Document:

TITLE

EXHIBIT

10.29

 

SECOND

AMENDMENT TO PROMISSORY NOTE

 

Promissory

Note dated April 29, 1992, executed by POPE RESOURCES, a Delaware Limited

Partnership, in favor of JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, in the

face amount of $16,000,000.00, first amended May 25, 1993, is hereby

further amended as set forth herein.

 

1.             Section 2 is amended so as to

add thereto the following:

 

Anything

to the contrary in this Note, as amended, 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.             NOTICE TO BORROWER:  THIS NOTE PROVIDES FOR A PREPAYMENT PREMIUM

THAT WILL BE DUE IF PAYMENTS IN A SPECIFIED AMOUNT ARE NOT MADE IN ADVANCE OF

THE TIME OR IN EXCESS OF THE AMOUNTS SPECIFIED IN THIS NOTE, EXCEPT AS MAY BE

OTHERWISE PROVIDED HEREINABOVE.

 

3.             As

amended, the said Note is ratified and confirmed.

 

4.             This

Amendment shall be effective as of January 1, 1995.

 

5.             The executed original hereof shall

be physically attached to the executed original of said Note.

 

DATED this 19th day of December, 1995.

 

	

   

  	

   

  	

  POPE

  RESOURCES, A DELAWARE LIMITED PARTNERSHIP, having a principal place of

  business at Poulsbo, Washington

  
	

   

  	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

  By:

  	

  POPE

  MGP, INC., Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

  By:

  	

  /s/

  Thomas Griffin

  	

   

  	

   

  	

  By:

  	

  /s/

  G. H. Folquet, President

  
	

   

  	

  Thomas A.

  Griffin, Treasurer

  	

   

  	

   

  	

  George

  H. Folquet, President

  
	

   

  	

   

  	

   

  	

   

  
	

  APPROVED

  AND AGREED TO this

  19th day of December, 1995.

  	

   

  	

  JOHN

  HANCOCK MUTUAL LIFE INSURANCE COMPANY

  
	

   

  	

   

  	

   

  	

  By: 

  	

  /s/

  Ken Hines, Jr.

  
	

   

  	

   

  	

   

  	

   

  	

  Its:  Ken Hines, Jr.

  
	

   

  	

   

  	

   

  	

   

  	

  Title:  Senior Investment Officer

  
							

 

 

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/

  G. H. 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.

 

	

   

  	

  /s/

  Mary (Unreadable)

  
	

   

  	

  NOTARY PUBLIC IN AND FOR

  SAID

  COMMONWEALTH

  
	

   

  	

   

  
	

   

  	

  My appointment expires

  February 13, 1998

  

 

2TITLE

EXHIBIT

10.30

 

THIRD

AMENDMENT TO PROMISSORY NOTE

 

Promissory Note

dated April 29, 1992, executed by POPE RESOURCES, a Delaware Limited

Partnership, in favor of JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, in the

face amount of $16,000,000.00, amended May 25, 1993 and December 19,

1995, is hereby further amended as set forth herein.

 

1.             Section 2 is amended so as to

add thereto the following:

 

Anything to the

contrary in this Note notwithstanding, up to an aggregate of 130,550 MBF of

timber may be harvested from the Property during the five year period from

January 1, 1999 to December 31, 2003 without creating any additional

obligation of the Maker to reduce the principal balance of this Note.  Any harvest in excess of said 130,550 MBF

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

specified in (b) above; provided, no more than 75,000 MBF may be

harvested within calendar years 1999-2000; and provided further, if

harvest volume exceeds this amount, growth estimates shall be recomputed and

Holder may require that a new harvest level be set.

 

2.             NOTICE TO BORROWER:  THIS NOTE PROVIDES FOR A PREPAYMENT PREMIUM THAT WILL BE DUE IF

PAYMENTS IN A SPECIFIED AMOUNT ARE MADE IN ADVANCE OF THE TIME OR IN EXCESS OF

THE AMOUNTS SPECIFIED IN THIS NOTE, EXCEPT AS MAY BE OTHERWISE PROVIDED

HEREINABOVE.

