Authorizing the city Amend Documents Relating to its economic development refunding revenue bond series 1983

Home Browse Search

SEN1 137: 1C;E. MILL& 'r1U•-2G-U2 •,4orJi ; Lori Lt'sFtrc—' L1JGtf4GOW;r 2 u .�$. T. 1,/ • ' T e mss, • Mb This First Amendment to Mortgage and Security Agreement ("Mortgage Amendment") is made as of October 1, 1992, by and between COLUMBIA PLACE ASSOCIATES, an Indiana limited partnership having offices at 404 S• Columbia Street, South Bend, Indiana 46624 ("Mortgagor") and UNUM LIFE INSURANCE COMPANY OF AMERICA, a Maine corporation formerly known as Unionmutual Stock Life Insurance Co. of America having offices at 2211 Congress Street, Portland Maine 04122("Mortgagee") WITNESSETH: WHEREAS, the Mortgagor and Mortgagee have for good and valuable consideration entered into a Mortgage and Security Agreement dated as of August 1, 1983 ("Mortgage") whereby the Mortgagor did grant, bargain, sell, remise, release, convey, mortgage and warrant, to Mortgagee, its successors and assigns, among other rights, interests, and collateral, the real estate described on Exhibit A attached hereto, to secure the payment of a Note of even date therewith in the principal amount of One Million Seven Hundred Thousand and no/100 Dollars ($1,700,000), as it has been renewed, extended or amended from time to time thereafter and may be renewed, extended or amended from time to time hereafter ("Note"); and WHEREAS, the parties requested that this Mortgage Amendment be entered into in order to recognize the existence of an interest bearing escrow account ("Capital Expense Escrow"), to effect a pledge, by the Mortgagor to the Mortgagee and in return for good and valuable consideration, of the funds in the Capital Expense Escrow as additional security for the payment of the Note, to provide additional remedies to the Bondholder upon the occurrence of an Event of Default and to provide for certain waivers of rights by the Mortgagor in the event of bankruptcy; and WHEREAS, this Mortgage Amendment is being entered into pursuant to Article III, Section 3.14 of the Mortgage; NOW THEREFORE, the parties hereto agree as follows: Section 1. pefmitions and references. All capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Mortgage. All references to the Mortgage shall mean the Mortgage as amended by this Mortgage Amendment. Section 2. Amendments to the pprtgage, The Mortgage is hereby amended as follows: (a) A paragraph (g) shall be added to the items pledged as security for the Note, as listed on pages 1 through 3 of the Mortgage. This paragraph shall be stated as follows: (g) All funds on account in the Capital Expense Escrow dated as of October 1, 1992, by and between the Mortgagor and Mortgagee.