the Loan, and to
      extend the Maturity Date thereof, all as is more fully set forth
      hereinbelow.

      Now therefore, in consideration of the mutual covenants herein, and of
      other good and valuable consideration not recited in this Agreement, the
      receipt of which is hereby acknowledged, the Borrower covenants, promises,
      and agrees to pay to the Lender, its successors and assigns, the amounts
      owed to Lender under the above-mentioned Loan, and to comply with the
      terms of such documents as hereinafter set forth:

      1. Incorporation of Recitals:

         The recitals hereinabove set forth are hereby confirmed, ratified and
         incorporated herein.

      2. Modified Provisions for Repayment of Principal and Interest and
         Maturity Date:

         Commencing on October 1, 2004 the indebtedness evidenced by the Loan
         Documents shall bear interest at a rate equal to three percent (3%) per
         annum in excess of the "Prime Rate" of interest as announced, adjusted
         and published from time to time by National City Bank of Cleveland,
         Ohio it being understood and agreed that any change or adjustment in
         said Prime Rate shall result in an immediate and corresponding
         adjustment to the interest rate payable by Borrower to Lender.

                                  Exhibit 10.1
                                   Page 1 of 3

<PAGE>

         Principal interest shall be due and payable as follows: commencing on
         November 1, 2004, and continuing on the first day of each month
         thereafter, Borrower shall pay to Lender interest only in arrears;
         provided that the entire balance of principal and interest due from
         Borrower to Lender shall, if not sooner paid, be due and payable on
         October 13, 2005, which is hereafter the "Maturity Date".

      3. Additional Payments by Borrower to Lender

         In consideration of the agreements of Lender herein, Borrower shall pay
         to Lender promptly upon demand and in any event prior to October 13,
         2004 the following sums, to-wit: (i) a Loan Extension Fee in the amount
         of Three Thousand Dollars ($3,000.00); (ii) costs incurred by Lender's
         counsel in connection with the preparation hereof in an amount not to
         exceed Seven Hundred Fifty Dollars ($750.00); and (iii) costs incurred
         by Lender in connection with the filing hereof with the office of the
         Recorder of Lorain County, Ohio.

      4. Borrower's Right to Further Extend Maturity Date

         Lender agrees the Borrower may, be written notice to Lender given not
         earlier than August 13, 2005 nor later than September 13, 2005, propose
         to further extend the Maturity Date to October 13, 2006. In the event
         that Borrower timely proposes such further extension of the Maturity
         Date, Lender agrees to extend the Maturity Date to October 13, 2006,
         subject to Lender's receipt, review, and approval of Borrower's
         financial statements for the preceding 24 months, such approval not to
         be unreasonably withheld. In the event of such further extension of the
         Maturity Date, the interest rate and payment terms provided for
         hereinabove shall be applicable, and the parties shall execute, deliver
         and exchange a further loan modification agreement substantially in the
         form hereof. In such event, Borrower shall pay to Lender and additional
         loan modification fee in the sum of Three Thousand Dollars ($3,000.00)
         as well as the cost of preparation and recordation of the further Loan
         Modification Agreement.

      5. Modification and Ratification

         Upon execution hereof, the Loan Documents shall be deemed modified and
         amended as herein provided, except as so modified and amended, the
         terms and provisions of the Loan Documents are ratified, confirmed and
         approved by the parties.

         The undersigned hereby authorizes any attorney-at-law to appear in any
         court of record in the State of Ohio, after the above obligation
         becomes due as aforesaid, and waive the issuing and service of process
         and confess judgment against the undersigned in favor of the holder
         hereof for the amount then appearing due, together with costs of suit,
         and thereupon to release all errors and waive all rights of appeal.

      6. Warning

         Warning - By signing this paper you give up your right to notice and
         court trail. If you do not pay on time a court judgment may be taken
         against you without your prior knowledge and the powers of a court can
         be used to collect from you regardless of any claims you may have
         against the creditor whether for returned goods, faulty goods, failure
         on his part to comply with the agreement, or any other cause.

         In testimony whereof, Lender and Borrower have hereunto affixed their
         signatures as of the date and year first above written

                                  Exhibit 10.1
                                   Page 2 of 3

<PAGE>

Lender:                                 Borrower:
Madison/Route 20, LLC                   American Stone Corporation

By:                                     By: /s/ Russell H. Ciphers, Sr.
    _______________________________         _________________________________
    Steven A. Calabrese, Member             Russell H. Ciphers, Sr., President

By:
    _______________________________
    Richard M. Osborne, Member

STATE OF OHIO                         )
                                      ) SS.
COUNTY OF LORAIN                      )

      Before me, a Notary Public in and for said County and State, personally
appeared the above named American Stone Corporation by Russell Ciphers, its
President who acknowledge that he did sign the foregoing instrument and that the
same is his free and voluntary act and deed and the free and voluntary act and
deed of said corporation.

      In testimony whereof, I have hereunto affixed my signature and official
seal at Amherst, Ohio the 13th day of October, 2004.

                                           /s/ Pamela A. Compton
                                           -------------------------------------
                                           Notary Public

STATE OF OHIO                         )
                                      ) SS.
COUNTY OF _____________               )

      Before me, a Notary Public in and for said County and State, personally
appeared the above named Madison/Route 20, LLC by Steven A. Calabrese and by
Richard M. Osborne, its Members who acknowledged that they did sign the
foregoing instrument and that the same is their free and voluntary act and deed
and the free voluntary act and deed of said limited liability company.

      In testimony whereof, I have hereunto affixed my signature and official
seal at ____________, Ohio the ___________ day of _____________, 2004.

                                  Exhibit 10.1
                                   Page 3 of 3

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