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EXHIBIT 10.43
FIFTH AMENDMENT TO OPEN-END COMMERCIAL MORTGAGE
AND ASSIGNMENT OF LEASE AND RENTALS
(Secures Future Advances)
Maximum Indebtedness not to Exceed $12,800,000.00
THIS AMENDMENT TO OPEN-END COMMERCIAL MORTGAGE AND ASSIGNMENT OF LEASES
AND RENTALS, is made and entered into this 22nd day of June, 1995, by and
between Standard Federal Bank, a federal savings bank, of 2600 West Big Beaver
Road, Troy, Michigan 48084 ("Mortgagee"), and Galion Dump Bodies, Inc., a
Michigan corporation of 6200 Elmridge, Sterling Heights, Michigan 48318
("Mortgagor").
WITNESSETH:
WHEREAS, on June 29, 1993, in order to secure a promissory note dated June
29, 1993 by Mortgagor in favor of Mortgagee, Mortgagor granted to Mortgagee an
Open-End Commercial Mortgage and Assignment of Lease and Rentals (the
"Mortgage") on certain real property located in the City of Winesburg, County
of Holmes and State of Ohio, which real property is more particularly described
in the attached Exhibit A; and which Mortgage was recorded on July 13, 1993, in
Volume 202, Page 527, Holmes County Recorder, and
WHEREAS, the Mortgage was amended by an Amendment to Open-End
Commercial Mortgage and Assignment of Lease and Rentals, dated September 15,
1994, recorded on September 30, 1994, in Volume 214, Page 9, Holmes County
Recorder (the "First Amendment"), and
WHEREAS, the Mortgage was further amended by a Second Amendment to
Open-End Commercial Mortgage and Assignment of Lease and Rentals, dated
February 6, 1995, recorded on March 9, 1995, in Volume 216, Page 1011, Holmes
County Recorder, and
WHEREAS, the Mortgage was further amended by a Third Amendment to
Open-End Commercial Mortgage and Assignment of Lease and Rentals, dated
February 16, 1995, recorded on March 9, 1995, in Volume 216, Page 1016, Holmes
County Recorder (the "Third Amendment"), and
WHEREAS, the Mortgage was further amended by a Fourth Amendment to
Open-End Commercial Mortgage and Assignment of Lease and Rentals, dated May 5,
1995, recorded on May 15, 1995, in Volume 218, Page 584, Holmes County
Recorder (the "Fourth Amendment"), and
WHEREAS, the parties hereto desire to further amend the Mortgage in the
manner hereinafter set forth.
NOW, THEREFORE, in consideration of One and No/100 Dollar ($1.00) and the
mutual covenants herein contained, the parties hereto hereby agree as follows:
1. The Mortgage is hereby amended to secure a Third Amended and Restated
Promissory Note (Line of Credit) from the Mortgagor to
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Mortgagee, of even date herewith, in the principal amount of $10,000,000.00
(the "Note"), whereby the line of credit evidenced by the Promissory Note (Line
of Credit) secured by the Mortgage under the provisions of the First Amendment,
the Third Amendment and the Fourth Amendment has been restated and increased,
such Note identified as being secured by the Mortgage by statements thereon,
including the payment of principal and interest of such indebtedness according
to the terms of the Note, and all other amounts payable by Mortgagor
thereunder, and any and all extensions and renewals thereof, however evidenced.
The Note has been executed pursuant to a Third Amendment to Loan Agreement of
even date herewith by and between the Mortgagor and the Mortgagee (the "Loan
Agreement"). The indebtedness secured by the Mortgage shall hereafter be
deemed to be the indebtedness and obligations evidenced by the Note and the
Loan Agreement, in the principal amount of $10,000,000.00 as well as a
Promissory Note (Term Loan) from the Mortgagor to Mortgagee, dated September
15, 1994, in the original principal amount of $2,000,000.00, which note is also
identified as being secured by the Mortgage by a statement thereon, and two
Promissory Notes (Line of Credit) evidencing a line of credit with a total
credit limit in the principal amount of $800,000.00, which notes are also
identified as being secured by the Mortgage by statements thereon, such that
the total original principal amount of the indebtedness secured by the Mortgage
is now $12,800,000.00.
2. In all other respects, the Mortgage is hereby ratified and confirmed
and shall continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the day and year first above written.
WITNESSES:
Galion Dump Bodies, Inc., a Michigan
corporation
By:
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Carl Jaworski
Its: Treasurer
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Standard Federal Bank, a federal
savings bank
By:
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Its:
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STATE OF MICHIGAN )
) ss
COUNTY OF OAKLAND )
The foregoing instrument was acknowledged before me this ____ day of
______________, 1995, by Carl Jaworski, who is the Treasurer of Galion Dump
Bodies, Inc., a Michigan corporation, on behalf of the corporation.
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Notary Public
County, Michigan
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My Commission Expires:
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STATE OF MICHIGAN )
) ss
COUNTY OF OAKLAND )
The foregoing instrument was acknowledged before me this ___________
day of _________________, 1995, by ____________________, a _________________
of Standard Federal Bank, a federal savings bank, on behalf of the Bank.
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Notary Public
County, Michigan
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My Commission Expires:
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DRAFTED BY: AFTER RECORDING RETURN TO:
Daniel C. Watson Commercial Loan Department
Standard Federal Bank Standard Federal Bank
2600 West Big Beaver Road 2600 West Big Beaver Road
Troy, Michigan 48084 Troy, Michigan 48084
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