 

3.             As amended, said Note is ratified

and confirmed.

 

4.             This Amendment shall be effective

as of January 1, 1999.

 

5.             The executed original hereof shall

be physically attached to the executed original of said Note.

 

DATED this 20th day of

December, 1999.

 

	

   

  	

   

  	

  POPE

  RESOURCES, A DELAWARE LIMITED

  PARTNERSHIP, having a principal place of business at

  Poulsbo, Washington

  
	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

  By:

  	

  POPE

  MGP, INC., Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

  By:   

  	

    /s/ Craig L. Jones

  	

   

  	

  By:

  	

    /s/ Gary F. Tucker

  
	

  Name:

  	

   

  	

  Craig

  L. Jones

  	

   

  	

  Name:

  	

  Gary F.

  Tucker

  
	

  Title:

  	

  Senior

  Vice President

  	

   

  	

  Title:

  	

  President &

  CFO

  
	

   

  	

   

  	

   

  	

   

  
	

  APPROVED

  AND AGREED TO

  this 17th day of December, 1999.

  	

   

  	

  JOHN

  HANCOCK MUTUAL LIFE

  INSURANCE COMPANY

  
	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

    /s/ C. Whitney Hill

  	 

	

   

  	

   

  	

  Name:

  	

  C. Whitney

  Hill

  	 

	

   

  	

   

  	

  Title:

  

  	

  Assistant

  Investment Officer

  	 

															

 

 

AMENDMENT TO PROMISSORY NOTE

 

Promissory

Note dated April 29, 1992, executed by POPE RESOURCES, a Delaware Limited

Partnership, in favor of JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, in the

face amount of $16,000,000.00, is hereby further amended as set forth herein.

 

1.             Section 2

is amended so as to add thereto the following:

 

Anything to the contrary

in this Note notwithstanding, up to an aggregate of 40,000 MBF of timber may be

harvested from the Property 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 this 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 this Note as

originally executed will continue to apply. 

Provided, that no carry-over from 1992 of unused allowable harvest

volume 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.

 

2.             NOTICE TO BORROWER:  THIS NOTE PROVIDES FOR A PREPAYMENT PREMIUM

THAT WILL BE DUE IF PAYMENTS IN A SPECIFIED AMOUNT ARE MADE IN ADVANCE OF THE

TIME OR IN EXCESS OF THE AMOUNTS SPECIFIED IN THIS NOTE, EXCEPT AS MAY BE

OTHERWISE PROVIDED HEREINABOVE.

 

3.             As

amended, the said Note is ratified and confirmed.

 

4.             This

Amendment shall be effective as of January 1, 1993.

 

5.             The executed original hereof shall

be physically attached to the executed original of said Note.

 

DATED this 25th day of

May, 1993.

 

	

   

  	

   

  	

  POPE

  RESOURCES, A DELAWARE LIMITED

  PARTNERSHIP, having a principal place of business at 

  Poulsbo, Washington

  
	

   

  	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

  By:

  	

  POPE

  MGP, INC., Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

  By:

  	

    /s/ Thomas A. Griffin

  	

   

  	

   

  	

  By:

  	

    /s/ G. H. Folquet

  
	

   

  	

  Thomas A.

  Griffin, Treasurer

  	

   

  	

   

  	

   

  	

  George

  H. Folquet, President

  
	

   

  	

   

  	

   

  	

   

  
	

  APPROVED

  AND AGREED TO this 2nd day of June, 1993.

  	

   

  	

   

  	

  JOHN

  HANCOCK MUTUAL LIFE INSURANCE COMPANY

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  By:

  	

    /s/ Donald A. Morway

  
	

   

  	

   

  	

   

  	

   

  	

  Donald A.

  Morway

  
	

   

  	

   

  	

   

  	

   

  	

  Title:  Assistant Treasurer

  
								

 

2

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