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EXHIBIT 4.05(c)
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FRANK'S NURSERY AND CRAFTS, INC.,
as Mortgagor
to
FIRST UNION NATIONAL BANK OF NORTH CAROLINA,
as Mortgagee
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FIRST AMENDMENT TO MORTGAGE AND SECURITY AGREEMENT
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Date: May 1, 1996
PREPARED BY AND UPON RECORDATION RETURN TO:
Mitchell Fenton, Esq.
Graham & James LLP
885 Third Avenue
New York, New York 10022
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FIRST AMENDMENT TO MORTGAGE AND SECURITY AGREEMENT
THIS FIRST AMENDMENT TO MORTGAGE AND SECURITY AGREEMENT (this
"Mortgage Amendment") is made as of May 1, 1996 by FRANK'S NURSERY AND CRAFTS,
INC., a Michigan corporation, as Mortgagor ("Mortgagor"), whose address is 6501
East Nevada, Detroit, MI 48234-2864, to FIRST UNION NATIONAL BANK OF NORTH
CAROLINA, a national banking association, as Mortgagee ("Mortgagee"), whose
address is One First Union Center TW-8, Charlotte, North Carolina 28288.
W I T N E S S E T H:
WHEREAS, Mortgagor is the owner of those certain plot(s),
piece(s) or parcel(s) of real property described in Exhibit A annexed hereto
and made a part hereof (the "Premises");
WHEREAS, Mortgagee is the owner and holder of that certain
promissory note made by Mortgagor payable to the order of Mortgagee in the
principal face amount of SEVEN HUNDRED FORTY-ONE THOUSAND AND NO/100 DOLLARS
($741,000.00), together with interest as therein provided (the "Note"), which
Note is secured by that certain Mortgage and Security Agreement from Mortgagor
to Mortgagee dated as of April 22, 1996 (the "Original Mortgage");
WHEREAS, Mortgagor and Mortgagee desire to amend the Original
Mortgage in certain respects, as more fully set forth below.
NOW, THEREFORE, in consideration of the mutual premises herein
contained and other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, Mortgagor and Mortgagee hereby
agree as follows:
1. Definitions. All capitalized terms not defined in
this Mortgage Amendment shall have their respective meanings set forth in the
Original Mortgage.
2. Replacement Reserve. The second sentence of
Section 1.8(a) is hereby deleted in its entirety and replaced with the
following:
Commencing on the first monthly payment date
under the Note and continuing thereafter on
each monthly payment date under the Note,
Mortgagor shall pay to Mortgagee,
concurrently with and in addition to the
monthly payment due under the Note and until
the Debt is fully paid and performed, a
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deposit to the Replacement Reserve in an
amount equal to $1,044.51 per month.
3. Ratification. Except as hereinabove set forth, all
terms, covenants and provisions of the Original Mortgage and the other Loan
Documents remain unaltered and in full force and effect, and Mortgagor hereby
expressly ratifies the Original Mortgage, as modified and amended herein, and
the other Loan Documents.
IN WITNESS WHEREOF, Mortgagor has executed this Mortgage Amendment on
the day and year first written above.
MORTGAGOR:
FRANK'S NURSERY AND CRAFTS, INC. a
Michigan corporation
By: Robert M. Lovejoy, Jr. [LAW DEPT
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Name: Robert M. Lovejoy, Jr.
Title: Vice President and Treasurer
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STATE OF ____________ )
) SS.:
COUNTY OF __________ )
The foregoing instrument was subscribed, sworn to and acknowledged
before me this 3rd day of May, 1996, by Robert M. Lovejoy, Jr. as Vice
President and Treasurer of FRANK'S NURSERY AND CRAFTS, INC., a Michigan
corporation, on behalf of said corporation.
My commission expires: 12-27-98
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[AFFIX SEAL] Sherry L. Rygwelski
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NOTARY PUBLIC
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EXHIBIT A
(LEGAL DESCRIPTION)
STORE #32
Situate in the State of Ohio, County of Franklin, City of Columbus,
being a part of Quarter Township 4, Township 2, Range 18, United States
Military Lands, and being all of the 2.610 acre tract as conveyed to Frank's
Nursery Sales, Inc. by deed of record in Deed book 3198, page 327, Recorder's
Office, Franklin County, Ohio and being more particularly bounded and described
as follows:
Beginning at an iron pin (found) at the northeasterly corner of the
said 2.610 acre tract, said pin being the northwesterly corner of a 1.068 acre
tract as conveyed to Samuel K. Freshman by deed of record in Official Record
5417J06, said pin being in the southerly line of Reserve "B" of SHARON WOODS
SECTION NO. 1 of record in Plat Book 40, pages 14 and 15 all of the
aforementioned references being to the Recorder's Office, Franklin county,
Ohio, and said pin being also North 87 degrees 35 minutes 30 seconds West, a
distance of 105.00 feet from an iron pin (found) at the northeasterly corner of
the said 1.068 acre tract;
Thence South 2 degrees 23 minutes 06 seconds West, a distance of 437.55
feet, along the easterly line of the said 2.610 acre tract and also along the
westerly line of the said 1.068 acre tract to a point (an existing iron pin
bears 0.22 feet North of said point) at the southeasterly corner of the 2.610
acre tract, said point being the southwesterly corner of the said 1.068 acre
tract, said point being in the northerly right-of-way line of Dublin-Granville
Road (S.R. 161) and said point being also in the northerly line of a 1.300 acre
tract (Parcel 29-WD) as conveyed to the State of Ohio by deed of record in Deed
Book 3167, page 391, Recorder's Office, Franklin County, Ohio;
Thence along the southerly line of the said 2.610 acre tract, along the
northerly right-of-way line of said Dublin-Granville Road and also along the
northerly line of the said 1.300 acre tract by the following described four (4)
courses:
(1) South 89 degrees 32 minutes 45 seconds West, a distance of 45.16
feet to a spike (set);
(2) North 87 degrees 35 minutes 30 seconds West, a distance of 100.00
feet to an iron pin (set);
(3) North 81 degrees 52 minutes 52 seconds West, a distance of 100.50
feet to a spike (set);
(4) North 87 degrees 35 minutes 30 seconds West, a distance of 14.90
feet to a spike (set) at the southwesterly corner of the said 2.610
acre tract and said spike being also the southeasterly corner of a
7.042 acre tract as conveyed to Samuel K. Freshman by deed of record
in Official Record 5417J06, Recorder's Office, Franklin county,
Ohio;
Thence North 2 degrees 23 minutes 06 seconds East, a distance of 429.80
feet, along the westerly line of the said 2.610 acre tract and also along the
easterly line of the said 7.042 acre tract to a point (an existing iron pin
bears 0.53 feet East of said point) at the northwesterly corner of the said
2.610 acre tract, said point being the northeasterly corner of the said 7.042
acre tract and said point being also in the southerly line of Lot No. 3 of said
SHARON WOODS SECTION NO. 1;
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EXHIBIT A
(LEGAL DESCRIPTION)
STORE #32
Thence South 87 degrees 35 minutes 30 seconds East, a distance of
260.00 feet, along the northerly line of the said 2.610 acre tract and also
along the southerly of Lot No. 3, 2, 1 and Reserve "B" of the said SHARON WOODS
SECTION NO. 1 to the point of beginning, containing 2.609 acres, more or less.